The popularity of Ethereum in India is on the surge as it is the world’s second-largest popular crypto, following bitcoin. People are keen on mining or trading Ethereum, the two alternatives to acquiring it in India. Mining Ethereum requires some initial investment; therefore, people usually wonder how to buy Ethereum in India and trade with it for long-term benefits. But, before diving into the buying procedure, we must know about Ethereum.
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What is Ethereum?
Ethereum is a blockchain-based platform that hosts a variety of decentralised financial applications (DeFi). To connect with any of these applications, users must pay charges using Ethereum’s core asset ether (ETH). Because Ethereum can support a wide range of applications, it has been referred to as a worldwide economic operating system. Unlike iOS or Android, where each smartphone has its copy of the operating system, Ethereum users can interact with a single, global, blockchain-based operating system.
Ethereum was envisioned in 2013 and officially introduced in 2015 by a group of international developers planning to broaden the use of Bitcoin. The cryptocurrency community positively responded, with ether becoming the second largest blockchain platform by market capital by 2017. Similarly, in terms of wallets and daily volume of transactions, Ethereum is the second most popular blockchain platform.
Things you should know before buying Ethereum in India
- The blockchain market is quite volatile.
- The price of Ethereum has been and will be varying.
- An investment in Ethereum can be doubled in less than one year; however, it may become half in no time. So, it is a high-risk and high-rewarding investment.
- Unlike other investments, if the value of Ethereum in India is decreased, the user will lose a portion of their investment.
How to buy Ethereum In India?
Below is the step-by-step procedure you can follow to buy Ethereum in India-
- The first and most crucial step is determining which trading platform to purchase Ethereum. You may use several mobile applications to register your account, or you can go directly to the official website.
- Following that, you must complete all procedures and submit all the necessary information to authenticate your identity. It is the same as creating a standard bank account and presenting all required information.
- Now that you have created your digital wallet and are ready to buy Ethereum In India, proceed carefully and check facts before investing, as each platform has its unique pricing model. You may buy Ethereum with funds from your registered bank account and a debit card, credit card, NEFT, or other payment methods.
- You control the amount of Ethereum you buy and keep a record of it via your smartphone application. Digital Crypto Wallets offer a high level of protection and are completely safe.
It is important to note that Ethereum is not a cryptocurrency but a platform. Ether is the cryptocurrency built on Ethereum to fuel transactions, and developers refer to it as ‘fuel for apps’ built on the Ethereum blockchain.
Why should you buy Ethereum in India?
Indian users might be curious to know why and how Ethereum investment can be beneficial for them. The following are some significant reasons that inspire users to invest in Ethereum.
Once there was a time when Volatility was considered negative, but today it is a plus for investors. Smart investors have analysed the blockchain market cycle patterns and are making benefits from the parabolic profits induced by market bubbles.
As trading platforms, exchanges and online brokerages are created globally, Ethereum is one of the most liquid financial assets. You can easily and quickly exchange Ethereum for cash or gold.
Lower risk of inflation
Due to a transparent inflation strategy, Ethereum is less likely to be harmed by inflation. Users need not be worried about their cryptocurrency collapse as the blockchain system is boundless.
Selling or buying Ethereum in India is entirely lawful; however, RBI had imposed a temporary ban on crypto trading through the exchange using a bank transfer. Later, the honourable Supreme Court ruled out such a ban and directed banks to resume. Therefore, there are limitless opportunities in Ethereum, but users need to make an informed decision after a thorough analysis of market patterns and facts.