Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference.
Ethereum is a public blockchain-based platform that allows developers to build and deploy decentralized applications. The native cryptocurrency of the Ethereum blockchain is called Ether (ETH).
ETH is the second largest cryptocurrency by market capitalization, after Bitcoin. It is also the most actively used blockchain in the world.
India is one of the countries with the highest number of Bitcoin and cryptocurrency investors. However, due to the Reserve Bank of India’s (RBI) ban on banks dealing with cryptocurrencies, it has been difficult for investors to buy ETH in India.
However, there are a few ways to buy ETH in India. One way is to use a peer-to-peer (P2P) exchange like LocalEthereum or Remitano.
These platforms connect buyers and sellers in a decentralized manner and allow users to trade ETH using Indian rupees (INR).
Another way to buy ETH in India is through cryptocurrency exchanges like WazirX, CoinDCX or Bitbns. These exchanges allow users to buy ETH with INR.
However, due to RBI’s ban, these exchanges do not offer direct bank transfer methods. Instead, they use methods like ‘peer-to-peer’ (P2P) or ‘unified payments interface’ (UPI) to enable users to deposit and withdraw INR.
Lastly, investors can also use crypto-to-crypto exchanges like Binance or KuCoin to buy ETH. These exchanges do not accept INR deposits but do allow users to trade cryptocurrencies like BTC or USDT for ETH.
Despite the difficulties, it is still possible for investors in India to buy Ethereum. However, it is important to note that investing in cryptocurrencies is risky and investors should do their own research before investing.