Bitcoin and altcoins are gaining popularity in India. As one of the top users from my country on Steemit, I often get asked a lot about getting started with investing in Bitcoin and cryptocurrencies in general from Indian users on Facebook. Today, I thought it would be a good idea to share a few tips to help you make your first investment in Bitcoin or any other alt-coin of your choice if you are from India.
India is adding over 200,000 users monthly. These are just the official numbers but if you account for p2p trades, then the figure is even higher. Our economy has 1.3 billion people ergo 200K/monthly signups on our exchanges is a tiny number but as you can tell, there's a HUGE room for growth! Imagine if a small percentage bought and held Steem!
It's obvious that Steem can benefit from increased crypto adoption in India. Bitcoin is currently the number one gateway to crypto for most users in India. Bitcoin allows you to get involved in this entire space including any Steem blockchain based application rewarding it's users in Steem cryptocurrency.
Getting Started
- Signup for an account on CoinSecure, Coinome, Koinex or Zebpay.
- Complete your KYC process and you are good to proceed.
- This is a completely transparent process when you need to submit your PAN.
- If you plan on trading regularly, you will be liable for Tax. I will cover that bit later on.
- For anonymous purchases you can try LocalBitcoins at your own risk.
Wallet & Fund Security
I recommend you transferring out your bitcoin and holding it on Greenaddress.it or Blockchain.info. If you are purchasing in large sums or have a lot of other alt-coins I recommend you get a Legder Wallet or similar device. Both these services are secure with your funds. You can use Exodus, Jaxx or a similar service for holding alt-coins.
However, it is your responsibility to maintain the highest level of security. Hence, always use 2 factor authentication with Authy application on your mobile devices. This will greatly reduce chances of any theft.
HODL Steem
As a stakeholder of this platform, it is my duty to promote what I think is one of the best blockchains in the market as well as an undervalued cryptocurrency.
You can create a free account with Steemit, steeminvite.com or Anonsteem and get started.
Once you have your bitcoin you can use Changelly, @blocktrades or Shapeshift for a quick exchange to Steem currency. Changelly has some of the lowest fees. If you have knowledge of trading or if you plan on trading regularly then Bittrex or Binance-(alt-coins only as Steem isn't listed yet) are a good choice as well. You can use these exchanges to buy Steem or other alt-coins.
Steemit wallet is one of the most secure wallets in the crypto space. You can safely hold your Steem and SBD tokens at Steemit.com as SP or in Savings.
Managing the Taxman!
If you are a regular trader or user of Steemit you might incur tax liability if you are consistently cashing out Bitcoin into Rupees.
You can read my detailed guide on managing your taxes here! You can verify these guidelines with your auditor, do your due diligence and proceed to avoid running into any problems with the government for non-payment of taxes.
Remember to talk about Steem and facts about it's blockchain to your friends when you discuss cryptocurrencies.
You can also watch @heiditravels and her YouTube Channel Crypto Tips for new information from the world of cryptocurrencies and further educate yourself.
Feel free to ask me any questions in the comments and I will happy to answer them.
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
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