Crypto Media Network
Things you should know about Cryptocurrency | Crypto Media Network
Sneha, a young aspiring graduate has been watching the infatuation for the cryptocurrency investment boom in India. The recognition and growth of cryptocurrencies like Bitcoin, Ethereum, Litecoin, Tether, Dogecoin have compelled investors and hesitant folks to dive in.
Understanding cryptocurrency (or crypto) is easy. Crypto is a digital and decentralized currency that’s issued by a private system and remains out of the purview of the government. It’s a peer-to-peer system that will enable anyone, anywhere to send and receive payments. Sneha will get to store her cryptocurrency through a digital wallet. There have been over 4,000 different cryptocurrencies in circulation worldwide, including the market giants Bitcoin, Ethereum, Litecoin, and Dogecoin. Much of the interest in these unregulated currencies is to trade for profit, with investors/speculators sometimes driving prices immensely.
Around 15 million Indians have been confirmed to possess some private crypto assets. Young investors like Sneha are excited about the strong prospects of good returns.
She is getting to open a crypto trading account. She would really like to know every aspect of the crypto market before she starts investing.
How to invest in Cryptocurrency in India
If you want to invest in cryptocurrencies in India, but don’t know where to begin, then understanding the basics, like opening a cryptocurrency trading account can be considered a step ahead. Crypto exchanges are similar to stock exchanges in the sense that they let you buy or sell tokens in real-time.
Cryptocurrency stocks are self-regulated, and they operate 24x7, throughout the year, unlike a stock exchange. And, you don’t need to have one complete Bitcoin in order to trade in India. You can buy or sell fractional shares of Bitcoins in Satoshi, the smallest fraction of Bitcoin equivalent to 100 millionth of a bitcoin.
To open an account, you just need to find a legitimate platform that will protect your sensitive data. Crypto Media Network (CMN) is a genuine, unbiased media platform and community composed exclusively of the latest stories from professional writers that value ethical, authentic journalism that can lead you to the correct platforms.
According to Crypto Media Network (CMN) these 10 things you should know about cryptocurrencies in India.
- Investing in crypto is not Illegal
- Cryptocurrency transactions are taxed
- Cryptocurrencies are not expensive
- The value of crypto is as real as Rupee
- Protocol upgrade reduces transaction costs
- Upcoming portal drop excites the community
- NFT summer brings an added boost
- Nexo and Celsius, the lending platforms
- Earn BTC from centralized exchanges
- Margin traders keep most of their cash on hard wallets
Methods of opening an account may vary depending upon the platform because of the security reasons. The weaker the security of that site is, the more chances for you to lose your delicate data to the wrong hands. They usually have a 2-type authentication process to add layers of additional protection.
Indian cryptocurrency market
The Indian cryptocurrency market has been observing a reconstruction for the past several years. Despite the uncertain guidelines and volatility, millions of Indians prefer investing in cryptocurrencies instead of gold or other commodities. 15 Million Indians have already invested in cryptocurrencies.
According to Chainalysis, “In India, where households own more than 25,000 tonnes of gold, crypto investments grew from about $923 million in April 2020 to nearly $6.6 billion in May 2021.” Approximately a 612% lift in the number of cryptocurrency users in The Indian cryptocurrency market.
This massive surge in the growth of cryptocurrencies is concerning when the future is still uncertain for digital currencies. The government is acting on this matter that technology could be way more significant than the economics of our currency itself.
In early 2018, when cryptocurrencies were becoming a hotshot in the country, the government put those under the rugs by introducing a blanket ban on banks preventing them from promoting crypto trades. It originated from the fear that the undisclosed and unidentified cryptos would provide a way to frauds and underworld activities.
At last in May 2020, the supreme court nullified the ban stating that there were no grounds for placing such a ban on cryptocurrencies. The cryptocurrency spark was re-ignited among Indians. Within a few days of uplifting the blanket ban imposed by RBI, Indian investors hurried to make the most of their fortune. Since then, the volumes of traders and trading has been on a drastic rise day by day.
Investing in cryptocurrency
Cryptocurrencies work using blockchain technology, a decentralized technology spread across many computers that operate and record transactions. A part of the allure of this technology is its security. Transactions can’t be modified or deleted and are hard for hackers to tamper. Additionally, transactions require a two-factor authentication process. The blockchain gets updated automatically after every transaction.
CMN news conducted a survey where more than 10% said they’re invested in cryptocurrency, ranking the digital coins fourth after real estate, stocks, mutual funds, and bonds. Some 65% of those cryptocurrency holders bounced up to their positions in the asset class in the last year. At the same time, the prices of some of the top cryptocurrencies have displayed brand volatility.
Bitcoin price prediction attained a record-breaking value of more than $63,000 in April, collapsed soon, and recently revived to nearly $50,000. Among some frequent traders of cryptocurrencies, the top reasons mentioned are that it’s easy to make trades, exciting to invest in, and there is a huge potential for high growth in a short period.
Most Updated News Portal for Cryptocurrency
The crypto market is fast-paced, extremely volatile. You can imagine that the news surrounding the market is just as impactful. As with most industries, there are some shady people that try to take advantage of inexperienced people by releasing biased, deceptive, or just plain fake news and information for their own benefits.
There are very few reliable and unbiased portals to read updated cryptocurrency news. Crypto Media Network (CMN) is one of those reliable ones and according to CMN, “good journalism comes from good journalists.”
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