Are you thinking of buying your first Bitcoin in India? And you do not have any idea how to buy Bitcoin? So this post is for you. In this step by step guide, we will learn how you can easily purchase Bitcoin in India. For this guide, we will use the website “Unocoin” to sell and buy a popular Bitcoin in India.
Unocoin is a famous website for buying Bitcoins in India. It’s great for new people because its user-interface is great and they also have an iOS and Android app.
Some important things to know Before Buying Bitcoins:
Before you buy your first Bitcoin in India, there are some important things to know about:
- Bitcoin is legal in India. But it is not regulated by RBI.
- On December 24, 2013, the RBI made sure that virtual currency (such as Bitcoins, Litecoins, Etherium, Dogecoins, etc.) can not be used as a medium of payment in any central bank or monetary authority.
- Unocoin aur Co-insecure is a legal website to buy Bitcoins.
But there is nothing to worry about whether RBI takes these virtual currencies seriously or because many people around the world have already done their own. I hope you know how popular Bitcoin and Blockchain technology have become in the last few years.
Even Bitcoin is pretty much stable. The assumption is that it will cross the price of $ 1,000 by 2017.
But for now, buying Bitcoin is like a great advice and there is also a risk.
So let’s know the steps to buy your first bitcoin.
Before reading these posts, it is important to know about what is bitcoin, what is bitcoin mining, advantages and disadvantages of Bitcoin.
Buy Bitcoin Step by Step:
Go to Unocoin’s site and signup for a new account.
- On behalf of Unocoin, you will get the registration verification; Click on it to verify your registration.
- Login to your newly created Unocoin account.
- The next step is to complete KYC. Start with filling up the details of your bank account. This will be the same bank account in which you will get the money when you sell your Bitcoin. Bank account should be of the same restriction, which is the account of Unocoin.
- Click on Next.
In the next step you will have to update your documents for KYC. The documents that are required are as follows:
- Copy of Pan Card
- your picture
- Address proof (your base card or driving license or passport in which address is indicated)
- Passport or a page of a base card that contains your photo.
In my case, I used my passport and my pan card to verify my account. This KYC verification will take one day and once it is done, you can start buying Bitcoins.
Note: If you do not buy Bitcoin right now, you still have successfully created an account in which you can easily get from another party of Bitcoin.
How to add funds to your Unocoin account?
To buy Bitcoin, you have to add funds to your Unocoin account. It can be done with the help of NEFT / RTGS / IMPS.
Click on the column of “Indian Rupee” in the left side and then click on “Deposit”.
Scroll down to the next page and you will see bank details to deposit funds.
You can start adding your funds by filling any amount. (Think, for this example we have filled 10,000 rupees)
Click on “Deposit” and click on “Yes” to confirm the deposit.
Enter your bank account’s address in your bank account.
Deposit whatever amount you want to add. For example, Rs. 10,000
Note the reference number (this is very important)
Once you add funds, and you have a reference number, on the same page, under the “Deposit” column, you will be able to add the reference number below.
(See screenshot below)
Now drink coffee or do some other work. Before these funds are reflected in your bank account, it will take a few hours.
I know that this method is not good, but this is the only way that Indian people can start buying Bitcoins. Once this process is done then next time you will not have to be tight.
Apart from this, after doing all this, you will be able to add funds and you can also use Android or iOS to buy Bitcoins.
Once you get this money in your Unocoin INR wallet, get back to your Unocoin dashboard and you can start buying more.
On the next page you can buy Bitcoin directly, which can be added directly to your Unocoin Bitcoin wallet address or anyone else’s Bitcoin wallet address.
Once you click on the “Buy Bitcoins” button, your transaction will be in real time and your Bitcoins will be added to your account.
Now if you have followed all the steps mentioned above, then be happy! You are now the owner of Bitcoin of some or nothing.
Whether we have completed this guide but I would recommend that you also browse other options of Unocoin and be friendly with it. The one thing that you should pay attention to and which is related to your security is:
Security> 2-Factor Auth & Enable Secondary Password (Google Authenticator).
You can learn about the security of your Bitcoin on this.
Tell me if you have any questions related to this post in your mind?
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