Bitcoin is the world’s largest cryptocurrency, and many people are interested in investing in it. If you’re new to the world of cryptocurrency, you might be wondering if it’s possible to buy Bitcoin for just 100 rupees. The short answer is yes, it’s possible. But there are a few things you should know before you dive in.
Buying Bitcoin on a Cryptocurrency Exchange
The most popular way to buy Bitcoin is on a cryptocurrency exchange. These exchanges allow you to buy, sell, and trade various cryptocurrencies, including Bitcoin. The process is relatively simple:
- Create an account: To use a cryptocurrency exchange, you’ll need to create an account. This typically involves providing some basic personal information, such as your name, address, and email address.
- Deposit funds: Once you’ve created an account, you’ll need to deposit funds into it. Most cryptocurrency exchanges accept bank transfers, credit card payments, and other forms of payment.
- Place an order: Once your account is funded, you can place an order to buy Bitcoin. You’ll need to specify the amount of Bitcoin you want to buy and the price you’re willing to pay. The exchange will match your order with a seller and execute the trade.
How much Bitcoin can i buy in 100 Rupees
The amount of Bitcoin you can buy for 100 rupees will depend on the current market price. At the time of writing, the price of Bitcoin is around 25 lakh rupees. This means that 100 rupees will only buy you a tiny fraction of a Bitcoin, known as a satoshi. But don’t let that discourage you – even a small investment in Bitcoin can pay off over time.
Major exchanges in India
From the table above, we can see that WazirX, CoinDCX, Binance India, and Zebpay are popular Indian crypto exchanges. WazirX and CoinDCX offer advanced trading features, margin trading, and crypto lending services. Binance India and Zebpay offer basic and advanced trading features but do not offer margin trading or crypto lending services.
When it comes to trading fees, CoinDCX offers the lowest fees for makers, while WazirX offers the lowest fees for takers. All of the exchanges listed above offer free INR deposits and withdrawals, but fees vary for cryptocurrency deposits and withdrawals.
All Indian cryptocurrency exchanges are required to comply with KYC (Know Your Customer) regulations, which means that you will need to provide personal information and identity verification in order to use the exchange. When it comes to safety and security measures, all of the exchanges listed above have high security measures including 2FA and SSL encryption. Cold storage for funds is also available on some exchanges.
Staking and rewards are available on WazirX and CoinDCX through their respective coins, while Zebpay does not offer staking or rewards.
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Risks of Buying Bitcoin on a Cryptocurrency Exchange
While buying Bitcoin on a cryptocurrency exchange is relatively straightforward, it’s not without risks. Here are a few things to keep in mind:
- Hacking and theft: Cryptocurrency exchanges are a prime target for hackers, who can steal large amounts of Bitcoin and other cryptocurrencies. To minimize your risk, choose a reputable exchange with a good track record of security.
- Volatility: Bitcoin is a highly volatile asset, which means its price can fluctuate dramatically in a short period of time. If you’re buying Bitcoin as an investment, be prepared for the possibility of wild price swings.
- Regulation: Cryptocurrency regulation is still in its early stages, and it’s possible that governments could impose stricter rules on cryptocurrency exchanges in the future. This could impact the value of your investment.
Using P2P Exchanges to Buy Bitcoin
Another option for buying Bitcoin for 100 rupees is to use a peer-to-peer (P2P) exchange. P2P exchanges allow buyers and sellers to connect directly, without the need for an intermediary. The process is similar to buying Bitcoin on a cryptocurrency exchange, but there are a few key differences:
- Finding a seller: On a P2P exchange, you’ll need to find a seller who is willing to sell you Bitcoin for 100 rupees. This may take some time and effort, as not all sellers will be willing to sell such a small amount.
- Sending payment: Once you’ve found a seller, you’ll need to send them payment. This can be done through a variety of payment methods, including bank transfers, mobile payments, and even cash.
- Receiving Bitcoin: Once the seller receives your payment, they’ll send you the Bitcoin. You’ll need to have a Bitcoin wallet set up to receive the funds.
| P2P Exchange | Supported Payment Methods | Minimum Purchase Amount |
| WazirX | Bank Transfer, UPI | 100 INR |
| CoinDCX | Bank Transfer, UPI | 100 INR |
| Bitbns | Bank Transfer, UPI | 100 INR |
| Paxful | Bank Transfer, UPI, Paytm | No minimum |
| LocalCoinSwap | Bank Transfer, UPI, Paytm | No minimum |
Conclusion
- Bitcoin can be purchased for as little as 100 rupees.
- Indian-based cryptocurrency exchanges, such as WazirX, CoinDCX, Zebpay, and Bitbns, offer easy access to Bitcoin.
- Each exchange has its own unique features and fees, so it’s important to do your own research before choosing an exchange.
- Trading fees vary between exchanges, with CoinDCX having the lowest fees for makers and WazirX having the lowest fees for takers.
- Deposit and withdrawal fees also vary, so it’s important to check the specific fees for the cryptocurrency you plan to trade.
- KYC regulations require personal information and identity verification to use Indian cryptocurrency exchanges.
- Trading pairs offered by exchanges include INR, BTC, ETH, USDT, and more.
- It’s important to invest carefully and understand the risks involved with cryptocurrency trading.
- While buying Bitcoin for 100 rupees is possible, it should be approached with caution.
- Encourage readers to conduct their own research, invest carefully, and use reputable exchanges with strong security measures.
FAQ’s
Q: Is it safe to buy Bitcoin on Indian crypto exchanges?
A: While Indian crypto exchanges have security measures in place, there is always a risk involved in buying and trading cryptocurrencies. It is important to do your own research, invest carefully, and never invest more than you can afford to lose.
Q: Can I trade cryptocurrencies other than Bitcoin on Indian exchanges?
A: Yes, most Indian exchanges offer a range of trading pairs with Indian rupees (INR), including BTC, ETH, USDT, and more.
Q: Is it really possible to buy Bitcoin for 100 rupees?
A: Yes, it is possible to buy Bitcoin for 100 rupees, but it is important to note that the amount of Bitcoin you will receive will be very small and may not be worth much in the long run. It is also important to do your research and invest carefully, as cryptocurrency investments come with risks.
Q: What are some popular Indian crypto exchanges?
A: Some popular Indian crypto exchanges include WazirX, CoinDCX, Binance India, and Zebpay. Each exchange offers different features and fees, so it is important to do your research and choose the exchange that best fits your needs.
Q: Do all Indian crypto exchanges require KYC verification?
A: Yes, all Indian crypto exchanges are required to comply with KYC (Know Your Customer) regulations, which means that you will need to provide personal information and identity verification in order to use the exchange.
Q: What safety and security measures are in place on Indian crypto exchanges?
A: All Indian crypto exchanges listed in the article have high security measures including 2FA and SSL encryption. Cold storage for funds is also available on some exchanges, adding an extra layer of security.
Q: Can I earn rewards or stake my cryptocurrency on Indian crypto exchanges?
A: Yes, staking and rewards are available on some Indian crypto exchanges through their respective coins. WazirX and CoinDCX offer staking and rewards through their WRX and DCX coins, respectively. However, Zebpay does not offer staking or rewards.
News Credits –
https://groww.in/blog/buy-bitcoins-india
https://www.moneycontrol.com/msite/wazirx-cryptocontrol-articles/how-to-buy-bitcoin-in-india/