Written by 4:30 am Cryptocurrency

Convert Bitcoin to Indian Rupee – Forbes Advisor INDIA

Cryptocurrency has a wide range of investors worldwide and Bitcoin cryptocurrency is the oldest and the most popular one. To easily check the currency value of Bitcoin in rupees you can visit our Forbes Advisor Currency Calculator website and check the worth with live exchange rates. You can conveniently check BTC To INR exchange rates within seconds. 

What Is Bitcoin?

Bitcoin is one of the initial forms of cryptocurrency, forming a worldwide part of the peer-to-peer payment system. Cryptocurrency is digital money considered more secure than real cash. They are classified as a subgroup of digital, alternative and virtual currencies.

In the year 2009, Bitcoin was the first cryptocurrency created. After that many cryptocurrencies were created like Ethereum, Litecoin, Ripple, etc. There has been rapid growth in the cryptocurrency market with several cryptocurrencies.  

Bitcoin in India has gained popularity among the people and given the government’s efforts to move towards a cashless economy. As of today, cryptocurrencies are not centrally regulated by the Reserve Bank of India (RBI). In fact, with bitcoins, peer-to-peer transactions are managed by using blockchain technology which serves as a public database for all transactions.

How To  Convert BTC To INR?

There are two ways in which one can convert their Bitcoins into Indian Rupees.

Exchange Or Broker

The first way to convert your BTC To INR is by exchange or broker. They work the same as currency exchange systems at airports. Once you deposit your digital currency to an exchange or broker and demand a withdrawal. They use the same bank account that you used to purchase the bitcoins. Deposit is done in the same account due to restrictions on account of the country’s money-laundering laws. On average, the conversion can take up to 6 days but is considered to be secure. The broker charges a fee for the conversion and the fees vary from broker to broker. 

Peer-to-Peer Platform

You can use this way to convert your BTC To INR if you are in a rush. You can also choose the payment method you wish the buyers to use while selling your bitcoins. 

This method helps buyers to make faster transactions with fewer fees. You can get the best exchange rates with an individual buyer rather than a brokerage. 

Choose the peer-to-peer exchange platform you wish to use and sign up for it. Choose the desired location and find buyers and send a trade request using the marketplace. Most of the platforms provide an escrow option where the bitcoins are not released to the buyer until the payment received is confirmed.  

Where Can I Buy/Sell Bitcoin In India?

In India, bitcoin cryptocurrency can be traded via a variety of platforms that provide the service of buying and selling. Crypto exchanges are one of the platforms that help users to trade bitcoin. You can use applications or online platforms like WazirX, CoinDCX, ZebPay and more. One can invest as low as INR 100 in less than a minute in Bitcoin.

Steps To Buy Bitcoin

You can buy bitcoin and other cryptocurrencies from crypto exchange platforms. For example, follow the below steps to purchase bitcoin from the WazirX platform.

Step 1: Visit the WazirX portal and select the Buy Option

Step 2: Enter the value and rate at which you want to buy bitcoin. For instance, while executing your order, you can select the lowest price choice and then place the order. 

Step 3: Once your order is executed, you will receive bitcoin in your funds.

Steps To Sell Bitcoin

Choose a crypto exchange to sell your bitcoin. For example, if you choose to sell your bitcoin from the WazirX platform follow the below steps:

Step 1: Go on the WazirX portal and click on the Sell Option

Step 2: Enter the value and rate at which you want to sell your bitcoin. For instance, while executing your order, you can select the highest price choice and then place the order. 

Step 3: Once your order is executed, you will receive INR in your funds.

Step 4: You can later withdraw the funds to your Bank account.

Exchange Rate Of Bitcoin

The live value as of Dec. 20, 2022 of 1 Bitcoin is INR 1,391,180. If you wish to buy 5 Bitcoins it would cost you INR 6,955,904. Inversely, the amount INR 1 would allow you to trade Bitcoin for 0.00000072. On the other hand, INR 50 would convert to 0.00003594 BTC without platform or gas fees included. 

According to Coinbase data released last week, the exchange rate has gone up by 2.14% and in the last 24 hours, the exchange rate has changed by 0.47% i.e. the highest rate of 1 BTC to INR was INR 16,878 and the lowest value was for INR 16,273. Looking back at a year’s statistics, BTC has changed by INR 2,493,677. That indicates that in a year, the value of BTC has reduced by 64.19%.

BTC To INR Conversion Table

The below conversion table is as of Dec. 20, 2022

INR To BTC Conversion Table 

The following conversion table is as of Dec. 20, 2022

Taxation On Bitcoin In India

Taxation on cryptocurrency is one of the most confusing aspects in India. Previously, there was no Income Tax Act or Goods and Services Tax (GST) defined cryptocurrencies. In the Union Budget 2022, the Finance Minister proposed a tax regime for virtual assets that includes cryptocurrencies. 

  • Cryptocurrency holders are required to report the profits and losses as a part of their income.
  • A 30% tax will be charged on the earnings from the transfer of digital assets.
  • A 1% deduction of Tax Deducted at Source (TDS) on the buyer’s payment if it crosses the threshold limit.
  • If cryptocurrency is received as a gift or transferred it is subjected to tax at the receiver’s end. 
  • The loss from digital asset investment cannot be balanced against other income. 

Bitcoin Price History 

Bitcoin was launched in 2009. A decade ago, in the year 2010, a single bitcoin was just worth INR 2.85. Bitcoin price shot dramatically higher in 2021. In 2022, a single coin was worth around INR 35 lakh as of September. 

Bottom Line

It is very essential to do proper research and check exchange rates while bitcoin conversion. Make sure you go through the highs and lows before deciding to withdraw your bitcoins. Choose the platform that gives the best rates and charges fewer transaction fees. Have complete knowledge of trading bitcoins before you go ahead with the conversion. 

Frequently Asked Questions (FAQs)

What is the minimum amount needed to purchase Bitcoins in India?

You can buy a fraction of the bitcoin with an amount as low as INR 100.

Is Bitcoin legal in India?

How many bitcoins can I purchase for INR 10,000?

Are Bitcoin ATMs available in India?

Source link

Close