Find ways to invest safely in Cryptocurrency in India

The rise of cryptocurrency in India is something we have been witnessing for a long time now.

When back in time in 2009, Bitcoin was regarded as nothing more than an interesting phenomenon for the millennials and the technocrats. Despite all this, technicians and futurists forecasted the bright and overwhelming future of cryptocurrencies, which now are drawing the interest of millions from an investment point of view.

Usually, entering the crypto world is done by the complex or intellectual method - mining, as it is commonly called. Taking bitcoins into consideration -bitcoin mining, enforcing the policies by adding blocks of transactions to the blockchain network and that'll earn a user more and more bitcoins. Rewards are given to miners with bitcoins for working in and for the system hand-in-hand.

Cryptocurrency is based on blockchain technology - which is a chain of information registration and distribution that is not controlled by any single institution. The high inflation rates in India along with the restrictive and non-streamlined modes of investment presented a golden opportunity for visionary entrepreneurs to set up cryptocurrency exchanges in the country. Due to the intrinsic nature of crypto and blockchain technology, entrepreneurs were able to give rise to crypto exchanges that have an intuitive and easy-to-use user interface (UI). These crypto exchanges also offered almost no annual maintenance charges (AMCs) and a much lower trading fee moving forward.

With 24x7 availability, minimal design, and potentially sky-high returns on investment for any individual - crypto exchanges boomed and many wanted to get a piece of this pie.

Good to know!

During the first big bull rule, a lot of people signed up for Bitcoin in 2017 and 2018, but nearly 90 percent dropped out. However, after the Supreme Court in March reversed an RBI circular that prevented financial institutions and banks from dealing in crypto, many investors are flocking back slowly again.

How to start investing in cryptocurrency?

Take proper advice and caution while investing in cryptocurrencies. In the past, people invested at different cryptocurrency price points in lump sums or at ICOs (initial coin offerings – similar to an IPO) of other cryptos also lost money as nearly 95 percent of ICOs which were a rage in 2017 didn’t materialize.

When you closely compare the best cryptocurrency, it’s an investment option that beats mutual funds, bank fixed deposits or even Sensex and Nifty returns over a three-year horizon. There are several cryptocurrency exchanges in India such as WazirX, CoinDCX, Zebpay, BuyUcoin, and UnoCoin among others.

The more the exchanges the more users they bring to the market and this is a fact. But with only 900 odd Bitcoins being mined daily demand is increasing, and so is the cryptocurrency price. For the record, the bitcoin supply is capped at 21 million of which about 18.5 million have already been mined and a significant amount is lost forever, stuck in crypto wallets with missing keys!

The large fluctuations happen now because of institutions investing in Bitcoin. Many multinational players have got into the market and are investing some of their client's money. In terms of numbers, bitcoin may consolidate between $30,000 to $35,000 in the short term for a month but will gain after that.

Final Thoughts…

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