If you have invested $100 in Bitcoin in 2010, you’d have been worth more than $72 million now.
What Is Cryptocurrency ?
- Cryptocurrency is a digital or virtual currency designed to figure as a medium of exchange that uses cryptography to secure it’s transactions.
- There are several cryptocurrencies within the market. The majorly used cryptocurrency is the Bitcoin.
- Bitcoin may be a software system based mostly payment system represented by Satoshi Nakamoto in 2008. Payments work peer-to-peer (P2P) without a central bank authority or single administrator.
- Coming back to trading, if you would like or wish to trade or invest in Bitcoins then the best thanks to do therefore is to use a cryptocurrency exchange services system.
- Exchange services are such apps, websites or platforms wherever you’ll be able to convert rupees into Bitcoins or Bitcoins into rupees.
- The most important and most trusty cryptocurrency exchange services of India are WazirX, Zebpay and the world’s largest cryptocurrency exchange is Binance.
- In Dec 24, 2013, the Reserve Bank of India (RBI) cautioned the users, holders and traders of virtual currencies concerning the potential risks that they’re exposed to.
- The RBI had imposed a cryptocurrency trading ban in April 2018 on banks from trading virtual currencies such as cryptocurrencies, including Bitcoins. RBI Bans Restricted Lenders From Facilitating Banking Transactions For Cryptocurrency Exchanges And Traders.
- It was noted that several companies had started trading virtual currencies which, according to the government and RBI, had no intrinsic value, so investors were at risk.
- Allowing them could lead on to the danger of another currency inside the country.
- WazirX launched a P2P automated exchange P2P engine to help traders convert rupees to cryptocurrency and back immediately after the ban.
How To Invest In Cryptocurrency?
It’s very straightforward to buy or sell Bitcoins and convert your rupees once the verification is finished. Once verified you’ll be able to begin trading and might conjointly see the fluctuations within the value of bitcoins. The great part of exchange services is that you can even exchange your cash within the alternative cryptocurrencies like Ethereum, Ripple, Litecoin etc.
Future Of Cryptocurrency In India
Bitcoin as a medium of payment has neither been authorised nor been regulated by any central authority in India. Bitcoin dealing accompanies their own set of risks.
If you wish to speculate in Bitcoins make certain that you just will afford taking risk of losing. Some folks invest here as alternative assets like gold or properties hoping to urge their cash to double and suppose that Bitcoin is a way forward for currencies and might replace existing currency or exist in conjunction with them.
Whether or not bitcoin stays or not in future however out of those one cryptocurrency will certainly be there. Blockchain is going to remain.