It is not a secret that digital currencies are one of the most fascinating inventions we have. They are a modern payment method that managed to divide people into two groups for a short period. Some people claim that investing in digital currencies would be a bad decision.
They often say that because Bitcoin and other altcoins have a turbulent past. Their value has gone up and down many times so far. However, that is not something you should be afraid of. Uncertainty is part of every business and investing.
On the other hand, many people in India will gladly invest their money in digital currencies. Yet, it seems that many people do not know a lot about virtual currencies. That is the reason why we want to provide them with all the necessary information. We will talk about everything you should know about digital currencies in India.
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How to Start Crypto Journey in India
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Let’s imagine that you plan to start an eCommerce shop. Before you do that, you will primarily strive to get with the entire eCommerce industry. After that, you will research the products you can sell later. The same rule counts when we talk about digital currencies. You should primarily get familiar with all the aspects of this industry. We recommend you read blog posts similar to this one, talk with experienced investors, etc. Improving your knowledge is possible in many ways when you live in the 21st century.
After you do that, the first thing you should do is to open a digital wallet. It is the place where you will store the coins you purchase. Fortunately, there are different types of wallets you can use. Some people decide on mobile wallets that usually come in form of apps. On the other hand, there are also web wallets that work with third-party serves. The next option you have is opening a desktop wallet. In that case, you will store your private keys on your local computer. Finally, the fourth option you have is working with hardware wallets. These wallets are external devices like USB sticks and they immune to all computer viruses. All the wallets we just mentioned are good for some reason.
Popular Digital Currencies You Should Research
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After opening a crypto wallet, the next thing is choosing the crypto you will work with. We are not going to analyze all of them because our article would never end. However, we would like to highlight three of them that are currently the most popular ones.
Bitcoin is the king of cryptocurrencies, and we are sure you have heard about it. Since 2009, it went through many ups and downs, but it found a way to survive. 2017 was a special year for Bitcoin because its value went from $1000 to $19000. Currently, the value of one coin is around 19200 dollars.
The next crypto that deserves your attention is Litecoin. It is two years “younger” than Bitcoin, and it works similarly to the king of cryptos. However, its transactions are faster, and that is one of the major advantages of Litecoin. Its value is near $90 which makes it attractive for many investors that have a problem with lack of cash flow.
The third option investors from India have is Ethereum. It only exists for five years, but it managed to bring some new trends in the crypto world. Ethereum is the first cryptocurrency that allowed smart contracts and Dapps. You can use both services without any concern you will become a victim of a scam.
Are Digital Currencies Legal in India?
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Just like in every other country, digital currencies have a turbulent past in India. Only two years ago, RBI banned commercial banks from servicing crypto traders and exchanges. Yet, in March this year, India’s Supreme Court overruled the ban. It seems there is a good reason why something like that happened. The Coronavirus pandemic messed the plans of many businesses. Despite that, people in India are looking for different ways to earn more money. After India’s Supreme Court overruled the ban, people actively started to invest their money in the crypto field.
In other words, cryptocurrencies are legal in India.
Why Are Digital Currencies Popular in India?
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The law changes in 2024 are the main reason why they became so popular in this country. However, that is not the only reason why more and more people in India plans to invest their money. We will highlight a couple of essential reasons, and we are sure they will change your way of thinking. More precisely, you will see there is no reason to delay and hesitate.
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Easy and Quick Transactions
It doesn’t matter which digital currency you choose to work with. Your money will be available to you for a couple of minutes after you agree with another party. Despite that, sending or receiving digital currencies is not difficult at all. You need to have any technical knowledge to complete the process.
Things with banks are different. First of all, they have their own working hours. That means your money can’t be approved every moment of the day. Despite that, you can’t get your money for weekends and holidays because banks do not work during those days.
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Security of Transactions
Blockchain technology became popular in different industries (not only crypto). Many professionals will agree it is an unhackable technology which means that all the crypto transactions are safe. The technology works with a shared ledger. Every piece of information shared is updating each second. Because of that, the possibility to make different types of fraud does not exist.
Can You Become Rich with Cryptocurrencies in India?
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The precise answer to that question does not exist. Can you become a professional cricket player? Yes and no, it depends on how hard you work and how skilled you are.
People need to understand that success in the crypto industry is not a matter of luck. Fortunately, there are many tools out there that can help you profit out of digital currencies. Many software solutions will provide you with different analysis, data, and changes in the market. We believe this app is a true example of software that can be helpful for every beginner.