The word cryptocurrency and the various platforms on which it operates have gained a lot of momentum in the past few years. In fact, the word ‘bitcoin’ was one of the top searches on google in 2020. It is estimated that the value of cryptocurrency would grow leaps and bounds with the number of people all over the globe seeking to buy the various cryptos available in the market.
This market of investment is set to gain even more popularity as Tesla is showing a great interest in the method. Not only around the world but also in India, this form of investment is all set to take the market away by storm as the future prospects of inflation in the various cryptos are predicted to be high. If you are interested in bitcoins and other forms of cryptos, understanding and gaining an insight into the cryptocurrency exchange in India, the patterns (even though are volatile, do help in gauging arenas for profitable investment), and also the fluctuations in the markets while understanding your risk tolerance would help.
Why the predicted future of cryptocurrency is good
A vast amount of the population in India has expressed their dissatisfaction with the banking system that currently governs the Indian market. The news is often flashed with reports of scams and unwarranted money transfers and this is partly due to the non-transparency within the system. Here are a few reasons for the supposed increase in the value of cryptos:
- Cryptocurrency is not centralized, which means that the user is the sole owner of the amount/currency, and this becomes an appealing factor that drives people into investing.
- Bitcoin, in particular, which is the most popular and sought-after type of currency, is very limited. A mere 21 million bitcoins are available at any given time in the market globally. As popular notion goes, anything that is limited is more wanted, and therefore, value increases.
- Since the system keeps your anonymity safeguarded and ensures protection from hacking and scams, it becomes more appealing to the general population who are looking to invest their hard-earned money with good returns.
- The Indian government is looking to come up with ‘distinctive approaches’ to regulate the use of cryptocurrency in India – which will soon make it government-approved, thus reducing the risk of ban.
- At the moment, no regulations have been imposed on taxes concerning cryptocurrency transactions and profits.
Purchasing bitcoins in the Indian scenario
Looking at the massive advantages of investing in cryptocurrency, most people have the question how do you buy bitcoin in India? Apps and platforms like CoinSwitch Kuber have made it very simple for Indian citizens to take maximum benefit of this global investment scheme. If you are looking to indulge in buying or selling different bitcoins, using a cryptocurrency exchange platform is the way to go.
Select a platform that is easy to use and that has a simple interface. Since everything is turning online in today’s day and age, it is hassle-free to create an account on such platforms by oneself with very limited steps.
- Gather information on the different platforms available to the Indian citizens through which they can initiate and continue trading in bitcoins. Make sure to incorporate the brokerage value, trading fees, user-friendly interface, etc into your research.
- Compare different mediums that offer this service in terms of the value of bitcoins and the transaction fees that they charge. Conduct thorough research on the safety clauses by each of these mediums.
- Once you select the platform you are most comfortable with, download it onto your phone or use the website. Register yourself with a few quick steps. It would be mandatory to get yourself KYC verified on these platforms. This is important as it ensures security. A few other details such as bank information, pan card, and ID proof would be prerequisites during registration.
- Understand the interface and market trends and start buying bitcoins for the value that is convenient to you. The market can be volatile in nature, therefore, experts suggest to keep investing a certain amount long-term, instead of looking for ways to make fast money.
- Once you purchase a bitcoin for a particular amount, you will receive a bitcoin address that would be attached to you and would be completely under your control. Nobody else would have access to this address.
Investing in this form of digital currency seems like the way forward as it is expected to surge in the near future. With a few clicks of a button, safeguard your money using this trusted method.