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Hedera (HBAR) is a Crypto that works on Hashgraph, a type of blockchain. The Hedera Hashgraph is responsible for Cryptos, smart contracts, and distributed apps. Hedera uses a different version of the Proof-of-Stake (PoS) consensus technique compared to other Cryptos. It offers quicker transaction speeds, fewer fees, and less energy consumption. It is also owned and backed by some of the largest companies in the world.
In this blog, let’s learn more about Hedera Crypto and how you can buy Hedera Coins in India.
What is Hedera Crypto?
Hedera is a public network & governing body for creating and deploying Decentralized Applications (DApps), and it is entirely open source and uses a Proof-of-Stake (PoS) consensus mechanism. It has important implications for public and private distributed ledger system use cases, including Crypto and dApps, due to its:
- Lightning-fast throughput
- Asynchronous Byzantine Fault Tolerance backed by mathematical proofs
Hedera intends to be faster, more energy-efficient, and less expensive than competing solutions while also being more secure and scalable. It promotes itself as a third-generation public ledger, claiming to enhance the concepts and methods of earlier systems while also adding new features.
Pros and cons of Hedera Crypto
Pros
- Compared to Bitcoin & Ethereum, the speed of transactions per second is quick, and the cost of transaction fees is relatively low.
- It is a unique, the first of its type, secure, and scalable network.
- Excellent for the business sector that focuses on energy efficiency.
Cons
- The network can only support ten transactions per second invoking smart contracts (similar to Ethereum).
- Still a moderately small project compared to some of the sector’s giants.
- Because of its no-fork policy, Hedera Hashgraph’s development is centralized.
Some famous use cases of Hedera Crypto
- Payments on Hedera
Organizations have the chance to adopt innovative public distributive ledgers for payments using $HBAR in a secure and legal manner. This would involve facilitating settlement and supplying liquidity to emerging markets.
- Fraud mitigation
Hedera allows high-throughput, verifiable tracking of business transactions for every new or existing application and decentralized identifiers that follow the W3C Decentralized Identifier (DID) standards. This guarantees the trustworthiness of all participants and provides associated systems with a real-time view of transactions for predictive analysis and the identification of illicit practices.
- Data compliance
By giving a publicly auditable log of actions taken and giving users the ability to audit their data, Hedera hopes to increase consumer confidence in data compliance. In addition, this would remove third-party intermediaries and streamline auditing.
- Tokenized assets
Without the need to set up a smart contract, the Hedera Token Service makes it simple to configure, create, and manage fungible and non-fungible tokens on Hedera. Custom tokens have a transfer fee of less than USD$0.01 and are just as quick, fair, and secure as HBAR.
How to buy Hedera (HBAR) Coins in India?
Below are a few simple steps you can follow and buy the HBAR token in India with WazirX, India’s most trusted and widely used Crypto exchange.
The best way to buy HBAR tokens is using P2P trade. To get answers to all your queries related to the P2P trade, click here!
Step 1 – Sign-Up on the WazirX platform
To begin buying and selling HBAR Crypto, you are required to create an account on the WazirX platform by signing up. Also, you can directly Log-in if you have an account already on the platform.
For your reference, here’s how you can open an account on WazirX.
Step 2 – Set up your account security by verifying your email address.
This step is about verifying your email address. After you sign up on the WazirX platform, you’ll get a verification link on your registered email. By clicking on that link, you’ll get two options to ensure the security of your account – the authenticator app and mobile SMS.
Note: The authenticator app is a more secure way to stay safe when compared to mobile SMS because there’s a risk of delayed reception or SIM card hacking.
Step 3 – Complete the KYC process.
After choosing your country, you can proceed with completing the KYC process. Click here for a detailed overview.
Note: You must complete your KYC to be able to trade P2P or withdraw funds on the WazirX app.
Step 4 – Add funds to your WazirX account using P2P.
After integrating your bank account into your WazirX account, you can buy USDT through P2P to the WazirX wallet. The USDT will act as funds to help you buy your favorite Cryptos.
Step 5 – Finally, buy HBAR on WazirX.
You can now easily purchase HBAR tokens using P2P trade on the platform. Check the HBAR to INR rate from here and HBAR to USDT here.
After logging in to your WazirX account, you can choose USDT from the “Exchange” tab. You can also check all the price charts, order book data, and an order input form on the right side of the screen.
Click “Buy” after entering the amount and checking the total USDT amount to be paid.
Your order will be placed according to the price you have input. A seller willing to sell at a price will be notified, and then you can exchange the tokens using P2P.
It might take a few minutes for the order to be completed, but as soon as it is executed, you will receive the HBAR Coins you purchased in your WazirX wallet.
Happy Trading!
Frequently Asked Questions
Is crypto legal?
Crypto is legal in most countries, including India. While nations like the U.S. and many in Europe have regulatory frameworks, others like China have strict bans.
Is Crypto Legal In India?
Cryptocurrencies are legal in India, and anyone can purchase, sell, and exchange them. It is currently uncontrolled, as India lacks a regulatory structure to oversee its operations. Per the Ministry of Corporate Affairs, companies must now record their crypto trading/investments within the financial year. In cases where a person receiving the gains is an Indian tax resident, or the cryptocurrency is regarded as domiciled in India, cryptocurrency transactions have been taxable in India
Are Cryptocurrencies A Good Investment?
Cryptocurrency has the potential to make you extremely wealthy, and the potential to cause you to lose your money. Crypto assets, like any other investment, come with many risks and potential rewards. Fundamentally, cryptocurrency is an excellent investment, particularly if you want to gain direct exposure to the demand for digital currency.
Is Cryptocurrency Banned In India?
No, cryptocurrency is not banned in India. India has seen its ups and downs in the crypto sector concerning its legal status. The Reserve Bank of India (RBI) issued a circular in April 2018 advising all organizations under its jurisdiction not to trade in virtual currencies or provide services to assist anyone in dealing with or settling them. A government committee proposed outlawing all private cryptocurrencies in mid-2019, with up to ten years in prison and severe penalties for anyone dealing in digital currency. The Supreme Court overruled the RBI's circular in March 2020, allowing banks to undertake cryptocurrency transactions from dealers and exchanges.
Is Ethereum Safe To Invest?
The Bitcoin market is unquestionably more volatile than the stock market. This may not be the market for you if you are incredibly risk-averse. Ethereum, on the other hand, may be a terrific investment for you if you're a diamond-handed investor who won't lose sight of short-term losses. Ethereum is a relatively safe investment as it is also based on blockchain.
How Many Cryptocurrencies Are There?
There are over 5000 other digital currencies available on the internet in addition to Bitcoins. The only problem is that they haven't gotten the users' attention. Besides Bitcoins, a few other digital currencies have gained popularity among users. It's been more than ten years since Bitcoins were first released, and now they've achieved new heights thanks to their phenomenal success.
Is Bitcoin And Cryptocurrency The Same Thing?
Bitcoin is a cryptocurrency that was designed to facilitate cross-border transactions, eliminate government control over transactions, and streamline the entire process without third-party intermediaries. The absence of intermediaries has resulted in a significant reduction in transaction costs. Satoshi Nakamoto, the creator of Bitcoin, created the first cryptocurrency in 2008. It began as open-source software for money transfers. Since then, plenty of cryptocurrencies have emerged, with some focusing on specific fields.
Is Mining Cryptocurrency Legal?
Cryptocurrency mining can be time-consuming, expensive, and sporadically profitable. Mining has an appeal for many cryptocurrency enthusiasts as miners are paid directly with crypto tokens for their efforts. The legality of cryptocurrency mining is dependent on where you live. In India, there is no restriction on crypto mining.
What Is The Meaning Of Crypto?
A cryptocurrency is a digital currency that is secured by the process of cryptography, making counterfeiting and double-spending almost impossible to happen. Blockchain technology is used to produce cryptocurrencies ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a centralized authority does not issue them.
Is Cryptocurrency Legal In India?
In India, cryptocurrencies are legal; anyone can purchase, sell, and trade cryptocurrencies. They are currently unregulated; India does not have a regulatory framework in place to regulate its functioning. According to the Ministry of Corporate Affairs (MCA), companies must now declare their crypto trading/investments during the financial year, according to the Ministry of Corporate Affairs (MCA). Cryptocurrency transactions have been taxable in India when people receiving such gains are Indian tax residents or where the crypto is considered to be domiciled in India
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
