The advancement in cryptocurrency has led a lot of people to pay attention to the path and progress of the new investment opportunity. The cryptocurrency was an unheard-of concept and from that to being the most-awaited and exciting part of the government’s budget in 2022, it has come a long way. There are a lot of factors that have affected cryptocurrency positively. One of these factors was the keen interest shown by young and dynamic Indians who had an appetite for risk and wanted to explore more avenues for investment. This class of assets was embraced wholeheartedly by every person who has paid close attention to the progress and development that has happened.
If you are looking to buy crypto in India, you need to have an account and go to an exchange platform to trade. One of the most trusted exchange platforms in India is CoinSwitch. This user-friendly and dynamic exchange platform ensures you are well-informed about the news, expert opinions, values, and history of the coins you wish to invest in. They have all the major cryptocurrencies listed and all you need to do is open your watchlist to view the current value of your favourite cryptocurrency. For example, if Litecoin is earmarked as your favourite, then you can tell the LTC to INR value as soon as you open the app. They provide wallet services as well.
Click here – Radon in my Home? – Don’t Panic and Stay Calm to Deal with It
The risks involved in investing
Like every market that sells assets or commodities, this market sees some fluctuation too. The only difference is, there is no worldwide regulatory institution that controls the flow and lays down the laws. There are particular risks with exchange platforms too. This means the platform should be protected from hackers and perform when you want it to. In case of a large influx, the platform should be able to handle the requirement and not crash. A few moments’ delays can cause heavy losses in the case of cryptocurrency. Another risk to watch out for is that the market is sensitive to news and any information on social media. This may mean that crypto that has absolutely no real use may be gaining value because a celebrity or a businessman tweeted about it. Although your exchange platform is supposed to warn you about these kinds of risks, sometimes a pump-and-dump is hard to spot. Particular crypto may be hyped and people may be attracted towards it to buy and then the stock suddenly drops. Researching hodl strategies could also be of benefit for you and your investment.
The top amongst the overall risks involved with investing in cryptocurrency is volatility. When you are thinking of investing, follow hard facts and look at the things that will help you make a decision rather than what is being portrayed in the market.
The rewards of investing
The potential to earn a profit off of an asset that is being sold in a market that is accessible 24 hours a day, all days of the week, is immense. The power to invest and divest at your fingertips and the power to redirect funds within seconds is what makes this market a curse as well as a boon. There are many people who do not use crypto for payments but only as an investment. For example, Tron to INR value was 2.40 rupees at the beginning of February 2021. It shot up to 12.28 rupees in April 2021 and is at 4.74 rupees in February 2022. If you look at the growth in percentage, you will notice that if you would have invested in Tron then, you would have been some amount richer today. Whether it is the most valuable crypto in the world or the one which is still in its nascent stage, cryptocurrency is here to stay and the rewards it brings with itself are nothing short of abundant. How to go about planning your financial goals with crypto depends on you and your financial capacity.
The future of cryptocurrency in India
India has been debating the conditions for the existence of cryptocurrency in the country for a while now. Finally, at the beginning of 2022, there is a glimmer of hope. The government has proposed a tax regime for any profits made by cryptocurrency. The proposed 30% of tax may sound like too high a number and yet, most investors are breathing a sigh of relief as crypto is now recognized by the government. Private cryptocurrencies are being allowed and India is ready to be a part of the world that is evolving fast. It is being proposed that by 2023, India should have a digital currency of its own. The implications of the execution of this step are yet to be known clearly. More people are engaging in cryptocurrencies and benefitting from the profits.
The pace of development of infrastructure in India is slower compared to the rest of the world given the volume of transactions that are taking place in the country. However, the bright side is the future of cryptocurrency in India is getting clearer and the government is working to eliminate any ambiguity associated with the usage of crypto.
Click here – Best 22nd Birthday Gift Ideas For Him
