How to Buy Bitcoins with PayTM

What an exciting opportunity it is, for you can now buy bitcoins using PayTM the digital ‘batua’ that you might used previously for so many purposes be it recharging phones, paying the electricity bill, transferring money to your friend…

Now before we talk about how to use the PayTM to buy bitcoins, there are some things that I want to be sure about – like for instance, are in on the same page?

What is Bitcoin All About?

It is a virtual currency / digital currency that is used to buy products and services. However, since it is a peer-to-peer form of transaction, both the transactional parties need to be using bitcoins.

Bitcoin consists of two parts – 1) a code snippet type of token representing ownership of a digital concept, and 2) a protocol – distributed network maintaining a ledger of balances of the bitcoin token.

Each Bitcoin is basically a computer file that is stored in a digital wallet app. For example like the PayTM. People can use these digital wallets to send / receive bitcoins, and every bitcoin transaction made is stored in a public list called the blockchain. There is no central authority sitting between the two parties – like a bank or a payment gateway.

The idea of keeping traces of the transactional history is to prevent people from using coins that they do not own or from making copies.

So how does one get Bitcoins?

You can get Bitcoins in exchange of real money

• Sell things and ask people to pay you in bitcoins
• Create using a computer
• Why would You buy a bitcoin?

Because bitcoins are valuable and popular since people are willing to exchange them for services and real goods, even cash. What’s more popular is that these transactions are taken place with no central authority in between to interfere or additional payment gateway charges that one often face when making traditional digital transactions.

Using PayTM to Buy Bitcoins

Currently only peer-to-peer exchanges will offer you PayTM as a payment method. Paxful is a leading P2P exchange.

1. Visit the Paxful site and select PayTM as your payment method to search for offers.
2. Users will be provided with the offers that are available and from which one can choose to open a trade request.
3. Enter the trade amount to open the trade request, after which follow the instructions of the seller to initiate money transfer.
4. After you have paid, the trade order will be marked as paid and the seller will proceed to release the Bitcoins. You can sell the Bitcoins or withdraw them in a private wallet.

For more information about Paxful, go through the site carefully as more details are provided. You will also get other additional information such as how to invest in Bitcoin or how to purchase Bitcoin using other traditional payment methods and more.