A Step-by-Step Guide to Buying Bitcoin in India

Bitcoin is gaining popularity worldwide, with more and more companies accepting it as a form of payment. Even in India, you can use bitcoin to make purchases at Bookmyshow and eTravelSmart. However, many people are still unfamiliar with how cryptocurrency works and the risks involved. In this article, we will explore how to buy bitcoin in India using Zebpay, one of the country's leading bitcoin exchanges.

Step 1: Setup Your App

To begin, download the Zebpay app from the Google Play Store or the iOS app store. Create an account by providing your name, email ID, and mobile number. You will receive a verification code on your registered mobile number, which you will need to enter in the app to complete the verification process.

Step 2: KYC (Know Your Customer)

Next, you will need to complete the KYC process, which involves linking your Pan card, bank account, and Aadhaar card. This is in compliance with RBI's regulations and ensures that transactions made through Zebpay are not anonymous. Be sure to follow the instructions carefully and provide accurate information to avoid delays in verification.

Step 3: Secure Your Account

To protect your account and keep your bitcoins safe, go to the settings menu and enable features such as PIN or fingerprint lock. You can also choose to lock outgoing bitcoin transactions to prevent unauthorized transfers. These security measures will provide an extra layer of protection for your funds.

Step 4: Depositing Money

Before you can buy bitcoins, you need to deposit money into your Zebpay account. Click on the deposit button and choose between express transfer or the PayU payment gateway. Express transfer allows you to transfer money from your bank account to Zebpay via RTGS/NEFT or IMPS. The PayU option allows you to deposit money instantly using net banking, though there is a transaction fee of 1.4%. It is recommended to use express transfer to avoid these fees.

Step 5: Buying Bitcoins

Once your Zebpay account is funded, you can proceed to buy bitcoins. The app will display the current buy and sell rates in real-time. Enter the amount in INR that you want to invest in bitcoin, and the app will show you the corresponding amount of bitcoin you will receive. Confirm the transaction using your PIN or fingerprint, and the bitcoins will be transferred to your account instantly.

In conclusion, buying bitcoin in India is a straightforward process when using Zebpay. However, it is important to understand the risks involved and to start with small investments until you are familiar with the market. Keep an eye on the bitcoin price before making any purchases, as the value can fluctuate significantly in a short period of time. By following these steps, you can safely and easily buy bitcoin in India and participate in the growing cryptocurrency market.