As of now, the entire value of the cryptocurrency market is $1.7 trillion. At the time of writing, there are over 10,000 listed cryptocurrencies, and this figure is only going to grow. Bitcoin has the greatest market capitalisation, amounting to over $650 billion, followed by Ethereum and Tether.
Despite the fact that India lacks a legal framework to oversee cryptocurrencies, it is one of the world’s fastest growing crypto markets. According to estimates, up to 15-20 million Indians have invested in cryptocurrencies. Experts also believe that the asset class will rise further as a result of the global inflationary climate.
Crypto’s expansion in India, fueled by the country’s youth population, is causing a surge in the country’s financial environment, with millions of people investing in cryptocurrency.
Bitcoin : A game changer for Many Indians
When the world realised there were problems with the existing banking institutions following the 2008 financial crisis, Bitcoin emerged as a gold rush of potential. It was the first cryptocurrency created using blockchain technology, and it may have revolutionised the way people thought about money.
Forbes rated Bitcoin as the best investment in 2013. It has now become a household name as it helped to increase income of Many Indians.
Where can I get Bitcoin in India?
In India, there are various options to invest in Bitcoin. To begin, you can purchase and sell Bitcoin in India through a cryptocurrency exchange. A crypto exchange is similar to a stock exchange, except that it is digital, self-regulated, and open 24 hours a day, 365 days a year.
Choosing the right crypto exchange
Cryptocurrency exchanges are the easiest way for you to invest in Bitcoin in India. Your investing journey could be a lot smoother if you research the platform you would use for cryptocurrency trading.
Among the factors that you must consider are the ease of usage, a smooth interface, and support for trading pairs. It also helps if your chosen platform charges only a minimal trading fee. Else, the gains you might make with a bitcoin trade will diminish.
Why Should You Invest in Bitcoin in India?
Bitcoin gives birth to an entirely new asset class, attracting investors from all around the world. But you may be wondering why you should purchase and sell cryptocurrencies in India in particular. Cryptocurrencies, particularly Bitcoin, offer tremendous returns and have become one of the world’s best-performing assets.
What are the legal requirements for purchasing Bitcoin in India and is there a cryptocurrency tax in India ?
To begin, you must complete the KYC process on the exchange. You will need your PAN card and proper address evidence for this. You also need to file cryptocurrency tax in India and then You are now eligible for crypto trading in India after linking your bank account to the exchange account and completing the verification process!
Binocs: The Most Affordable Taxation Service and tax on cryptocurrency
Therefore, Binocs, which is the best taxation service for crypto in India and also helps in tax on cryptocurrency, should be contacted if you need additional assistance regarding tax on cryptocurrency in India.
It offers the following services for the lowest price:
- Crypto transaction taxes will be computed instantly.
- Conforming, accurate, and efficient
- Integrate all of your exchange and wallet transactions from over 100.
- On a single platform, you can track your entire cryptocurrency portfolio.
- Get your report, comprehend your tax split, and conveniently file your taxes.