Sad that this question still needs to be asked in the Bitcoin and crypto space, but we get it! At Binance, security is our highest priority when it comes to safeguarding your Bitcion and other cryptocurrencies. Can your traditional savings account beat that? No way.
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Set a recurring buy to purchase Bitcoin and other crypto on a regular basis. You choose how much you want to buy and how often, and our Binance app does the rest!
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Available in select markets. Reviews Review policy and info. Binance App - Trading Bitcoin and Cryptocurrencies with ease using our crypto app. This update: - Delete the request for location permissions. Later in the year, the Supreme Court also backed this decision.
However, last year, the SC overturned the ban. While holding Bitcoin was never made illegal, the SC decision means that companies in this space can do business more easily. Online tax service Cleartax also noted that there are no rules, regulations, or guideline in places for resolving disputes that could arise while dealing with Bitcoins.
What are reasons behind the fame of Bitcoin?
This amplifies the risk factor while dealing with the cryptocurrency in India. However, it is legal to buy and sell Bitcoin in India. After buying Bitcoins, you have to ensure that you store it safely. These are typically stored in Bitcoin wallets — which can be offline storage like a USB drive , called cold wallets, but there are also online wallets you can use including, most recently, PayPal , which are called hot wallets. Even Bitcoin wallets have faced multiple hacks in the past, which is why many people prefer to keep at least part of their investment in a cold wallet.
There is still a lack of clarity on the tax front on Bitcoin investment in India.
Nigeria's Central Bank: We Didn't Ban Crypto Trading - CoinDesk
According to CoinDesk , a digital currency news site, India-based investors may soon have to pay taxes on returns earned from Bitcoin investments. With the soaring value of Bitcoins, income for selling Bitcoin is taxed at 30 percent tax on cryptocurrency gains for short term investments around 20 percent for long-term investments. However, as long as you don't sell the Bitcoin, you don't have to pay money simply because its value went up. What will be the most exciting tech launch of ? We discussed this on Orbital , our weekly technology podcast, which you can subscribe to via Apple Podcasts , Google Podcasts , or RSS , download the episode , or just hit the play button below.
Cryptocurrency Prices across Indian exchanges.
For the latest videos on gadgets and tech, subscribe to our YouTube channel. You can buy Bitcoin from exchanges like Coinshare, Unocoin, or BuyUCoin You can even store your Bitcoin on Paypal now Bitcoin is a highly volatile investment with a risk factor involved.
Is it legal to buy Bitcoins in India? How do I ensure that my Bitcoin is stored safely? What are the taxes I should be concerned about if I own Bitcoins? Jasmin Jose Email Jasmin Jose.