Buy USDC Coin in India — Step by Step guide for beginners
How to buy USDC?
What is USD Coin?
USD Coin (USDC) is a rather new, US Dollar-bound stable coin. It was launched by Circle and Coinbase on 26 September 2018. USDC is an alternative to other cryptocurrencies backed by USD such as Tether (USDT) or TrueUSD (TUSD).
USD Coin is a stable coin, which is attached to the U.S. dollar at 1:1. The $1 holding back in reserve, in the combination of cash and short-term US Treasury bonds, will support each unit of the cryptocurrency in circulation. USDC is issued by regulated financial institutions in the Center consortium that underlies this asset
Key elements of USD Coin include:
- Stable value:1 USDC can be paid always for US$1.00 for customers with a US dollars bank account, giving it a stable price.
- Backed by US dollars: Each U.S. dollar, held in a bank account, is backed by a US dollar.
- Powered by Ethereum: USD Coin is a token from Ethereum that you can store in a wallet compatible with Ethereum, like a coin base wallet.
- Global transactions: USD Coin is intended to allow dollars to move from your crypto wallet worldwide to other exchanges, companies, and people.
How to Buy USD Coin?
If you’re wondering where to buy USD Coin, BuyUcoin is one of the best exchanges in India for trading in USD Coin. All cryptocurrency pairs, fiat currencies, and stable coins are available. The best place to acquire USD Coin in India is BuyUCoin, which has one of the highest USDC-INR trading volumes in India.
It is a five-step procedure. First and foremost, the account must be registered after it has been opened. After completing the KYC process, users must complete Google 2-Step Verification, followed by supplying bank information, before they may begin investing in USD Coin (USDC).
Buy USD Coin in India — Step by Step Guide For Beginners
BuyUcoin is an exchange that provides buying and selling USD coins in India as well as other cryptocurrencies. Below is a step by step guide to buying USD Coin via BuyUcoin:
Step 1 — Open a Digital Wallet
A digital wallet houses your cryptocurrencies and uses blockchain technology to communicate with other citizens. It is important to make in-depth research before you decide what one is best for you, however, there are several providers of digital wallets. Today, BuyUcoin’s the leading digital wallet provider.
Step 2 — Register & Open an Account
When you enter the BuyUcoin Signup/register account and open a service account. Choose your person or company form of account. Choose your country and adhere to the terms and conditions of your crypto-trading account.
Step 3-KYC
For the Indian jurisdiction, KYC and AML are compulsory. Your data are secure and encrypted and stored only in Indian data centers. To complete your KYC, you are redirected to another URL. With your last selfie, please be ready. Pictures of your pan card will be required. The mobile number connected to your Adhar is important.
Step 4-Google 2 step Verification
To use 2FA, the Authenticator app must be enabled on your smartphone or tablet. If enabled, any time you log in to your BuyUcoin account, you will be asked to include a 6- digit one-time password with your email and password. This only functions when an email and password are entered.
Step 5-Add Bank details
Add your name credentials, the account name of the holder, and the IFSC code information.
Trade USD Coin
USD Coin (USDC) has the Ethereum blockchain 1:1 representation of the US dollar. It is an ERC-20 token that is available for all applications that support the standard. You need to sign up, register your identity (KYC) and link a legitimate bank account to tokenize or settle USDCs with Circle.
The Centre, the USDC consortium, holds US$1.00 per USDC. for every USDC. The funds are kept under ongoing monitoring and audit of a special bank account.
Can I Use Regular Money to Buy USD Coin?
Yes, you can use regular money or any fiat currencies such as USDC-INR in India to buy USD Coin where USD Coin can be stored in your wallet with a single tap to buy or sell your desirable cryptocurrencies without any hidden transaction fees using one of India’s leading cryptocurrency exchange BuyUcoin.
Getting a USD Coin Wallet
BuyUcoin is a multi-currency crypto wallet where USD coins can be stored with high-end security features where cold storage wallets are used. Hardware wallets are the most secure wallets and if you want to store a lot of wealth in your wallet it is strongly recommended because they add an extra level of safety.
Once we have sent the USD Coin to your wallet, we will send you a confirmation email. The USD will appear in your wallet when you restart the BuyUcoin wallet.
USD Coin Exchanges
USDC is the brainchild of CENTRE, a project based on open source technology booted with Circle and Coinbase contributions. This organization governs USDC and is dedicated to connecting all individuals, traders, financial institutions and currencies, all over the world.
USD Coin is a type of crypto-monetary known as a stable coin. You can always pay 1 USD Coin for a stable price of US$1.00. Eligible customers can reward each USD Coin they hold at Coinbase.
Conclusion
For the USD Coin, a number of cases of use were uncovered. In addition to providing a safe haven for crypto contractors in volatile times, stable coin operators say that it can also enable companies to accept payments for digital assets and shake up a range of industries including decentralized finance and gaming.
The overall objective is to create an ecosystem in which USDC can be accepted as often as possible with wallets, exchanges, suppliers, and dApps.
