The term “cryptocurrency” refers to a digital form, also known as a digital currency protected by cryptography, making it virtually impossible to duplicate-spend or counterfeit. Many cryptocurrency networks are decentralized based on blockchain technology; which is a distributed ledger that is enforced by a diverse computer network. The most notable characteristic of cryptocurrencies is that they’re generally not issued by a central authority; making them theoretically unaffected by manipulation or interference by the government. In this blog, we will tell you about the payment methods used to buy bitcoin and other cryptocurrencies.

Payment Methods Used to Buy Bitcoin and Other Cryptocurrencies in India

Making cryptocurrency trades all begins with a single deposit. Regardless of how big or small, the process of buying and selling Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies require you to fund an account with a recognized payment method. Some of the most popular, efficient, and secure cryptocurrency exchange payment methods are described below:

  1. Payment Through UPI 
  2. Virtual Bank
  3. Through Debit/Credit Card
  4. Through Mobikwik Wallet

Payment Through UPI(Unified Payment Interface)

The Unified Payments Interface (UPI) is a system that combines several bank accounts into a single mobile application (of any participating bank), combining different banking services, smooth fund routing, and merchant payments under one hood. It also handles “Peer to Peer” collect requests, scheduled and paid according to need and convenience.

How is it unique?

Steps to be followed for making Payment via UPI for buying Bitcoin or other cryptocurrencies:

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What Payment Methods To Use To Buy Bitcoin and Other Cryptocurrency in India? WkBbwid31b 2TgNmvTvwNt u0DS 20kKZVzEsb7ak1wVDV5NjjGeHCAWoiif4hvESNHFceZR9KU4ujyNT8MBOsaDUXhlwnmb5T1JK6 WTpjDZz85dUvNfQD9rQHu0dmFN uM mRZ | BuyUcoin

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Virtual Bank Account

( note that for some time, deposit cannot be done through virtual bank transfer )

A virtual bank account is a type of bank account that is only available online. The majority of transactions with a virtual bank account take place over the Internet.

Checking accounts, savings accounts, certificates of deposit, money market accounts, and other types of bank accounts can all be virtual. BuyUcoin has partnered with Yes Bank to provide the facility of a Virtual account. Internet is typically being used by users to check their account balance, transfer funds, and perform other routine transactions. Some virtual bank accounts provide online bill payment services; thus eliminating the need for physical checks to be written and mailed while paying bills.

These are 3 parts of Virtual Bank Accounts

  1. IMPS
  2. RTGS
  3. NEFT

To make a deposit via virtual bank transfer, follow these steps:

How secure are payments through virtual bank accounts?

A significant advantage of virtual banking is that, when it comes to accessing your accounts securely, most digital-only banks are far ahead of traditional banks. Most virtual banks combine fingerprint scanning, facial recognition, or two-factor authentication – in addition to the traditional PIN method.

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