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The Internet Computer (ICP) is a decentralized blockchain network launched by the DFINITY Foundation in May 2021 to push the limits of Internet functionality and support smart contract development on a bigger scale. The project’s success can be attributed to its skilled team of cryptocurrency enthusiasts and smart contracts, which allow developers to create dApps. Furthermore, ICP provides nearly infinite scalability and a high level of security via a system of checks.
Internet Computer (ICP) aims to give control back to developers and Internet users who host and utilize the network. The goal of the Internet Computer platform is to expand the current public Internet by introducing Chain Key Technology, a set of cryptographic protocols that consists of several components, including Threshold Relay (a consensus model), Non-Interactive Distributed Key Generation (NI-DKG), Network Nervous System (an on-chain governance system), and decentralized identity.
What is Internet Computer (ICP)?
The Internet Computer (ICP) is a set of protocols that enable independent data centers worldwide to band together and provide a decentralized alternative to today’s centralized internet cloud providers. The ICP token is used for governance, which gives the holders a right to vote on the decisions regarding the network’s future and to pay transaction fees.
The ICP token can be purchased and traded via exchanges. However, it is much more than just the form of digital money. In its first, ICP is the only blockchain to host websites, systems, internet services, and complete financial systems created solely of smart contracts, with no private systems involved.
Why Buy the ICP token?
Internet Computer (ICP), the native token of the blockchain, is a utility token that interacts with the blockchain’s governance mechanism. Users who participate in ICP’s governance procedures or offer computer power as a node receive ICP incentives. The concept of cycles is an important aspect of the network. ICP tokens can be converted to cycles, which can subsequently be used to run blockchain-based smart contracts. The network burns the ICP crypto exchanged for cycles as a deflationary measure. It works in the same way as Ethereum’s gas mechanism – it charges for calculations.
By staking the ICP tokens, the user can propose recommendations and vote to influence the outcome. For at least six months and up to eight years, the ICP in a neuron is locked when staked. The voting power and incentives increase proportionately to the lock-in period of the ICP holdings of a user. ICP has no limited supply. However, it does want to reduce its yearly inflation rate to 5% over the period.
How to Buy ICP Coins in India?
If you are wondering how to buy ICP coin in India, then WazirX can be your best choice. You can buy ICP coin in India via WazirX, India’s most trusted cryptocurrency exchange, by following the few simple steps listed below:
#1 Sign Up on WazirX
To begin with, create an account on WazirX by clicking here.
#2 Fill in the Required Details
Put in your email address and choose a secure password.
#3 Email Verification and Account Security Setup
Next, verify the email address by clicking on the verification link you received in your inbox. Following that, you have two options to ensure the security of your account – the authenticator app and mobile SMS.
Remember that the authenticator app is more secure than mobile SMS because there is a risk of delayed reception or SIM card hacking.
#4 Choose Your Country and Complete KYC
After selecting your country, complete the KYC process. Without completing your KYC verification, you can not trade peer-to-peer or withdraw funds on the WazirX app.
To complete your KYC, you need to submit the following details:
- Your full name as it appears on your Aadhaar or any other ID proof
- Your birth date as stated on your Aadhaar or any other ID proof
- Your address as it appears on your Aadhaar or any other ID proof
- A scanned copy of the documents
- A selfie of yours to finish the procedure
And you are done creating your account! Within 24 to 48 hours, the account is usually validated.
Buy ICP on WazirX via P2P
WazirX allows you to check the ICP coin price in India before you proceed to buy ICP crypto via WazirX. Check ICP coin price in INR on WazirX here. You can buy ICP using USDT and INR.
To buy USDT, you can use the WazirX P2P route. This is fast, secure, and free. Follow these simple steps to buy USDT and then your ICP crypto:
- Log in to your WazirX account on the web/mobile app and select “P2P” from the “exchange” option.
- Next, click on the ‘Convert INR into USDT’ option.
- Add the INR price at which you want to purchase USDT. Next, add the number of USDT tokens you want to purchase and click on “BUY”. Here, the minimum purchase should be 14.5 USDT.
Once you click on the buy button, WazirX will match you with sellers. However, if you wish to purchase the USDT from a specific seller, you can add the XID of that person and complete the transaction.
- You need to select a preferred mode of payment next. UPI and IMPS modes are the two options available. Please note that IMPS linking is mandatory on the WazirX platform; however, UPI linking is optional.
- Once you confirm and click on the message “YES, I WILL PAY’, you will get 60 additional minutes to complete your payment. In case of non-payment, once confirmed, a minimum penalty of 10 USDT or 1.2% of trade will be levied. False confirmations can also cause your account to get locked.
- Complete the payment as per the payment details on the screen (seller’s bank/UPI details). Once the payment is complete, upload the payment proof and click on the checkbox “I HAVE PAID”.
Once the seller confirms the receipt of payment, your order will be marked complete, and the USDT purchased will be reflected in your “funds”.
- Now you can use this newly acquired USDT balance to purchase ICP crypto on WazirX. Go to the “exchange” option on the web/mobile app and select ICP crypto from the list of the tokens available in the USDT market. All price charts, order book data, and an order input form are visible on the right side of the screen.
Fill out the buy order form and click on buy ICP. Wait for some time. It will only be a short while before your order is executed. Once it’s done, you will receive the ICP coins you purchased in your WazirX wallet.
Learn how to buy crypto safely and securely via WazirX P2P:
Future of Internet Computer
The Internet Computer (ICP) coin grew by 368% in 2021 but lost momentum in the latter half of 2021. The downturn was carried forward in 2022, given the crypto market’s current state of decline. However, the multiple reforms it is undertaking are promising; the Internet Computer has deployed over 28,000 canister smart contracts. More than one thousand developers are developing several applications on the Internet Computer, including social media dapps, GameFi, NFTs, and many more. These Internet Computer-based projects will soon be tokenized and shall be listed on the exchanges when the developers agree on token standards.
Frequently Asked Questions
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 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.
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.
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.
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 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.
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.
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.
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.
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.
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.
