Cryptocurrency is the new wave in the global finance industry. It has the potential to revolutionize the way we make transaction and exchange value. In India, cryptocurrency investment has been gaining immense amount of popularity in recent years. People are curious to know why and how to invest in cryptocurrencies.
What is crypto-currency?
Cryptocurrency is digital asset, which serves as a medium of exchange. Being a decentralized digital currency, it does not have any issuer or legal tender status, unlike the traditional fiat money. It is represented by a combination of letters and numbers stored publicly and digitally on a distributed ledger, referred to blockchain. Since every transaction is permanently shared across public network, it is secure and protects owners from fraud. Furthermore, as there is no central authority, the transactions are borderless, enabling people to move money anywhere in the world in a safe, cost-efficient manner.
Why invest in cryptocurrency in India?
Cryptocurrency investment in India is gaining immense attention from investors who are looking at the long-term benefits. Cryptocurrency trading is more user-friendly, cost-effective and offers higher returns than investing in stocks, mutual funds and other traditional financial instruments. Moreover, trading in cryptocurrencies is legal in India. The Indian government considers digital currencies to be legal as commodities and not as a currency. Additionally, since the transactions are performed online with wallets or exchanges, the processes are simpler and easier to understand, promoting participation from small time investors.
Today, India has over 2 million registered users on cryptocurrency exchanges. Reportedly, some of these investors are now making lakhs of Rupee by trading in cryptocurrencies. Moreover, cryptocurrencies offer a higher rate of returns than other investment options, making them attractive to new investors. In fact, many investors are even able to double or triple their money in just a few weeks. This can be attributed to the volatility of the cryptocurrencies, and why people are able to generate profits quickly.
What factors should be considered before investing in cryptocurrency in India?
Investors should always evaluate the risks before investing in cryptocurrencies. The decentralized nature of digital currency means it could be volatile, and affected by external factors such as government policies, financial institution decisions and global sentiments. Moreover, transactions take place online, making it difficult to undo a transaction that has gone wrong. Additionally, since its an unregulated market, investors should perform their own due diligence and conduct thorough factual and financial research before deciding to invest in cryptocurrency.
Cryptocurrency trading is a relatively new concept in India, and one that holds immense potential. Investors should carefully study the market trends and analyze their risk appetite in order to make the right decision. With the increasing popularity of cryptocurrencies and a strong potential to grow, it is indeed an option worth considering.
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