Price increases of almost 120% may be seen since the beginning of this year. Despite certain failures, digital money has maintained its popularity throughout the world to the point that central banks around the world are studying and debating how to incorporate virtual currencies into the financial mainstream. Bitcoin's meteoric ascent may be attributed, in no little part, to institutionalized uses of the currency. Bitcoin is seen as a refuge asset because of the global inflation environment. In addition to a historic October for the stock market as a whole, the recent introduction of the Bitcoin ETF on the NY Stock Exchange also led to a jump in Bitcoin rates. Furthermore, Bitcoin's ascent was spurred in large part by the fact that PayPal, which serves more than 350 million customers, began accepting Cryptocurrency payments. Because of these causes, the price of Bitcoin skyrocketed to $68,641.57 in November of 2021.

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However, there is a key caveat to consider before investing in Bitcoin: the price of Bitcoin has seen both incredible highs and catastrophic lows. For instance, after reaching a peak of about $20,000 in 2017, its value has fallen and had not recovered to over approximately half of that before 2020. Even if it has been on a rising trajectory since then, it is still a very risky investment that may be destroyed by one inopportune tweet from Elon Musk. Because of this, professionals advise against putting more than a minimal amount of cash into Bitcoin.

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Bitcoins may be kept in a blockchain wallet, which functions like a digital bank account. Since they have been Cryptographically signed, they are safe to use. WazirX wallet uses this very same underlying technology. Even better, it is connected to international markets. There are some steps that you need to follow to buy Bitcoin in India.

A step-by-step guide to buying Bitcoin in India is provided below:

        1. Choose a Crypto Exchange

A Cryptocurrency exchange is a marketplace where Crypto sellers and buyers may meet to do business in return for fiat cash. A newbie should choose an exchange that strikes a good mix between cheap costs, excellent protection, as well as convenience of use. If you aren't set on a certain Cryptocurrency exchange, we recommend looking at Unocoin, WazirX, ZebPay, and CoinDCX, some of our top selections. Your Bitcoin holdings may be moved through one exchange to another. In order to transfer Bitcoin from your WazirX wallet to another Cryptocurrency exchange, for instance, you will need to go through the withdrawal process. Find the Bitcoin exchanges' deposit address and send the funds there. Funds may be transferred after you know the deposit address.

        2. Decide on a Payment Option

Once you have decided on a Bitcoin exchange, you will need to deposit funds into your account before you can start trading. You may be able to fund your exchange account via a bank transfer, internet banking, Mobikwik, a Crypto wallet, or perhaps the Unified Payments Interface (UPI), among other methods. However, you should be aware that certain sites impose greater transaction costs on particular financing methods. CoinDCX, for instance, does not really tack on any extra costs for using UPI or bank transactions. Additionally, there is a 0.5% fee for using online banking, as well as a 1% fee for transactions over INR 2,000 when using the Mobikwik wallet. WazirX, on the other hand, requires you to add money to your Mobikwik wallet by UPI or bank transfer, and then costs you INR 23.6 which includes all taxes. The wallet transfer service does not accept credit cards, as well as fees vary depending on the exit method used.

        3. Place an Order

When you're ready to purchase Bitcoin, you may make your first order after your account has been financed. It may be as simple as hitting a button to buy Bitcoin on certain sites, while on others you'll need to input the ticker symbol for Bitcoin (BTC). The investment amount that you intend to make will then need to be entered. After the exchange is finalized, you will be the proud owner of a fraction of a Bitcoin. Reason being, nowadays even buying a solitary Bitcoin demands a substantial outlay of cash. To acquire one Bitcoin at the present market price of $38,000, for instance, you would need to part with at least that much cash. For a smaller investment of $1,000, say, you would get a smaller fraction of a Bitcoin i.e. 0.026%.

        4. Select a Safe Storage Option

Whether it's built in or a recommended third-party, your Cryptocurrency exchange of choice usually includes a secure Bitcoin wallet where you may store your Cryptocurrency. Furthermore, other individuals worry that putting their Cryptocurrency online makes it much more susceptible to theft. Most Cryptocurrency exchanges use offline, cold storage to keep their customers' funds secure. Bitcoin may be stored in a Bitcoin wallet, either online or offline, at the user's discretion. However, you should be aware that certain Cryptocurrency exchanges may charge you a fee when you withdraw your funds. If you misplace the secret key that acts as the wallet's password, you may be permanently locked out of your coins if you store them with a 3rd party custodian. Because of this, some Bitcoin millionaires can't access their money.

Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.