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What is cryptocurrency, how to buy cryptocurrency in India

The Supreme Court has overturned RBI's 2018 decision to ban cryptocurrency. Get to know how to buy and store them here.

twitter-logoBusinessToday.In | March 4, 2020 | Updated 16:59 IST
What is cryptocurrency, how to buy cryptocurrency in India
Bitcoin

The Supreme Court today lifted the ban on Cryptocurrency transactions in India that was put up by the Reserve Bank of India in 2018.

Cryptocurrency is digital money and is transferred over the internet. It is protected by complex codes and does not have a centralised regulator like the RBI or the Federal Reserve Bank.

Here are some of the ways you can buy bitcoins:

There are several cryptocurrencies to look into and several websites offer you the option to trade cryptocurrency and store them in their wallets. You can simply add your credit card or debit card to the exchanges and would need to go through a two-way verification.

Other websites like Coinbase, Zebpay, Unocoin, Coinmama Kraken are popular exchanges to trade in bitcoin too. Zebpay will need a KYC verification too.

Alternatively, you can visit the websites of cryptocurrencies like bitcoin.org and ethereum.org and choose your own wallet to trade in bitcoins specifically.

There are exchanges like LocalBitcoins where you can get digital currencies in exchange of cash, by meeting the seller in private.

Before choosing an exchange, it is important to keep in mind that every exchange has its own exchange fees, like Unocoin only take 1% as fees while LocalBitcoin charges 5%.

Where to store:

Cryptocurrencies can only be stored in specialised wallets due to their added security measures.

There are online cryptocurrency wallets like Zebpay wallet and Unocoin wallet, that also have apps on Google Play Store and Apple App Store.

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