Introduction to Ethereum
Ethereum is essentially the world’s programmable blockchain, which lets you write code that controls digital value. It runs exactly as programmed and is accessible anywhere in the world. While Ethereum improves on Bitcoin’s innovation, there are some significant differences between the two.
Today, the Ethereum blockchain is mostly used for value exchange, but various developers are now working on the cryptocurrency due to its long-term potential.
Put another way – Ethereum is a community-run technology that powers its Ether (ETH) cryptocurrency and hundreds of decentralized applications. In the same way that other cryptocurrencies can be used for global value exchange and payment, Ethereum can also be used without the need for a third party to monitor or intervene.
And despite being the most popular Bitcoin alternative, Ethereum does not enjoy the same market capitalization and popularity as Bitcoin. However, it has still managed to generate substantial interest among investors and has drawn the attention of blockchain players due to its potential uses beyond just cryptocurrency transactions.
While both these cryptocurrencies allow you to make transactions without using payment providers or banks, Ethereum is programmable, allowing you to use it for various digital assets, including Bitcoin. In contrast to Bitcoin, Ethereum has been used to create and operate smart contracts and decentralized applications without requiring a third party.
This means that, in addition to payments, Ethereum is also a marketplace for financial services, games, and apps that do not steal or censor your data. Several factors like these contribute to Ethereum’s rising popularity, including the fact that it’s becoming increasingly accepted by exchanges and its increasing valuation.
Key Elements of Ethereum
- Ether – Ether is the cryptocurrency of the Ethereum network
- Ethereum Virtual Machine – The Ethereum virtual machine (EVM) is a blockchain-based software platform that enables developers to build decentralized apps (dapps)
- Dapps – Dapps are a rising movement of Ethereum-based applications that disrupt or establish new business models. Instead of using a centralized server, they use a decentralized network to run their backend programming (smart contracts).
- Smart contracts – A smart contract is a program that runs on the Ethereum blockchain. It’s essentially a collection of code (its functions) and data (its state) stored at a unique Ethereum blockchain address. Smart contracts specify rules in the same way that regular contracts do, but they are enforced automatically by the code.
Buying Ethereum in India
Ether (ETH), the native asset of the Ethereum network and one of the most well-known digital currencies, is now available for trading in India on various exchanges, the most notable being WazirX.
As the price of ETH continues to rise in 2021 and the enthusiasm and hype around cryptocurrencies increases, several people are now considering entering the market for the first time. If you’re looking for the most secure and trustworthy way to buy Ethereum in India, we’ve put up this short guide to help you do so with WazirX.
Ethereum Price in India
As of August 2021, the Ethereum price in India stands at Rupees 195,759. Here’s a look at the history of Ethereum prices in India from August 2020 to August 2021.
How to buy Ethereum in India
To buy Ethereum in India, users should look for an exchange that handles the ETH/INR trading pair. WazirX provides a simple way to trade various cryptocurrencies on their platform, including Ethereum. Here’s how you can buy Ethereum in India with WazirX.
- Sign up on WazirX through the mobile app or website.
- Users will then be required to verify the email address they have provided.
- Next, users will be required to select a security option that best suits their requirements.
- Once security is set up, users have the option to complete their KYC procedure or not.
- After this, users will be required to the Funds and Transfers page.
- Click on “Funds” and then click on “Deposit INR”. Following this, users can deposit their accounts.
- Next, select the “Exchange” button on top of the screen.
- Then, select the “Buy” tab on the ETH/INR market.
- Users can then enter the amount they wish to buy or the amount they want to spend in INR.
- Next, select “Buy ETH”.
And with these simple steps, you can easily buy Ethereum in India.
Convert ETH to INR
Users have two options available when they are selling Ethereum in India. They can either sell ETH for INR or fiat currency or sell ETH for another cryptocurrency such as BTC or XRP. For Ethereum to INR conversion, here are the steps you should follow.
- Log In to the WazirX website page.
- If you’re a first-time user, complete the Sign Up process as mentioned above.
- Transfer your ETH holdings to your WazirX wallet by clicking “Funds” at the top of the screen. Next, select Ethereum (ETH) and click on the “Deposit” button.
- When you select the deposit option, you will then get the “Destination Address” to which you can transfer ETH.
- Next, go to the “ETH/INR” market page and click on the “Sell” button.
- Then, users can type the amount and rate at which they want to sell ETH in the field provided. For instant execution, users can select the “Highest Price” option and place the order.
- Next, users must review their transaction details.
- The final step is to withdraw INR. Users can do this by clicking on the “Funds” button. Under the “Rupee (INR)” option, click on the “Withdraw” button, and the withdrawal process will be initiated.
And that’s the steps you should follow to convert ETH to INR.
As much as crypto trading is all the rage right now, traders, especially beginners, need to understand that crypto trading comes with its own set of risks. Cryptocurrencies, in general, are highly volatile assets, so traders must conduct thorough research and study market movements before making a trade. And finally, it is essential to choose a safe and secure exchange.
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.
Without a doubt, WazirX is the best and most trusted cryptocurrency exchange in India that lets you trade a wide variety of cryptocurrencies. It also has exceptional security features, which makes trading reliable and transparent on the platform.