Published: Dec 29, 2022, 10:00am
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.
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.
There are two ways in which one can convert their Bitcoins into Indian Rupees.
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.
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.
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.
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.
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.
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%.
The below conversion table is as of Dec. 20, 2022
The following conversion table is as of Dec. 20, 2022
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.
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.
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.
You can buy a fraction of the bitcoin with an amount as low as INR 100.
There are no clear regulations and laws to monitor bitcoins but they are 100% legal in India.
As of Dec. 2022, you can purchase 0.00720614 BTC for INR 10,000.
Yes, there are as of now two bitcoin ATMs in India, one is at MyOffiz Co-Working Space in Gurugram and the other one is at Workly Nehru Place in Delhi.
I have experience across journalism segments including finance, fashion and entertainment. I have written short stories and assisted as director and cinematographer on a few projects in the past.
How To Make Huge Profits In A Short Time With CryptoGet detailed training system that shows an absolute beginner (without any skill) how to make huge profits in a short time with crypto.
Crypto + NFT Quick Start CourseThe #1 course for profit in the Crypto & NFT world - You will discover the secrets that 99% of people don’t know yet
