The digital currency or virtual currency, Bitcoin, is gaining popularity in India ever since it got legal status. Although it is not widely used even now, there are quite a few Bitcoin Wallets available for Indians. Here in this article, you will see the details about the Bitcoin Wallets, their types available in India, and how you can set up the same.
What Are Bitcoin Wallets?
Bitcoin Wallets are software programs, which are useful in storing and transferring digital currencies. There are different types of wallets as well. They are available as app wallets, desktop wallets, hardware wallets, web wallets, blockchain wallets, etc.
Here is the complete list of the top Bitcoin Wallets for Indians.
List of Best Bitcoin Wallets for Indians
- Giottus Cold Wallets come with 100% insurance against cyber-theft, 24×7 access for a fast, instant, and free withdrawal or deposit of money.
- Ledger Nano X is a USB type wallet available at Ledger online store that is compatible with macOS 10+ and Windows 8+.
- Guarda Wallet is capable of dealing with more than 100 cryptocurrencies without storing private keys and data. It allows multiple users to sign the transactions and at the same time safeguarding the owner’s private keys.
- Zebpay offers a convenient interface for the users to transact using hosted wallets.
- Cool Wallet S is a rechargeable hardware wallet compatible with both iOS and Android devices. It uses chipsets for storing private keys.
- Trust Bitcoin deals with currencies like Ripple, Ethereum, and Litecoin with maximum privacy and security features, faster transactions, easy management of the dealings.
- Exodus Bitcoin Wallet is accessible from Windows, PC, or a mac device by downloading the Exodus application to use the 110 resources. The transactions are done with the help of QR code scanning.
- Unocoin is a wallet app trading platform in India that is useful for low fees towards the transaction charges.
- Wazir X allows transactions across Windows, Mac, iOS, Android, etc., with a KYC verification method for peer-to-peer transactions.
- BuyUCoin is a multi-cryptocurrency forum that lets the users participate as a SIP and stores 95% of the users’ funds offline.
How to Set Up Bitcoin Wallet?
To set up a Bitcoin Wallet, one must do thorough research on the different types of wallets and the various options available. The research must involve privacy features, transparency, the popularity of the wallet, type of the same, and surfing the user experience of the available wallets. Then choose the best one that suits their needs and convenience.
● The next step is to download the wallet with a backup, private keys, and other added features to allow maximum privacy and protection.
● Now, set up the wallet address, complete the KYC and other formalities, and then visit the trading platform. Here you can add Bitcoin using bank cards or through net banking.
● Once the wallet address is set, one can proceed to receive or send Bitcoins by sharing the details of their account.
● It is important to understand that one cannot cash the Bitcoins as and when they want. Once the transaction is made, there is a waiting period after which the user can cash them.
One of the main reasons for the popularity of Bitcoin Wallets in India is that these wallets are mostly available for free. Users can easily download the app or sign up for the wallets without paying much. It is important to find the most trustworthy wallet or website for Bitcoin transactions. If you are dealing with automated trading platforms then make sure you are choosing one of the Best Bitcoin Robots available in the market.
One should keep in mind that the government is closely monitoring the transactions of these cryptocurrencies and has included these in the grey area. Although they do not succumb to the fluctuations in the market, they still are volatile.