Bitcoin is a digital currency that has been gaining popularity over the years. It is a decentralized currency that can be used to make transactions without the need for a middleman. The value of bitcoin is determined by supply and demand in the market. As of 2021, one bitcoin is worth over 30 lakh Indian Rupees. If you have invested in bitcoin and want to convert it to Indian Rupees, there are several ways to do so.
Here is a detailed guide on how to convert bitcoin to Indian Rupees:
1. Use a Bitcoin Exchange:
One of the easiest ways to convert bitcoin to Indian Rupees is by using a bitcoin exchange. A bitcoin exchange is a platform that allows you to buy, sell, and trade bitcoin. You can use these exchanges to convert your bitcoin into Indian Rupees. Some popular bitcoin exchanges in India are WazirX, CoinDCX, and ZebPay.
To use a bitcoin exchange, you need to create an account and verify your identity. Once your account is verified, you can deposit your bitcoin into the exchange and sell it for Indian Rupees. The exchange will charge you a small fee for the transaction.
2. Use a Peer-to-Peer Exchange:
Another way to convert bitcoin to Indian Rupees is by using a peer-to-peer exchange. These exchanges allow you to buy and sell bitcoin directly with other users. The advantage of using a peer-to-peer exchange is that you can often get a better price than using a traditional exchange.
To use a peer-to-peer exchange, you need to find a seller who is willing to sell bitcoin for Indian Rupees. You can use platforms like LocalBitcoins or Paxful to find sellers. Once you have found a seller, you can transfer your bitcoin to their wallet and receive Indian Rupees in exchange.
3. Use a Bitcoin ATM:
Bitcoin ATMs are machines that allow you to buy and sell bitcoin. In India, there are several bitcoin ATMs located in major cities like Delhi, Mumbai, and Bangalore. To use a Bitcoin ATM, you need to have a bitcoin wallet and a QR code that represents your bitcoin.
To convert bitcoin to Indian Rupees using a Bitcoin ATM, you need to follow these steps:
– Find a Bitcoin ATM near you
– Select the option to sell bitcoin
– Enter the amount of bitcoin you want to sell
– Scan your bitcoin wallet QR code
– Collect your cash
4. Use a Bitcoin Debit Card:
A bitcoin debit card is a card that allows you to spend bitcoin like you would spend any other currency. These cards are linked to your bitcoin wallet, and you can use them to withdraw cash from ATMs or make purchases at merchants that accept debit cards.
To convert bitcoin to Indian Rupees using a bitcoin debit card, you need to follow these steps:
– Sign up for a bitcoin debit card
– Transfer your bitcoin to the card
– Withdraw Indian Rupees from an ATM
Conclusion:
Converting bitcoin to Indian Rupees is easy if you know the right methods. You can use a bitcoin exchange, a peer-to-peer exchange, a bitcoin ATM, or a bitcoin debit card to convert your bitcoin to Indian Rupees. It’s important to do your research and choose a method that is safe and reliable. With the increasing acceptance of bitcoin in India, it is becoming easier to convert bitcoin to Indian Rupees.