Yes! I made Rs. 3 Lacs from Rs. 50K within a month!!
As unrealistic as it may sound, but it is true.
How did it do it? You also want to do it? Sure but let me warn you it involves high risk.
So without further ado, here is one chart which explains all about how I did it.
Do you see that?
Ripple (in terms of bitcoin) appreciated nearly 4.5 times within a month’ time. Around 10 April it was trading at 0.000027 BTC and around 8 May (when I squared off the position) it was trading at 0.00012 BTC and hence an increase of nearly 4.5 times.
I am an investor in bitcoin for sometime now. After tasting some success in Bitcoin trading, I wanted to move to other ALTCOINS. Ethereum and Ripple looked promising hence bought some amount of both. As luck would have it, Ripple’s growth has shocked everyone. In-fact it has now overtaken Ethereum to become second largest crypto-currency by market cap. Here is the story.
To top it all, bitcoin also rallied with Japan legalising it giving me a lift of around 35%. Here is the supporting chart.
In nutshell here is the position on 10 April–
Notional Money Invested: Rs. 50,000 (invested equivalent bitcoin)
Ripple in hand: 22968
Position on 8 May
Sold Ripple and bought bitcoin: 2.7562 (sold at 0.00012 per BTC)
Bought USD and sold bitcoin: $4685 ($1700 per BTC)
Funds in INR: Rs. 302,000
Pretty neat, isn’t it?
Do let me know (in comments) if you have any queries or feedback.
Platform Used for Trading
Bittrex; they charge 0.25% commission
Word of Caution
Investing in Crypto-Currency is risky therefore you should invest only when you are ready to lose it all.
Is it right time to invest in Ripple ? Can I invest also?
Please provide me steps to do so.
Also when it comes to withdraw amount, how it works?
Hi Monish
Ripple is currently trading at around $0.3. Within a month it has jumped by more than 6 times. So if you ask me if this is the right time to invest, honestly I don’t know. Actually no one knows.
So here is what I will suggest. Read up about Ripple here. Understand what are they doing and does it make sense to you. Once you are comfortable with them, accrue it slowly just like SIP. And don’t think of short term trading but investing. And as I have also mentioned in the blog post, you should be ready to risk it all. Therefore put in only that much amount with which you are comfortable. Don’t play on leverage.
I was lucky that things turned out positive for me in such a short span of time.
Once you have decided on the decision, then there are many platforms to buy it. I do it on Bittrex.
Let me know what do you decide.
I have decided to go with it. Let me know steps to invest. I am very much new to Bittrex.
Hi Monish
If you have indeed decided to go ahead with it, here are the steps which you need to take –
1) Buy bitcoins. This you can do at Zebpay or similar companies.
2) Create account at Bittrex.
3) Transfer the coin to Bittrex
4) Buy Ripple
Welcome to the club Monish!
Hope your journey with Crypto is profitable.
Do let me know about the profits you make.
Question for your point 2 and 3 – Craeting account in Bittrex is seperate from Zebpay. Right?
How do you transfer coins to Bittrex from Zebpay?
Yes Ashutosh.
Both – Bittrex and Zebpay are different entities and you will need to create different accounts there.
Coins are sent from one place to another by using wallet address.
Hi Ankit,
First of all, Thank you for sharing your investment experience!!
I have been following bitcoin for quite sometime now but never had the courage to invest in it. I am quite encouraged by your post and have registered on Zebpay ( will take three days for my details to get verified) and will soon start investing. Although I have read on how bitcoin works, I have to admit that I am not really fully aware of the impact that they will have. I am investing in cryptocurrencies solely on the promise of them being a future currency and hence the interest. I also wanted to know whether the returns from these investments are taxable or not( coz no one wants to be on the wrong side of law :P)
Hi Rahul
I know it happens. In-fact my trajectory was also similar. Read about it for a year’s time but invested only when one of my known ones made handsome profit.
So coming to tax. Profit earned on bitcoin will be treated as “Other Income” and will be taxed according to your tax bracket.
Let me know if you decide to invest. Price has gone through the roof. Therefore take the decision judiciously.
Hello sir,
Sir, did you use a saving account or current account?
And Zebpay says it cuts the tax before they give back our profit, so we dont have to separately give tax to govt?
Can you plz talk abt these concepts more..
Used savings account.
This is mentioned on their site –
“It is your responsibility to determine, collect, report and submit any taxes applicable to the payments you make or receive in connection with the use of Zebpay App and Services to the appropriate tax authority. Zebpay is not responsible for determining whether taxes apply to your transaction, or for collecting, reporting or remitting any taxes arising from any transaction.“
Had you waited a month longer, you might have made more than 7 lakhs
yep that’s true!
But I was already shiting in my pants sitting on 6X profit. So decided to sell.
Are you invested in any coin? And did you see the price rise of BTC?? It is now getting scary.
I have created account in Zebpay & got it verified and also created account in Bittrex. How much time does Bittrex takes to deposit the bitcoins back to our Zebpay account? Is that instant like intraday trading?? What are the trading hours of Ripple? Is our earnings official, i mean taxable. If so, do we need to pay tax separately or TDS? Please answer my questions.
Sorry, out of the box question!!
Bitcoin money was used by Ransomeware hackers to get the payments, is it also a possibility that this money is used in illegal activities or by terrorist organizations??
I want to earn money but not on that urge.
Hi Sachin
It is a marketplace just like share market where someone buys and someone sells. What one does with the money can’t be attributed to the marketplace.
I hope I would have answered your query.
HI, I have created account in Zebpay & got it verified and also created account in Bittrex. How much time does Bittrex takes to deposit the bitcoins back to our Zebpay account? Is that instant like intraday trading?? What are the trading hours of Ripple? Is our earnings official, i mean taxable. If so, do we need to pay tax separately or TDS? Please answer my questions.
Hii… Ankit , Actually I am new to this world of virtual currency i.e bitcoin etc. But i am researching about all this from last some days in internet and also read your and several other posts in quora so now i thought to take some healthy risk by investing in bitcoins. After creating account in zebpay and unocoin yesterday, today my zebpay details got verified, unocoin’s still pending but in zebpay min bitcoins purchase in INR 5000 however when it comes to min deposit amount it is INR 5000, why this Rs 5000 ?? if i want to purchase bitcoin of Rs 2000 then of remaining Rs 3000 what will they do with that amount ?
Sorry, minimum amount of bitcoin purchase is Rs 1000.
Hi ,
Just wanted to know can we direct buy Ripples(XRP) from https://btcxindia.com/ or do we still need to invest in Bitcoins first.
Yes. you can.
HI Ankit , I have some good amount of bitcoin to invest in , can you tell which wallet you used to store altcoins, I have my bitcocin on a wallet which only supports bitcoin not others.
Thanks
Ritesh I use blockchain wallet for storing bitcoins for long term otherwise I trade on bittrex.
But now I feel outdated therefore need to research more players.
Hi Ankit,
Could you pls tell if there is any other trade players apart from zabpay?
Puneet there is one – https://btcxindia.com/
It seems you can trade only XRPs here. I have not tried it yet.
For bitcoin there is https://www.unocoin.com/
Hi Sir,
Im Monitoring BTC & ETH from december 2016….i was feared to invest thinking that what if those price fell down.But Unfortunately Btc increased 3 times and Eth increased 20 times.On that time i had 80k earned via dream11 fantasy cricket site.and i bought a lap & iphone with it.But now im feeling so guilty abt missing those oppurtunity..if i invested that money i would have got minimum 5 lakhs and above….far past 1 week i am searching for good traders to take advise from them but most of them asking me to join in some trading platform which is asking us to pay 50$ to become membership.
I need some one to guide me will you plz help me with it if you dont mind….i dont want to keep anymore quite..i have loosed unbelivable profit before my eyes……i can’t able to tollerate it. My dad gave promised me to give me some money to invest ..am just 21
Hi Rubesh
I would suggest you to start with small amounts and you should be totally fine even if you lose it.
Another important thing is that you should keep long term perspective rather than short term.
I will tell you where have I put my money. I have invested in Bitcoin, Ethereum and Ripple. Each one of them solve a real life problem and am confident that they will appreciate with time.
Please note that I am not a trader but someone who reads and understands cryptocurrency and then take a bet. Therefore please understand that my choices might not make money.
Hi,
Today I bought bitcoin worth 2500 rs from zebpay. Should i but ripple or litecoin? Or both? Any suggestion.
I would suggest you to buy some ripple and rest keep it in btc only.
I’m reading about all this for the first time in my life. I somehow got to this link reading about how blockchain works. This is a different world altogether. Kindly guide me on how can i start investing. From the beginning.
Hi Divya
Create an account on Zebpay. It is easy; just follow the instructions. Transfer a small amount in the beginning to buy very small amount of bitcoin. Let me know once you have done this. Then I will guide you on how to buy other currencies.
All the best!
Hello Ankit, I second Divya.. I got to your site through Quora n I feel good reading your posts. I want to invest in bitcoins . Can you also pls help me once I complete the above step that was suggested to Divya? Thanks a ton again for the enlightenment through your articles ..
Good on completing the first step.
Now create an account on Bittrex/other exchanges.
Then you will have to transfer your bitcoins to Bittrex. From there you can buy other currencies. Within a week, I will do detailed post on Bittrex.
Hi Ankit,
Nice Post!
How did the withdrawal take place ? Did you withdraw from bitrex and they transferred the funds to your bank account or did you first converted Ripple back to BTC n Zebpay and then sold and transferred the funds ?
Please give as much details as possible.
Thanks and nice day!
Regards
Manish
So I transferred them back to zebpay and then cashed out.
I could have done it from Bittrex directly but my CA advised against it. These CAs!!!
Hi Anita,
After reading about your investment, I got curious to know more and invest in cryptocurrency.
I have logged into zebpay and deposited 5000rs to buy bitcoins But the transaction is still pending or processing.
What is the next step and how do I invest in ethereum and ripple.
Awaiting response.
Prakash I really like the new name you have given me. 🙂
I think their TAT says 24-48 hours. If more time has passed then first of all get in touch with them.
Once Zebpay is sorted, next step is to create an account on any multi-currency exchange like Bittrex. Once you have done this, you need to transfer btc to bittrex and there you can buy other currencies.
I will do a new post on bittrex for better explanation.
Hi Ankit,
I am sorry about the goof up.
I have already invested in bitcoins and ethereum but how do I convert it to ripple.
Which are the wallets for ripple and what are the documents required bcuz gatehub wallet requires lot of verification like Id and passport details . So let me know the wallets for Easy access and the procedure to buy ripple other than bittrex.
Hi Ankit,
I am awaiting for a response.
Hi Ankit,
I too recently started using ZEBPAY and bought BTC worth 50k. My two questions pl –
(1) Isn’t it easier to keep BTC in ZEBPAY wallet itself? As above comments seem to suggest to transfer Bitcoins from zebpay to another wallet to buy another cryptocurrency? Am i missing something here, because it sounds complicated to me.
(2) I am being told by some that Bitcoins is currently illegal in India. Or atleast their legality status is ‘undecided’. Since we are submitting our PAN/ Bank etc details to zebpay; isn’t it risky??
Mohit here are replies to your questions
1) I don’t prefer to keep coins in exchange wallets since they are more prone to attacks. I prefer to keep them in plain wallets. Another reason was trading in Ripple which Zebpay doesn’t allow.
2) Currently the status is undecided therefore not illegal. I checked with my CA and he said that everything would be fine if the income earned from it is shown in “Other Income” and tax is paid for it.
Ankit,
Two questions
At 1,57,050 is this still a buy?
How did you figure out that ripple is going to shoot through the roof? It could have been fatcom or ethereum. Just a hunch or some elaborate research ? I believe it’s the later and would love to get some tips.
Zebpay buy rate is about 20 bucks greater than market. Any way around ?
Hi Ankit,
I tried buying ripple from changelly but for that I need xrp wallet address, but I am unable to get a suitable wallet for ripple.
Kindly suggest.
Hi
There are many bitrex apps on play store. Which is the original one.
Devyash last time I checked I couldn’t find Bittex app on Google Play Store.
It is a great article Ankit. I have created an account in zebpay.
This is my plan : let me know if I am on the right track
1. Created account in zebpay
2. planning to buy a fraction of bitcoin just to learn how it works.
3. Planning to convert the bitcoin to stratis or ripple using coinswitch.io (is it the right approach?)
4 Wait and see if everything goes well 🙂
Hi Jaikanth
The process looks good.
All the best buddy!
Hi Ankit
How can I create a bittrex account?
Hi Ankit,
Any update on Bittrex ? you said you will post more explanation on bitcoin and Ripple (bittrex) – Waiting for it!! You are too good man! Learnt the invested a little as well. Wanna learn more on this and bitcoin minning. It will be good, if you can cover this as well, if you have any info on minnig. Are you ok to share your contact ?
Thank you
Sathish
Sathish man was keeping busy with something that’s why the delay in the post. Will do a detailed post on Bittrex by 15th August.Yes drop in the mail at ankit.3k@gmail.com and let’s connect from there. 🙂
Hello Ankit.. i just came through the word Bitcoin and seriously gained so much of interest in cryptocurrency and everything.. literally did so much research since past few days but have no idea how can i buy and trade them.. Read your blog on Quora. Hope you give a proper guide for beginner who has no much knowledge yet but are interested in investing in cryptocurrency.. And how can we do it here in India .. All the apps and websites required to do so..Thanks a lot
Hey Saurabh
Have you gone through this post – http://60to45.com/these-14-questions-on-bitcoin-will-help-you-get-started-in-no-time/
I am using Zebpay to buy bitcoins in India. There is another app by the name Unocoin but have not used that.
Start with small amount say Rs. 1000 and complete the full cycle to get comfortable. Once you have done the full cycle, then commit big amount.
Btw bitcoin has raced past $4000 so you might want to take caution.
Hi Ankit, I am waiting for my PAN card to get verified on the zebpay. I have a doubt here, does it verify PAN/BANK/Address one at a time? Also, May I know if you have written fully article on bittrex? If so, please share the link of it. Thanks
Hey Sreekar
Pan verification happens almost instantly. Bank Details take upto 48 hours if I am not wrong. However in my case everything got settled within 12 hours. I have not still written a full blown article on Bittrex. Will write soon.
Hi Ankit,
Thanking you for your immediate answers. My most of d queries has solved.
Want to ask that one id friend suggest me to invest in atccoin.com which is more convenient and cheap to earm easy money…it also covered chain marketing which i personally dont likr….kindly suggest which is safe bitcoin or atc coin ??
Regards,
Santosh
Santosh I have never ever come across atccoin and personally don’t believe in any kind of chain marketing. My philosophy has been simple so far. Read about the coin, the team, see if they are solving a real problem. If yes then have exposure to that. I would request you to please do this research before investing in anything be it bitcoin, ethereum, ripple or atccoin.
Hi Ankit,
So I have deposited some mount in my zebpay and have signed up on bittrex.com. pls advise the next step.
Hi Ankit,
A wonderful write up, I must say. Really helpful.
I am going to invest in Ripple since Ethereum is a bit expensive right now I guess.
Which one is a better option:
1. BTCXIndia, as they are direct buy platform
2. Bitcoin from Zebpay, transfer to Bittrex to buy Ripple.
Also, after I buy Ripple, where do I sell/trade it? Zebpay or Bittrex or BTCXIndia?
Apart from this I am also looking at cloud mining through Genesis for Ehtereum, Monero and ZCash. Is it a safe bet for a two year contract?
Thanks.
Kshitij
When I started I did it with Zebpay and then transferred to Bittrex. It has kind of stuck with me. I have learnt that there are platforms where I can directly do it but somehow have not been able to break the habit.
Though my family members have invested in mining but I have never been a great supporter of it. Never understood how could someone just give money to some stranger for high interest rate? What if that stranger runs away?
Hello..
Can you suggest any good hardware wallet to store btc.
Hi Ankit,
Its good that you have made 3lacs from 50k.
Have you converted your virtual currency back to hard cash, and deposited in your account?
How much would actual cash come in your account if you choose to, after giving up all the fees?
Also i have few more doubts.
1) What is the minimum BTC that i can convert back to hard cash?
2) Is there any additional fee for converting BTC back to cash? from services like zebpay.
3) Do you have any idea what does zebpay do with the money they receive from investors like us?
4) is the conversion of virtual currency to hard cash as simple and quick as purchasing virtual currency from hard cash?
Hey Pal
Here are quick answers to your queries –
1) you can convert any amount of btc
2) NO. You just trade at the rate which is shown at zebpay
3) No idea buddy
4) yes damn easy
Hi Ankit,
I have read your posts and since I already have been a small time investor in Mutual Funds myself, I feel I have somewhat understood about Bitcoin and Zebpay, however, what I have not understood is the need to transfer to Bittrex and what do we do there at Bittrex? Doesn’t Zebpay offer the option to buy and sell. So if the price at which I bought the quantity changes (read increases), I should be able to sell it over there, right? The change should reflect at Zebpay?
I think I am missing something here. Hoping you could clear these doubts.
Zebpay doesn’t give the option to trade other currencies than bitcoin hence the need to transfer to a true exchange like Bittrex.
Hi Ankit,
Nice articles and your reply also very easy to understand, by the way which one you are using to buy Ripple coins to buy and sell. I know you are using to buy bitcoins using Zebpay and how you are transferring this to buy Ripple coins…please can u explain…excuse me if missed any where in your above explanations.
Dear Ankit,
It was great reading your answers.
Is Bittrex an Indian site or foreign. When we transfer the BTC to other platform to buy Ripple don’t they charge a transaction fee?
Bittrex is not an Indian site. And yes they do charge a fee 🙁
Hi Sreekar, Just see that the name in your PAN, AADHAR & BANK A/C is spelt the same. Or else there may be some delay.
Hi Ankit,
I am totally new in investing & Trading and not much informative. Can you help me out how should I start?
I am interested in bitcoin but is it safe to do that and how to start and what necessary steps i should follow to get good money and for privacy.
I am using koinex for ripple. Today I bought 50 ripples. Now the thing which i dont understand is that if the value of 1 ripple increases with respect to INR will it also increase with respect to BTC or USD ??
I am very new to it.
Is koinex a reliable platform? I bought 50 ripples from koinex using INR. Here you can directly buy and sell with INR. Shall I keep using it or get my ripples transferred?
Pranjal I have not used Koinex so really don’t know.
Am sorry for not being helpful here 🙁
can you please show how to use bittrex? i have invested in bitcoins and wish to convert them into etherium.
Hello Ankit,
I have been following the cryptocurrency market for quite a time and invested some bucks in BITCOIN and now I even want to buy other cryptocurrencies like ethereum or ripple or any other cryptocurrency. Can you guide me which one would be a good one to invest?
And even throw some light on the BITCOIN CASH, Should I buy those. How are they different from BITCOIN
Hey Pankaj
So I will provide pointers on how to go about this. I research the reason of existence of each currency myself, try to understand the problem they are solving, the team etc…
And if I am convinced then I invest.
Historically i have invested in Ripple, Ethereum, Lumen and Bitcoin.
kindly understand all currencies are traded and all illegal activities happens in almost all currencies. also in rupees will u stop taking salaries from you boss. pls dont act childish. invest in crypto. only one things is required is that you are not doing anything wrong,
hi Ankit, for ripple which wallet will be better
gatehub or rippex ??
for long term investment ..
Sagar I have not used any of them so can’t really comment.Sorry buddy 🙁
Hi Ankit,
This is Ibrahim here,
Wanted to ask that i have created account on Zebpay but still feeling reluctant to invest the money.The first question arises is what if i loses them. And can we directly withdraw money from zebpay.And how safe it is to invest in bitcoin.
Thanks
Hey Ibrahim
The very first thing to keep in mind is that you should be willing to risk it all. Invest in crypto-currencies only then if you have that risk appetite.
And yes you can withdraw money to your account from Zebpay.
Hi Ankit
What’s the minimum amount with which we can buy bitcoins in zebpay?
If I am not mistaken, it offers 3 ways of transferring money.
Express Transfer — Minimum is Rs. 21
Normal transfer — Minimum is Rs. 5000
via PayU — Minimum is Rs. 2500
Hi,
how safe is btcxindia.com , to invest directly in ripple ? i read negative revies about it on quora.
Sunil, I have never tried it myself so will not be in a position to comment.
Hi Ankit,
I am a beginner in this field of trading. I am planning to invest in Ripple for which i have a few questions :
a.Is this right time to invest in ripple , or should i wait ?
b.If i have to summarize the procedure to buy ripple , first step is to buy bitcoins from any app say Zebpay/Unocoin etc. Then with these bought bitcoins i have to buy ripple from any other website , am i right here?
Thanks in advance for answering my queries.
Hey Sonal
I will answer your second question first. Yes, you have nailed the procedure.
Regarding the first question, Sonal honestly I don’t know. This cryptocurrency market has just gone beyond my rationale understanding so not sure whether this is the right time or not. Having said that I do like Ripple as a coin.
Ankit,
How do you transfer the coin from Zebpay to Bittrex? I’m unable to do so.
So you would have Bittrex Bitcoin Address, you just need to transfer bitcoins from Zebpay to that address.
I will do a post in next couple of days showing how to do it.
HI,
i created account on bittrex, but still enhansed verification taking too much time. i cant generate wallet address until it wont complete bcz of that i cant trasfer bitcoin from zebpay to bittrex. is there any other way to buy ripple or complete verification fast ?
finally, on kraken.com my account verify and succefully transfer bitcoin from zebpay and transfer it to ripple. what you say about kraken ?
sir , is it good to transfer btc from zebpay to bittrex?
Yes but only if you want to trade some other currency. Otherwise why would you want to pay the commission?
Hi Ankit,
Many accounts have been disabled by Bittrex.
https://blockonomi.com/bittrex-review/
You still believe its profitable approach to use Bittrex.
Regards,
Amar
Yes there seems to be some problem with Bittrex off late…
Hi Ankit,
I am very much interested in investing in bitcoin and i can understand that we should first buy bitcoin from zibpay and then transfer to brexitt.
For how many days should I wait to return the money back to my account. Is there is any constraints like that we should wait for minimum amount of days to get our money back??
Then after we get our money (Hard cash), how can we pay the tax to the government???
Please reply,
You pay the income tax rate on the profits you make.
Any idea on storing altcoins addresses in bittrex to hardware wallet. How to do that? Which is recommended?
Hii
I just bought 2500 bitcoins on Zebpay. What should I do know ?
2500 bitcoins!!! :O
Are you regretting why did you sold Ripple??? 😀
Its RS.200+ now 😀 .. 200 multiply 22968 you sold = 4593600/- 46 lakhs 🙁
Biku I am not regretting at all since at that point in time, I couldn’t have seen the future.
See this is the classic mistake which we do. We use the power of hindsight to judge the quality of decision which is dangerous.
Is there any other website in india that supports or allows ripple exchange because bittrex is under maintainance or upgrade and is not allowing new users to sign up.
Hrishikesh I wouldn’t know that…
I want to invest 10K in ripple.But i dnt know how can i invest in ripple . So can u suggest me Ankit.
haha mother f*** badluck dude, if u cud have hold cud have made more then 3million inr by now atlist
or just with ripple more
sorry but seems ur happy, insted u shud have been sad now
Yes that’s correct with the hindsight now. But with a hindsight…
hi sriyukt .I just want to start with buying xrp. does btc work well?
please write your review about site
Ankit mate, perhaps I missed an update somewhere, but why have you guys not blogged about FIRE in a while? I’ve read through ALL of your stuff, and both of you have amazing clarity of thought and expression, Would love to see more.
Ankit,
what % of your portfolio/investments are in cryptos and what % are in stocks and others?
I have cashed out everything in Crypto a long time ago… current split between equity and debt would be 50:50.
I hate that ratio at the moment but my wife loves debt so have to make peace with it.
Hi Ankit,
I recently heard news about RBI and Indian govt. not approving of cryptocurrencies.
Does this mean buying or selling them illegal in India now ?
Purely by luck you made it bro, there is no data backing the growth of Ripple. It was shooting high in January 2018 but now it has its grounds. From the past six months it is hovering the ranges of 30rs to 50 rs. Many people grabbed the boat around dec and jan and now are in soup.
Investment only advised for lucky people