Fun

BTC to INR: P2P Bitcoin Marketplaces Growing in India

News Feed - 2020-04-09 10:04:16

BTC to INR: P2P Bitcoin Marketplaces Growing in India


Ever since the supreme court quashed the banking restriction imposed by the central bank, interest in cryptocurrency has been rising in India, including on peer-to-peer (P2P) marketplaces. The local crypto community is growing despite the nationwide lockdown and rising covid-19 threat.


Also read: 2x Bitcoin — Wanna Double Your BTC to the Moon? Forget About ItP2P Marketplaces for Indian Users


Established P2P marketplaces, such as Localbitcoins and Paxful, allow Indians to buy and sell BTC for INR. Paxful, in particular, has been focusing on growing its Indian operations. According to data on Coin Dance, Indian trading volume on the platform has been steadily increasing over the years, with 132 BTC traded in the week ending April 4, a 408% year-on-year increase from the 26 BTC traded on the platform in the same time period last year. For the week ending March 28, the trading volume on the platform was 113 BTC. The company additionally revealed last week that its trade volume in January was over $3 million. “Paxful gets 1000’s of bitcoin buyers from India every day,” its website claims.Weekly BTC trading volumes on Paxful, a P2P bitcoin marketplace that has been growing in popularity in India.


The top payment methods for Indian users on the marketplace are IMPS transfer, UPI transfer, Paytm online wallet, Phonepe, BHIM, and bank transfer. Users can buy bitcoin by browsing seller listings, which detail accepted payment methods and specific rules. Localbitcoins is another long-standing P2P marketplace where users can buy and sell BTC for INR. For the week ending April 4, 129 BTC were traded on Localbitcoins and 132 BTC the previous week.


Anyone looking to buy or sell bitcoin cash (BCH) can do so on local.Bitcoin.com, a P2P marketplace where users can buy and sell BCH for INR.Bitbuddy’s app as shown in the Apple App Store.


There is also a new P2P bitcoin marketplace for Indian users called Bitbuddy, created by Jaipur-based startup Asachs Softwares Private Ltd. The platform announced its launch in India on Tuesday, according to local media. The app, available for both iOS and Android devices, has been around since late last year but it was recently updated. During the introductory period, the company has waived some fees. The app has mixed reviews, however, with a few unhappy users. Anyone looking to use this platform, or any other P2P marketplace, must do their own due diligence.


Besides using P2P marketplaces, Indians can also buy and sell BTC on regular crypto exchanges, some of which have recently cut their fees. Several crypto exchanges are seeing higher trade volumes and signups during the lockdown.How Indians Are Buying Cryptocurrencies


Paxful recently conducted a survey of about 500 adults between the ages of 18 and 55 in India to assess their knowledge and understanding of cryptocurrency. According to the results published last week, 93.8% of respondents said that they invested in cryptocurrencies prior to the supreme court lifting the ban by the Reserve Bank of India (RBI). The central bank issued a circular in April 2018, banning banks from providing services to crypto businesses. After almost two years, the supreme court finally quashed the ban.A chart from Paxful’s crypto survey results. The company asked about 500 Indians to ascertain their knowledge and understanding of cryptocurrency.


The survey results also show that 64.8% of participants believe cryptocurrency paves the path towards financial freedom. Many also call for regulation; respondents say KYC (75.6%) and crypto regulatory framework (58.6%) are the most important factors for the continued success of the crypto sector in India.


Furthermore, 90.67% of respondents said they invested in BTC, 44.27% in ETH, and 1.6% in other cryptocurrencies. Most of them (56.8%) invested during 2018-2019. As for what benefits they think cryptocurrency offers, 75.8% said the main benefit of cryptocurrency is the ease of transfer while 65.8% said better privacy and security. Paxful commented last week after releasing the survey results:The ability to freely trade digital currencies in India has brought immense potential to the ecosystem and the country itself with the bulk of survey respondents believing heavily in the benefits of crypto.


Do you prefer buying bitcoin from a P2P marketplace or a crypto exchange? Let us know in the comments section below.Where to Buy Bitcoin in India: Cryptocurrency Exchanges Lower Their FeesEXCHANGES | 4 days ago


Since the supreme court lifted the RBI ban, more people have been looking to buy bitcoin and other cryptocurrencies in… read more.Mobikwik to Offer 100 Million Indian Users Cryptocurrency Trading Via Buyucoin IntegrationEXCHANGES | Apr 2, 2020


Mobile payment platform Mobikwik, which has about 107 million users in India, is reportedly integrating with Delhi-based cryptocurrency exchange Buyucoin.… read more.Tags in this storyBitcoin, bitcoin trading, BTC, BTC in INR, BTC to INR, Buy Bitcoin, buy bitcoin in india, buy bitcoin in INR, buy bitcoin india, buy btc, buy btc in inr, buy btc india, crypto, crypto exchanges, Cryptocurrency, how to buy btc, India, Indian, Marketplaces, p2p, Purchase Bitcoin, purchase btc, sell bitcoin in india, where to buy btc


Image Credits: Shutterstock, Pixabay, Wiki Commons, Bitbuddy, Coin Dance, PaxfulPurchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here.Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Read disclaimer Show comments Please enable JavaScript to view the comments powered by Disqus.

News Feed

Marcel Deer1 hour agoHow to handle crypto trading gains and losses on your balance sheetCryptocurrency taxation and reporting transactions on your balance sheet differ. Here’s how to treat cryptocurrency on your balanc
‘Ultra Sound’ Money — Simulation Shows Ethereum’s Inflation Rate Is Significantly Lower Using Proof-of-Stake
"Ultra Sound" Money — Simulation Shows Ethereum’s Inflation Rate Is Significantly Lower Using Proof-of-Stake Its been 105 days since Ethereum transitioned from a proof-of-work
Andreessen Horowitz raises $7.2B for new venture funds
Brayden Lindrea8 hours agoAndreessen Horowitz raises $7.2B for new venture fundsThe venture firm is putting $600 million of its billions into a new gaming fund — which includes Web3, GameFi and AI-integrated gaming pro
Bank of Spain to Launch Experimental Wholesale CBDC Digital Token Program
Bank of Spain to Launch Experimental Wholesale CBDC Digital Token Program The Bank of Spain is seeking the collaboration of organizations interested in participating in an experime
Australian Tax Office seeks data from 1.2M crypto exchange users: Report
Zoltan Vardai13 hours agoAustralian Tax Office seeks data from 1.2M crypto exchange users: ReportThe personal and crypto-transaction related details could help identify users who failed to report their tax obligations, a
XRP Flirts With A Daily Range Breakdown – Price Must Hold Above $2 Level
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Ethereum ETFs start strong but lag epic Bitcoin ETF launch — Analysts
Alex O’Donnell4 hours agoEthereum ETFs start strong but lag epic Bitcoin ETF launch — AnalystsAnalysts worry ETH will prove a harder sell than BTC to traditional investors.1246 Total views5 Total sharesListen to arti
Tom Blackstone4 hours agoLido, Rocket Pool team members argue over decentralizationA Lido team member claimed Rocket Pool is not really governed by its DAO, but Rocket Pool community members pushed back, claiming the pro
HTC Will Support Binance Chain With Special Edition Smartphone
Smartphone developer HTC plans to provide support for Binance Chain with a new special edition version of its blockchain mobile. The company announced Tuesday that it would release
JPMorgan, Bank of America, Wells Fargo Sued Over Trump’s Paycheck Protection Program
JPMorgan, Bank of America, Wells Fargo Sued Over Trump"s Paycheck Protection Program Class action lawsuits have been filed against JPMorgan Chase, Bank of America, Wells Fargo, and
Ana Paula Pereira5 hours agoFinancial privacy and regulation can co-exist with ZK proofs — Vitalik ButerinA new paper co-authored by Ethereum’s Vitalik Buterin highlights the use of zero-knowledge proofs as a tool fo
Turner Wright5 hours agoCoinbase CEO will meet with US lawmakers to discuss crypto legislation: ReportThe crypto exchange is currently involved in a legal battle with the U.S. Securities and Exchange Commission over alle