# How to buy Bitcoin and/or Etherium coin in India ?



## RageshAntony (Jul 15, 2019)

I want to buy Bitcoin and Etherium in India 
.
Is that possible?


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## SaiyanGoku (Jul 15, 2019)

RageshAntony said:


> I want to buy Bitcoin and Etherium in India
> .
> Is that possible?


RBI and GOI want to know your location. 

Jokes aside, you can't. RBI banned all banks from processing payments for crypto transactions.


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## RageshAntony (Jul 15, 2019)

SaiyanGoku said:


> RBI and GOI want to know your location.
> 
> Jokes aside, you can't. RBI banned all banks from processing payments for crypto transactions.


Yeah I know
.
But I still hearing that many indian using Cryptocurrency illegally .
.
How they able to do it ?


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## Anorion (Jul 15, 2019)

You can do it legally, but you need an overseas bank account. 
Unocoin can be used to buy both ETH and BTC


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## whitestar_999 (Jul 15, 2019)

You an also buy bitcoin via paypal international transactions(assuming paypal international transactions are outside of RBI's monitoring of crpto-transactions,they should be though as usually these transactions are not specifically mentioned as crypto-transactions).


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## RageshAntony (Jul 15, 2019)

whitestar_999 said:


> You an also buy bitcoin via paypal international transactions(assuming paypal international transactions are outside of RBI's monitoring of crpto-transactions,they should be though as usually these transactions are not specifically mentioned as crypto-transactions).


.
tried in coin base 
.
But they telling I have no money in account when trying to buy ETH . And there is no option to add money..
.
How to buy in coin base?
.
.
Or please recommend a platform that support that PayPal transactions and also supports India?
.
Actually I am not a investor just learning this hot Cryptocurrency platform. (Simulators are not giving real feelings so I decided to invest a small amount)


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## whitestar_999 (Jul 16, 2019)

Paypal in India does not allow adding money to paypal wallet or hold money in wallet. You will need a "paypal" button or paypal invoice payment option on purchasing site & then login into paypal account(after clicking button) & pay directly with linked debit(not all banks supported)/credit card.


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## billubakra (Jul 16, 2019)

Go to dark web, you will find many Indians selling the same there.
P.S. No point in buying the same until and unless you are some hitman or some anonymous uploader.


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## RageshAntony (Jul 16, 2019)

billubakra said:


> Go to dark web, you will find many Indians selling the same there.
> P.S. No point in buying the same until and unless you are some hitman or some anonymous uploader.



What about wazirX?


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## rhitwick (Jul 16, 2019)

Darknet is the only option.

Whomever you've heard about buying/selling bitcoin and such in India, are doing via Darknet.
No other option.


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## whitestar_999 (Jul 16, 2019)

Stay away from darknet if you don't know what it is or are not familiar enough with it.Using paypal/similar option is better option for new buyer even with added commission charges.


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## RageshAntony (Jul 16, 2019)

whitestar_999 said:


> Stay away from darknet if you don't know what it is or are not familiar enough with it.Using paypal/similar option is better option for new buyer even with added commission charges.



yeah good

suggest one trustable exchange/website who support paypal transaction  please


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## Anorion (Jul 16, 2019)

billubakra said:


> Go to dark web, you will find many Indians selling the same there.
> P.S. No point in buying the same until and unless you are some hitman or some anonymous uploader.


Not really, it can be used for buying stuff in games, hosting fan forums etc... there are lot of legit uses


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## whitestar_999 (Jul 16, 2019)

Try this(this is like ebay where you need to select good sellers,for reference click on seller name & then see their details,start with some low amount like ~100-500 for testing).
Buy bitcoins online with Indian Rupee (INR)
Limit column shows the minimum & max amount that can be used for transaction.Below seller has 100-76520 limits meaning min Rs.100 & max Rs.76520 required for transaction.


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## billubakra (Jul 18, 2019)

Anorion said:


> Not really, it can be used for buying stuff in games, hosting fan forums etc... there are lot of legit uses


Which game developer ask for bitcoins?
Bitcoin is mostly banned by majority of the central banks, so how is it a legit source for trade?


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## whitestar_999 (Jul 18, 2019)

Bitcoins are preferred because a) there are no commission charges like paypal, b) there are no regulatory restrictions(e.g.paypal now bans almost all filesharing sites from their platform citing copyright violation) & c) many people in west(especially US) prefer anonymity.


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## thetechfreak (Jul 18, 2019)

Remember though, if for any reason you come under scrutiny, it is illegal to buy/sell crypto in India.


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## RageshAntony (Jul 18, 2019)

whitestar_999 said:


> Bitcoins are preferred because a) there are no commission charges like paypal, b) there are no regulatory restrictions(e.g.paypal now bans almost all filesharing sites from their platform citing copyright violation) & c) many people in west(especially US) prefer anonymity.


I am not a supporter of cryptocurrencies
.
Because it does not obey any fundamental laws of financial economics except demand and supply
.
According to me the better investment options are stocks and mutual funds
.
I just I want to know about cryptocurrencies


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## whitestar_999 (Jul 18, 2019)

Bitcoins were never meant for investment,they were created as an option to bypass central payment regulatory authorities.It is just that their price suddenly surged making a lot of people notice them.


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## RageshAntony (Jul 18, 2019)

whitestar_999 said:


> Bitcoins were never meant for investment,they were created as an option to bypass central payment regulatory authorities.It is just that their price suddenly surged making a lot of people notice them.


why developed countries like European union countries and USA not banning these cryptocurrencies ?


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## Anorion (Jul 18, 2019)

billubakra said:


> Which game developer ask for bitcoins?
> Bitcoin is mostly banned by majority of the central banks, so how is it a legit source for trade?


oh meant for items between players, although the practice is often against the ToS of the games themselves.
However, ETH gas is used for a whole bunch of dapps, many of which are games (some not so savoury), which give you control of the in game assets. If you have been investing in BTC for a long time, it is easy to get more value for your money by buying gas with accumalated BTC rather than paying the price up front.


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## Anorion (Jul 18, 2019)

RageshAntony said:


> why developed countries like European union countries and USA not banning these cryptocurrencies ?


the real question is why they were banned here

first, there were a series of scams, GainBitcoin, DietBitcoin, OneCoin, MTC, RippleFuture, NCRCoin, ATCCoin and so on. There are many more, also ICO scams. Most, if not all of these are ponzi schemes disguised as cryptocurrencies. 
the Ministry of Finance could not make that distinction, between cryptocurrencies such as BTC, and the other ponzi schemes. 
RBI banned Indian Banks from dealing with cryptocurrencies because of "associated risks", read that in any way you will. 

While exchanges and apps are folding, some are still fighting for more reasonable regulations for BTC. 
A little bit of BTC can buy a lot of gas, which can be used for fun stuff such as CryptoKitties


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## whitestar_999 (Jul 19, 2019)

RageshAntony said:


> why developed countries like European union countries and USA not banning these cryptocurrencies ?


That's why they are developed countries.Their financial system & people awareness is on a higher level compared to developing nations & thus they can accommodate such things.


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## Anorion (Jul 19, 2019)

Around the world, Bitcoin is actually treated as different things. In China, the regulations are similar to those for in game items or in app purchases, but bitcoin is illegal in China (legal in HK). In the UK, there are many private or complementary currencies such as Stroud pound and Bristol pound. The idea is to encourage town level local economies, with currencies that are accepted only in that town. Cryptocurrencies are considered under the same category. In the US, private currencies are banned, but cryptocurrencies are considered private property, and attracts taxes the same as sales of land. Legal in Canada, but banks are banned from dealing with cryptocurrencies (this could be the case in India as well, according to some interpretations). In the EU, it is pretty complicated with multiple bodies regulating certain aspects of cryptocurrencies across EU, and individual countries having their own regulatory bodies as well. So depending on the mandate of each regulatory body, there are regulations covering those specific aspects about the cryptocurrencies. For example, the European Insurance and Occupational Pensions Authority (EIOPA) looks into how cryptocurrencies interact with the insurance sector _only_. But by and large, cryptocurrencies an be considered unregulated in the EU. Some countries tax mining of BTC, in others, those dealing with BTC have to comply with anti money laundering norms. It is incredibly complicated. In Australia, Russia and India, they are considered virtual currencies, which by default implies that the currency is controlled by developers, is unregulated, and is used by members within a virtual community among themselves. India has banned it (although there are various interpretations about exactly what the ban means), Australia says it is none of their business what individuals do with cryptocurrencies, and Russia has banned it as it is also considered a surrogate currency which is illegal in Russia. So the regulations around the world are not really uniform, and every regulatory authority is finding it a challenge to keep up with the changing landscape. For example, there are few, if any regulations on non fungible tokens (in BTC, a single BTC is the same as any other BTC, and it can be broken up into smaller parts for transactions. NFTs are blockchain based assets that are individually unique, cannot be broken down into smaller parts, and are not the same value as another) and futures contracts (payment contracts embedded in the blockchain depending on certain conditions to be met in the future). One of the few countries to actually call it what it is is Bangladesh, where it is a crypto currency, and where it is banned. More info here.

Now cryptocurrencies are not bad by default. It is prudent to have a store of value that is not tied to the value of your country's currency. In case there is hyperinflation, your investment in something like bitcoin can tide you over. Many colleges and elearning courses across the world accept cryptocurrencies as payment.


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## RageshAntony (Jul 20, 2019)

T


Anorion said:


> Around the world, Bitcoin is actually treated as different things. In China, the regulations are similar to those for in game items or in app purchases, but bitcoin is illegal in China (legal in HK). In the UK, there are many private or complementary currencies such as Stroud pound and Bristol pound. The idea is to encourage town level local economies, with currencies that are accepted only in that town. Cryptocurrencies are considered under the same category. In the US, private currencies are banned, but cryptocurrencies are considered private property, and attracts taxes the same as sales of land. Legal in Canada, but banks are banned from dealing with cryptocurrencies (this could be the case in India as well, according to some interpretations). In the EU, it is pretty complicated with multiple bodies regulating certain aspects of cryptocurrencies across EU, and individual countries having their own regulatory bodies as well. So depending on the mandate of each regulatory body, there are regulations covering those specific aspects about the cryptocurrencies. For example, the European Insurance and Occupational Pensions Authority (EIOPA) looks into how cryptocurrencies interact with the insurance sector _only_. But by and large, cryptocurrencies an be considered unregulated in the EU. Some countries tax mining of BTC, in others, those dealing with BTC have to comply with anti money laundering norms. It is incredibly complicated. In Australia, Russia and India, they are considered virtual currencies, which by default implies that the currency is controlled by developers, is unregulated, and is used by members within a virtual community among themselves. India has banned it (although there are various interpretations about exactly what the ban means), Australia says it is none of their business what individuals do with cryptocurrencies, and Russia has banned it as it is also considered a surrogate currency which is illegal in Russia. So the regulations around the world are not really uniform, and every regulatory authority is finding it a challenge to keep up with the changing landscape. For example, there are few, if any regulations on non fungible tokens (in BTC, a single BTC is the same as any other BTC, and it can be broken up into smaller parts for transactions. NFTs are blockchain based assets that are individually unique, cannot be broken down into smaller parts, and are not the same value as another) and futures contracts (payment contracts embedded in the blockchain depending on certain conditions to be met in the future). One of the few countries to actually call it what it is is Bangladesh, where it is a crypto currency, and where it is banned. More info here.
> 
> Now cryptocurrencies are not bad by default. It is prudent to have a store of value that is not tied to the value of your country's currency. In case there is hyperinflation, your investment in something like bitcoin can tide you over. Many colleges and elearning courses across the world accept cryptocurrencies as payment.



Thanks for the detailed explanation


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## billubakra (Mar 30, 2020)

Anorion said:


> Around the world, Bitcoin is actually treated as different things. In China, the regulations are similar to those for in game items or in app purchases, but bitcoin is illegal in China (legal in HK). In the UK, there are many private or complementary currencies such as Stroud pound and Bristol pound. The idea is to encourage town level local economies, with currencies that are accepted only in that town. Cryptocurrencies are considered under the same category. In the US, private currencies are banned, but cryptocurrencies are considered private property, and attracts taxes the same as sales of land. Legal in Canada, but banks are banned from dealing with cryptocurrencies (this could be the case in India as well, according to some interpretations). In the EU, it is pretty complicated with multiple bodies regulating certain aspects of cryptocurrencies across EU, and individual countries having their own regulatory bodies as well. So depending on the mandate of each regulatory body, there are regulations covering those specific aspects about the cryptocurrencies. For example, the European Insurance and Occupational Pensions Authority (EIOPA) looks into how cryptocurrencies interact with the insurance sector _only_. But by and large, cryptocurrencies an be considered unregulated in the EU. Some countries tax mining of BTC, in others, those dealing with BTC have to comply with anti money laundering norms. It is incredibly complicated. In Australia, Russia and India, they are considered virtual currencies, which by default implies that the currency is controlled by developers, is unregulated, and is used by members within a virtual community among themselves. India has banned it (although there are various interpretations about exactly what the ban means), Australia says it is none of their business what individuals do with cryptocurrencies, and Russia has banned it as it is also considered a surrogate currency which is illegal in Russia. So the regulations around the world are not really uniform, and every regulatory authority is finding it a challenge to keep up with the changing landscape. For example, there are few, if any regulations on non fungible tokens (in BTC, a single BTC is the same as any other BTC, and it can be broken up into smaller parts for transactions. NFTs are blockchain based assets that are individually unique, cannot be broken down into smaller parts, and are not the same value as another) and futures contracts (payment contracts embedded in the blockchain depending on certain conditions to be met in the future). One of the few countries to actually call it what it is is Bangladesh, where it is a crypto currency, and where it is banned. More info here.
> 
> Now cryptocurrencies are not bad by default. It is prudent to have a store of value that is not tied to the value of your country's currency. In case there is hyperinflation, your investment in something like bitcoin can tide you over. Many colleges and elearning courses across the world accept cryptocurrencies as payment.


Any changes in its status as of today? They are not illegal in India as per the last judgement.
And are cloud mining companies good for the same?


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## whitestar_999 (Mar 30, 2020)

billubakra said:


> Any changes in its status as of today? They are not illegal in India as per the last judgement.
> And are cloud mining companies good for the same?


I suggest to leave this idea of cloud mining,too risky. Just stick to tried & tested stock market shares(index funds or hdfc kind of companies) if you want to take market risk anyway.


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## billubakra (Mar 30, 2020)

whitestar_999 said:


> I suggest to leave this idea of cloud mining,too risky. Just stick to tried & tested stock market shares(index funds or hdfc kind of companies) if you want to take market risk anyway.


Too risky as in? There's risk in everything. I agree with you, just asking.


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## whitestar_999 (Mar 30, 2020)

billubakra said:


> Too risky as in? There's risk in everything. I agree with you, just asking.


Yes there is risk in everything but the degree varies. Cryptocurrency have inherently no value,aka their value is solely determined by the people & you should know how irrational public can be sometimes. Just check the price chart of bitcoin for last 1-2 years.


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## RageshAntony (Mar 31, 2020)

billubakra said:


> Too risky as in? There's risk in everything. I agree with you, just asking.


@whitestar_999  is correct

There are lot of concepts that make the share market , so you able to predict the price and profit

For example, for now , paramedical companies are increasing 

But crypto currencies are just controlled by demand and supply chain and that highly centralized by powerful mining pools

So crypto currencies are not good for large amount of investment

Invest below ₹20K in crytos


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## billubakra (Mar 31, 2020)

RageshAntony said:


> @whitestar_999  is correct
> 
> There are lot of concepts that make the share market , so you able to predict the price and profit
> 
> ...


Some Cloud mining companies have a registration fee of $200 or less and then they take share from the payout. But no idea whether those can be trusted or not.


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## RageshAntony (Mar 31, 2020)

billubakra said:


> Some Cloud mining companies have a registration fee of $200 or less and then they take share from the payout. But no idea whether those can be trusted or not.


I think you highly obsessed with crytos 

No problem. Learn them well and start investing


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## billubakra (Apr 1, 2020)

RageshAntony said:


> I think you highly obsessed with crytos
> 
> No problem. Learn them well and start investing


Buying or selling is not something which intrigues me, what does is those cloud mining companies. See the gpu mining thing went down long back. Now people are paying these professionals like Home - Smartcryptomining , just one of the mining companies, not sure whether its legit or not. They take a registration fee and do the work for you, when you generate some BTC's they take some commission and send the remaining back to your wallet. This is about what I was asking about.


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## TigerKing (May 18, 2020)

Earlier it was fun as bitcoin prices were super low.. Those who have it are super rich now. I think Amitabh Bachchan own some.
I already have bitcoins and other cryptocurrency.. 
I use zebpay, coinbase. Mining was difficult and was giving alot now its very hard to get.
You can earn it buy doing freelancer work, playing games, white grey black marketing..


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