It’s akin to buying a smartphone on an eCommerce platform like Flipkart or Amazon; you look for the best deal and click the buy button.

More than ever, the news is focused on Bitcoin and the narrative of its wealth. Because of the huge fluctuations, more people are interested in learning how to purchase and trade Bitcoin than ever before. It is the most extensively used cryptocurrency, and it is powered by Blockchain technology. It is now generally acknowledged worldwide, with a rising variety of applications. Before you get into any of that, you’ll need to know where to acquire Bitcoin and how to store it as a buyer.

Wallet

Before we get into the specifics of purchasing Bitcoin, it’s important to understand the notion of cryptocurrency wallets. There are two types of wallets that can be used to hold Bitcoin: paper wallets and digital wallets (or any other cryptocurrency)

Wallets that are cold: Cold wallets are wallets that are used to store cryptocurrency on a computer that is not connected to the internet. Because they aren’t connected to the internet in any manner, they can’t be hacked.

Hot Wallets vs. Online Wallets: Online wallets that store your bitcoin on the platform’s cloud are known as hot wallets. For example, if you buy bitcoin through Koinex, the website will save the transaction and allow you to trade with it later. These wallets are best for persons who trade in tiny amounts because if the website is hacked, your coin(s) will be as well.

Platform

A platform is a website where Bitcoins and other cryptocurrencies can be traded. There are numerous websites that claim to be selling Bitcoins. The first step would be to compare all of those platforms, including their exchange rates, costs, and other features. It’s comparable to shopping for a smartphone on an eCommerce site like Flipkart or Amazon; you compare prices and see where you can get the best deal.

Platforms in India include Koinex, Bitbns, and Buyucoin.

*These services need the user to input basic KYC information such as their aadhar card, pan card, and bank account information (which will be used to purchase Bitcoin).

Koinex was selling 1 bitcoin for Rs 5,85,000 at the time of writing, while Bitbns was at 5,88,999 and Buy Coins last trade was at 5,70,002.

If you trade less than 2 bitcoins each day, some sites, like Binance, allow you to trade anonymously without having to go through the KYC procedure.

Options for payment

While these exchanges provide a variety of payment alternatives, it’s crucial to know what you can and can’t play with. Banks such as Citibank and HDFC have fully stopped trading Bitcoin and other cryptocurrencies.

Users can pay using a payment gateway, however, this is usually not the best option because these gateways charge a fixed cost of 2% on all transactions. Most platforms in the country allow users to transfer money to the specified bank account using their credit/debit cards.

It’s worth noting that Bitcoin ATM machines have been placed in a few places, allowing potential customers to buy using their ATM cards.

Purchasing Bitcoin and depositing it in your wallet

Purchasing bitcoin is a major undertaking. As the market continues to fluctuate, it’s wise to “invest the amount you can afford to lose,” and purchasing a little quantity of Bitcoin is an excellent place to start. The software will immediately store the coins in your wallet once you’ve completed the buying process. However, as previously indicated, transferring those assets into an offline wallet is more secure.

When you use the transmit option in your platform wallet, you’ll be prompted to enter the address to which you want to transfer the coins. You may get this address by opening your offline wallet and copying the address from there (public key).

Selling

Make sure you’re selling your Bitcoin for a profit when you finally decide to sell it. Then invest your winnings in a variety of coins that interest you. In the crypto realm, there is a technology explosion; make sure you understand and read before investing.