Ethereum is known as the second-biggest cryptocurrency in the world. And rightfully so, this digital asset has contended and earned its way to being only second to Bitcoin in market capitalization! However, only half a decade ago, in 2015, Ethereum was cheaper than just a hundred rupees.
Talking about prices, Ethereum’s overall growth since its innovation has been marvellous were just one unit of this digital asset costs almost 3 lakh INR today. This augmentation in price has allowed investors and even businesses to acknowledge Ethereum as a good asset to both; trade and use as a form of payment. You can use the Ethereum price calculator above to receive an estimate of potential holdings according to your current funds.
Ethereum is also widely acknowledged for being the most famous altcoin. Altcoins are all other cryptocurrencies except Bitcoin. It’s intriguing to know that Ethereum is the name of the entire blockchain while the actual cryptocurrency is termed Ether. As on 4 January 2022, 1 ETH values ₹3,06,216.3!
What is Ethereum?
Ethereum is a decentralized blockchain, mainly designed to be prone to hacks. Its currency, Ether (ETH), is utilized to complete payments on the blockchain.
Ethereum was created to enable organizations to create and develop apps on the Ethereum blockchain. This also further authorized them to market these apps to the public.
Ethereum (like any other decentralized blockchain) does not rely on governments or central authorities but works rather independently. All transactions made on the Ethereum blockchain are transparent and can be viewed by anyone with a working computer. Ethereum uses mining as a way to procure new Ether coins.
How does Ethereum work?
Ethereum’s infrastructure of a distributed network allows users to make immutable and decentralized applications on it, via which they can operate. Transactions here are organized in a chronological chain.
To put it in simple terms, Ethereum operates on a consensus network that’s connected by several nodes, which make a chain of blocks that store data.
How do I invest in Ethereum?
To invest in Ethereum, you’ll need to purchase them from one of the many cryptocurrency trading platforms.
There are multiple trusted sources for getting cryptocurrencies in India, and accessing them is effortless.
An account on the WazirX exchange is all you’ll need to take your first step in the crypto world. WazirX also provides all investors with helpful trading tools. Price charts and visibility of the real-time value of ETH is a plus point!
How to buy and sell Ethereum
Ethereum can be bought or sold in India through many platforms that offer consumers trading services. A simple crypto exchange can do the job for you too. Exchanges can have sites, apps, or both to allow users to buy and sell cryptocurrency seamlessly.
WazirX is India’s prominent crypto exchange that allows users to invest with as little as 100 INR with the quick buy option!
Is Ethereum legal in India?
This is one of the most common questions for any new investor. Cryptocurrencies like Ethereum are not illegal in India. Anyone in India can trade with cryptocurrencies like Bitcoin and Ethereum. Nevertheless, unlike other countries, cryptocurrencies are yet to be regulated in India. However, the Government plans to establish a bureau to regulate the trading activities here.