When we talk about cryptocurrency and its different terms. It feels like we all are still in a learning period. Cryptocurrency is not a new thing, for now, however, the advances made in it and the different Cryptos coming into the market are surely a new thing to look for.
Several cryptocurrencies are being introduced to the market. The most famous and well-known cryptocurrency is Bitcoin and next to it comes Ethereum. Apart from these, there are many other options also available. One such cryptocurrency is the USD Coin. The only difference between USD Coin and USD is that one is the traditional currency of the United States and the other is the cryptocurrency coin representing the same value as USD.
Cryptocurrencies can be accessed from anywhere in the world with only one condition and that is to access them from the digital platform. Using digital currency is a big advantage as it can be accessed from anywhere In the world. When we talk about cryptocurrency and its acceptance in different countries. India does lack behind in the acceptance of cryptocurrency from a few other countries. However, having a crypto trading India is not a new term and it does have well-defined access for anyone looking towards it. Below is the given guide on how to access USD Coins in India.
What Is Meant By USDC?
The United States has its traditional currency named US Dollars. Whereas the cryptocurrency USDC stands for United States Dollars Coin. USD Coins are of exact value as US dollars. For one USD Coin, its value will be equal to one US dollar. USDC is considered a stable coin. The main use of USDC is to make transactions faster and cheaper as compared to traditional payments. It is bound by US dollars.
Advantages of Using USDC:
Using cryptocurrency already has many advantages over the use of traditional currency. With the value of USDC bound with the US dollar instead of varied values, there can be more advantages of using a stable cryptocurrency.
- The value of USD is equal to USDC, hence with the value of a dollar, one can imagine buying and purchasing digital items from the cryptocurrency ecosystem.
- USDC follows the ERC20 protocols and can be used with any application available at the same level.
- USDC can be considered as a digital dollar that can then be used and programmed by fintech and developers.
How to Purchase USDC in India
Purchasing a cryptocurrency is quite easy and requires one digital platform for it to get access. USDC is an ethereum based cryptocurrency and can be easily stored in any E-wallet. Steps to buy USDC are:
1. Select your digital wallet platform.
When we talk about having an E-wallet, there are several options available to select from the number of options. The selection of a single digital wallet from several options should depend upon multiple factors such as the Cryptocurrency they allow, security provided by the platform, the number of fees to be paid on different facilities, and many others. After thorough consideration, one option should be selected.
2. Registering on the platform.
Once the selection process is done, next comes the registration for creating a new account. Make sure to read all of their terms and policies before confirming the registration. Enter the required information and complete their needed security checks such as OTP and captcha.
3. Share your KYC details.
When we talk about Indian jurisdiction, KYC and AML are the important parts needed for registration. One can remain calm with the needed security of their details as they are not shared with anyone and are used for legal work only. Your Aadhar card and Pan card number might be required to fill in the form.
4. Enter Bank Details.
The last part is to enter Bank details as per your choice. Once done with details, you can then easily start with your transactions of INR rupees to buy USDC.
Cryptocurrency is the future of currency. They are a highly appreciated and effective alternative to traditional currency. Cryptocurrency can be accessed anywhere in the world by the means of digital wallets. Similarly, by the use of an appropriate E-wallet, we can transfer one currency into another. Such as transferring INR into USDC. The detailed method of purchasing USDC in India is explained in the above text.
Frequently Asked Questions:
1. Can we buy USDC in traditional currency?
• Yes, USDC can be purchased easily with the traditional currency by paying its equal value. For US dollars, one US dollar can be exchanged for one USD Coin. Similarly, other currencies can be exchanged according to their value.
2. Is cryptocurrency banned in India?
• The status of cryptocurrency being banned in India is still unclear. As no rules are stating it to be illegal, there is no acceptance shown in any relevant rules. The most recent news regarding this is in a budget session of Parliament 2021, a bill was about to be introduced regarding banning private cryptocurrencies. However, the bill was not kept forward. And up till now, there is no new rule implemented on cryptocurrency.