You don’t need to buy or own 1 full bitcoin. You can buy/earn a part of Bitcoin known as “Satoshis” or Sats. As in India, we often use Paisa as the smaller unit of a Rupee; similarly 1 Bitcoin = 100 million Sats.
Summary
1. How to Buy?
2. How to Earn?
3. Where to Store?
4. How to set up Wallets?
5. How to Withdraw?
How to Buy?
- CoinDCX = Full KYC, Not P2P & Withdrawal mostly blocked
- NoOnes = Partial KYC, P2P & Withdrawal allowed
These are not recommendations. You should do your own research and learn how bitcoin & these platforms work before putting a single penny into it.
How to Earn?
Instead of ‘buying’ bitcoin, there are many ways to ‘earn’ it. Some of them I have mentioned below.
- GoSats – This is one of my favourite ways for now. It’s just a simple VISA Debit Card issued through IDFC Bank. I can transact anywhere online or offline & get cashback in bitcoin (Sats) or Gold without paying anything extra. You can download the app (click here) & use my referral code GSGC9190 for joining bonus sats. Anyway, I wrote a detailed post on this card – click here.
- Payment – Getting paid in BTC for products or services you offer like freelancing etc.
- Nostr Posts – When you post something on Nostr protocol, other Nostr users can Zap (tip) you with Sats (BTC). Unlike other social networks, quality posts in Nostr get rewarded with Sats. Learn about Nostr from here – Nostr-Resources.com.
- Stacker news – It’s like Reddit. You can post interesting news/updates and people can like/upvote your post by paying in Sats (BTC). Unlike Reddit, you can make money by posting quality content. Check it out from here – stacker.news
Where to Store?
- Cake Wallet (Android)
- Blue Wallet (iOS)
- Phoenix Wallet (Android & iOS for Lightning)
Download the wallet from the Play Store or App Store link provided on the official website. Don’t search the app name on Play Store & start downloading, you may get scammed by downloading a duplicate app with same name. If you want a more secure way, directly download the .apk file from the wallet’s website (links provided above) and install it.
How to Setup Cake Wallet?
How to Setup Phoenix Wallet?
How to Withdraw?
Every 4 to 5 months you should withdraw all your bitcoins/sats to your own wallet. Exchanges or any other apps can be hacked and you will lose all your bitcoins/sats. Non-custodial wallets like Cake can’t be hacked.
Step 1: Open Cake Wallet.
Step 1a: If you have multiple wallets (Monero, Bitcoin etc.) in same app – click the hamburger option (☰) on the top right.
Step 1b: Then click Wallets and select your Bitcoin wallet.
Step 2: Check if there is ‘SYNCHRONIZED’ at the top else wait for some time. It syncs the blockchain.
Step 3: Click on Receive in the bottom of the app & copy the bitcoin address (bc1…)
Step 4: Log in to your exchange or any other app from where you want to withdraw BTC to your Cake Wallet.
Step 5: Click Withdraw. Some exchanges/apps also call that “Send” – which means sending your bitcoin from the exchange wallet address to your own Cake wallet address.
Step 6: In the Destination Address or Bitcoin Address paste the address you just copied (bc1….)
Step 7: Select the Max Amount/Withdraw All.
Step 8: Exchange or the app may ask for OTP to verify, complete that.
Check your Cake Wallet within the next 15-30 mins, you should see an incoming BTC transaction. Refresh the app. That’s it, your sats (BTC) are safe now. If you want to receive or send bitcoin in mili seconds at the speed of UPI, start learning about the ‘Bitcoin Lightning Network’.
Note: If you’re doing this for the first time, don’t withdraw all the bitcoins; just withdraw a little amount to test if you’re doing it right.
Conclusion
Below are the most important points:
- Don’t take this as investment or financial advice. Study yourself and decide.
- Always check your local laws before using the above resources.
- Avoid any centralized exchange that doesn’t let you withdraw your BTC to your own wallet.
- Never forget those 13-words (Seed Phrase + Password if any). There is no “Forget Password” in the crypto world.
- Never leave ₹60,000+ BTC on any exchange or app. Withdraw as fast as possible.
If you have any questions or feedback, DM them on X at @InvestRepeat.