Business

10 Important Facts About Cryptocurrencies in India

Cryptocurrencies

The visibility that cryptocurrencies are getting is not hidden from the other aspects of the world. It has slowly become one of the most well-received parts of the financial sector drawing more and more people towards it every single day. The worldwide acknowledgment and acceptance are one of the major reasons for the growing appeal that cryptocurrencies have witnessed over the last couple of years. 

However, it is still a largely untapped market and even the experts still have a lot to learn. Here are some of the important facts that you need to know about cryptocurrencies:

  1. It is a great market for Ecommerce – All you need is a stable and strong internet connection and you are good to go! Since internet connections are easily accessible in most countries, there is no stopping Ecommerce and trading. Most of the regularly bought and used goods and services have been transitioned online and you can use cryptos by checking prices like Ethereum price INR and purchase the services online. 
  2. Crypto is not illegal in India – The recent conversations in the parliament stirred a lot of questions around this topic, however, it is now clear that this sector is not banned or illegal in India. The investors can breathe a sigh of relief as they can also see big companies and start-ups beginning to enter the crypto ecosystem with vigor. 
  3. Cryptocurrency purchases need not be expensive – Many people are skeptical to invest and enter this sector as they believe that they would be required to shell out a lot of money to be able to reap profits. However, if you check the value of Ripple price in INR, you will see that they do not have to be as steep as you thought they would be. Some online exchange platforms also allow the users to begin investing an amount as low as 100 INR. 
  4. Cryptos cannot be physically banned – Essentially, what this means is that it is impossible to ban a concept that exists on the internet. Any person living anywhere in the world can gain access to an online wallet via the internet. Governments and authorities can certainly add regulations but cannot stop the growth of the market. 
  5. Values of a few currencies are volatile – Like any normal market and stock, several factors can impact the overall value of cryptocurrencies. The prices are extremely volatile and can dramatically and erratically fluctuate. Using your analysis and trading sense would be best. 
  6. The inventor of the first crypto is still a mystery – Surprisingly, the concept that has taken the world by storm has a super mysterious origin. An enigmatic persona by the name of Satoshi Nakamoto is said to have created BTCs however, who he is, no one knows. 
  7. Wallets are key – While dealing with any form of cryptocurrencies, a wallet is the most important factor. You will be given a public and private key, which, if you lose access to, you would not be able to reach the value of your invested cryptos either. The digital funds will disappear and become inaccessible.
  8. 5000 countries are involved in this ecosystem – No country wants to get left behind which is also the reason why newer currencies are popping up in the market daily. Users from 5000+ countries are currently involved in investing in the crypto market. 
  9. China is the biggest crypto miner – It controls about 75% of the mining network overall. 
  10. Investing is simple – Platforms like CoinSwitch Kuber have made it easy for even novices to dip their toes and invest in cryptocurrencies beginning with a very minuscule value and gradually increasing with increasing experience. 

These could be the reasons why newer investors are beginning to invest in cryptocurrencies along with the massive traction and profits the users have seen in the previous years. Invest now using the simple guidelines on online platforms.

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