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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
What Are The Best Cryptocurrencies To Invest In?
The best cryptocurrencies to invest in would be the ones you study and analyze in detail. Some of the most popular cryptocurrencies include Bitcoin, Ethereum, and many altcoins such as Tron, Ripple, Litecoin, etc.
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 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.
How To Invest In Cryptocurrency?
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is considered the procedure of verifying and adding transactions to the blockchain public ledger. Another option is via cryptocurrency exchanges. Exchanges generate money by collecting transaction fees, but there are alternative websites where you can interact directly with other users who want to trade cryptocurrencies.
How Cryptocurrency Works?
Cryptocurrencies use cryptography technology to keep transactions and their units (tokens) secure. Cryptocurrency works via a technology called the blockchain. A blockchain is a decentralized technology that handles and records transactions across numerous computers. The security of this technology is part of its value.
What Is Cryptocurrency?
A cryptocurrency is a digital currency secured by encryption, due to which chances of activities such as counterfeiting and double-spending taking place get close to impossible. Cryptocurrencies get created on blockchain technology ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are unique in that they do not get issued by any central authority. The term "cryptocurrency" comes from the encryption techniques used to keep digital currencies and the network safe.
Are Cryptocurrencies Legal In India?
In India, cryptocurrency is legal, and anyone can buy, sell, and trade it. Because India lacks a regulatory system to regulate its operations, it is presently uncontrolled. According to the Ministry of Corporate Affairs, companies must now document their crypto trading/investments inside the financial year.
What Is The Safest Cryptocurrency To Invest In?
Bitcoin has had the highest market capitalization, has been around the longest, has the most experienced development team, and has enormous network impact and brand recognition. As a result, while trading cryptocurrencies, the rate of return on Bitcoin is commonly used as a benchmark. However, the risks associated with cryptocurrencies remain, and the safest cryptocurrency for you depends on your analysis.
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.
Can I Invest In Cryptocurrency?
Yes, with exchanges like WazirX, you may invest in cryptocurrency in India. To begin, go to the WazirX website and register. After that, you will receive a verification email. The link received by verification mail will only be available for a few seconds, so make sure you click it as quickly as possible. This will successfully verify your email address. The following step is to set up security, so choose the best solution for you. After you've set up the security, you'll be given the option of continuing with or without completing the KYC process.
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.
