Update January 2024: Bitcoin ETFs approved! Hurrah, this means a lot more people and institutions who want to invest in BTC can now finally do so (in the US, at least). Halving is coming up! Expect a bull run till April 2024. If you want to buy, now is the time!
Yes, the world is going bananas over Bitcoins, and you’re wondering how to buy some bitcoins in India? It’s become much easier for us Indians over the last couple of years with the advent of Bitcoin wallet companies like Zebpay and Unocoin. In this review, I will talk about my experiences with both companies over the last 6 months or so, as well as some basic grounding on Bitcoins.
Firstly, Is it legal to buy / trade in Bitcoins in India?
Yes, it is! In 2018, Since the Indian government (RBI) seems hell-bent on making life difficult for crypto enthusiasts like us, most crypto exchanges in India are currently in the process of either shutting down or legally challenging RBI’s ban. While you cannot trade on Zebpay or Unocoin anymore, it is possible to trade on P2P platforms.
Then in 2020 Supreme Court has overturned RBI’s ban on cryptocurrencies, so it is possible to buy Bitcoin in India via Zebpay and Unocoin again! You do have to pay tax on the profits, but it is legal to buy cryptocurrencies.
Bitcoin Price Prediction 2024
The Bitcoin market is stabilising so it is unlikely we will see a 3x bull run this year. The price, already in a bull stage, is hovering around US $43,000. We will definitely see prices increasing to US $80,000 as halving approaches. The ETF approval will also play a big role in BTC crossing the notional figure of US $100,000. If it crosses US $100,000 I expect the bull run to go on till US $120,000 when profits will be booked, and prices will stabilise between US $50,000 – $70,000.
What are Bitcoins?
Well, you can read the technical details somewhere else. All I’m going to tell you is that Bitcoin is an alternative asset / commodity like gold that is slowly become more and more accepted as an alternative currency. I wouldn’t say it is an alternative currency yet (while you can top up your phone recharges or buy movie tickets online, you can’t do much more). However, like gold there is a limited supply in the world: 21 million bitcoins out of which 5 million are yet to be mined over the next 100 years. And the demand for Bitcoins is skyrocketing, meaning the price of Bitcoins is bound to skyrocket (limited supply, increasing demand). Meaning if you want to buy Bitcoins, yesterday was the best time to invest.
Bitcoin going bananas in 2016. Source: Coindesk
Why should you invest in Bitcoins?
Because it is going to give you the best returns in the world. Bitcoin started 2016 at around US $400. It gradually became bullish by being in the US $500-600 range through out the year. And then in the last couple of months of 2016, it went ballistic: crossing US $1100 in the first week of January.
I’m expecting Bitcoin to hit US $3000 by the end of 2017. That’s 3x returns vs your ordinary PPF / FD that gives 7-8% returns. In the next 2-3 years, there are predictions that Bitcoin will easily hit US $8000 – $10,000. (That’s Vinny Lingham’s predictions too!)
Update 2020: We’ve already reached a support price of US $10,000+… my prediction is US $100,000 in the next 5 years! Let’s go to the moon!
Update 2024: There is a very high chance that we will cross US $100,000 this year.
Why is Bitcoin going bananas?
My basic understanding is that when the world goes bananas (eg. traditional markets), Bitcoin does well. 2016 has witnessed Brexit, Trump, the Chinese Yuan devaluation, and our very own Modiji Demonetisation. On top of that there are hints that the US Fed rate will be hiked (this means money being taken out of emerging economies, devaluing emerging currencies). And on top of that there was Bitcoin halving for miners. All of these factors have led to a rise in the value of BTC.Update 2020: What could be worse than a global pandemic for world markets! More and more investors are rushing towards gold and BTC, we can expect a rush soon.
Is there going to be a Bitcoin bubble? Is there going to be a repeat of 2013?
- 2013 was a definite bubble, related to the Mt Gox and Chinese inflows.
- 2016 has seen a very different growth pattern: slower and more sustainable. We even witnessed the Bitfinex issue mid-year, yet there is resilience in the market.
- It is only the last couple of months that we’ve seen a similar sort of bubble — price rising from US $700 to US $1100. This bubble is supposed to be related to Chinese outflows (I read that in the past week or so China has bought 5 million BTC vs 58,000 elsewhere). If the Chinese government clamps down on these outflows, then yes, we can expect to see a small crash. But I don’t expect it to go anywhere below US $800 and then gradually rise over the year.
- If there is another Bitfinex type security issue, then yes, we can expect a definite crash. But as Bitfinex has proved, the market marches on.
- We saw a rise and crash in 2019 with BTC reaching US $20,000 then crashing to US $3,000. However support price is now US $10,000 – 12,000. That is no joke. The truth is in the numbers.
How to start buying Bitcoins in India?
First, you CANNOT buy Bitcoins through cash. All purchases have to happen via NEFT / RTGS online transfers, or through PayU money wallets. (Not that any of you have any cash lying around, eh?)
Second, you must register for an account by either downloading the Zebpay app, or online on Unocoin.com
Then, both Zebpay and Unocoin require you to do a KYC before you can start trading. I’ve forgotten exactly what all documents are required but I believe you need to give your:
- Pan Card copy
- Address proof copy
- Bank details
- Phone number
Zebpay Review – India
Zebpay spread
- App first: It’s an app. So it is always in your pocket makes it easy to check the latest price and make a quick purchase. They also have a web-mode, however I don’t find this as user friendly as the app.
- Narrow spread: The spread between buying and selling rates has narrowed over the years, clearly being dictated by market trends rather than at Zebpay’s discretion.
- Alt coins: You have a lot of alt coins available on your finger tips including Litecoin, Ethereum, Bitcoin Cash, etc. I would however recommend that you stick to BTC unless you know what you’re doing.
- .Live ticker: The web version of Zebpay offers you a ticker view where you can view live trades with volumes in INR.
- Secure: Like all BTC wallets, the most important thing you need to know is that your wallet is secure. Zebpay charges a monthly maintenance fee of 0.0001 BTC to maintain the security of your wallet. (Nonetheless, please store you BTC in cold wallets like Trezor – now available on Amazon – only buy from the official seller Ethernet Private Ltd!)
- Several payment options: NEFT, RTGS, IMPS; then UPI; then Netbanking (a small transaction fee applies for Netbanking). Transfers are usually instant.
- The payment options keep changing: If you are transferring via your bank account, please change Zebpay’s account details. They keep hopping banks every few months. Earlier they were accepting credit cards but that option
- You can’t buy altcoins directly: You’ll need to buy BTC and then trade for altcoins. This will inevitably put you in a position of loss.
- Maker / Taker Fee: You have the option of being the maker (setting the price of your buy / sell and then executing it later) or being the taker (taking the offered price and executing it immediately). Zebpay’s fees are charged accordingly at 0.15% or 0.25%.
- There is a limit of transactions up to Rs 5 lakhs. You have to call someone to place higher purchases. Maybe you’ll get better rates? I don’t know
Unocoin Review – India
I only recently started using Unocoin because I noticed that some of the spreads were a little better than Zebpay, and I wanted to hedge my investments in 2 different wallets. (Update 2020: I now do not store any BTC in wallets online. Please go for cold storage for your BTC).
- The spreads (difference between buying and selling rates) are usually less than Zebpay. However, these rates fluctuate a lot (in tandem with the market). Zebpay’s rates fluctuate a little less, so I prefer them.
- It’s a web app, meaning they have many more features than Zebpay, like you can set up standing instructions to deduct, for example, Rs 50 every day and deposit it into your BTC wallet.
- It’s also a phone app. Haven’t used it, so can’t comment.
- They allow transactions through credit card, debit cards via PayU money. This is a BIG bonus.
- They allow setting cut off to auto-sell (only for large order amounts. They should enable it for 1 BTC as well, and I don’t see an auto-buy?)
- Security seems quite strong: password, OTP, and you can enable Google 2 factor authorisation.
- Transfer from your bank account to your UnoCoin wallet are much faster than ZebPay.
- They don’t lock transactions even for a minute. I was trying to make a payment for a small amount of BTC, and by the time I tried to make the purchase, the rate had changed. So I had to make the purchase from scratch.
- Transferring payments is painful. If you don’t want to use your PayU wallet, you have to do a fund transfer from your account to the Unocoin wallet before you want to transact. You can hold this money in Unocoin’s account for 90 days. This doesn’t feel right to me. I don’t want to hold money in someone else’s account, but I want to be able to transact immediately. However, on the positive side, payment transfers to your Unocoin wallet are much faster than Zebpay.
- PayU money wallet limits apply. Meaning you can’t transact more than Rs 20,000 worth from your wallet.
Unocoin Referral Code
Sign up with my referral code U-72147 by downloading the app from link below –
Android
iPhone
Tips from a Bitcoin Believer in India
- HODL: Hold on for dear life. Don’t try to make money shorting BTC, most likely you’ll lose out.
- Get a cold wallet: Always store your crypto offline. Don’t risk your BTC online; bad things happen all the time. Get a cold storage wallet. I use Trezor and really like it. It works like a USB stick where you can store BTC and other Cryptocurrencies. It is now available on Amazon via the authorised reseller Ethernbit Private Ltd. Don’t buy from other sellers!
- Don’t be risk-averse: Bitcoin has risen from US $600 to US $12000 in a few years. It is the new gold. However, don’t put your savings here. Put whatever you don’t mind losing.
- Be aware of Indian legislation: No governments are pro-crypto so they will do whatever they can to make our lives difficult. Prepare to be in this fight for the long run.
Last word: the Bitcoin train is fast-moving, I really recommend you to jump aboard (on either Zebpay or Unocoin if you’re looking to buy Bitcoin in India soon!
This is my review on Premiumchainpool:
This mining pool is organized crime. You have to invest into a mining plan and wait for 14 days. They tell you after this time you can withdraw your earnings for a 10% fee. The withdrawal doesn’t work. You never get your money back.
Instead they want you to invest more. James Khal is the operational manager. He works with many different faked Telegram profiles to convince you that it works fine. For example there is Jane (Lucy) Nguyen, a beautiful Asian girl, who allegedly made a lot of money with this platform. She flirts with you and tries to make you invest into PCP. There are also other profiles like Moha Salah, Ahmed Kheda or Romie Gotze who are faked. Don’t trust any of them. Am happy I was able to recover my lost with the help of Jeffsilbert39 gmail com you can as well visit his WhatsApp +94 74 767 1524.
Bitxoxo Closed services on dt. 31-03-2018, withdraw fund to personal bitcoin wallet.
Last months withdraw services closed, & higher values with buy bitcoin ,
Alarm ring.. ring…
Coinsecure may be giving good rates.. but it’s really cheating. When you buy .01 bitcoin, they will take a commission of .4% and u will get only .00994 Bitcoin. And when u go to sell it, u can sell max 3 digits after decimal. That ks u can sell .009 the rest will be with u and can not sell… And that balances won’t be able to transfter
DONT BUY THRU COINSECURE. THEY ARE REAL FRAUDS. I TRANSFERRED MONEY TO COINSECURE AND AFTER 5 DAYS THEY ARE NOT CREDITING TO COINSECURE ACCOUNT. NOW I DONT KNOW WHERE THE AMOUNT IS! EVEN CUSTOMER CARE WILL NOT RESPOND TO YOUR QUERIES. ZEBPAY IS GOOD AND YOU CAN EVEN TRY BITXOXO. THEY ARE VERY FAST AND RELIABLE AND DOESNOT CHARGE ANY FEES.
Please anyone answers my question will be a great help for me.
I have made an account in unocoin and deposited some money through SBI gcc transfer which was not mentioned in unocoin’s FAQ.
However the amount has been debited and I’ve mailed to unocoin support regarding this. But there’s still no reply.
coinsecure provide real time buying and spelling BTC, or they match buyer and seller for treading?
in short coinsecure is fast or slow in treading.
coinsecure provide real time buying and spelling BTC, or they match buyer and seller treading?
in short coinsecure I fast or slow in treading.
Zebpay’s spreads are getting more and more worst – it is 15,236/- just now (12Oct17, 1.45 PM IST) and I have seen this going even higher than that. Its about time to move (transfer bitcoins) to Coinsecure else Zebpay will continue to fleece unless they feel the pressure of the market/competition.
I am using Zebpay [referral code: REF14599373] apps. Shall i use another app [like unicorn, flitpay or coinsecure] to buy / sell. Can do trade in two or more apps for bitcoin? please advice
zebpay is most reliable and safe in India. use referral code REP67496913
DearZebpayis great App andGET 100 rs Free* use use* REF18395009* this code at the time of installation or After installation in free bitcoin section in wallet menu and get* 100 rs free* . it is trusted and genuine code TRY IT, – And It is india’s largest and most famous wallet and trusted Bitcoin Exchange here you can buy sell or trade your bitcoin .It gives you best price in india .Zebpay is the world’s simplest mobile Bitcoin wallet app.
Use Zebpay to send and receive Bitcoins using mobile numbers. No Bitcoin addresses. No backups.
Zebpay enables everyone to use Bitcoins. You use it as easily as an instant messaging app.
Hello FriendsI am try to spend some btc 0.01 for india withdraw amount is very low
I can very said with zebpay services and suggest friend other site
I am use it good value provide in account btcincoin.gdn 5 percent Daily Withdrawal Minimum 0.01 BTC Max 1 BTC For 11 Day I am very happy with us it is very good value for money return
Hello Friends
I am try to spend some btc 0.01 for india withdraw amount is very low
I can very said with zebpay services
and suggest friend other site
I am use it good value provide in account
btcincoin.gdn
5percent Daily Withdrawal
Minimum 0.01 BTC
Max 1 BTC
For 11 Day
I am very happy with us it is very good value for money return
Hi ,
I am new to the Bitcoin trading platform,
Could someone recommend on which platform is better , zebpay or coinsecure??
Also is there any way I could get virtual assistance on plaform GUI and navigation. I have used the BTC trading platform earlier and I m finding the Coinsecure GUI a bit incomprehensible.
Thanks !
Does Zebpay allow us to hold the bitcoins for longterm?
sure
Current price in all 3 exchange ( Zebpay, unocoin & Coinsecure ) are very high in compare to Bitcoin.com price.
Today’s current price in Bitcoin.com is $ 2525 but in Zebpay, unocoin & Coinsecure avg. price is more than 1.90 Lacs, it’s means more than $ 3000.
Can we buy directly BTC from outside indin exchange like Bitcoin.com or joining pool mining with them.
Current price in all 3 exchange ( Zebpay, unocoin & Coinsecure ) are very high in compare to Bitcoin.com price.
Today’s current price in Bitcoin.com is $ 2525 but in Zebpay, unocoin & Coinsecure avg. price is more than 1.90 Lacs, it’s means more than $ 3000.
Can we buy directly BTC from outside indin exchange like Bitcoin.com or joining pool mining with them.
you can try flitpay bitcoin wallet in india & get 10% cashback to buy bitcoin.
Admin, can you tell me how much is $300 and $600 in Indian bitcoins? I have never used virtual money. On the 12th of May 2017, my computer was attacked by the Ransomware ‘Wannacry’ leading to the encryption of all my data, which had entailed years of hard work and fond memories in the form of saved photos and videos. The Ransomware’s cyber criminals have demanded between 300 and 600 dollars in bitcoin in exchange for my decryption code. Thanx.
just keep quite
जो डोलर का आज भाव राहे जैसे कि आज 73/- rs ही उस मुताबिक 73 गुना300 =21900 . होता है
I tried downloading coinsecure app but could not find the same on apple store, also their desktop site is down – please advise.
I got a message from CoinSecure saying that they are experience an overload at the moment. They’ve stopped all deposits into wallets at the moment. They are back up now though. It will take some time for all 3 players (ZebPay, Unocoin and CoinSecure) to cope with the increased demand. Meanwhile, the Bitcoin price is going to continue to be volatile for a while. It is a bull run at the moment, with a minor correction last week. The possibility of a hard fork on August 1 will be interesting to watch.
Bitxoxo rates are just crazy.
Bitxoxo is a good option
Can I use mobile app to buy or sell Bitcoin like zebpay….And if I wants to pay through debit card on that app instead of next or rtgs
They all have mobile apps, although ZebPays app is better than CoinSecure. You can only pay thorugh debit card via PayU (accepted on UnoCoin). Otherwise no one accepts credit / debit card payments directly.
you can try flitpay bitcoin wallet and get 10% cashback to buy bitcoin.