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.
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.
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.
Coinmama charges a ~6% fee on each purchase that allows users in almost every country to buy bitcoin with a debit or credit card.
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.
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:
- Bitcoin ATM
- 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.
Buyer -> Exchange (Find the seller) -> Buyer sends money to seller’s account
Seller -> Exchange (Find the buyer) -> Seller send coins to buyer’s account
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:
3. CoPay (https://copay.io/))
1. Ledger Nano S ()
2. Ledger Blue ( )
3. Trezor ( )
Sensex slows 674 points; Nifty drops low 8,100
Equity benchmark Sensex tumbled 674 points on Friday, weighed by losses in banking stocks as unabated spike in new Covid-19 cases fuelled uncertainty over the economic impact of the pandemic. After hitting a low of 27,500.79 during the day, the 30-share BSE barometer ended 674.36 points or 2.39 percent lower at 27,590.95.
The NSE Nifty shed 170 points, or 2.06 percent, to finish at 8,083.80.
Axis Bank was the top loser in the Sensex pack, cracking over 9 percent, followed by IndusInd Bank, ICICI Bank, Titan, SBI, Maruti, HDFC and Asian Paints. On the other hand, Sun Pharma, ITC, ONGC, M&M and Tech Mahindra were among the gainers.
Traders said”With fresh cases of novel coronavirus mounting by the day, concerns over a looming economic recession kept investors on the edge”.
The Asian Development Bank warned on Friday that the Covid-19 pandemic could cost the global economy USD 4.1 trillion as it ravages United States, Europe and other major economies. It also said that “India’s economic growth rate will slip to 4 per cent in the current fiscal”. According to the Health Ministry”The number of Covid-19 cases in India has crossed 2,300 while the death toll rose to 56″.
The number of confirmed coronavirus cases around the world has soared past one million and fatalities have topped 50,000 as the US reported the highest daily death toll of any country so far. Bourses in Shanghai and Hong Kong ended in the red, while those in Seoul and Tokyo closed with mild gains.
Stocks in Europe were also trading with significant losses in early deals
On the currency front, the rupee depreciated 55 paise to 76.15 against the US dollar in intra-day trade. Brent crude futures, the global oil benchmark, rallied 8.15 per cent to USD 32.36 per barrel amid hopes that Russia and Saudi Arabia will end a price war by slashing crude output.
Sensex reached over 700 points; Nifty lowers 8,400
Equity benchmark Sensex slumped over 700 points in early trade on Wednesday tracking losses in index heavyweights Reliance Industries, Kotak Bank, HDFC Bank and Infosys amid weak cues from global markets. Starting the new financial year on a negative note, the 30-share BSE barometer was trading 714.74 points or 2.43 per cent lower at 28,753.75. Similarly, the NSE Nifty fell 199 points, or 2.31 per cent, to 8,398.75.
Kotak Bank was the top loser in the Sensex pack, cracking up to 8 per cent, followed by SBI, Infosys, HDFC Bank, Tech Mahindra and UltraTech Cement.
IndusInd Bank and PowerGrid were the gainers. In the previous session, the Sensex closed the financial year 2019-20 higher by 1,028.17 points or 3.62 per cent at 29,468.49. The Nifty rose 316.65 points, or 3.82 per cent, to close at 8,597.75.However, during the fiscal, the Sensex plunged 9,204.42 points or 23.80 per cent, while the Nifty sank 3,026.15 points or 26.03 per cent.
Foreign institutional investors (FIIs) turned net sellers in the capital market, as they offloaded equity shares worth Rs 3,044.94 crore on Tuesday, according to provisional exchange data.
According to S Hariharan, Head – Sales Trading, Emkay Global Financial Services: “For the month of April, macro risk appetite driven by news flow around potential peaking of fresh COVID-19 cases would be the key driving force for foreign flows, while domestic funds continue to use the correction to increase equities allocation in dynamic asset allocation funds”.
On the global front, bourses in Hong Kong, Tokyo and Seoul were in the red, while those in Shanghai were trading on a positive note. Benchmark exchanges on Wall Street too ended with losses in overnight trade.Brent crude futures, the global oil benchmark, fell 0.76 per cent to USD 26.15 per barrel.
The number of COVID-19 cases in India has stood at around 1,400, according to health ministry log. While there are more than 1,200 active cases, over 100 have been cured. Deaths around the world linked to the pandemic crossed have 40,000.
Sensex tops 870 points to 29,300 and Nifty reaches to 200 points to 8,400 in opening session.
On Tuesday Sensex tops over 800 points in the opening session by gains in index heavyweights Reliance Industries, HDFC twins and Infosys amid a recovery in global equities. After hitting a high of 29,316.80, the 30-share BSE barometer was trading 505.20 points or 1.78 percent higher at 28,945.52.
Similarly, the NSE Nifty rose 199.85 points, or 2.41 percent, to 8,480.95. Tata Steel, HDFC, Axis Bank, M&M, Reliance Industries, ONGC, ITC, HCL Tech, and Titan rallied up to 3 percent. On the other hand, IndusInd Bank plunged up to 15 percent. Bajaj Finance, Bajaj Auto and Maruti were also among the laggards.
According to traders “despite concerns over the rising number of COVID-19 cases in the country and the economic fallout of the nationwide lockdown, investors are value-buying during each dip”.
In the last session, the 30-share BSE barometer ended 1,375.27 points or 4.61 percent lower at 28,440.32, and the broader Nifty fell 379.15 points, or 4.38 percent, to close at 8,281.10. Foreign institutional investors (FIIs) turned net sellers in the capital market, as they offloaded equity shares worth Rs 4,363.61 crore on Monday, according to provisional exchange data.
On the global front, bourses in Shanghai were trading on a positive note after China’s manufacturing sector steadily resumed production after the COVID-19 shutdown, with 98.6 percent of the major industrial firms nationwide having restarted work.
Benchmark exchanges on Wall Street rallied over 3 percent in overnight trade.
Meanwhile, the Indian rupee appreciated 10 paise to 75.48 against the US dollar in the morning trade.
Brent crude futures, the global oil benchmark, rose 2.16 percent to USD 26.99 per barrel. The number of COVID-19 cases in India has surged past 1,200, according to the health ministry log. While there are more than 1,100 active cases, nearly 100 have been cured. Deaths around the world linked to the pandemic crossed have 37,000.
NMDC advances Rs 200 cr. to Chhattisgarh Government towards royalty help in the fight against COVID-19
Hyderabad, March 31, 2020: NMDC Limited, the Navaratna PSE mining company, today declared that they will advance royalty payment of INR 200 cr. to the Government of Chhattisgarh to help in the fight against COVID -19. This announcement was made by Shri N. Baijendra Kumar, IAS, CMD, NMDC, today on micro blogging site Twitter.
A link to the tweet is given below.
#NMDC has paid Rs 200Cr to #GovtOfChhattisgarh as advance #Royalty to enable the CG Govt to augment it’s resources to fight against #COVID19. @nmdclimited stands with its people during difficult times @bhupeshbaghel @ChhattisgarhCMO @TS_SinghDeo @OAKIRANDUL #Chhattisgarh
— CMD NMDC @baijendra (@baijendra) March 31, 2020
This support offered is unique as only yesterday NMDC contributed Rs 150 Cr. to the PMCARES Fund of the Government of India. To top that contribution with another Rs 200 Cr. as advance royalty puts NMDC as one of the unique corporates who have supported both Central and State governments.
NMDC has already rolled out various preventive measures at the headquarters, plants, and offices to protect the employees and their families against the spread of the CORONA Virus (COVID-19). NMDC which has operations in the remote parts of India has also implemented steps to fight the Corona Virus at the villages and hamlets adjacent to its facilities and townships.
Shri N. Baijendra Kumar, IAS, CMD, NMDC, commented, “NMDC has always stood with people during difficult times and decided to advance the royalty payment of Rs. 200 Cr. to the Government of Chhattisgarh to augment the state’s fight against CORONA Virus. We are always thankful to the state, and central governments and the people and would always lead and fight together with them to counter any such eventuality or natural calamity.”
About NMDC: NMDC Ltd., a Navratna PSE under Ministry of Steel, Govt. of India is the single largest producer of iron ore in India. NMDC owns and operates highly mechanized iron ore mines in CG & Karnataka. NMDC is considered to be one of the top low-cost producers of iron ore in the world. It also operates the only mechanized diamond mine in India at Panna, MP. The company is diversifying into steel making and has undertaken several capital-intensive projects to modernise and increase capacities to retain its domestic leadership and has also forayed overseas successfully.
FM Nirmala Sitharaman announces Rs 1.7 lakh crore assistance package for poor people
Finance minister Nirmala Sitharaman has announced to provide a measures to deal with the economic distress caused due to the coronavirus pandemic and the subsequent lockdown announced to deal with the situation.
The finance minister had already announced some measures on Tuesday that included extension of tax deadlines, easing minimum balance norms for savings account, and increasing threshold of insolvency filing to Rs 1 crore from Rs 1 lakh.
PM Gareeb Kalyan Scheme will entail Rs 1.7 lakh crore.
Finance minister said in announcement that “It will include both cash transfer and food security. Provide insurance cover worth Rs 50 lakh for sanitation workers, ASHA workers, doctors, nurses, paramedics in case they need it as they are on the frontlines of the corona battle. Over and above 5kg of rice/wheat that is already given, another 5 kg per person will be given free to around 80 crore people through PDS. Besides, one kg of preferred and region specific choice of pulse will also be given.
For Farmers first instalment of Rs 2,000 of Pradhan Mantari Kisan will be given in first week of April. 8.69 cr farmers will get immediate benefit out of it.
For MNREGA there will be Increase in wage rate from Rs 182 to Rs 202 amounting to increase of Rs 2000 per worker leading to benefitting 5 crore people.
For Old age and widows an ex-gratia amount of Rs 1,000 for next three months available in two instalments. It will benefit 3 crore widows and senior citizens.
Women Jan Dhan account holders will get Ex gratia of Rs 500 per month for next three months. This will benefit 20 crore women.
Women Ujjawala sheme beneficiaries will get three months, free cylinders. Will benefit 8.3 crore BPL families.
Women Self Help Groups Under the Deen Dayal National Livelihood Mission, collateral free loan will be given up to Rs 20 lakh from Rs 10 lakh earlier. Impact on 7 crore holders through 63 lakh SHGs.
For Organised sector Government of India will pay the EPF contribution both of the employer and the employee put together 24% for next three months. This is for those establishments with up to 100 employees, 90% of them earning less than Rs 15,000.
For organised sector, EPFO regulation will be amended so that workers can draw up to 75% for their contingency expenditure non-refundable advance or three months of wages in advance whichever is less. This will benefit 4.8 cr workers.
Construction workers will get State government have been directed to use the welfare fund for building & construction labourers which has around Rs 31,000 crore to help those who are facing economic disruption because of the lockdown.
Utilise the funds available under the district mineral fund for testing activities, medical screening, providing health attention needed to fight the coronavirus pandemic.
It is expected that another relief package for the industry will come up soon. The Confederation of Indian Industry (CII) lobby group, had sought a stimulus of about 1% of the GDP or Rs 2 lakh crore, has sought a three-month moratorium on all loans and said all repayment obligations should be suspended for this period.
The Prime Minister had announced an Economic Task Force to be chaired by the finance minister.
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