Want to Buy Bitcoin in India Legally? Here Are the Top 2 P2P Network Platforms

Evan  |  Dec 17, 2020

India is full of opportunities where people with technical proficiency are always looking for new investment avenues. Even people living in backward regions involve themselves by creating self-help groups or committees to sustain their future plans. Well, the ideology to save for the future is always there in mind, but what has changed in recent years is the mindset of people regarding assets and liabilities. The on-growing awareness for ways to invest in the online world is a major attraction for every other person to make some extra money in their wallets. 

Since the launch of the first digital currency to the BTC wave of the year 2020, the coin has fully satisfied its fans with continuous growing market capitalization. Nevertheless to mention that investors are considering Bitcoin as their retirement coin. And the best thing is you can buy Bitcoin in fractions, i.e., you don’t have to buy an entire Bitcoin. This eventually means, even if you don’t have a fortune to invest you can still buy it. 

To put it simply, if you have as low as $1 in your pocket, and you wish to make an investment in BTC, then, unconditionally, you can buy your part of Bitcoin from it. 

Let me explain the mechanism of it. Value of 1BTC represents 100,000,000 units. This means Bitcoin is divisible up to eight decimal places. And, exchanges allow you to send, receive, and purchase Bitcoin in a given fraction of the coin.

When one invests $1 in buying BTC, they are buying this certain fraction of it. In short, one can trade in smaller units such as milli-Bitcoins and micro-Bitcoins and do not need to buy the entire coin.

Another big thing to mention here is that there is a limited supply of 21 million Bitcoin, out of which 18.5 million are already mined since 2009 and are now in circulation. So if you are planning to buy Bitcoin then I must say there is no better time than NOW, as due to its limited supply, the price is not expected to fall anytime soon.

However, there is a large segment of Indians who are interested in buying bitcoin but do not know the exact way of how and where to start. Here, I’m going to discuss major P2P networks that will help you buy bitcoin in India with the utmost ease. 

P2P or peer-to-peer technology is the best way to transact in digital currencies. Here, you make the payment without using any exchange for that sort, but receive bitcoin through the exchange. This ensures that the exchange will release BTC once you make the payment.

 Platforms where we can Buy Bitcoin through P2P in India

  • Paxful
  • Binance
  • For those who have the question of “legality”, let me put it straight away - IT IS LEGAL TO BUY, SELL AND TRADE CRYPTOCURRENCY IN INDIA using the mentioned platforms. Apart from P2P networks, we have direct trading options also available. These include ZebPay, CoinDCX, etc; let me know in the comments section if you want an article over these too. So, Let’s begin with discussing these platforms.

    • Paxful

      Paxful

      Paxful is a well-known name in the crypto-space. It started with a simple mission to have control over the money you own in a way that never had before. Undoubtedly the platform is changing the way the world is moving its money. The majors lucrative parts of Paxful includes the option to choose over 300 payment methods to buy and sell crypto using debit and credit card. It is available worldwide including the USA, Russia, Nigeria, etc.

      Peer to peer technology at Paxful ensures that you trade with real people. The free and reliable crypto wallet is easy to use and won’t cost you a penny to store your digital asset. By using Paxful you can ensure a beginner-friendly interface. Anyone who wants to buy crypto can easily make the purchase without roaming around the websites and learning about the functionality.

      One major benefit that Paxful offers you is to trade BTC via Goods and Services. Using Paxful you can also choose to meet people to make payments in cash or via top payment methods like Google Pay, PayPal, etc. Since it is widely available you can exchange currencies for Bitcoin from INR (Indian Rupees) to USD (United States Dollar) depending upon your needs.

      • Binance

        binance

        Beyond operating the world’s leading crypto-exchange, Binance spans an entire ecosystem.  With over 2.0 billion average daily volume and 24X7 support for the customers, Binance is the fastest in the world. 

        Serving with a mission to provide infrastructure services for the blockchain ecosystem, Binance has partnered with Paxful to provide its users with a lot more functionalities. Known as quick support for forked coins, Binance serves the benefit to buy crypto through debit and credit cards.

        Apart from these facilities, Binance supports free Airdrops. This will encourage you to research about the coin and hopefully buy a lot more alike. The all-time customer support and equipping customers with management tools for multiple trading accounts within a single master account is another major convenience offered by Binance. 

        In membership with Wazirx, Binance also reflects a strong list of pros in addition to a seamless and powerful trading experience across five platforms namely, Web, Windows, Mac app, Android, and iOS mobile. This makes it easy to buy, trade, and sell crypto over the platform.

        So guys! These are the exchanges that support peer-to-peer networks and you can use them to legally buy bitcoin in India. You can choose to trade depending upon the benefits you want to enjoy.

        Trading using these exchanges is completely legal in India. If you were to seek my advice, then I must tell you that both of them are my equal favorites. You can trade freely through these secured platforms. After all, cryptocurrencies must be accessible to everyone, despite the part of the world they belong to.

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