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Steps to Buy Ethereum Cryptocurrency in India

Ethereum is a project that combines a digital currency, the Ether, like Bitcoin, but takes advantage of the possibilities offered by blockchain, an unalterable record that since the birth of Ethereum has been aimed at the creation of smart contracts. Smart contracts, as a rule, include a financial transaction, act transparently for both parties and their operation is very similar to the programming codes If they do that.

All this information is reflected in the blockchain, an unalterable record where all transactions are reflected, whether they are for sale or purchases of coins, smart contracts.The information stored in the blockchain of the platform is accessible to everyone and is available on all computers that form the Ethereum network. The operation of Bitcoins blockchain is practically the same, but it only records transaction data, since the possibilities offered by this technology have not been extended.

How to Buy Ethereum in Two Simple Steps

The first step before buying is to have an Ethereum wallet to store the cryptocurrency. There are different ways to secure your cryptocurrency - it's about securing the private encryption keys associated with your public addresses.

Wallets are open-source and free software developed and available on different platforms and operating systems.

There are different types of wallets, with their advantages and disadvantages.

Step 1: Account Creation and Wallet

To store, receive, send the ether that you will get, you need at least have an Ether account. The easiest and fastest way is through the myetherwallet.com online service.

This service is very used and allows to create an account quickly, but it requires to trust a third party service. The official client (Ethereum mist wallet) was designed by the Ethereum Foundation, but it is much more complex to use.

In any case, it is strongly recommended that you read the security recommendations before generating your account.

Create a wallet

The creation of a portfolio address by the myetherwallet.com site is as follows:
  1. Visit the website at myetherwallet.com.
  2. Choose a password that will protect access to your account and enter it in the box. It is recommended that you choose a password that contains at least one lowercase character, one uppercase character, and one number. Feel free to use special characters (@ & $%). The password can not be changed or found in case of loss, choose a secure password but do not forget it.
  3. Click Generate Portfolio and when The message “Success!” appears on your screen it means that your wallet has been generated.
  4. It is absolutely necessary to save your private key, at least in the encrypted version. To do this, click File Keystore / JSON (Recommended - Encrypted - Mist / Geth Format).
You can also copy the string that appears in the Private Key (non-encrypted) box, or click on JSON File (unencrypted), but this second key allows you to access your Ether account without a password. If you copy this string, put it in a safe place! (bank vault, encrypted backup service ).

The last option (Print your paper wallet) keeps your key on paper! This allows you to physically put it on, and you can only access it by typing the text written on it or by scanning the QR code with a phone.

Step 2: Buy Ether in India

Buy Ethereum through BitBns:
  1. Sign Up with BitBns and enter name, surname and email id for account creation purposes. Next, submit your PAN card, bank account details and Aadhaar card photocopies.
  2. Investors will be notified via email about account activation on successful verification of uploaded documents which will take 1 working day’s time,
  3. Finally investors can Transfer funds to their BitBns account using NEFT/RTGS/IMPS and begin placing their Ether trading orders!
Ether Price in Indian Rupees as on 24th January 2018 is 62,413 INR. BitBns offers 0% processing fee for crypto purchases made before 31st January 2018.

Trading with BitBns is simpler and more accessible after the creation of the mobile versions of iOS and Android platforms. They have an intuitive design interface which makes even the first users asking for more trading experience.