This is because it is very similar to bitcoin, only that it has a faster transaction rate. The demand and popularity for cryptocurrencies have grown steadily In India and here are some of the reasons why cryptocurrencies are so popular:. Cryptocurrencies are great and most preferable for online international transactions without any glitch whatsoever.
It fosters any business interaction without the interference of any government body, which has been one of the issues some businesses face when they go international. With cryptocurrency, all of the worries of being denied access to some funding due to government regulations, do not apply.
This has made it a kind of currency to be reckoned with all over the world. In the monetary markets, cryptocurrency has identical dynamics as equities. Since the costs of cryptocurrencies are also being traded within the market, there may be a possibility for humans to make investments and have interaction in arbitrage as they make use of blockchain technology. This is because it gives better returns compared to different investments, making a lot of people tap into the advantages of crypto.
Its usefulness has birthed different startups and has made different companies to develop software programs for the blockchain for use in this digital age. This has delivered and encouraged recognition and acceptance of crypto in the digital society. Many professionals identify cryptocurrencies and the blockchain as truly unhackable. Since cryptocurrency runs on what we call the blockchain, one of the majorly acknowledged blessings of cryptocurrency is the prevention of fee scam, as data is available to everyone, encouraging transparency.
With a shared ledger, it fosters immunity to any sort of tampering; all data shared is accurate and updated each second. This reduces any possibility to duplicate fraud. Furthermore, as soon as affirmation is finished on a cryptocurrency transfer, the transaction may not be reversed, unlike credit cards wherein there are hacks attached.
This is a safety measure in opposition to fraud, which shows that there is proper management of transactions without any third-party interference and manipulation. Not to omit that, it does protect the identity of the person making the transaction, which further justifies the fact that it is unhackable.
Cryptocurrency has been verified to be a very fast means of transaction, as fast as light. It can also do multiple transactions at a time without any mix-up whatsoever. For this reason, people have adopted this method of transaction, as it makes the business move as quickly as possible. The rise in acceptance of cryptocurrency has been ground-breaking, and it keeps soaring as the best means of transaction in this digital age.
This has given rise to conclusions that it is the future of currency, which is currently growing, and will most likely be so. However, there have been different debates about the rules and criteria governing the operations of this "unique" kind of currency. It is worried about the anonymity of cryptocurrency transactions and the lack of intrinsic values of the currency, as they are not backed by assets. This might allow for a new level of scamming and internet fraud, the government feels.
During this period, most parts of India were faced with lockdown and movement restriction. This is a sense that fostered the sharp growth in the use of cryptocurrency in the country again. More so, the United States-based crypto market exchange liaised with that of India, giving access to crypto-to-crypto conversion and trading services from April. A lot of investors found safety in digital currency as traditional assets declined due to the coronavirus pandemic.
Regardless of all of this growth, in June , the government reconsidered banning cryptocurrencies based on a report that was moved by the finance ministry for inter-ministerial consultation. However, the crypto exchange executives reverted that cryptocurrencies can be regulated as commodities, and the nation will suffer rivals from business, traders, and enthusiasts based on their constitutional rights.
The continuous rise in the usage of cryptocurrency has sparked different debates not just in India, but all over the world. The whole world is clearly divided when it comes to cryptocurrency; there are few famous personalities like Bill Gates, Al Gore a Nobel prize winner , Richard Branson who support the cryptocurrency in increasing the store value of money.
On the other side, we have people like Warren Buffett , Paul Krugman, Richard Shiller, who are completely against it; they call it a Ponzi scheme and means for criminal activities. In the future, there is going to be a conflict between regulation and anonymity since several cryptocurrencies have been linked with terrorist attacks, government would want to regulate how cryptocurrencies work; on the other hand, the main emphasis of cryptocurrency is to ensure that their users are kept anonymous.
Curiosity keeps leading us down new paths and Shreya here has turned her curiosity for the share market as her doorway to learn and explore about finance. She is an MBA in finance with a B. Com degree and much like her, her lively insights about the happenings of finance are hard to miss. What is Cryptocurrency? There are always two sides to the crypto coin. One suggests that if the prices are sliding, you buy the dip because things will get better again. The other suggests cut your losses and get out.
In the midst of all this, memes galore on social media. Nevertheless, serious investors or those with some ability to absorb risks will be looking at this as a blip on the horizon that would likely see crypto prices spike again. And there are apps that let you invest easily.
If you want to take the plunge and invest in cryptocurrencies including Bitcoin , Ethereum , Litecoin, Cardano , Dogecoin , Shiba Inu and Polygon, in India you have apps that allow you to trade very easily in cryptocurrencies. Mind you, we are absolutely not giving any investment advice. These apps are available for Android phones as well as the Apple iPhone, the latter two platforms also let you trade from their web versions.
In fact, the CoinDCX app lets you set up dual authentication with unique OTPs that are sent on your mobile number and email, to further protect against any unauthorized entry into your crypto trading app. All apps have two factor authentication enabled which simply makes your account more secure.
In my experience, I noticed that the CoinSwitch Kuber app also sends notifications on email for every time you log in, from any phone. Interesting observation, none of the three apps are tapping into face recognition feature on phones, and still require you to punch in PINs. The process of setting up your account remains pretty standard across all apps, also dictated by the RBI guidelines for any trading and money transfer related apps. This means sharing your PAN card and Aadhaar card numbers which will be verified by the app using the authentication systems.
This can take anywhere between 5 minutes to 24 hours, in my experience. This, however, may be a different experience for you, with a lot of factors including the number of simultaneous signups that need to be processed dictating the time taken. To factor in for the time taken in these cases, CoinDCX and WazirX allow you, with some caps and limits, to add money into the crypto app wallet and start buying digital currency. What you need to watch out for is that not all cryptocurrencies will be available for trading, that is buying and selling on all these platforms.
You will notice these finer differences from time to time, and a lot of this also depends on which crypto exchanges these apps are plugging in to.
Buy Cryptocurrency Coins and Bitcoin in India. Here, TechnoMusk offers you a short guide on how to buy Cryptocurrencies in India. Our Focus will [ ]. India's most secure cryptocurrency trading app, which enables you to buy + cryptos in India, where you can trade + cryptos like Bitcoin, Ethereum. CoinDCX Bitcoin app is your direct gateway to buy cryptocurrency in India where you can exchange your INR for cryptocurrencies or exchange crypto for INR.