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According to the CEO of WazirX, BTC (Bitcoin), is the most buyable asset in India. But how can you, as an Indian, buy or sell Bitcoin in 2020?
Bitcoin and other cryptocurrencies can be bought and sold at an exchange. A cryptocurrency exchange is a business that allows its customers to trade cryptocurrencies or digital assets for other assets.
But there is a twist. There are different types of cryptocurrency exchanges in India and all over the world from where people buy or sell Bitcoin. And if you are just starting, you must know about the different cryptocurrency exchanges. So first, let’s cover the different types of cryptocurrency exchanges.
Types of Cryptocurrency Exchanges
Before you buy or sell Bitcoin in India, you must know about the types of cryptocurrency exchanges. And here’s how they break down:
Centralized Exchange (CEX)
A centralized exchange is the traditional cryptocurrency exchange. It’s a platform governed by a major company or organization. The centralized exchange offers cryptocurrency traders from either fiat money to cryptocurrency or crypto-to-crypto. Coinbase is one of the most popular centralized exchanges in the world.
Decentralized Exchange (DEX)
Unlike a centralized exchange, a decentralized exchange doesn’t depend on a specific company or service to control customer’s assets. An automated process handles trades and transactions without any third party in control. Decentralized exchanges offer peer-to-peer or customer-to-customer exchanges. LocalBitcoins is one of the most trustable decentralized exchanges in the market.
Hybrid
A hybrid exchange takes the best from the concept of centralized and decentralized and mashes everything into one. Just like centralized exchanges, a hybrid exchange delivers low latency and fast transaction speeds. Moreover, a hybrid exchange makes use of decentralized exchanges security and relies on the blockchain rather than a singular party, company, or service.
Now you know different types of cryptocurrency exchanges, let’s see how you can buy and sell Bitcoin in India in 2020.
Buying and Selling Bitcoin in India in 2020
Just like people in different parts of the world buy and sell Bitcoin, there’s no exception for folks living in India. Any person can buy or sell Bitcoin in India on an international or national cryptocurrency exchange.
But there’s a catch. As you know that there are many cryptocurrency exchanges available in India, beginners can get confused. So, let’s see how you can buy or convert BTC to INR in 2020.
Use an International Centralized Exchange
It’s easy for any newbie or a beginner to purchase or sell Bitcoin using an international centralized Bitcoin exchange. International centralized exchanges are just like regular apps. A user only needs to create an account, verify and add a payment method to buy or sell Bitcoin.
Many international centralized exchanges also offer users with the power of trading crypto, digital assets, etc. Some of the trusted international centralized exchanges are Coinbase, WazirX, Kraken, Bitstamp, etc.
WazirX is one of the most trusted and cheapest platforms to buy, sell, and trade Bitcoin in India. Apart from being a national startup, WazirX is featured in top websites like Bitcoin.com, newsX, koinalert, etc.
Use an International Decentralized Exchange
Centralized international exchanges require credit or debit cards, which can be a challenge for people in India who don’t have access to them. That’s where an internal decentralized exchange pops up. With these exchanges, one can find the nearest buyer or seller and use any favorable payment option to complete the trade.
Most decentralized crypto exchanges or peer-to-peer exchanges have thousands of verified buyers and sellers. You can see the buyers’ or sellers’ details, limits, payment methods, and more to easily close your deal.
People prefer decentralized peer-to-peer or customer-to-customer exchange for finding the best payment method, Bitcoin rate, etc.
LocalBitcoins is one of the most mature and senior peer-to-peer exchange in the world. No matter where you are, LocalBitcoins will help you to find the best sellers and buyers of Bitcoin around you.
Conclusion
You can either use an international decentralized or a centralized exchange to buy and sell Bitcoin in India in 2020. But which one should you prefer? Well, it depends from scenario to scenario.
If you are looking for higher trade volumes, high liquidity, top-notch functionality, and money-to-crypto trades, centralized exchanges should be your go-to platform to buy or sell Bitcoin. Whereas, if you are in favor of the decentralized concept, want multiple and handy payment options and freedom; exchanges like LocalBitcoin, Bitsquare, etc. are your best bet.
The world is moving forward, are you? Start Bitcoin trading and be amongst the leaders of the new digital world.
Originally published at https://coinjoy.io.
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