What is Bitcoins and how to buy Bitcoins in India?

What is bitcoins?

Bitcoins is digital money that you can transfer to another person without the need of a third party, like a bank. It’s same as cash and you transfer the money through private key.

Since no bank is involved so when a person transfers bitcoin to another person B, all the information is recorded in a public ledger called Blockchain.

Now the next question you would have is , how to buy Bitcoin or earn Bitcoins. Bitcoins are generated through mining, which I’ll cover in another blogpost.

How to buy Bitcoins in India?

You may buy Bitcoins though different traders, but I would recommend buying through Unicoin.

Why Unicoin?

Unocoin is India’s most popular Bitcoin wallet. It has a built in exchange that allows users to exchange Bitcoin for Indian Rupees (INR). Unocoin offers two main types of accounts to the users: Individual account and Merchant account. Also, Unocoin includes services like mobile phone recharge and a unique investment plan. Unocoin also offers Systematic Investment Plan (SIP) to buy Bitcoins.

Unocoin charges a 1% fee to buy or sell bitcoins. Over an extended period of usage (minimum 60 days) and a significant transaction volume on your account, there will be an upgrade to “Gold Membership” and the trading fee will drop to 0.7% and the transaction limit per day will increase.

Unocoin Signup and Verification Process:

  • Register on Unocoin.com by valid email ID and password.
  • You’ll receive a validation link in your email. Once you’ve completed that, your account will be unverified.
  • To verify your account, you’ll need to enter your full name (as listed on your PAN card), your PAN number, phone number, and your address.
  • Complete the form by attaching scanned copy of your PAN card and a valid address proof with a photograph.

What can you do with Unicoin account?

  •  Buy/Sell Bitcoins with Indian Rupees (INR) from any online banking service or through NEFT/RTGS/IFSC.
  • Recharge your mobile or pay your bills using Bitcoins.
  • Transfer/Trade Bitcoins with your friends.

About Unocoin

Unocoin was founded in July of 2013 in the town of Tumakuru, Karnataka and is India’s first entrant into the bitcoin space. Later the company shifted its major operation to Bengaluru.

With over 150,000+ satisfied customers and 350+ million in total revenue, Unocoin has been on the forefront of bitcoin revolution in India. Unocoin received its initial kickstart when renowned Bitcoin Investor Barry Silbert invested 250,000 USD in Unocoin making it the first bitcoin investment in the country and in three years the company has drawn more than 30 top investors from 5 countries.

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