Nowadays, Bitcoin, Dogecoin, Ripple, Iota, and other cryptocurrencies are the sensation in the finance market. It is an open payment network under which currency is transferred and used as a real-time gross settlement transferred from source account to target account on a real-time and gross basis. Cryptocurrencies believed to be the future of payments globally, and every investor wants to hop on the bandwagon. However, still, there are many doubts and queries on how to buy cryptocurrency in India.
Buying a bitcoin, Dogecoin, or other cryptocurrencies in India was a big task until a few years back. Now, Several crypto exchange platforms allow investors to buy cryptocurrencies in India within no time.
Read More about cryptocurrency ban in India
What is cryptocurrency –
Cryptocurrency or crypto is a digital asset developed to act as a medium of exchange, where ownership records are saved in a ledger in the form of a database and not issued by a central authority.
Bitcoin is the first decentralized cryptocurrency made by Satoshi Nakamoto in 2009. By September 2020, the number of blockchain wallet users increased to over 50 million.
Types of Cryptocurrencies –
There are more than 10000 different types of digital currency, and these cryptocurrencies divided into two categories of coins and tokens. Therefore, investors willing to buy cryptocurrency in India have a long list of choices.
Alternative Cryptocurrency coins or Altcoins usually refer to any currencies other than Bitcoins. For example, Peercoin, Litecoin, Dogecoin, Auroracoin, Namecoin are some of the altcoins.
Though most altcoins developed upon the same basic framework as Bitcoin, some coins don’t work with Bitcoin’s same open-source protocol. However, cryptocurrencies like Ethereum, Ripple, Omni, Nxt, Waves, and Counterparty have created separate systems and protocols.
Tokens are created and given by their creators through an Initial Coin Offering.
(ICO). They represented as Value tokens (Bitcoins), Security Tokens (to protect account), Utility Tokens (specifically designed). In addition, Bitcoin and Ethereum are considered crypto tokens.
Read more about Polygon
Here are the top forms of cryptocurrencies –
Bitcoin is a digital currency, and currently, there is more than 18.5 million Bitcoin token in circulation, against a capped limit of 21 million. However, it is popular among people who want to buy cryptocurrencies in India.
Bitcoin cash is the most popular cryptocurrency due to its faster procession speed as compared to Bitcoin.
Litecoin designed to improve Bitcoin technology with less transaction time, lower fees, and more concentrated miners.
Ethereum could term an app store, and the original creator can make changes to it. The token used here is called Ether, which app developers and users use as currency. It is also well-known for investors to buy cryptocurrencies in India.
Ripple is not a blockchain-based cryptocurrency, and it is for large companies and corporations and meant for individual users. However, it’s known for its digital payment protocol more than for its XRP crypto.
Steller focused on money transfers, and its network built to make them faster and efficient.
NEO focus is smart contracts that allow users to create and execute agreements without the use of an intermediary.
Cardano is used to transferring digital funds and is a balanced and sustainable ecosystem for cryptocurrencies. It is only a coin with a scientific philosophy and research-driven approach.
IOTA (Internet of Things Application) doesn’t work with a blockchain; indeed, it works with smart devices on the IoT.
Crypto Exchange Platforms to buy cryptocurrencies in India –
If anyone is wondering how to buy cryptocurrencies in India, few crypto exchange platforms like WazirX, Zebpay, Coinswitch Kuber, and CoinDCX allow investors to buy digital currency in India. On the other hand, Coinbase and Binance enable investors to buy Bitcoin, Dogecoin, Ethereum, and other cryptocurrencies.
How to buy cryptocurrencies in India –
The Crypto exchange platforms work 24*7, so investors can buy and sell cryptocurrencies at any time of the day, and there is no limit on how much or which cryptocurrency to buy. These are the steps if anyone wishes to buy cryptocurrencies in India.
- Download any of the apps as mentioned above from the app store
- Sign-in or Sign-up using credentials
- Complete the KYC process
- Transfer money to the wallet
- Buy any cryptocurrency
There is another way to buy cryptocurrencies, and that is P2P or Person-to-Person transactions. In this way, the investor can purchase cryptocurrency directly from another person. However, the P2P method is not popular to buy cryptocurrencies in India. Like the finance market, the crypto market is volatile. And any authority does not regulate it.
Interesting wow facts
Polygon is the first Make-in-India Cryptocurrency that makes it to the top 20 cryptocurrencies worldwide.
Indian IT company Tech Mahindra launched ‘Stablecoin-As-A-Service’ blockchain solution for global banks financial institutions
Read more about Stablecoin
PI cryptocurrency and its value in INR –
Pi is the new cryptocurrency developed by Stanford PhDs and has 10 million members. 1 Pi cryptocurrency value in INR is Rs. 1.55. However, Pi can mine using your phone, and developers claim that mined Pi will be later converted to the blockchain, allowing users to buy and sell it.