Most of the traders are still willing to trade Bitcoin in India after the RBI ban on the banks from working with cryptocurrency exchanges. How to Buy Bitcoin in India using the decentralized exchanges but with dilatory and low liquidity?
17 September, AtoZ Markets – As we know, ICOs and trading cryptocurrencies, including Bitcoin trading, have been banned in India following similar actions by countries such as China and South Korea. These bans, of course, have scared some people off.
However, in the past, the Indian government and the RBI have issued warnings against Bitcoin trading. Also, RBI warned Indian citizens about the potential economic and financial risks associated with trading/investing in cryptocurrencies. But still, most of the financial analysts are still optimistic about the future of Bitcoin and the scalability as well as usability of the Blockchain technology.
Meanwhile, the Supreme Court of India has once again delayed the judgment on the petitions filed by the RBI against the cryptocurrencies which were followed by the Reserve Bank of India saying Bitcoin is not currency.
How To Buy Bitcoin in India?
Despite all the crypto hostile attempts by the RBI, is it possible to buy Bitcoin in India legally?
The answer is yes, thanks to the decentralized P2P exchanges. P2P cryptocurrency exchanges such as LocalBitcoin allow users to trade and pay for Bitcoin with a variety of different payment methods such as PayPal, Western Union, and even various gift cards such as Amazon. Decentralized exchanges are considered more logically with the entire idea behind cryptocurrency. Here is the list of most trusted decentralized exchange which you can use to Buy/Sell the Bitcoins in India.
You can easily buy Bitcoin using the most popular decentralized Bitcoin exchange LocalBitcoin.com . It is a decentralized P2P exchange that facilitates OTC trading of local currency for bitcoins. Local Bitcoins is based in Helsinki, Finland and founded in June 2012 by Jeremias Kangas. It is decentralized Peer-to-peer trading exchange supporting every payment method and allows traders from varying countries to purchase bitcoin for their local currency. In India, this company has operations in all major cities including New Delhi, Kolkata, Ahmedabad, Surat, Chennai, Hyderabad, Chandigarh, Pune, Guwahati, etc. Here are the five easy steps you need to follow to buy Bitcoin in India.
STEP1: Firstly, register a new account using the email-id and login.
STEP2: Once logged-in press the “BUY” button to buy Bitcoin using the desired payment methods. Here are the payment methods you can use to buy Bitcoin in India. Click “show more” to check the payment option available to buy Bitcoin like the IMPS Bank transfer India, OKpay, Online wallets in India.
STEP 3: Let’s suppose, you want to use the IMPs Bank Transfer method to buy Bitcoin online in Indian Rupee. Then click the “IMPS Bank Transfer India” as in the screenshot above.
STEP 4: Click the seller you want to use like RAJESH73(100+;100%) and check the feedback score, trade limits, location and terms for trade, etc. Some of the sellers provide contact information as well so, you can directly connect with the seller and could ask for more details.
STEP 5: Fill the amount of Bitcoin you want to buy and click the Buy button. The trades are escrow-ensured and the user has an option to ‘chat’ with each other. The payment window has a time running and it is basic that you pay before that time runs out failing which the trade will be canceled and users can lose their money. Also, you should Mark Payment Complete which stops the trade from being canceled automatically. Once your payment has been received and a confirmation is done, the escrow deposits the Bitcoin into your Local Bitcoins wallet.
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