Are you looking to purchase Bitcoin Cash in India? This article provides an easy-to-follow guide on how to buy and store Bitcoin Cash securely, making it easy to get started in the world of crypto trading.
Understanding Bitcoin Cash
Bitcoin Cash – A Comprehensive Guide for Understanding and Investing
Bitcoin Cash is a cryptocurrency that is a result of a hard fork from the Bitcoin blockchain. Launched in August 2017, Bitcoin Cash was created to address some of the limitations of the original Bitcoin network, mainly by increasing the block size limit from 1MB to 8MB. This improvement has enabled more transactions to be processed simultaneously at a lower cost.
Investing in Bitcoin Cash is much like investing in any other cryptocurrency. Users can acquire Bitcoin Cash through cryptocurrency exchanges or by mining. However, before investing in Bitcoin Cash, it is important to have a good understanding of the technology behind the cryptocurrency, as well as its pros and cons.
One unique feature of Bitcoin Cash is its compatibility with smart contracts, which allows for more complex and automated transactions. Another advantage of Bitcoin Cash is its transaction speed, which is much faster compared to Bitcoin.
Pro Tip: Before investing in Bitcoin Cash, it is important to conduct thorough research and analysis to understand the market trends and fluctuations. It is also recommended to diversify the investment portfolio to mitigate risk.
So now that you understand the basics of Bitcoin Cash, read on to learn how to buy Bitcoin Cash in India. For users in Singapore, check out our article on “how to buy Bitcoin Singapore”.
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Finding a Reliable Crypto Exchange
Finding a dependable crypto exchange to purchase bitcoin cash in India? Consider the multiple options out there! Localbitcoins, Paxful, and WazirX are the most popular crypto exchanges. Let’s look into these more closely and figure out which one is perfect for you!
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Local crypto exchange platforms like “In-person Bitcoin exchanges” offer a peer-to-peer marketplace for buying and selling cryptocurrencies without the need for intervention from any intermediary.
- Localbitcoins allows trading of cryptocurrencies in a secure and decentralized manner.
- The platform serves as an intermediary between sellers and buyers and secures the transaction funds until completion.
- Buyers can choose from different payment methods, including cash, online transfers, or bank deposits.
For those who value privacy, Localbitcoins ensures total anonymity while buying or selling digital assets. Alternatively, using international exchanges may come with higher fees.
It is estimated that local cryptocurrency exchanges have seen a significant surge in demand across India amid the uncertainty around regulatory policies. According to Coin Dance data, Localbitcoins alone witnessed over INR 625 million worth of BTC traded in August 2021.
Trade bitcoin cash like a boss with Paxful’s user-friendly platform.
With Paxful, reputable cryptocurrency exchange in India, it is easy to buy bitcoin cash with simplified regulations and fast transaction processing. Users can choose from various payment methods to make purchases securely. Moreover, Paxful’s user-friendly interface allows for smooth navigation and quick execution of trades.
The platform features a reassuringly high level of security measures that protect against frauds or hacks. It enables traders to access its customer service team 24/7 through live chat support, email or phone calls. Apart from providing easy-to-use integrated wallets, Paxful also facilitates peer-to-peer transactions without intermediaries.
Paxful additionally offers a wide range of cryptocurrencies beyond Bitcoin Cash such as Ethereum, Litecoin and Tether making it an ideal destination for diverse crypto trading needs. With over 300 available payment options worldwide on Paxful makes buying bitcoin cash much easier compared to other exchanges across the globe.
One day when I was looking for an easy and reliable way to buy bitcoin cash in India without any geographical restrictions I found out about Paxful. Its simple user interface made my journey hassle-free even though I was new to cryptocurrency trading helping me focus precisely on what I wanted.
Looking to invest in crypto? WazirX has got your back, as long as you’re not too attached to your hair – the volatility might make you want to pull it out.
For traders to purchase bitcoin cash in India, using WazirX is very helpful as it is a user-friendly and reliable cryptocurrency exchange that permits users to buy and sell cryptocurrencies easily while maintaining a high level of security. With WazirX, users can make transactions with low fees and get access to over 100 cryptocurrencies on the platform.
WazirX also offers a unique feature called the WRX mine, which enables its users to earn WRX coins by merely trading or referring new members on the platform. This WRX coin can then be used for trading purposes or staking.
Additionally, investors can use WazirX P2P (peer-to-peer) mode, which ensures risk-free transactions without a need for a third-party intermediary. The P2P mode works by matching buyers and sellers on the platform while entrusting the transactional issues like escrow account functionalities.
As an investor looking to trade in bitcoin cash in India, making use of WazirX offers a good opportunity to set oneself up as an early adopter of digital currencies in India. An important suggestion is to take advantage of available resources such as video tutorials that allow users to navigate the platform efficiently. Furthermore, ensure that your KYC verification process is complete before transacting on the platform and follow necessary security protocols such as two-factor authentication for optimal safety.
If signing up for a crypto exchange platform feels like signing your soul to the devil, just remember: at least you can still buy Bitcoin Cash in India.
Signing up on the Crypto Exchange Platform
Signing up on a crypto exchange platform in India to buy Bitcoin Cash? You will need to create an account and complete KYC verification. Account creation requires personal info. KYC stands for ‘Know Your Customer‘, and it’s mainly for verifying your identity. Let’s look at each process and how they help you to get started with buying Bitcoin Cash in India.
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Creating an account
To begin your journey on a crypto exchange platform, you need to create an account. This involves filling in important details that will help verify and secure your account credentials.
Here is a 6-Step Guide to assist you in creating an account:
- Visit the official website of the crypto exchange platform.
- Click on the “Sign up” or “Register” button to initiate your registration process.
- Provide your personal information like name, email ID, and contact number.
- Create a strong password for securing your account credentials.
- Verify your mobile number or email ID by entering the OTP sent to you.
- Your account is now registered successfully. You may log in and start exploring the platform.
It is important to note that while signing up for the first time, you might be required to upload identity documents for verification purposes.
When creating an account, remember to use a unique email address that has not been used previously on the platform. This will help avoid future complications related to accessing your funds or information security.
To further secure your account’s details, set up two-factor authentication during registration using tools such as Google Authenticator.
KYC verification: Because nothing says ‘I trust this cryptocurrency exchange’ like giving them all your personal information.
Completing KYC verification
KYC Verification – What you need to know
Completing the KYC verification process is essential when signing up for a crypto exchange platform in India. It ensures the safety and legality of your transactions by completing necessary identity checks.
Here’s a 4-step guide on how to complete the KYC verification process on a crypto exchange platform:
- Log in to your account and go to the profile section.
- Select the KYC verification option and input your personal details, such as name, address, and proof of identity.
- Upload a photograph of yourself holding the ID document you provided.
- Wait for approval from the exchange team. The process may take 24-48 hours, depending on their system load or holiday schedules.
After completing the KYC verification process, users can buy bitcoin cash (BCH) safely and securely.
It is important to note that some exchanges may have additional requirements or procedures for KYC verification. Therefore, it is advisable to read their terms carefully before starting the process.
A true fact: According to CoinDance, India was one of the biggest markets for bitcoin trading in 2020.
Don’t fret, buying Bitcoin Cash on the platform is easier than stealing candy from a baby…who happens to be sleeping…and has no teeth.
Buying Bitcoin Cash on the Platform
Buy Bitcoin Cash in India easily! Two simple steps – add funds to your account and place an order. Adding funds allows you to make transactions. Placing an order lets you complete your purchase. Done!
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Adding Funds to Account
To add funds to your account on the platform, follow these easy steps:
- Log in to your account and navigate to the ‘Deposit’ or ‘Add Funds’ section.
- Select the currency and the payment method you would like to use to deposit funds.
- Enter the amount you wish to deposit. Add any necessary details for the selected payment method, such as bank account information or credit card details if applicable.
- Click on ‘Confirm’ and wait for the funds to reflect in your account balance. This process can take a few minutes depending on the payment method used.
It’s important to note that some payment methods may have fees associated with them.
It’s crucial to double-check that you’re using a trustworthy payment method, and always follow security best practices.
Pro Tip: Before adding funds, make sure that you have verified your identity in accordance with local laws and our platform requirements.
Placing an order for Bitcoin Cash is easy peasy, lemon squeezy, but don’t forget to double-check your math or you might end up with a crypto lemon.
Placing an Order
To initiate a purchase of Bitcoin Cash on the platform, you need to perform an order placement process. The following steps will guide you through the entire procedure.
- Log into your account and click on the ‘Buy’ button located in the navigation bar.
- Choose Bitcoin Cash as your preferred cryptocurrency.
- Enter the amount of INR or BTC that you wish to exchange for Bitcoin Cash and confirm your order.
- Complete the payment using any one of the available payment methods, such as UPI, NEFT or IMPS, and wait for the transaction to process.
Once your payment is processed, you will receive Bitcoin Cash directly into your wallet associated with your account on the platform.
To note, it’s important to ensure that you double-check all details you provide during this buying process.
It’s worth noting that cryptocurrency trading is highly volatile. According to Coinmarketcap.com, as of September 2021, Bitcoin Cash has a market capitalization of around $8 billion USD.
Protecting your Bitcoin Cash is like protecting your own sanity – it requires constant vigilance and a healthy dose of paranoia.
In India, safety for your Bitcoin Cash is key. Setting up Two-Factor Authentication, and keeping Bitcoin Cash in a Hardware Wallet are the top solutions to defend against unauthorized access. Secure your transactions and addresses now!
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Setting up Two-Factor Authentication
To bolster the security measures associated with purchasing Bitcoin Cash in India, configuring Two-Factor Authentication (2FA) is highly recommended. The process can be accomplished swiftly and easily by following these five steps:
- Begin by downloading a 2FA application on your smartphone.
- Choose the website or platform you would like to set up 2FA for, then go to its Security settings page.
- Scan the QR code that appears on the screen using the 2FA app.
- Enter the token generated by the app into the website’s corresponding field.
- Click ‘Verify’ or save changes.
It is essential to note that some websites provide backup codes when activating 2FA, which should be stored safely with passwords for potential future use.
When using different devices or operating systems than usual, extra caution is advised when employing Two-Factor Authentication protocols in order to prevent any unwanted account access attempts.
Pro Tip: Using multiple forms of 2FA protocols enhances account security further and significantly reduces any possibility of unauthorized access.
Secure your cash like a squirrel secures its nuts – in a hardware wallet.
Storing Bitcoin Cash in a Hardware Wallet
Storing Bitcoin Cash in a Secure and Safe Hardware Wallet ensures maximum protection of your cryptocurrency. Follow these simple steps to protect your investments.
- Purchase a reputable hardware wallet from a trusted supplier.
- Set up the wallet, following the manufacturer’s instructions.
- Transfer Bitcoin Cash to your hardware wallet.
- Store the hardware wallet in a secure location.
There are a few additional tips to keep in mind when storing Bitcoin Cash in a hardware wallet. Make sure to write down your mnemonic phrase and store it securely, as it will allow you to recover access to your funds if anything happens to the device. Additionally, regular backups of your wallet are also important for safekeeping.
Protecting your investment is crucial in today’s world. Don’t miss out on securing your Bitcoin Cash using a hardware wallet. Safeguard your investment now!
FAQs about How To Buy Bitcoin Cash In India
How to buy Bitcoin Cash in India?
Buying Bitcoin Cash in India is a simple process. You can follow these steps to purchase Bitcoin Cash in India:
- Choose a Bitcoin Cash exchange platform that operates in India.
- Complete the registration process by filling in your details and verifying your identity.
- Add money to your account using your preferred payment method.
- Find Bitcoin Cash on the exchange and place an order to buy.
Which are the best Bitcoin Cash exchanges in India?
There are several Bitcoin Cash exchanges operating in India, but some of the best ones include:
- BuyUCoin, and
What are the payment methods accepted by Bitcoin Cash exchanges in India?
The payment methods accepted by Bitcoin Cash exchanges in India may vary depending on the exchange you use. However, some of the most commonly accepted payment methods include:
- Credit/Debit cards,
- Netbanking, and
Do I need a wallet to store my Bitcoin Cash?
Yes, you need a wallet to store your Bitcoin Cash. You can choose either a hardware wallet or a software wallet to store your bitcoin cash.
What is the price of Bitcoin Cash in India?
The price of Bitcoin Cash in India varies depending on the exchange you use to purchase it. You can check the current price on the exchange website or use a price tracking website to get real-time updates.
Is it legal to buy Bitcoin Cash in India?
Yes, it is legal to buy Bitcoin Cash in India. However, the regulatory status of cryptocurrencies in India is not clear yet, and the government has been known to make sudden policy changes. Therefore, it is advisable to keep yourself updated with the latest developments and buy/sell Bitcoin Cash with caution.