In this article, we will tell you how to buy bitcoin in Kerala and the best wallets to store your Bitcoins in Kerala.
Bitcoin is a digital currency that people can use for making transactions without involving any intermediary Party.
A person or group of people named Satoshi Nakamoto invented Bitcoin to bring out a new financial system that uses computer science and cryptography concepts.
Unlike any fiat currency, there is a fixed number of tokens or Bitcoins 21 million.
If 21 million Bitcoin gets into the market, no new Bitcoins will mint. Bitcoin minted through solving a cryptographic puzzle, also known as bitcoin mining.
Here, people join the Bitcoin Network, validate the transactions, and propose a new block.
The node or miner whose block gets proposed wins 1 Bitcoin as a reward. Most miners use heaving computational devices such as highly configured graphics cards for mining bitcoin and validating its transactions.
How To Buy Bitcoin In Kerala – Step By Step Guide
Unlike fiat currencies, you cannot get Bitcoin from any financial institution or bank. It would help if you used a centralized or decentralized cryptocurrency exchange such as WazirX or Binance to buy Bitcoin in Kerala or any other cryptocurrencies.
Here are some crucial steps that you need to follow to ensure that you correctly buy Bitcoin and add it to your wallet.
Step 1: Choose the Best Cryptocurrency Exchange in India.
As mentioned before, anyone cannot buy from banks or investment firms; hence you need to choose a cryptocurrency exchange such as Kraken or Coinbase based on the geographic location, Security, and transaction fees.
Step 2: Create an Account
You need to create an account once you have selected the cryptocurrency exchange to buy Bitcoin in Kerala. For opening an account on centralized exchanges like Binance or WazirX, you need to do KYC.
Step 3: Fund your Account
After creating the Account, you can use any payment gateways supported by the cryptocurrency exchange to fund your Account with fiat currencies such as USD or INR. This is needed because you will be buying Bitcoin using that Fiat Amount. Generally, people recommend that you try less if you miss something; your funds are safe.
Step 4: Place an Order to Buy Bitcoin.
Users can place two types of orders: limit order and market order. Based on any order, you can buy bitcoin. Once your order succeeds, then bitcoin will be added to your wallet.
How To Open An Account On Best Cryptocurrency Exchanges In Kerala?
Binance is one of the best cryptocurrency exchanges in India. Binance allows you to use a variety of ways to buy Bitcoin in Kerala without any hassle.
There are easy steps that allow users to open an account on Binance.
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Register A Account: You can create the Account by providing all your details like email and the password
Verification: Once the verification is done, you would ask to upload the financial documents and identity proof for the KYC.
Fund your Account: once the KYC is approved, you can use any payment method to add funds to the Account.
Buy Crypto: You can choose a bitcoin pair and order to buy.
WazirX is the best app to buy Bitcoin in India they offer a variety of cryptocurrencies to purchase. If you want to buy bitcoin in Kerala through WazirX, you need to create an account.
Steps to create an Account on WazirX are the following.
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Once you have created an account, you will receive an email to confirm the verification.
CoinDCX is the second most famous used cryptocurrency exchange in India, with many staking and reward opportunities.
To make an account on CoinDCX, you can download the application.
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CoinSwitch allows users to invest or trade cryptocurrencies with few clicks. It mainly focuses on the Indian Investors that offer you an easy-to-use application and guidance for buying bitcoin in the Kerala-like States.
To Open an account on CoinSwitch, you need to follow some steps.
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How To Buy Bitcoin In Kerala From Binance?
Binance offers an easy-to-use interface and user experience. Users can buy Bitcoin with Just a few clicks of a button. Here is the step-by-step guide to buying Bitcoin.
Step 1: Binance allows you to buy Bitcoin through Binance peer-to-peer exchange, where you can trade with other people at your geographical location. You can log in to your account and choose the P2P trading platform.
Step 2: After choosing the Peer to Peer trading Platform or the conventional Trading platform, select the Bitcoin Pair. Some of the standard Bitcoin Pairs are Bitcoin/INR and Bitcoin/USD. You want to buy Bitcoin in Kerala, like the Bitcoin/INR pair.
Step 3: You will be asked to add the amount of Bitcoin you want to buy. Based on the order you place, it will execute and add Bitcoin to your wallet.
If you don’t want to buy Bitcoin through a P2P trading platform, you can also buy it from Merchants.
Step 1: To Buy it from Merchants, you need to go to a suitable merchant and click the Buy BTC button. It will ask you to fill in the amount you want to purchase.
Step 2: Once that is done, it will take 15 mins to transfer the Bitcoin to your wallet if you send the fiat money to the merchant.
Step 3: After both the merchant and you have confirmed the payment, you will see the Bitcoin Balance in your Account.
How To Buy Bitcoin In Kerala From WazirX?
If you want to buy Bitcoin from WazirX, you need to log in or create a new account. For creating a new account, you need to do some steps given.
Once the Account has been completed, and you logged in.
Follow the following Steps to Buy Bitcoin in Kerala.
Step 1: Deposit the INR currency to your WazirX account. You can do it either through bank transfer or Peer to Peer transactions. In both cases, you would need to send money to either WazirX or a peer to get some fiat to buy bitcoin through net banking or UPI.
Step 2: Once the account is funded, you can go back to the exchange and look for the BTC/INR pair. It will open a new box, where you would need to fill in the amount and price at which you want to buy. If you’re going to buy at the cost of your choice, you can place a limit or market order.
Step 3: Once the order book finds a countertrade for you, your Account will be filled with BTC.
Best Wallets For Bitcoin In Kerala For Storing Bitcoin
For quite a few years, bitcoin has seen massive acceptance worldwide.
A lot of people are investing and using Bitcoin Wallets to manage their portfolios.
If you want to buy Bitcoin in Kerala, here are some virtual wallets you can consider storing.
Electrum is the bitcoin wallet in India that was launched in 2011. It has been one of the open-source and easy-to-use wallets for beginners.
Buyers can easily customize the transaction fees through their features and use enhanced security features that most hot wallets do not use.
It is one of the best Bitcoin Wallets for Bitcoin advanced users since it offers features like 2 Factor authentication and a multi-signature wallet.
Electrum Wallet is free to use.
Ledger Wallets are famous for their cold storage and Bluetooth connectivity. Users can also connect this wallet with a USB cable.
Some of the valuable features of Ledger nano include storage of more than 20 applications, easy-to-use interface, open-source software, and community support.
It is like a USB drive in its design that you can connect on iOS and Android devices without any need for desktop devices. Also, it gives you complete details of the portfolio through a screen in the wallet making it one of the best bitcoin wallets in India.
Ledger NanoX costs around 16-17k INR.
Exodus is another best bitcoin wallet in India. It offers a mobile and a desktop application that is easy to use and has a cryptocurrency exchange built-in. This is the most favorite and most used feature among other cryptocurrency wallets.
Exodus allows users to swap any cryptocurrencies. If you are a beginner, you should try using Exodus because it is specifically built for beginners.
Another feature allows you to adjust the transaction fees along with cryptocurrency exchange.
Exodus Wallet is free to use.
Trezor is primarily famous for its security features because it uses advanced security measures as per the track record of hardware wallets.
Some of the essential elements to know are the web-based UI that has exchange inbuilt to make it easy for users to buy cryptocurrencies.
Also, it has listed almost every cryptocurrency. It is open-source software with good community support.
Trezor wallet costs around 6k-8k.
Alternative Ways To Buy Bitcoin In Kerala
Some other ways to buy Bitcoin in Kerala are as follows.
✔ Peer-to-peer bitcoin holders: you can ask your friend or any known person if they own Bitcoin. You can send the wallet details and buy it for fiat currency. Most people prefer to do this because there is no intermediary party involved.
✔ Use Decentralized Exchanges: Some decentralized exchanges allow you to buy bitcoin from any other cryptocurrency. But for this, you need to have another cryptocurrency to exchange for Bitcoin.
✔ Bitcoin Mining in Kerala: You can be a bitcoin miner, join the bitcoin network, validate the transactions, and earn bitcoin by adding every new block to the blockchain.
You can mine bitcoin in Kerala, but this will require you to buy computational devices to do Bitcoin mining because it uses pretty extensive tools.
Investing In Bitcoin vs Altcoins.
Altcoins are the cryptocurrencies launched by some projects to raise the funding for their product.
If you want to buy any Altcoin in Kerala, you must do a complete search about the problem they will solve and how it adds value by reading its whitepaper and tokenomics.
Unlike Bitcoin, altcoins are pretty volatile and sometimes a scam. Hence it is required that the user does complete due diligence before buying any cryptocurrency.
Is It Legal To Buy Bitcoin In India?
As per the latest news sources and new financial budget, you can buy Bitcoin legally in India and other cryptocurrencies.
But a user would require to pay a certain amount of tax on the profit and every trading transaction.
If you are using any centralized exchange to buy bitcoin in India, ensure that you use the famous businesses that do the complete KYC and AML process to buy any cryptocurrency legally.
Where Is Bitcoin Going?
Bitcoin recently touched an all-time high of $68k back in 2021. As per the statistics, the market cap is around $660 Billion.
Recently due to a crisis where people were not allowed to do mining due to substantial global warming issues caused by it, the price went down. But it will improve gradually.
As per the studies done by the critical financial institutions, the Bitcoin Price will reach at least $100k in the coming years. Hence, this could be the best time to accumulate Bitcoin as much as possible.
Final Thoughts – How To Buy Bitcoin In Kerala?
If you want to buy bitcoin in Kerala, you do not need to know the underlying concepts.
You need to follow the guide to open an account and place an order. Many cryptocurrency exchanges have a youtube channel and blogs for beginners.
It helps them learn about cryptocurrencies and safety measures while buying Bitcoin. In short, the steps to buying bitcoins are pretty straightforward, like opening an account, funding it, and placing an order to purchase bitcoin.