How to Transfer Bitcoin to Paytm Wallet
Bitcoin is the first cryptocurrency. It was introduced in the market in the year 2009 when the economy
was facing hardship. The banks and other financial institutions were unable to provide proper assistance. Mr. Satoshi Nakamota introduced this currency and termed it as electronic cash which the parties can use for the purpose of making transaction. Bitcoin is the first ever peer to peer electronic cash transaction. It enables the user to make transactions without using actual cash. But the user can
transfer bitcoin to Paytm.
Bitcoin eliminates the role of the third party like banks, etc. No bank can stop or block the transaction. It is cheap and the best way for making payment. It is also protected and guarded the way of making transactions which are mathematical algorithms secured. Bitcoin can be converted into cash and also, the user transfer bitcoin to Paytm.
Since it is a digital currency, therefore, it is not available in the form of cash or currency. There are not
available as the printed currency. Though the user can use bitcoin for purchasing furniture, etc. from
various online websites. But for offline payment, the user needs to convert the bitcoin into fiat currency.
The user can convert bitcoin into fiat currency by selling the bitcoin into open market like Coinbase,
Coinjar, etc. Coinbase is the biggest market for selling bitcoin. Also, it is the best place for dealing in
bitcoin especially in USA, CANADA, EUROPE, ETC. On the sale of bitcoin, the payment will be received in the user’s bank account. This will help in the conversion of bitcoin into fiat currency. The user can also transfer bitcoin to Paytm account.
How to transfer bitcoin to Paytm?
Paytm is India’s PayPal. It is an electronic cash system just like bitcoin. Bitcoin is a cryptocurrency. In Bitcoin, the anonymous parties make transaction among them without the use of actual currency. It is a mathematical produced by the user for the purpose of making transactions. As it is mathematical secured, therefore, the hackers can't easily hack the account. Also, Bitcoin provides a small businessman an opportunity to sell and purchase the goods globally as it involves low transaction fees and no credit card fees. It has made the payment procedure simple and cheap.
The user can use the Bitcoin for purchasing the things from the online website. The user can also withdraw the bitcoin from Bitcoin ATMs in the fiat currency. Bitcoin is a digital currency also called electronic cash which the user can easily convert into fiat currency. It is a decentralized currency. The proof using bitcoin is that it does not involve intermediaries. Also, the transaction cost is minimal to nil. It is a safe and secure method of making the payment. Additionally, the ledger of parties is maintained electronically which can be easily accessed by any person. This is called a blockchain.
The blockchain is the process of maintaining the public ledger. Though the network exists only between buyer and seller but blockchain records the transaction for public viewing. Also, the identity of the user remains anonymous. It minimizes the role of the third person or party. The working of bitcoin is independent. It is easy to transfer bitcoin to Paytm. Paytm is available only in India. While bitcoin is available globally But it is illegal in India. Therefore transferring bitcoin to Paytm cannot be done directly. Bitcoin is a cryptocurrency wallet whereas Paytm is a fiat currency wallet. The working of both the system is completely different. And thus, a series of steps are required to be followed to transfer bitcoin to Paytm.
Paytm is Supported by the fiat wallet while Bitcoin is supported by the crypto wallet. The working of both the wallets is completely different from each other. Bitcoin is basically cryptocurrency which implies it is electronically held cash. It is not available in printed form just like euro, pounds, USD, INR, etc. The user needs to convert it into fiat currency by following some steps. The user can convert the bitcoin into the currency of any country. While on the other hand Paytm is a fiat wallet. It supports only INR. Also, the status of bitcoin in India is neither legal or illegal. The Reserve BANK OF INDIA which is the only source of currency in INDIA has clearly mentioned that they at present are not in view of dealing in virtual currency. Thus, to transfer bitcoin to Paytm some steps are to followed to convert bitcoin to Paytm.
Following are steps that will enable the user to transfer bitcoin to Paytm:
- Paytm is supported by a fiat wallet while Bitcoin is supported by cryptocurrency wallet which is digital cash and not the fiat cash. Therefore, the user must sell the bitcoin in the open market which deals with the purchase and sale of it. And then convert it into American dollar or sterling pounds.
- Thus, the bitcoin must be sold in the open market like Coinbase, Coinjar, etc.
- On selling the bitcoin the price received will be in conversion form of desired currency.
- Now transfer those dollars into Indian bank through foreign exchange.
- The user can now transfer the amount into Paytm wallet by transferring the money into Paytm from a bank account.