How to Convert Bitcoin to Cash in India 2018

　　In 2018, the cryptocurrency market experienced significant growth, and Bitcoin, being the most popular cryptocurrency, saw a surge in its value. Many individuals in India were interested in converting their Bitcoin into cash to take advantage of the market's potential. However, converting Bitcoin to cash in India can be a complex process. In this article, we will discuss the steps to convert Bitcoin to cash in India in 2018.

　　1. Choose a Bitcoin Exchange

　　The first step in converting Bitcoin to cash in India 2018 is to choose a reliable Bitcoin exchange. There are several exchanges available in India, such as WazirX, Zebpay, and CoinDCX. These exchanges allow users to buy, sell, and trade Bitcoin and other cryptocurrencies.

　　2. Create an Account

　　Once you have selected a Bitcoin exchange, the next step is to create an account. You will need to provide some personal information, such as your name, address, and phone number. Some exchanges may also require you to upload a government-issued ID and proof of address.

　　3. Verify Your Account

　　After creating an account, you will need to verify your identity. This process may vary depending on the exchange, but it typically involves uploading a scanned copy of your ID and proof of address. Verification is essential to comply with anti-money laundering (AML) and know your customer (KYC) regulations.

　　4. Deposit Bitcoin

　　Once your account is verified, you can deposit Bitcoin into your exchange wallet. You can transfer Bitcoin from your external wallet or buy it directly from the exchange using INR (Indian Rupees).

　　5. Convert Bitcoin to INR

　　After depositing Bitcoin, you can convert it to INR. Most exchanges offer a "sell" or "withdraw" option, allowing you to convert your Bitcoin to INR. You will need to specify the amount of Bitcoin you want to convert and the INR amount you want to receive.

　　6. Withdraw INR

　　Once your Bitcoin is converted to INR, you can withdraw the cash. The withdrawal process may vary depending on the exchange and the payment method you choose. Some exchanges offer bank transfers, while others provide cash withdrawal options at partner ATMs or money transfer kiosks.

　　7. Find a Reliable Payment Method

　　When converting Bitcoin to cash in India 2018, it is crucial to choose a reliable payment method. Some popular options include bank transfers, cash withdrawals, and mobile wallet transfers. Ensure that the payment method you choose is secure and offers quick and convenient cash withdrawal.

　　8. Stay Informed About Regulations

　　In 2018, the Reserve Bank of India (RBI) imposed a ban on banks from dealing with cryptocurrency exchanges. This ban made it challenging for individuals to convert Bitcoin to cash in India. However, several alternative methods emerged, such as using peer-to-peer (P2P) platforms and local cryptocurrency ATMs.

　　9. Exercise Caution

　　When converting Bitcoin to cash in India 2018, it is essential to exercise caution and stay informed about the latest regulations and market trends. Be aware of scams and fraudulent activities, and always use reputable exchanges and payment methods.

　　In conclusion, converting Bitcoin to cash in India 2018 required careful planning and adherence to the latest regulations. By choosing a reliable Bitcoin exchange, verifying your account, and using a secure payment method, you can successfully convert your Bitcoin into cash. However, it is crucial to stay informed about the evolving regulatory landscape and exercise caution to avoid scams and fraudulent activities.

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