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Investment in Cryptocurrency review : Bitcoin, price, India

Technology has changed the way people work, shop and even pay for goods . Companies and consumers don’t necessarily prefer cash anymore and this behaviour is giving way to contact list payments like Google pay and other digital wallets with a quick wave of smartphones consumers can pay for items at digital registers. New payment system emerging known as cryptocurrency

Did you know there are more than 2000 different types of cryptocurrencies  in circulation and more are being developed every day

 Investment in Cryptocurrency review : Bitcoin, price, India

What is cryptocurrency ?

In digital world , Currency has also taken digital form and this digital currency is called crypto currency.

A crypto currency is a virtual currency that was first introduced in 2009 and the first virtual currency was the most popular bitcoin. It is not like a real coin or a note, that means you cannot take this currency in your hand, but it is safe in a digital wallet.


Some Popular cryptocurrencies with their Price and market-cap

Cryptocurrency

Price

 (US Dollar)

Market cap (Billion)

24-hour change price

Bitcoin

40,839.84

$764.30

6.54%

Ethereum

2,801.60

$324.87

13.54%

Dogecoin

0.399361

$51.49

18.28%

Stellar

30.28

$18.27

11.99%

XRP (Ripple)

1.15

$114.80

4.50%

Tron

0.07

$5.07

7.15%

*note this price and data is changes within 24 hours. (data – 24 may 2021 )


Investment in Cryptocurrency review : Bitcoin, price, India 

 Payment of cryptocurrency is through the computer or online network , but like the government has complete control over the currency of every country. There is no such control on currency like bitcoin, banks or any other governing body cannot control or check on it.


Features of Cryptocurrencies 

·      Allows peer-to-peer  transactions

·      No need for banks

·      Digital medium of exchange

·      You can store your cryptocurrency in a digital wallet

Investment in Cryptocurrency review : Bitcoin, price, India 


How cryptocurrency work or blockchain work?

 

Cryptocurrencies work using a technology called blockchain. Blockchain is a decentralized technology spread across many computers that manages and records transactions. Part of the appeal of this technology is its security. Alongside this important “crypto” feature of these currencies is a common commitment to decentralization; cryptocurrencies are typically developed as code by teams who build in mechanisms for issuance (often, although not always, through a process called “mining”) and other controls.

Online brokers or Platforms offer cryptocurrencies ?

1. Coinbase.  Coinbase is the easiest place to buy and sell cryptocurrency Access to buy and sell more than 30 cryptocurrencies.

2.eToro:   : Trading platform with access to 15 cryptocurrencies.

3.SoFi Active Investing:Offers three cryptocurrencies for trading: Bitcoin, Ethereum and Litecoin.

4.TradeStation:Offers trading for five cryptocurrencies, including Bitcoin, Bitcoin Cash and Ethereum.

5.Weibull:: Offers four cryptocurrencies for trading: Bitcoin, Bitcoin Cash, Ethereum and Litecoin.

6.Hodlnaut

7.Cash App

8.Binance

9.Bitpanda

 

SOME PLATFORMS WHICH ALLOWED BITCOINS  PAYMENTS :

PayPal , the world biggest digital payments company  has introduced the feature of crypto transactions in November                                                              

JP Morgan bank  used to bitcoins in 2020

 

Risk involves In cryptocurrency

1. Bitcoin like cryptocurrency everyday fluctuate can around 30 % or  more volatile and risky

2. No intrinsic value – Bitcoin or cryptocurrency has not its own intrinsic value  because its not a physical value.   

3. No control : cryptocurrency Bitcoin has one right there are no regulatory  authority to control so its majorly use by black markets operators                                                                                                

4. predictability : Return in cryptocurrencies are not predictable.                                                                                            

5. low credibility : Bitcoin or cryptocurrency has not its it’s not a physical value              

6.  Use in black market or terror funding. : It May be used for the payments in black market or terror funding                                                                                                

 7. Third party issue : there are only two members like buyer and seller no involvement of third party So trust issues occurred.

 Investment in Cryptocurrency review : Bitcoin, price, India 

 

 Cryptocurrency Scenario in India          

change of attitude has been observed this year in India in April 2018 RBI had frozen out the crypto industry from the banking system  but in real terms cryptocurrency had never been directly banned in India. RBI had merely blocked the banking access of the crypto ecosystem. the result of this was that the public could not deal in INR that is , in Indian rupees on the crypto platforms.                                 

Why RBI did this ?                                

 the reality is that cryptocurrency has some negative points as well that are mainly related with money laundering and security in the dark web on the internet the people had started accepting payment in bitcoins for buying weapons and drugs.  Another reason is that anyone can come up with their own cryptocurrency . That’s why a lot of bogus  and fraud companies took money from the public  with a promise that once trading started in that particular currency the value of their money would double a person named Amit Bhardwaj came up with a similar fraud crypto scheme by the name of ‘gain bitcoin ‘  there is an allegation of fraud of 2000 crores against Bhardwaj. due to these reasons here was a negative  bend of mind regarding cryptocurrency and bitcoins RBI took the decision to impose a banking ban on crypto. Now , Indian platforms included a lot of safeguard like KYC is mandatory during signup  . Finally on 4th march 2020   from that day no legal prohibition on cryptocurrency trading and investment .  Coinswitch, Kuber Apps on which you can deal in more than 100 cryptocurrencies.

 

Which is the best crypto exchange in India?

CoinDCX is the largest cryptocurrency exchange in the country in terms of liquidity, and has all crypto-trading products under a single roof.


Investment in Cryptocurrency review : Bitcoin, price, India 

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