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A few questions regarding bitcoin money transfer:

  1. Can anyone transfer bitcoins into my bank account or do I need to have some bitcoin account for that?
  2. Is it legal to receive bitcoins? Especially in India?
  3. Why should one take payments in bitcoins? Is it a good idea or better avoid it?
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Bitcoin is a form of money, asking if you can "receive it to your bank account" is like asking if you can "receive gold to your bank account".

The answer is generally going to be "no, you have to first exchange the bitcoin for your local currency, and then you can deposit that money to your bank account".

Be aware: bitcoin is a borderless digital asset, so while transferring it across the world is generally quite quick and easy compared to legacy financial instruments, if your goal is to use it as an intermediary (eg USD -> BTC -> INR), then you'll likely encounter exchange fees (ie, the service fees of the exchange service you use) and other friction (KYC, etc). It is very possible to use BTC in this way, but it is a lot clunkier than just using BTC alone to settle payments.

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Can anyone transfer bitcoins into my bank account or do i need to have some bitcoin account for that

You need bitcoin wallet. List of few open source bitcoin wallets: https://bitcoinwallet.guide/

Is it legal to receive bitcoins ? especially in India ?

Yes

Why should one take payments in bitcoins ? Is it a good idea or better avoid it ?

Depend on the usecase. Most of the users prefer it because of censorship resistance. Example: WikiLeaks started accepting bitcoin when governments blocked other modes of payment: https://twitter.com/DefendAssange/status/919247873648283653

It's also a good idea to use bitcoin for payments in a bull market because you save more: https://twitter.com/BtcpayServer/status/1330149166971039750

https://link.medium.com/tREwFNwiybb

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  • Thanks a lot. Is there any conversion charges. Like someone in US wants to pay me 150$. So he transfers it into my bitcoin wallet and then from bitcoin wallet i can transfer into my indian bank account.....Thats perfect right ??
    – Rohit sharma
    Commented Nov 22, 2020 at 9:19
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    Use one of the exchanges mentioned here: bitcoinonly.in/#get-bitcoin . Avoid using KYC exchange if possible.
    – user103136
    Commented Nov 22, 2020 at 15:11
  • So as i understand. The bitcoins go into my bitcoin wallet. And then use exchange to get it into my bank ? Also what do i need to share with the other person some kind of wallet id ? so he can transfer to my bitcoin wallet ?
    – Rohit sharma
    Commented Nov 24, 2020 at 14:04
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    Your wallet software lets you create addresses. You would share an address with the sender.
    – Pieter Wuille
    Commented Nov 24, 2020 at 18:20

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