Best Cryptocurrency Exchange App

How to buy Cryptocurrencies in India? The simplest guide around

How to buy Cryptocurrencies in India? The simplest guide around
Written by publisher team

Since the cryptocurrency industry is constantly evolving and we are still in the early days of development, people who are interested in cryptocurrency continue to educate themselves about this asset class. The crypto landscape is constantly unfolding.

New use cases are discovered frequently, applications are being developed, and companies continue to adopt them to settle payments. Despite it being an unregulated sector, quite a number of investors are joining the bandwagon.

You will not hear news of a scam happening in this space in India. This is because we try to make sure everything is clean. So when the government decides to regulate it, you don’t have to worry about firefighting.

Nisshal Shetty, CEO of WazirX told Scroll

WazirX is among the oldest cryptocurrency exchanges in India and has been in operation since 2017. It is backed by Binance, the world’s largest cryptocurrency exchange.

But what exactly is cryptocurrency?

It is a payment method that can be exchanged for other goods, services and goods. Unlike fiat currency like the rupee, it is completely decentralized. However, its primary purpose is to function as an electronic cash system that is not owned by one party.

The term “cryptocurrency” is a combination of
encryption And
Currency. It simply means that cryptocurrency is widely used to secure transactions. It is based on a simple concept of Blockchain, which is actually quite old.

Blockchain contains information in packets called “blocks” that are connected in a chain. While banks maintain a central ledger, the sequential ledger is decentralized and relies on peer-to-peer technology. This series of blocks, cannot be modified or altered, making the ledger extremely secure and eliminating the need for a central clearing authority.

Cryptocurrencies were only intended to be used as money, and Bitcoin is a classic example. However, modern blockchains like Ethereum allow developers to run smart contracts (token) on a decentralized network. This technology also makes NFTs (Non-Foldable Tokens) possible. These block chains are based on a token, which acts as digital receipts.

How do cryptocurrencies work?

The first cryptocurrency was Bitcoin, which was created in 2009 and is still the most popular. Cryptocurrency units are made through a process called mining. It involves calculating complex mathematical algorithms to create a virtual currency. The mechanism is chosen to control the currency supply over time, preventing hyperinflation. Although each cryptocurrency has its own unique model of mining, distribution and economic principles. The miner who solves the problem first adds the transaction details to the blockchain. The process rewards the miner with coins because it helps verify every transaction on the blockchain. The system is completely transparent and all transactions that take place are recorded in the blockchain.

Some modern coins use a different concept of mining, which requires much less energy. Instead of computing, blocks of nodes that take up storage space in the hard disk drive are boosted. It eliminates the need for a sophisticated mining device.

How do you store cryptocurrencies?

Just like a bank account or a Demat account, a blockchain wallet is used to store your coins, often informally called cryptos. The wallet facilitates smooth exchanges and payments. All transactions are secure, as they are cryptographically signed. It’s a lot like sending or receiving money through PayPal or any other digital wallet in use today, but you use it in cryptocurrencies instead.

WazriX Wallet is based on the same concept and is secure. Since its association with Binance, the exchange has also been seamlessly integrated with global exchanges, providing a technological advantage over others. To start trading, sign up for a cryptocurrency exchange, submit your KYC (know your customer) and you’re good to go in no time!

Here’s how you can trade cryptocurrency on WazirX

  1. Download the app or log in to the WazirX website.
  2. Fill in the details to open your account and finish Know Your Customer.
  3. This allows you to set up the account and add funds in rupees (rupees).
  4. Once the funds are added to the account, you can start buying cryptocurrencies from the “Exchange” tab. There is a whole range of cryptocurrencies available on the WazirX exchange.
  5. Choose the amount of encryption you want and enter “Buy”.
  6. After purchase, coins can be viewed from the “Moneys” option. To buy, you can avail Indian Rupee (INR), Tether (USDT), WazirX Token (WRX) and more.

The top 10 cryptocurrencies on the platform are Bitcoin (BTC), Ethereum (ETH), MATIC, Dogecoin (DOGE), Shiba Inu (SHIB), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), and Tron (TRX). .

How does one buy cryptocurrency?

According to CoinMarketCap, there are currently over 10,000 cryptocurrencies across 384 exchanges. Bitcoin, stand alone, has a market capitalization of over $700 billion. However, most of these coins are new, worthless, or experimental. The most active coins are multi-headed coins such as Ethereum, Ripple (XRP), Dogecoin, Polygon, and more.

You can buy or sell it on the cryptocurrency exchange. These are platforms that broker the trading of cryptocurrencies for other assets, including digital currencies and fiat currencies. It is independent and operates just like stock exchanges do globally.

WazirX is the most reliable cryptocurrency exchange in India, and rupees can easily be converted into cryptocurrency transactions. It is a centralized exchange, and therefore its operations are handled by a registered company. It adds a layer of reliability because the anonymous entity does not broker deals.

Disclaimer: This is a sponsored post in partnership with WazirX.


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