How to Buy Algorand (ALGO) in India

By December 15, 2021March 29th, 20226 minute read
buy Algorand (ALGO) in India

If you’re regularly into crypto news, you’d know by now that ALGO (Algorand) is one of the hottest cryptocurrencies these days. While the project behind ALGO is not as prominent as Bitcoin and Ethereum, it’s still one of the few cryptos that investors are bullish about. In fact, crypto calls itself the “future of finance” on its website with an aim to converge traditional finance and decentralized finance.

What exactly is Algorand, and how does it work? Is ALGO really worth investing in? What’s all the hype around it? How to buy ALGO in India? We’re sure these are some of the questions you have in mind.

Let’s find out.

What is Algorand?

A blockchain cryptocurrency that aims to be as scalable as possible, Algorand is one of a slew of recent projects attempting to expand the potential use cases of cryptocurrency by solving the blockchain trilemma – speed, scalability, and security. ALGO is the native cryptocurrency of the Algorand blockchain. The public version of the Algorand blockchain, founded in 2017 by computer scientist and MIT professor Silvio Micali and officially launched in 2019, is primarily meant to allow other developers to construct new types of cryptocurrency-fueled apps.

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One of the most unique aspects of this blockchain cryptocurrency is that it employs the ‘pure-proof-of-stake’ (PPOs) consensus mechanism, which rewards a small number of miners for contributing their computational resources to complete transactions. Cardano and Solana are currently using the same mechanism, while Ethereum is moving towards it.

Algorand is also deflationary, with a cap on the total number of ALGO tokens available on the network. Below is a distribution schedule that’s anticipated to be completed within five years after the protocol’s launch.

  • The total supply of ALGO tokens is set at 10 billion, with 3 billion being distributed in the first five years.
  • 1.75 billion will be paid as incentives to miners over time, while 2.5 billion will be used to fund relay nodes.
  • The Algorand Foundation and Algorand Inc, which manage and maintain the network, have each been allocated 2.5 billion dollars.
  • The remaining 0.25 billion will go to end-user grants.

Is investing in Algorand worth it?

ALGO, which traded around $0.5 at the beginning of the year, is now a top 25 crypto, with a market capitalization of  $8,808,172,335. The market cap of cryptocurrency Algorand nearly tripled between August and September 2021. Currently, ALGO trades at $1.39. ALGO price in India at the time of writing is ₹117.00.

With ALGO gradually gaining prominence and value, an increasing number of investors have turned to cryptocurrency to diversify their portfolios. Here are a few good reasons that make ALGO a worthy investment.

  1. Interoperability

Algorand allows developers to create digital assets or smart contracts that work well across multiple blockchains on the protocol’s Layer-1 network by offering the ability to work across various blockchain networks. With external collaboration being the future of where blockchain networks are headed, such levels of interoperability certainly give Algorand a significant competitive advantage.

  1. Smart contracts

A smart contract is a computer program or transaction protocol that is kept on the blockchain and executes automatically when relevant events and actions according to the conditions of a contract or agreement are satisfied. To ensure that transactions are facilitated without a centralized third party, the Algorand network employs two types of smart contracts: stateless smart contracts and stateful smart contracts. When specific agreed-upon requirements are satisfied, stateless smart contracts enable multiple transactions to be permitted. On the other hand, stateful smart contracts allow data to be retained indefinitely and facilitate more use cases such as Stablecoins, NFTs, DeFi, etc. Indeed, the smart contract functionality offered by Algorand and the various use cases based on it is incredibly attractive to crypto investors.

  1. Immense growth potential

Algorand has recorded a positive price momentum over the last few months, which has made investors bullish on the crypto’s future. One of the key drivers of this momentum over the past year has been Algo’s listing on prominent exchanges and the introduction of exchange-traded products. This will undoubtedly give investors more liquidity and allow capital flows into Algorand to pick up. In terms of energy intensity and user experience, Algorand is also one of the most efficient networks. All of these make ALGO one of the hottest cryptos to watch out for.

How to Buy ALGO in India?

For the Indian investors looking to buy Polygon, Ethereum, Bitcoin, or other cryptocurrencies, now’s the time to move away from mainstream cryptocurrencies and diversify your portfolios with crypto like Algorand. Certainly, if you’re a novice investor, your first instinct will be to look up Bitcoin price in India, or google “how to buy BTC in India,” “how to buy USDT in India,” etc. But with the diversity of the crypto market these days and the potential that other altcoins offer, it’s always a good idea to not settle solely on prominent cryptos like BTC and ETH.

If you’re looking to buy ALGO in India, there’s no better exchange than WazirX, India’s best and most trusted crypto exchange. On WazirX, you can buy and sell more than 100 cryptocurrencies, including ALGO. 

#1 Sign Up on WazirX 

Click here to start creating a free account.

Sign Up on WazirX

#2 Fill Details to Start Creating Account

Start by filling up your current user mail id, so you don’t miss out on any verification steps.

Generate a secure password with alpha-numeric characters.

Fill Details to Start Creating Account

#3 Email Verification and Account Security Setup

Proceed with account creation after verifying the email address added (by clicking on the verification link sent to the email address).

You must configure your account security. WazirX provides two choices for account security.

You have the option of selecting either option. However, the authenticator app is more secure than mobile SMS, subject to delayed reception and the danger of SIM card hacking.

WazirX Email Verification

#4 Choose a Country

Choose India (country) and either “skip now” or “complete KYC” based on your investment needs.

If you have not completed the KYC process, you can only deposit and trade through your WazirX account. However, to be able to withdraw and trade P2P, you must first complete KYC.

To complete KYC, you must submit a few details:

  1. Full name as it appears on the KYC paperwork
  2. The birth date
  3. Address as it appears on the KYC paperwork
  4. Scanned copy of your KYC documents and a selfie to finish the procedure. 

PS: Within 24 to 48 hours, the account is usually validated.

WazirX Choose a Country

#5 Transfer funds to your WazirX account

WazirX wallet accepts deposits in INR using IMPS, UPI, RTGS, and NEFT. You can deposit a minimum of Rs. 100 in your WazirX account, and there is no maximum limit.

Log in and select “Funds” to deposit INR into your account. Select “Rupee INR” and then click “Deposit.” For this,  you must link your bank account to your WazirX account.

#6 The Final Step – Buy ALGO

Log in to your WazirX account and select INR from the “Exchange” option to purchase ALGO. The exchange is a spot market for all cryptocurrencies matched against the Indian rupee. On the right side of the screen, you will see all price charts, order book data, and an order input form.

Steps to Buy at WazirX

Fill out the buy order form and click “Buy ALGO“. It will take some time for the order to be carried out. As soon as the order is exchanged, you will receive the ALGO coins.

What makes WazirX the best is that it offers faster KYC procedures, best-in-class security, lightning speed transactions, and accessibility across five platforms compared to other exchanges. Built by a team of hardcore traders and blockchain enthusiasts, WazirX also features a simple, efficient, and accessible interface that makes it possible for anyone to get started with crypto trading on the platform quickly. 

Click here to sign up for trading on WazirX. You can also stay connected with the latest updates and offerings by following WazirX on Telegram, Twitter, Facebook, and Youtube.

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.

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.

Is Cryptocurrency Safe To Invest In?

Cryptocurrency investments are subject to market risks, but if sufficient security measures are not taken, trading accounts can be maliciously accessed. Investments come with risks and uncertainties, and we cannot claim that any digital currency investment is risk-free. Buying and selling cryptocurrencies can be risky even if the trader is knowledgeable about the market and treats their coins carefully.

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 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.

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 To Invest In Cryptocurrency Stocks?

Cryptocurrency can be purchased in two ways: through mining or exchanges. The process of confirming and adding transactions to the blockchain public ledger is known as cryptocurrency mining. Cryptocurrency exchanges are another option. Exchanges make money by charging transaction fees, but there are alternative platforms where you may communicate directly with other cryptocurrency traders.

How Safe Are Cryptocurrencies?

Cryptocurrencies can be safe, but your crypto wallets can be hacked if proper security steps are not performed.There are also dangers and uncertainties associated with investments, and we cannot declare any virtual currency investment risk-free. Buying and selling cryptocurrencies does not have to be dangerous if the trader is well-versed in the market and treats his coins with care.

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.

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.

Who Invented Cryptocurrency?

Satoshi Nakamoto invented cryptocurrencies and the technology that makes them function in 2009. The presumed pseudonymous individual or persons who invented Bitcoin used this identity. In addition, Nakamoto created the first blockchain database. Even though many people have claimed to be Satoshi Nakamoto, the person's identity remains unknown.

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.

Is Pi Cryptocurrency Safe?

Pi Network (PI) is the newest digital token to catch the cryptocurrency community's interest, even before it has wholly debuted. Some users see it as a chance to get engaged in a cryptocurrency from the beginning and profit in the future, similar to how early Bitcoin adopters made huge profits by mining and keeping the coin. Other users have compared Pi to a worthless multi-level marketing (MLM) scheme.

What Is Virtual Currency?

Virtual currency is a type of uncontrolled digital currency that can only be used online. It is exclusively stored and transacted using designated software, mobile or computer applications, or unique digital wallets, and all transactions are conducted through secure, dedicated networks. Because digital currency is just currency issued by a bank in digital form, virtual currency is not the same as a digital currency. Virtual currency, unlike ordinary money, is based on a trust structure and cannot be issued by a central bank or other banking regulatory organization.

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.

Which Cryptocurrency Is Best To Invest Now?

Litecoin has an 84 million coin limit and a 12.5 LTC block reward, which is more than other cryptos. Miners will find that mining Litecoin is faster than mining any other cryptocurrency because the average time to mine a Litecoin is under two minutes. Because of its increasing popularity, Litecoin is the best of all the altcoins. At WazirX, the current price of Litecoin is ₹12,410.22.

Which Cryptocurrency Is Best To Invest In 2021?

Many altcoins are flourishing to invest in. Some cryptocurrencies with great potential are Ether, Ripple, Tron, and more. Investors are trying to diversify their portfolios and are flocking to the leading cryptocurrencies. Many growing businesses are already accepting cryptocurrency as acceptable payment methods.

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.

What Is Crypto?

Crypto or a cryptocurrency is a digital currency protected by cryptography, making counterfeiting and double-spending nearly impossible. Blockchain technology is used to produce cryptocurrencies (a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a government does not issue them. The word "cryptocurrency" refers to the encryption methods employed to keep digital currencies and the network secure.

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

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.

How To Invest In Cryptocurrency In India?

There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is the process of verifying and adding transactions between users to the blockchain public ledger. Purchasing cryptocurrency in India is a straightforward procedure where investors simply participate by registering with a crypto exchange such as WazirX. After registering for an account, citizens can trade multiple cryptocurrencies, store cryptocurrency in wallets, and more.

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.

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.

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

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.

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.
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