Throughout the years, India has had a complicated relationship with bitcoin (BTC). Currently, the purchase of bitcoin in India with credit cards is banned. Fortunately, there are plenty of alternatives for the Indian community.
Bitcoin, throughout its entire development, has come up with a number of real-use cases—earning a steady income, sending remittances, investment opportunities, wealth preservation, and many more. The sprout of these cases has a great deal to do with bitcoin becoming more accessible to the world.
Through peer-to-peer marketplaces like Paxful, people can trade bitcoin easily and in a secure manner. To give you an idea of how easy it is, we’ll be taking you through the entire process on how to buy bitcoin in India.
The three-step process
On Paxful, it only takes three steps to get your bitcoin.
The first step towards getting your bitcoin is creating an account on Paxful. Provide your email, username, and password, and you should be all set to trade. You’ll even receive a free bitcoin wallet upon registration.
Optional additional step: verify your email and ID to increase your trade limits!
The next step on how to buy bitcoin in India is searching through the many offers available on Paxful. When you’re finished with account creation, click on the “Buy Bitcoin” button at the top left-hand corner of the site. On this page, you can input preferences such as payment method (popular options in India include Phonepe, UPI, Paytm, and IMPS/bank transfer), preferred currency, and even location. Once you’ve filled everything up, click on the “Search for Offers” button to view the offers available to you.
You’ll notice that on the offer page, there are a lot of details to unpack:
- Vendor details: username, reputation scores, last seen online, etc.
- Price: rate at which you’ll be buying bitcoin
- Offer labels: one-liners that describe the offer
- Offer tags: short descriptions of the offer (like the tags you see on YouTube videos or Instagram posts)
- Trade limits: the minimum and maximum amount of bitcoin the vendor is willing to trade
When analyzing these details, keep these tips in mind:
Look at each detail carefully. Aside from looking for offers with the best Bitcoin price in INR, be sure to look at the offer terms of the vendor. These are a specific set of instructions that will tell you how to pay the vendor. Make sure that you do not go forward with any trade in which you cannot comply with the instructions. This set of instructions will heavily depend on the payment you choose. For example, vendors selling BTC for gift cards will require you to give the gift card code, as well as a picture of the receipt of the gift card (bought with cash), and sometimes even a selfie.
Gauge the reliability of your potential vendor. Paxful has several security protocols designed to protect both buyers and sellers. However, you can still do your part to make sure that you don’t go into business with a bad apple. Check your potential vendor’s reputation score, trade volume, and trade history to gauge his/her reliability accurately.
Make sure your vendor is available. Trades on Paxful expire, so make sure that if you’ve engaged in trade and you’ve already sent the payment to an unavailable vendor, mark the trade as “Paid” to prevent any loss of funds (or to start a dispute).
Starting the trade
After choosing an offer that best suits your needs, click on the “Buy” button to proceed. You’ll then be taken to an overview of the trade—so make sure all those details are correct! Before proceeding, make sure to input how much BTC you’ll be buying, then click on the “Accept Terms and Buy Bitcoins Now” button.
From there, you’ll be taken to the individual trade page, where you can chat directly with your trade partner—so if you have any clarifications to make in regards to payment, now’s the time to do so.
After sending the payment, be sure to mark the trade as “Paid.” This is very important! Then, give the vendor a moment to verify your payment, and after the verification, he/she should release the bitcoin from escrow.
And that’s it! The only thing left to do is to leave feedback for your vendor!
The growing community in India
With the hundreds of payment methods available on Paxful and the steadily increasing number of cryptocurrency adopters, look no further for where to buy bitcoin in India! Take some time to explore the platform—experiment with various payment methods, and who knows, you might stumble upon more convenient options!