Introduction
In this fast growing digital world, currency has also taken on a digital form and this digital currency is called cryptocurrency, like Bitcoin, which you have heard its name many times. But what is this cryptocurrency and how is it used? What are its benefits? You will get the answers to these questions in this . So let’s know about cryptocurrency today.
Table of Contents
What is Cryptocurrency?
Cryptocurrency is a virtual currency, which was introduced in 2009 and the first cryptocurrency was the most popular Bitcoin. Cryptocurrency is not like a real coin or a note. That is, we cannot take this currency in our hands like rupees, nor can we keep it in our pockets. It is safe in our digital wallet, so you can also call it an online currency because of it only exists online.
The payment from Bitcoin is through the computer. By the way, now you know that the government has full control over our Indian Rupees and similar currencies like Euro and Dollar. There is no such control over cryptocurrency like Bitcoin. This virtual currency is not controlled by government authorities such as central banks or any other country or agency. That is, Bitcoin does not follow the traditional banking system. Rather, it keeps transferring from one computer wallet to another wallet.
Types of Cryptocurrencies
It is not that only Bitcoin is such a cryptocurrency, but there are more than 5000 such cryptocurrencies. Some popular cryptocurrencies are Ethereum, Ripple, Litecoin, Tether, and Libra. You can invest in them and easily buy and sell them like Bitcoin. Yes, it is different that currently the most popular cryptocurrency is Bitcoin.
Acceptance and Use of Cryptocurrency
How popular is this currency, you can guess from the fact that now many companies in the world have started accepting Bitcoin payments. In the future, the numbers of these companies will increase rapidly. In this way, shopping, trading, food delivery, traveling can be done using Bitcoin. In India, slowly but surely, the popular form of Bitcoin payment is being made.
Legality of Cryptocurrency in India
One of the reasons for the slow speed of cryptocurrency in India was that it was illegal. Because the cryptocurrency was banned by the RBI, but now in March 2020, the Supreme Court has removed this ban. That is, now it has become legal to use cryptocurrency in India. That is why the number of cryptocurrency users in India is also increasing.
Benefits of Investing in Cryptocurrency
Another important reason for cryptocurrency like Bitcoin not to be popular as quickly as in other countries in India. Our concept is that if you want to invest, you should do it in FT, Mutual Funds, Shares and Gold. Which is not wrong, but there are different benefits of investing in this new currency of the new era.
For example, you can easily and quickly make a transaction in it. This can complete an international transaction in a matter of seconds. You have to pay a fee equivalent to the transaction. There is no middleman in this and these transactions are more secure and confidential. Now tell me, isn’t bitcoin an investment of benefit?
Then bitcoin is not a new concept. Big companies like Facebook, PayPal, Amazon and Walmart are connected to cryptocurrency. Moreover, Elon Musk, who is the richest person in the world today, Jack Dorsey, Mike Tyson, and Kenny West also use cryptocurrency. In countries like the USA, China, Japan, Spain, and Romania, the number of cryptocurrency users is the highest.
Investing in Cryptocurrency Using Apps
Now after knowing so much, it may be possible that you are also thinking about investing in Bitcoin, so let me tell you that using cryptocurrency is also very easy. It means that by using the many govt. approved application, you can You can invest in Bitcoin. You can buy and sell it. It will be as easy for you as you purchase your favorite products from Amazon. There are millions of users in the world of these apps.
But you may have this question in your mind that Bitcoin will be expensive. How can I buy it in such a situation? So , the good thing is that even if the price of one Bitcoin is now 32 lakh rupees, or is constantly increasing rapidly. By using such apps who seel and buy crutocurruncy, you can start your investment from minimum amt. and you do not have to pay any transaction fees.
Here you should also know that the price of Bitcoin keeps changing rapidly and there are ups and downs in its price according to its demand.
Risks and Precautions
After that exciting information, you should also know that while using cryptocurrency, you have to remember that you can get a lot of profit in it. But it also has a high risk, so before buying any cryptocurrency, do some research on it so that you can find out how the performance of that cryptocurrency was last week and last month.
This will give you an idea of the profit from that currency and the ups and downs in it, so that you can have low risk and high profit in your investment.
Conclusion
In the future, we will know how fast cryptocurrency will take a step in India and what we will be able to buy from it. But now, if you want to use it wisely, you can make a profit. You must have learned a lot about cryptocurrency and quick support is expected.
Before investing in digital currency you need to read all terms related to any crypto currency and also check does it ban or not in your country to avoid any legal issue.
Disclaimer: This guide is for informational purposes only. We do not ask or recommend purchasing digital currency. All investments carry risks, and you should proceed with caution.