how to transfer bitcoins to bank account in India?

Steps to follow

In the world of bitcoin, you have to go through a lot of steps if you are to transfer bitcoins to a bank account. Unless you are transferring $50,000, you’re going to have to complete a lot of steps in order to transfer bitcoin to your bank account.

Here are the steps that you should follow to transfer bitcoins from your Ethereum wallet to your bank account:

1. Deposit bitcoins:

First and foremost, it is essential to deposit your bitcoins into your bank account. But before doing so, you can log on to the BlockchainDB transaction processing portal. Upon depositing bitcoins, you have the option to either gift the funds to charity or the public at large. If you decide to give up your bitcoins for charity, you should follow this very simple money transfer procedure.

If you don’t want to donate to a charity, you can stay the course and still perform your second step. On the other hand, if you want to be creative, you can also donate your bitcoins to another person (a family member or friend) for them to use in bitcoin purchases. By doing so, you have also gained new bitcoins on top of the primary 250,000 bitcoins you will be depositing.

2. Start Bitcoin ERC20 expansion process:

There are no banks in India currently accept cryptocurrencies as deposits, however, there are 24 banks that offer remittances for bitcoin. So to keep your bitcoin from being lost in the laps of those remote banks, you have to perform another important activity. If you were depositing your bitcoins in a bank across the world, you would have to fill a form that states your last eight digits. Once you have done so, you would get a self-explanatory message that states if you have current or future deposits in your Ethereum wallet. If you have deposits, the bank can hold the bitcoin until you provide them with the serial number and permit them to exchange it for either a cash payment or a Google Wallet gift certificate. If you are depositing the current bitcoins, you can inform the bank that you only use your wallet to store your payments. In this case, the bank can continue to hold the bitcoins until you confirm you no longer use the wallet, then they transfer your funds over to your beneficiary.

3. Walkthrough KYC and KYCK for self-drawn deposits:

If you are depositing your bitcoins in India, you are required to fill up a KYC form from a bank. Under any circumstances, you will be asked to confirm your details under KYCAs such as Aadhaar, PAN card, or passport. If you do not have KYC status, you are required to have either a PAN card or a PAN filing in order to deposit your bitcoins. The bank will then verify your money transfer, all for the purpose of self-drawn deposits.

4. Send your bitcoins to your bank account using a debit card and cash transfer:

If you are depositing your bitcoins in India and wish to do so, it is important to understand that you will be depositing the current amount (which is the 500-600BTC price range) into your bank account. Once the bank issues you a debit card and accepts the bitcoin as a deposit, they will transfer your bitcoin over to your bank account. Although you will be depositing a current price as a deposit, the amount transferred will be fixed. Furthermore, it is important to note that the bank will not give you the current value of the bitcoin since it is essentially your own supply of bitcoin. The bank is only allowing you to transfer up to an amount of at least 500BTC a day.

5. Be honest when performing BitCoin transactions:

In order to ensure that your payments are authentic, the bank will check the origin of your bitcoin and your cryptocurrency account. If the amount transferred from your wallet is below the limit, then the bank will not transfer any bitcoins to your account. Additionally, the bank will also do a self-explanatory SMS message to inform you that the transfer is currently occurring. The question you should be asking yourself now is how well your money transfer is being done. If you do not feel comfortable proceeding, you should switch your wallet to a different wallet and change your crypto wallet settings accordingly.

In the event that you decide to self-draw, for this to work properly, the bank will require your details and other processing details. You need to confirm your identity if your bank does not have a GDPR-compliant system set up to allow such transactions. You will be asked to enter your name, your address, the base amount of the transfer, and the transfer and your account number, the bitcoin amount received, and the copy of your receipt with your account number. The KYC also give you a self-explanatory SMS message that will remind you when your transfer goes through.

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