The rising value of Bitcoin has attracted all attention, but it is not the only cryptocurrency. Bitcoin Cash, Dogecoin, Ethereum, Litecoin and Monero are just some of the other cryptocurrencies. If you want to buy any of these in India, you may find it not easy to buy directly. A quick search only revealed little known and suspicious websites that sell Ethereum in India, which you usually want to avoid.
Introduction to Ethereum, Litecoin, Dash and other Bitcoin alternatives
However, there is a reliable way to buy Ethereum or any other cryptocurrency in India, which essentially involves buying Bitcoin and then converting it to the cryptocurrency of your choice. To do this, you first need to buy Bitcoin in India and then convert it. We purchased Litecoin in India using this method, but it actually works with all other cryptocurrencies.
What is blockchain?Blockchain technology does not just use Bitcoin and cryptocurrencies
- First, you need a wallet for the cryptocurrency of your choice. You can visit the official website of Ethereum, Litecoin or other websites to find the download link.
- After downloading this wallet on your PC or mobile phone, you need to set it up. This involves setting up two passwords, one of which is a series of up to 24 characters. Copy the recipient address of your cryptocurrency.
- Next, you need to enter a cryptocurrency converter such as ShapeShift.
- Choose Bitcoin as the input currency, and the output currency is obviously the one you want. In our example, the output currency is Litecoin.
- You need to paste the address copied in step 3 above into the “Deposit Address” field on ShapeShift.
- You can copy the receiving address from the Bitcoin wallet and paste it into the Bitcoin refund address field in ShapeShift. In case the transaction fails, the money will be quickly returned to your Bitcoin wallet.
- Check now I agree to the terms, Click Start trading.
- ShapeShift will now provide you with a new deposit address. Copy this content and return to your Bitcoin wallet. Now send the bitcoin amount to this address.
- Switch back to ShapeShift and wait. After ShapeShift receives the bitcoin, it will quickly convert it to the cryptocurrency of your choice.
Please note that ShapeShift also has a mobile app, and while the process remains the same, if you are going to use the steps to convert cryptocurrency there, the steps will be slightly different. It is also important to note that the conversion fee for ShapeShift is about 0.5%. Sending Bitcoin to ShapeShift also requires a certain miner fee, which is the fee you must pay for every Bitcoin transaction. In other words, this is still the easiest way to buy Ethereum or Litecoin in India.
For more tutorials, please go to our methods section.
Bitcoin has reached an all-time high, but should you still invest now? We discuss this on the weekly technology podcast Orbital. You can listen to it through Apple Podcasts or RSS, or you can listen to this episode by clicking the play button below.
Cryptocurrency prices on Indian exchanges
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