Convert Bitcoin to Indian Rupee – Forbes Advisor INDIA

The cryptocurrency has a wide range of investors around the world and the Bitcoin cryptocurrency is the oldest and most popular. To easily check the value of the Bitcoin currency in rupees, you can visit our Forbes Advisor currency calculator website and check the value with live exchange rates. You can conveniently check BTC to INR exchange rates in seconds.

What is Bitcoin?

Bitcoin is one of the earliest forms of cryptocurrency, forming a worldwide part of the peer-to-peer payment system. Cryptocurrency is digital money considered more secure than real cash. They are classified as a subgroup of digital, alt, and virtual currencies.

In 2009, Bitcoin was the first cryptocurrency created. After that, many cryptocurrencies like Ethereum, Litecoin, Ripple, etc. were created. There has been rapid growth in the cryptocurrency market with various cryptocurrencies.

Bitcoin in India has gained popularity among the people and thanks to the efforts of the government to move towards a cashless economy. As of today, cryptocurrencies are not centrally regulated by the Reserve Bank of India (RBI). In fact, with bitcoins, peer-to-peer transactions are managed through the use of blockchain technology, which serves as the public database for all transactions.

How to convert BTC to INR?

There are two ways one can convert their Bitcoins into Indian Rupees.

exchange or broker

The first way to convert your BTC to INR is through an exchange or broker. They work just like currency exchange systems at airports. Once you deposit your digital currency to an exchange or broker and demand a withdrawal. They use the same bank account that you used to buy the bitcoins. The deposit is made to the same account due to the account restrictions of the country’s money laundering laws. On average, the conversion can take up to 6 days, but it is considered safe. The broker charges a fee for the conversion and the fees vary from broker to broker.

Peer to Peer Platform

You can use this way to convert your BTC to INR if you are in a hurry. You can also choose the payment method you want buyers to use when selling their bitcoins.

This method helps buyers make faster transactions with fewer fees. You can get the best exchange rates with an individual buyer instead of a broker.

Choose the peer-to-peer exchange platform you want to use and sign up. Choose the desired location, find buyers and submit a business request using the marketplace. Most platforms offer an escrow option where the bitcoins are not released to the buyer until payment received is confirmed.

Where can I buy/sell Bitcoin in India?

In India, the bitcoin cryptocurrency can be traded through a variety of platforms that provide the buying and selling service. Crypto exchanges are one of the platforms that help users trade bitcoins. You can use apps or online platforms like WazirX, CoinDCX, ZebPay and more. One can invest as low as INR 100 in less than a minute in Bitcoin.

Steps to buy Bitcoin

You can buy bitcoins and other cryptocurrencies on cryptocurrency exchanges. For example, follow the steps below to buy bitcoins from the WazirX platform.

Step 1: Visit the WazirX portal and select the Purchase option

Step 2: Enter the value and the rate at which you want to buy bitcoin. For example, while placing your order, you can select the lowest price option and then place your order.

Step 3: Once your order is executed, you will receive bitcoin in your funds.

Steps to sell Bitcoin

Choose a crypto exchange to sell your bitcoin. For example, if you choose to sell your bitcoin from the WazirX platform, follow the steps below:

Step 1: Go to the WazirX portal and click on the put option

Step 2: Enter the value and the rate at which you want to sell your bitcoin. For example, while placing your order, you can select the highest price option and then place your order.

Step 3: Once your order is executed, you will receive INR in your funds.

Step 4 – You can then withdraw the funds to your bank account.

Bitcoin exchange rate

The live value as of December 20, 2022 of 1 Bitcoin is INR 1,391,180. If you want to buy 5 Bitcoins, it would cost you INR 6,955,904. Conversely, the amount INR 1 would allow you to exchange Bitcoin for 0.00000072. On the other hand, INR 50 would convert to 0.00003594 BTC with no gas or platform fees included.

According to Coinbase data released last week, the exchange rate increased by 2.14% and in the last 24 hours, the exchange rate changed by 0.47%, i.e. the highest rate of 1 BTC to INR was INR 16,878 and the lowest value was for INR 16,273. Looking back on one year’s statistics, BTC has changed by INR 2,493,677. That indicates that in one year, the value of BTC has dropped by 64.19%.

BTC to INR Conversion Table

The following conversion table is as of December 20, 2022

INR to BTC Conversion Table

The following conversion table is as of December 20, 2022

Taxes on Bitcoin in India

Cryptocurrency taxation is one of the most confusing aspects of India. Previously, there were no cryptocurrencies defined by the Income Tax Law or the Goods and Services Tax (GST). In the 2022 Union Budget, the Minister of Finance proposed a tax regime for virtual assets that includes cryptocurrencies.

  • Cryptocurrency holders must report gains and losses as part of their income.
  • A 30% tax will be charged on the profits from the transfer of digital assets.
  • A deduction of 1% of the tax deducted at source (TDS) in the buyer’s payment if it exceeds the threshold limit.
  • Whether the cryptocurrency is received as a gift or transferred, it is taxable at the end of the recipient.
  • The loss from the investment in digital assets cannot be balanced against other income.

Bitcoin price history

Bitcoin was launched in 2009. A decade ago, in the year 2010, a single bitcoin was worth just INR 2.85. Bitcoin price shot up dramatically higher in 2021. In 2022, a single coin was worth around INR 35 lakh as of September.

Bottom line

It is very essential to do proper research and check the exchange rates during bitcoin conversion. Make sure you go through the ups and downs before you decide to withdraw your bitcoins. Choose the platform that offers the best rates and charges the least transaction fees. Have a complete understanding of bitcoin trading before proceeding with the conversion.

Frequently Asked Questions (FAQs)

What is the minimum amount needed to buy Bitcoins in India?

You can buy a fraction of bitcoin with an amount as low as INR 100.

Is Bitcoin legal in India?

How many bitcoins can I buy for INR 10,000?

Are there Bitcoin ATMs available in India?