What is Hedera Hashgraph (HBAR)?

Hedera Hashgraph (HBAR) is the native cryptocurrency of the Hedera public network that operates on an underlying open-source hashgraph consensus algorithm. It is an energy-efficient currency that performs micropayments, builds smart contracts, and stores files. It eliminates the need for a license for developers to use its platform and only requires its native HBAR tokens to get access to distributed applications available on the Hedera platform. Hedera Hashgraph also claims to process transactions at a meager cost and deliver a faster and more secure alternative to blockchain consensus mechanisms.

How does Hedera (HBAR) work?

Hedera (HBAR) uses an innovative 'Gossip' protocol in which a group of nodes runs the Hedera distributed ledger. Big companies like IBM and Google operate these nodes, ensuring fast, secure, and low-cost transactions. Each network node communicates with other nodes to record and verify every transaction. The explosive rate of their communication creates Directed Acyclic Graphs (DAG).

Every communication history is recorded in these graphs, which is then sent to the storage of network computers. This graph can be accessed anytime when the network wants to know the details of any transaction. A node exists that received the communication before other nodes, and this node is called a famous witness. This node spreads the information "gossip" to other nodes while verifying transactions. Only when a network of nodes agrees to add verified data in the decentralized ledger, the data is added to the network with 100 percent finality.

This whole process is entirely decentralized, as every decision on the Hedera Hashgraph is made by a governing council that comprises 39 global industry leaders from 11 different sectors. These members do not receive any share of the network revenue and have a fixed term of 3 years.

The Hedera network can process over 10,000 transactions per second (TPS) by employing these methods, surpassing 5 TPS of Bitcoin and 13 Ethereum. The average calculated cost of a transaction is $0.0001 on Hedera due to its energy-efficient consensus mechanism. The native token, HBAR, is used to pay these transaction fees and strengthen the network's security. Additionally, users can also stake HBAR and earn staking rewards.

How to Buy Hedera (HBAR) in India?

There are many crypto exchanges where you can buy, sell, trade and invest in HBAR crypto in India.

One such platform is Flitpay. To buy HBAR in INR, you have to sign up to the Flitpay application, where you will have to enter the required details and go through a small KYC verification process.

After the KYC approval, make sure you have correctly entered your bank details. Now, through the linked bank account, deposit the amount you want to buy HBAR, and execute the HBAR purchase.

You can instantly convert your INR to HBAR and HBAR to INR and withdraw your INR through bank transfers whenever you want.

Flitpay also keeps introducing timely rewards for its users.

What do I do after buying Hedera (HBAR)?

HBAR can be used to buy other cryptocurrencies after converting them to INR through crypto exchange platforms like FLITPAY. You can also hold HBAR till it reaches a high price and then can sell it through the FLITPAY OTC order facility. Users can earn significant profit from buying it at a lower price and selling it at a higher price.

Besides that, HBAR can also be used to pay gas-free for executing transactions and smart contract functions on the Hedera public network Blockchain.

FAQs

What is Hedera (HBAR)?

Hedera is the utility token of the public network, Hedera, that uses a unique hashgraph consensus mechanism to verify transactions, perform micropayments, build smart contracts, and store files.

What is the Hedera (HBAR) price in India?

Check out the current INR price of HBAR crypto in India on Flitpay

Which is the best crypto exchange to buy Hedera (HBAR) in India?

The best crypto exchange in India to buy HBAR or your favorite cryptocurrencies is Flitpay. Flitpay supports instant UPI and bank deposits and bank withdrawals with a minimum deposit and withdrawal limit of INR 100.

What are the Benefits of Hedera (HBAR)?

Hedera is an energy-efficient cryptocurrency that claims to perform 10,000 transactions per second with a transaction cost of just $0.0001 for each transaction. This is possible due to its one-of-a-kind "gossip"" protocol and Hedera distributed ledger technology.

Is it safe to invest in Hedera (HBAR) in India?

Yes, investing and trading HBAR crypto is Safe in India. Flitpay is one of India's most secure cryptocurrency exchanges for buying Hedera Hashgraph. It offers real-time prices and advanced investing features.