How can I sell Bitcoin for cash in India?

Can I sell my bitcoin for cash in India?

How to sell Bitcoin in India. You can sell Bitcoin in India through the same platform that you used to purchase the cryptocurrency or peer-to-peer (P2P) exchanges like LocalBitcoins. The latter allows you to sell the currency directly to the user, without a third party or intermediary.

Can I convert Bitcoin to cash in India?

Mode of transfer

Cryptocurrency can be converted through an exchange or a broker. One can use a peer-to-peer platform to convert digital coins into cash, by just selling it. Also this system entails lesser fees and guarantees a better exchange rate than one gets through a third-party brokerage.

Can you sell Bitcoin for actual cash?

Firstly, you can use a third-party exchange broker. These third-parties (which include bitcoin ATMs and debit cards) will exchange your bitcoins for cash at a given rate. It is simple and secure. Or, you use a peer-to-peer transaction to sell your bitcoin.

Is it legal to sell Bitcoin in India?

However, given this background, one cannot conclude that bitcoins are illegal as, so far, there has been no ban on bitcoins in India. The Supreme Court of India has in its ruling pronounced on 25 February 2019 required the Government to come up with Cryptocurrency regulation policies.

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Is Bitcoin taxable in India?

Unlike listed securities, where short-term capital gains is applicable at a flat 15 per cent, the income from cryptocurrencies are taxable according to the tax slab of the investors, with the applicable surcharge and a cess of 4 per cent.

How do I transfer Bitcoin to my bank account?

Walkthrough: How Do I Transfer Bitcoin to My Bank Account?

  1. First, transfer your bitcoin. …
  2. Sell your bitcoin. …
  3. Check that all looks good and confirm the transaction.
  4. Select the bank account you wish to receive the money.
  5. Another option is to sell on an exchange at your desired price.

Where can I sell my Bitcoin for cash?

There are tons of platforms to sell Bitcoin on, and the easiest, by far, are exchanges and brokers like Coinbase or Coinmama. Signing up on Coinbase is really simple – it’s like making an account on Amazon! Some methods, like selling to a Bitcoin ATM or to a friend at a Bitcoin meetup won’t require an account at all.

Is Bitcoin easy to cash out?

A common way to cash out Bitcoin is through a third-party exchange, such as Coinbase, Kraken, or Bitstamp. … Depending on the platform you work with and your country of residence, cashing out your Bitcoin can take from one to five days. When you change Bitcoin to USD, brokers usually use the SWIFT payment method.

What happens if I sell my Bitcoin?

Whenever you make a profit selling or exchanging a cryptocurrency, the amount you earn is capital gains. The IRS requires that you report capital gains and pay taxes on them. You pay either short-term or long-term capital gains tax, depending on whether you held the crypto for more than one year.

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