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How To Buy Bitcoin In India?

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Bitcoin is gaining popularity since 2009 and has turned out to be extremely straightforward at this point in India. There is a number of alternatives available to purchase, exchange or sell bitcoins and other cryptocurrencies.

With all the buzz around the corner, undoubtedly, it is the right time to buy Bitcoin. One question which surely pops up in your mind is that it is legal to buy Bitcoin in India? Or Bitcoin is banned in India? We have covered this area at the end of the article.

Well, India does not stand positive towards Bitcoin and other cryptocurrencies. But you cannot deny the fact there has been no blanket ban on Bitcoins and no law has been formulated as of now. You can easily buy bitcoin through peer to peer (P2P) exchange which allows individuals from different countries to purchase Bitcoin for their local currency.

Bitcoin Popularity In India 

According to the data presented below by Google Trends with the search term Bitcoin spiking between November 2018-October 2019, the interest in Bitcoin in India has been increasing despite banking restrictions and RBI guidelines.

Source: Google Trends

According to some reports, it is said that due to demonetisation, the popularity of bitcoin in India has increased that over 2500 Indians trade in Bitcoins on a daily basis.

The President of Pundi X, Constantin Papadimitriou said that about 10% of the world’s bitcoin transactions take place in India.

Consider the Following Steps Before Entering Into the Crypto Space

Step 1: Research And Review

  • Use social networking sites to keep yourself updated.
  • Before making any move, research well as step by step guides and A-Z information are available on the internet.
  • There are different types of wallets available in the market, namely, Mobile wallets, online wallets and Desktop wallets. Know about their features as wallets stand different in different platforms. Analyze in-depth and determine which of these your cup of tea is.
  • Know the pro and cons of different bitcoin platforms before making any move. It is important to aware of any trap hole or defects in every product.

Step 2: Creating And Securing Bitcoin Account

  • After all the necessary research and reading reviews, select any bitcoin service provider and create an online account.
  • Your account should be secured with a strong password and other credentials. Make sure you follow up on the process that the bitcoin platform provides to secure your account.
  • You can use 2 Factor Authentication for securing your Bitcoin account. It includes Google Authenticator, Fingerprint Verification and Text messages. We recommend you to use Google Authenticator as nowadays Hackers are on the run. If someone logs using your account and password, you will get an immediate warning.

Step 3: Backup Your Bitcoin Account

  • Better to have a backup plan.

Use wallet.dat file to backup your Bitcoin account or your cryptocurrency wallet. Just lock your Bitcoin data and use a password when it comes to your hardware device.

  • PayPal Buyer Exploit-Bitcoin scam and Ponzi scam is a lesson for every Bitcoin users. Read terms and conditions and security policies. Don’t go for general services.
  • Ace your knowledge on Bitcoin as it’s not a child play. Their lot of science involved and a person with proper awareness can only be safe.

Multiple Channels To Invest In Bitcoin

  • Buy/Hold: You don’t have any control on this channel. It’s a very passive mode.
  • Trade: Your coins are influenced by the Cyclic Movements of Price. Here you have some control.
  • Arbitrage: This channel is almost like sure-shot profit. You should have advanced knowledge for super-fast trading
  • Mining: This is the best option in the market. You get rewarded as you contribute to securing blockchain by validating transactions. Earnings are daily and are directed to your crypto wallet.

To go into depth analysis, mining is done in two ways: either by yourself or Investing in Cloud Mining.

Popular Bitcoin Indian Exchanges

You can buy Bitcoin from popular Indian exchanges listed below.

  1. WazirX

WazirX is undoubtedly India’s most trusted cryptocurrency exchange platform. The exchange allows the customers to buy, trade as well as sell Bitcoin, Litecoin, Ethereum, Ripple and many other cryptocurrencies in India. The platform has a mobile application for both iOS and Android users.

But what makes this bitcoin exchange platform special? WazirX follows KYC norms and regulations. And being a part of the latest tech, the platform claims to provide multiple hundred transactions per second.

In just 24 hours, WazirX has recorded more than 200 BTC trading volume which is the highest among all Indian exchanges so far.

  1. Coinmama

Coinmama charges a ~6% fee on each purchase that allows users in almost every country to buy bitcoin with a debit or credit card.

  1. Unocoin: India Based Bitcoin Exchange

Established in 2013, Unocoin allows users to buy Bitcoin with any Indian bank account. With KYC norms, the exchange requires ID verification and offers low 1% fees to 0.7% with increased trading volumes. The exchange is backed by investors in the US.

  1. LocalBitcoins

If you want to keep things private, go for LocalBitcoins. This exchange is one of the fastest and gives you the opportunity to buy bitcoins in any country in a private mode. Cash deposit is the most common method of payment for the purchase.

Other Bitcoin platforms are:

  1. Changelly
  2. Bitcoin ATM
  3. Mycelium Local Trader

Is Bitcoin Banned In India?

India’s Central Bank, Reserve Bank of India (RBI) made an announcement in April 2018, stating that commercial banks and other financial institutions associated with the RBI should stop offering services to cryptocurrency companies. However, there was no official statement of “BAN”. They have just removed the support.

Situation After RBI guideline

After the RBI guideline, the most important question arose, how to buy bitcoin in India. P2P (peer-to-peer) trading exchange platform is the answer to this question.

Previously the cash flow was

Buyer -> Exchanges (Get the cash(Bank is involved), Find the seller) -> Bank -> Pay to a seller in seller’s account

Seller -> Exchanges (Get the cash in the bank account, Find the buyer) -> Bank -> Cryptocurrencies transferred.

Now,

Buyer -> Exchange (Find the seller) -> Buyer sends money to seller’s account

Seller -> Exchange (Find the buyer) -> Seller send coins to buyer’s account

Additional information:

In case you want to leave the exchange or want to keep the cryptocurrency for future sales or for any other purpose, you can do so by transferring the coins to a software/hardware wallet. Some are mentioned below:

Software wallet
1. Jaxx (https://jaxx.io/)
2. Exodus (https://www.exodus.io/

3. CoPay (https://copay.io/))

Hardware wallet
1. Ledger Nano S (https://www.ledger.com/products/…
)
2. Ledger Blue (https://www.ledger.com/products/…)
3. Trezor (https://trezor.io/)

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Zomato acquire Uber Eats India in an all-stock deal

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Zomato acquire Uber Eats
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Uber Eats India has sold its online food-ordering business in India to local rival Zomato in exchange for a 9.99% i.e around Rs 2,485 crore ($350 million) in an all-stock deal.

Since launching in India in 2017, Uber Eats has struggled so much to gain market share and came third after Swiggy and Zomato. All three online food ordering have spent heavily on deals and discounts to attract customers in a highly competitive market.

 Now, Zomato will not absorb Uber Eat employees, which means they will either be absorbed in Uber’s other verticals or could face lay-off. There’s less clarity on their future roles right now. The entire deal is worth around $350 million.

This acquiring deal of Uber India by Zomato will be an attractive this will also help them  to crack Swiggy’s stronghold in the southern states. After this acquiring Uber Eats will seize to exist as a separate Uber brand in India now and all its customers will be automatically redirected to Zomato’s app. While Swiggy is little ahead of Zomato in the food delivery space right now, Uber Eats coming onboard with Zomato will try more hard to take on Swiggy, and the combined entity will capture around 50-55 per cent market share.

When it comes to the Indian food delivery market, UberEats is a distant third in comparison to its rivals Zomato and Swiggy that gets 2-2.5 million orders every day. On the other hand, UberEats only gets 2,50,000-3,00,000 orders per day. As for the value of the order, on an average UberEats witnesses $2 per order as compared to $3-4 per order for Swiggy and Zomato.

Zomato CEO said in a statement “With our expansion to 550+ cities over the last year, our continued focus on user experience and our commitment to operating excellence, we have demonstrated our ability to execute on a variety of parameters”.

Zomato has operations across 24 countries and serves more than 70 million users every month.

 

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Airtel joins Google Cloud to offer its G Suite services in India

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Airtel joins Google cloud with an aim to provide the needs of millions of Indian businesses in a rapidly digitizing economy. Airtel and Google Cloud on Monday announced a partnership that will allow the telecom operator to offer G Suite to small and medium-sized businesses (SMBs) in the country.

Airtel and Google Cloud are sharing same vision for delighting customers with great products. India with its growing economy and adoption of digital services offers one of the biggest opportunities to serve customers with innovative solutions. Gopal Vittal, MD and CEO of Bharti Airtel, said ” We are happy to strengthen our relationship with Google Cloud and building products and services together aimed at changing Indian businesses”.

The agreement will provide both huge opportunities for growth in India, which also helps India to ranks amongst the fastest-growing economies. Further Thomas Kurian, CEO of Google Cloud said “Indian companies are making a massive transformation to the cloud and we’re thrilled to partner with Airtel to support this transition. The combination of G Suite’s collaboration and productivity tools with Airtel’s digital business offerings will help accelerate digital innovations for thousands of Indian businesses”.

G Suite is a set of apps like – Gmail, Docs, Drive, Calendar and more which bring people together and help them work smarter and safer. On the other hand, Airtel currently serves over 2,500 large businesses and over 500,000 Small and Medium Business and technology startups across India.

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World Economic Forum: Union Ministers, CMs, 100 Indian CEOs and more attend Davos summit

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Union Ministers, CMs, 100 Indian CEOs and more attend Davos summit
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The World Economic Forum Annual Meeting 2020, will held on January 20-24, with aim to  focus on establishing stakeholder capitalism as a way of addressing the world’s greatest challenges, from societal divisions created by income inequality and political polarization to the climate crisis facing today.

As the rich and powerful person from across the globe assemble this week at Swiss ski resort to discuss about  sustainable world’, over 100 CEOs as also some union ministers and chief ministers from India would also be present there alongwith filmstar Deepika Padukone and Sadhguru.  Deepika will talk about mental health and other issues, Sadhguru will hold morning meditation sessions at the summit  attended by over 3,000 world leaders.

The 50th annual meeting of World Economic Forum beginning from Monday. US President Donald Trump, Britain’s Prince Charles, German Chancellor Angela Merkel, Afghanistan’s Ashraf Ghani and Pakistan Prime Minister Imran Khan would be also attending the meeting.

The Geneva-based International organisation for public-private partnership has said that  “The World Economic Forum Annual Meeting 2020, taking place on January 20-24, will focusing on making stakeholder capitalism and also discussing about world’s greatest challenges like income inequality and political polarization to the climate crisis we face today”.

The main aim of this meeting is to give a soild meaning to “stakeholder capitalism”, assist governments and international institutions in tracking progress towards the Paris Agreement and the Sustainable Development Goals, and facilitate discussions on technology and trade governance.

From India industry leaders like Gautam Adani, Rahul and Sanjiv Bajaj, Kumar Mangalam Birla, N Chandrasekaran of Tata Group, Uday Kotak, Rajnish Kumar of SBI, Anand Mahindra, Sunil and Rajan Mittal, Ravi Ruia, Pawan Munjal, Nandan Nilekani and Salil Parekh of Infosys, C Vijayakumar of HCL Tech, Ajay Piramal, Rishad Premji, Ajay Singh and Pirojsha Godrej are registered.

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Doubling investments on Amazon Prime Videos in India, says Jeff Bezos

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Amazon Prime Video is getting good response in India than anywhere else, that is why the company CEO Jeff Bezos has said  he will rise its investment for the streaming service in India .

“In Japan, Germany and in America also Prime Video is doing well.  But India is doing much better than other countries”. Bezos said this on 16 January. He also said  “the world is witnessing a golden age of television, and i want Amazon to be the most talent friendly studio in the world and India features prominently in this plan.

Bezos met Bollywood celebrities at a gathering where he talked with superstar Shah Rukh Khan and director Zoya Akhtar.

The streamer, which rivals Netflix and Hotstar, also unveile seven more shows. The shows are Dilli, Bandish Bandits, Paatal Lok, Gormint, Mumbai Diaries-26/11, The Last Hour and Sons of Soil- Jaipur Pink Panthers, will soon be joining its exclusive Indian content slate.

Bezos said ” A person should not try for a successful formula in entertainment. Storytelling is an incredibly difficult art because people always looking for something new”.”This is one of those businesses which really takes human creativity. I want Amazon Studios to be all over the world. When you look at TV series today, they are really good in terms of content. They’re as good as the very best movies have ever been. And now we’re getting the best storytellers and actors to come and do work”.

“One of the hardest things that humans do is tell creating, engaging, inspiring stories. When you get it right, it can change the world,” he said further.

Amazon Prime has signed up with the majority of Indian production houses and stars for dedicated series and shows. Bezos was also meet some corporate person. Bezos added that “the Prime membership, which comes with free shipping from Amazon, has also proved great for the e-commerce service”.These are the reason we made a decision to increase in our Prime Video investments here” he said. The number of hours that people watched Prime Video had grown by six times in just two years in India, he added.

Bezos came to India on 15 January made a commitment to invest $1 billion in India over the next few years, calling it India’s decade which we have entered in.  Union Commerce Minister Piyush Goyal on 16January said that Amazon has not done any favor by committing the money.

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Jeff Bezos’s $1 Billion MSME Push Welcomed With Protests By Local Traders

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Amazon’s CEO Jeff Bezos plans to invest around $ 1 billion to help small businesses online in India and also plans to use Amazon’s size, scope, and scale to export $10 billion of Indian goods by 2025. On the other hand, angry Indian vendors plan protests against Jeff Bezos as the authorities have launched an anti-trust investigation into e-commerce platforms like Amazon and Wallmart owned Flipkart.

Jeff Bezos came down to India for a business meeting focused on the maiden edition of Amazon’s micro, small and medium enterprises(MSME). This comes in at the moment when the Competition Commission of India(CCI) on Monday announced an investigation into Amazon and Flipkart on several complaints that claim that there have been tie-ups and deep discounting practices with preferred sellers which have probably killed small businesses.

Bezos donned the traditional Indian attire to showcase his company’s commitment to be a long-term partner of India. The firm proposed investment to assist and digitize around 10 million MSMEs by providing training and enrolling MSMEs into Amazon’s programs. Along with this, Amazon will assist them to be able to work on cloud technology through specialized offers at low costs from Amazon Web Services.

Amazon also confirmed it would fully cooperate with the investigation and was confident that its operations were legal. But traders across the country planned protests during the visit demanding the government to take action against Amazon. Several merchants have accused these e-commerce giants of breaking and disregarding foreign investment rules while giving billions of dollars into discounts that have forced many traditional traders to lose their businesses.

Amazon in the past five years has invested around $5 billion in India. They even also announced to expand it’s Amazon Easy Programme and ‘I Have Space’ Programme to support local neighborhood shops as well as Kiranas. This will look into helping shops and kiranas to set up kiosks to provide guidance to customers helping them choose the right products, place orders and earn commission on sales.

These protests were actively planned in 300 cities by The Confederation of All Indian Traders that represents around 70 million small businesses. Though the CCI said that it would report within 60 days, inquiries might take much longer time as usual. Last year, Google was fined $21 million USD by CCI for abusing Google’s dominant position for creating a search bias.

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