How to Exchange Bitcoin for Indian Rupee: A Full Guide for Easy Transactions and Cashouts in India
The process of trading Bitcoin for Indian Rupees (INR) and cashing out in India is complicated. You need to know about the different ways to do it, as well as the different rules and taxes that apply.
Users must be smart about which exchanges or peer-to-peer platforms they use to make sure that their transactions are safe, cheap, and easy in India’s constantly changing cryptocurrency environment.
How Do We Change BTC To INR?
You can change Bitcoins into Indian Rupees (INR) in two main ways.
Exchange Or Broker
To use this way, you’ll need to use an exchange or broker, which works like a currency exchange at an airport. People put their digital cash into an exchange or broker and then ask to get their money back.
In order to follow the country’s anti-money laundering rules, the withdrawal is sent to the same bank account that was used to buy bitcoins. For security reasons, the change process could take up to six days. Brokers, on the other hand, charge fees for the conversion, and the rates range.
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Peer-To-Peer Platform
This way is faster for people who are in a hurry. Peer-to-peer platforms let deals happen faster and with lower fees, and sellers can choose how they’d like to be paid. When you buy from a person instead of a broker, you often get better exchange rates.
People choose a peer-to-peer exchange tool, sign up, pick the location they want, look for buyers, and use the marketplace to make a trade request. A lot of sites have a “escrow” feature that keeps bitcoins safe until the payment is confirmed.
Where Can I Buy/Sell Bitcoin In India?
India has a number of sites that make it easy to buy and sell bitcoin. Cryptocurrency exchanges like WazirX, CoinDCX, and ZebPay offer trade apps and websites that are easy for anyone to use. Bitcoin can be bought with small amounts, starting at INR 100. It only takes less than a minute.
How To Buy Bitcoin
Go to the cryptocurrency trading site of your choice, like WazirX, and click on the “Buy” button.
Type in the amount of bitcoin you want to buy and the exchange rate you want to use. The lowest price will be chosen for your order.
Users get bitcoins in their funds once the order is carried out.
How To Sell Bitcoin
To sell bitcoin, pick a crypto market like WazirX and click on the “Sell” button.
Type in the amount and rate of bitcoin you want to sell, then choose the highest price that is available for the sale.
Users get INR in their funds when the transaction goes through, which they can then transfer to their bank accounts.
Bitcoin Exchange Rate
One Bitcoin is worth INR 1,391,180 as of December 20, 2022. There have been changes in the exchange rate, and Coinbase data shows that it has gone up by 2.14 percent.
The best rate in the last 24 hours was INR 16,878, and the worst rate was INR 16,273. If you look back over the past year, BTC has lost INR 2,493,677, which is 64.19%.
BTC To INR Table
1 BTC: INR 1,390,790
5 BTC: INR 6,953,950
10 BTC: INR 13,907,900
25 BTC: INR 34,769,800
50 BTC: INR 69,544,600
100 BTC: INR 139,089,000
500 BTC: INR 695,446,000
1000 BTC: INR 1,390,890,000
5000 BTC: INR 6,953,970,000
INR To BTC Exchange Rate Table
1 INR: 0.000000719269 BTC
5 INR: 0.00000359635 BTC
10 INR: 0.00000719269 BTC
25 INR: 0.0000179817 BTC
50 INR: 0.0000359645 BTC
100 INR: 0.0000719291 BTC
500 INR: 0.000359645 BTC
1000 INR: 0.000719291 BTC
5000 INR: 0.00359645 BTC
Taxes On Bitcoin In India
It has been hard to figure out how to tax cryptocurrencies in India. In the Union Budget 2022, the finance minister suggested that cryptocurrency and other virtual assets should be taxed. Important points are:
- Including the gains and losses from digital assets in your income.
- 30% tax on money made from transferring digital assets.
- 1% TDS is taken out of the buyer’s payment that is more than the cutoff.
- Taxation on received or moved cryptocurrency as a gift.
- Not being able to use other cash to offset losses from investing in digital assets.
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History Of Bitcoin Prices
Bitcoin was first used in 2009. In 2010, the value of a single bitcoin was only INR 2.85. In 2021, the price went up a lot, and by September 2022, it was worth about INR 35 lakh per coin.
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