Today, our personal data, passwords and financial information are all largely stored on other people’s computers – in clouds and servers owned by companies like Amazon, Facebook or Google. Ether is a digital currency used for operating smart contracts on the Ethereum network. Like Bitcoin, the Ethereum network and Ether tokens are not controlled or issued by any bank or government – instead, it is an open network which is managed by its users. So let see how to buy Ethereum in India.
What is Ethereum?
Before looking into how to buy Ethereum in India let’s see what it is? It is a decentralized blockchain based smart contract platform for creating software and running applications.
It is a platform where you can write smart contracts to get your tasks completed such as, software creation and running it in the cloud. Let’s see what makes it so unique:
- It executes the code written in any language.
- And has some of the best features to get your tasks done, without having to lose money.
- Ethereum is not a digital currency.
- But the token of Ethereum called Ether is its digital currency.
What is Ether?
Ether is a necessary element — a fuel — for operating the distributed application platform Ethereum. It is a form of payment made by the clients of the platform to the machines executing the requested operations. To put it another way, ether is the incentive ensuring that developers write quality applications (wasteful code costs more) and that the network remains healthy (people are compensated for their contributed resources).
Is it Safe?
Ethereum has been deployed in different phases. Currently, the Ethereum project is in the 2nd phase, called “Homestead”. The 4 planned phases for the growth of the Ethereum network are, in order: Frontier, Homestead, Metropolis, and Serenity. Ethereum Homestead clients are working smoothly after being in beta for several months without any major incidents. However, Ethereum is still an experimental technology. Since it allows for programs to run on a virtual machine, it’s still possible that some things may still go wrong, such as poorly written smart contracts that contain bugs.
How to buy Ethereum in India
The concept of purchasing Ethereum is a bit different.
You cannot go to an online broker or Ethereum’s website and buy Ethereum directly.
You will need an online registered wallet and then you will be able to exchange your revenue for Ether.
Now, there are two Indian digital wallets by which you can easily purchase Ethereum.
The only thing, that you’ll have to do is, sign up in any one of these wallets and create an account.
Once you have registered and you’ve got your hand on your digital wallet.
You will be able to make endless exchanges of revenue to Ether or purchase Ether using the wallet.
Below is a list of helpful links you might want to read.