What is Ethereum?

Ethereum, conceived by Vitalik Buterin, along with a few other crypto enthusiasts in 2015, is an open-source program based on blockchain with a native cryptocurrency called Ether (ETH). The ecosystem of Ethereum works on Smart contract technology through which anyone can create their tokens, coins, and contracts. Ethereum allows the building of entertainment applications and financial services, ruling out centralized financial institutions and banks. Additionally, Ethereum also provides installation and exchange of NFTs.

Ethereum initially worked on a proof-of-work algorithm until it underwent a significant upgrade on September 15, 2022, that changed its consensus algorithm to PoS (Proof-of-Stake). The Upgrade is popular as ‘Ethereum 2.0’ and ‘The Merge’. It took place to limit the energy consumption of Ethereum by more than 99%. Ethereum is currently the second-ranked cryptocurrency after Bitcoin in market cap with no limit to supply cap.

How does Ethereum Work?

Before transitioning to the Proof of Stake (PoS) consensus mechanism, Ethereum operated similarly to Bitcoin, where new ETH tokens were generated through mining and computational lending power.

However, Ethereum has now shifted to a PoS algorithm, where validators stake ETH tokens as collateral in an Ethereum smart contract. These validators then verify the validity of new blocks and their transactions. When a transaction occurs from person A to B, validators validate it and include it in a block. Each block comprises multiple transactions, and once compiled and verified, validators receive the remaining gas fee and a base reward for validation, with the required base gas fee being burned.

How to buy Ethereum in India?

There are many platforms where you can invest and trade Ethereum in India. One such platform is Flitpay. To buy Ethereum (ETH) in INR, you have to sign up on Flitpay, where you will have to enter the required details and go through a small KYC verification process.

After the KYC approval, ensure you have correctly entered your bank details. Through the linked bank account, deposit the amount of which you want to buy Ethereum and execute the ETH purchase.

You can instantly convert your INR to Ethereum (ETH) and Ehtereum (ETH) to INR and withdraw your INR through bank transfers whenever you want.

Flitpay also keeps introducing timely rewards for its users.

FAQs

What is Ethereum?

Ethereum is a decentralized, open-source, blockchain platform that facilitates the development of Decentralized applications and NFTs through smart contract technology. At the heart of Ethereum lies its native currency, ETH, which not only serves as a means of payment but also plays a pivotal role in governance, empowering users to make decisions that shape the trajectory of the Ethereum blockchain.

Which is the best platform to buy Ethereum in India?

Flitpay is the best cryptocurrency exchange in India to buy Ethereum, buy Bitcoin, or your favourite cryptocurrencies. Flitpay supports instant UPI and bank deposits and bank withdrawals with a minimum deposit and withdrawal limit of INR 100.

How to buy Ethereum crypto in India?

You can easily buy Ethereum in India on the safest crypto exchanges like Flitpay, with the lowest fees.

To buy Ethereum coin in India:

1. Register on Flitpay and create an account.
2. Verify your identity through Know-your-customer (KYC)
3. Add INR or Fiat currency, corresponding to the amount of Ethereum you want to buy.
4. Instantly buy Ethereum with the deposited funds.

Bitcoin Vs Ethereum: What is the difference?

Bitcoin and Ethereum, while both classified as cryptocurrencies, diverge significantly in their functionalities and underlying technologies. Bitcoin operates solely as a digital currency, whereas Ethereum offers a platform for the development of various applications beyond just monetary transactions. Moreover, they operate on distinct blockchain technologies, with Bitcoin utilizing a Proof of Work algorithm and Ethereum employing a Proof of Stake mechanism.

One notable difference is the supply limit: Bitcoin has a capped supply of 21 million coins, whereas Ethereum does not have a fixed maximum supply. Additionally, Ethereum boasts faster transaction speeds compared to Bitcoin, making it more efficient for certain use cases. These distinctions highlight the diverse capabilities and features of both cryptocurrencies, catering to different needs within the digital economy.

Can Ethereum beat Bitcoin in the future?

While Ethereum's flexibility offers it the potential to outshine Bitcoin, surpassing the latter might be tough. Bitcoin holds the upper hand with its wider adoption and being the first major cryptocurrency. Despite Ethereum's broader range of uses, Bitcoin's established status could make it difficult for Ethereum to overtake. However, Ethereum's ongoing innovation and growing ecosystem can give a tough challenge to Bitcoin.

Is it safe to invest in Ethereum in India?

Yes, investing and trading in Ethereum (ETH) is Safe in India. Flitpay is one of the trusted platforms to invest in ETH in India. It offers the most real-time prices.

Where can I deposit and withdraw Ethereum (ETH) in India?

Your search for secure Ethereum deposits and withdrawals ends here. Flitpay is India's most trusted exchange to facilitate hassle-free and Instant deposits and withdrawals of all the top cryptocurrencies with minimal or no fees.