RE: Steemit Crypto Academy Contest / S7W1 - Practical Guide on the best way to buy STEEM in India
@lavanyalakshman You are correct that currently, the Steem wallet is the main way for Indians to buy Steem. However, there are other options available as well. Some popular cryptocurrency exchanges, such as Binance and Huobi Global, support trading of Steem against other cryptocurrencies, such as Bitcoin and Ethereum. This means that Indian users can buy Bitcoin or Ethereum on a local exchange, and then transfer it to one of these international exchanges to trade for Steem.
Another option for Indians to purchase Steem is through peer-to-peer (P2P) transactions. Platforms such as Localbitcoins and Paxful allow individuals to buy and sell cryptocurrencies directly with each other, and some users on these platforms may be willing to sell Steem for Indian rupees. This option can be a bit more risky than buying through an exchange, as there is no intermediary to hold funds or mediate disputes, but it can also offer more privacy and faster transaction times.
It's also worth noting that the Indian government has yet to regulate the use of virtual currency, therefore there are some restrictions on buying and selling them. Users need to be extra cautious as there have been few cases of scam in the past.
In summary, while the Steem wallet is currently the main option for Indians to buy Steem, there are other ways to acquire the token, such as through international cryptocurrency exchanges and P2P transactions, although it's important to note that these options may come with some additional risks and should be done with caution.
Yes agree,p2p not safe.. But now a days they using Escrow system ..those we choose
@lavanyalashman I have some information about him that I want to share with you ,Using an escrow system can help to increase the safety of peer-to-peer (P2P) transactions. An escrow system is a service that holds funds during a transaction and releases them to the appropriate parties once the terms of the transaction have been fulfilled. This can provide an added level of security for both the buyer and the seller, as the funds are not released until the transaction is completed to the satisfaction of both parties.
When using an escrow service, the buyer will typically send the funds for the purchase to the escrow service, rather than to the seller directly. The escrow service will then hold the funds until the buyer has received and accepted the item, or until some other agreed-upon condition is met. Once the condition is met, the escrow service will release the funds to the seller.
Some popular escrow services include escrow.com, PayPal, and alibaba.com. However, it is important to do your own research and choose an escrow service that is reputable and trustworthy.
It's good to have knowledge about the Escrow service provider, their fee, the type of security measure taken for the transaction, and their reputation.
It's also important to keep in mind that even with the use of an escrow service, there is always a degree of risk involved in any P2P transaction. So, always be cautious and do your due diligence when making P2P transactions.
I know about it and risks involved it too.
Thanks for sharing us. Take care of you.
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