Oh, you found out about Ethereum!
And like everyone else, you also want to jump on the get-rich-quickly-scheme bandwagon.
Be a part of the Sucide Squad!
Pardon my language if you are the one who understands the technology and the risks associated with it before investing.
But there are just toooo many wannabees out there who just see the rally and jump in! ?
Those are the people who would be burning their fingers and then blame the technology or the people associated with it.
More of my rant in a different post… let’s jump to the topic of this post.
How to Buy Ethereum in India?
So there are three ways of buying Ether in India.
Buy Bitcoin and exchange it for Ether from international exchanges
There are a lot of apps where you could buy bitcoins from – Zebpay, Unocoin, Local Bitcoins etc.
Once you buy Bitcoin, create an account on one of the major international exchanges.You can try Kraken, Poloniex, Changelly or Bittrex.
After you create an account, you can just exchange Bitcoin for Ethereum. Ting! ?
Buy Ethereum from ETHEXIndia.com
This probably is the easiest way to buy Ethereum with Indian Rupees (INR).
Of course, similar to the purchasing process for Bitcoins, you’ll have to submit your personal details and documents, including Pan Card, for verification.There is just ONE BIG ISSUE: It takes a lot of time to process your KYC verification.
Important: I have not tried this exchange and the website clearly shows that it is in Beta phase of development. So take proper caution before buying.
Third way is to Buy Ethereum directly from international exchanges
You can use Kraken or Bittrex for creating a verified account and wire transfer or use your debit card to transfer funds.Of course, you’ll have to pay extra for exchange rate fee.
But you are anyways paying that when you buy Bitcoin or Ether in India directly.Don’t believe me? Compare the international and Indian rates for Bitcoin and you’ll know.
Most Important: Never keep your cryptocurrency in Hot Wallets!
All the exchanges face risk from cyber attacks.
It has happened on several occasions before and it may happen again.
In most of such cases, people lose their currency.
So be safe.
This brings me to the second part of this article.
How to keep your Ethereum Safe from Cyber Attacks?
After the exchange/purchase, transfer your Ethereum to a Cold Wallet.
What is a Cold Wallet?
The wallet which is not connected exchanges or with the internet.
Hot wallets are the one we create with the exchanges. Our purchased cryptocurrencies remain in the hot wallet making it vulnerable to the cyber attacks.
There are different types of cold wallets including Hardware cold wallets.
Each type has its own pros and cons.
I personally prefer a paper wallet as my cold wallet.
First, because unlike hardware wallets, it is free of cost.
Second, it is easy to create and easy to access.
I can save the paper wallet pdf in a pendrive or print it and keep it in a secure place.
But what are the risks??
Well, if you lose your pendrive or printed paper, then your money is lost!
How to create a paper wallet?
If you wish to create your Ethereum paper wallet, try myetherwallet.com
One last thing, if you found this post useful or if you have any query regarding any aspect of Ethereum or other cryptocurrencies, please let me know in the comments.