People may not be very well versed in the financial sector, stock markets, and even the nuanced aspect of the country’s budgets. However, a large number of the young and older population are aware of cryptocurrencies. The awareness extends to the desire and interest in purchasing them and saving up/ growing monetarily by investing in cryptos. Even with a comparatively lesser understanding of the overall financial world, people are not shying away from learning more about cryptocurrencies. With the ease of technology and almost every second person talking about it, it is not difficult to have more information about this field.
Cryptocurrencies: A basic introduction
It is a form of digital currency that has now emerged as an asset class that provides investors a chance to invest and grow their money for substantial returns. People can use these online currencies to buy or sell goods and services online and can also use them as investment opportunities. They are decentralized which means that they are not governed or controlled by any ruling or authoritative body like governments, banks, institutions, etc. Some people say that these currencies have the potential to break into the mainstream market and replace fiat currencies, while others still believe that this asset class is a bubble that may burst at any time causing financial loss. While there is lesser proof for the latter argument, the fact that cryptocurrencies have taken the market by storm is leading to all-time high successes. Bitcoin is the most popular cryptocurrency in the Indian market today and the investors in the country are attempting to buy as many bitcoins (or parts of a bitcoin) as they can against the value of BTC to INR that they find suitable.
How does it work?
Basically, cryptocurrencies operate on an advanced technology called blockchains. Each cryptocurrency that exists in the market today has its own blockchain network that provides the essential security and safety-related features in every transaction that has been made or would be made using the particular blockchain. It uses an online ledger that serves as a digital record of each transfer in real-time. Every computer or system that uses the blockchain would have a record of the transactions being made by any person at any time across the globe. This blockchain and ledger is not owned by any single authority but is held accountable for by all its users. The complete decentralization of this process and the transparency makes it appealing to the investors as they would have complete autonomy and control over the money that they are spending.
How to purchase?
Among the several thousand cryptocurrencies that exist in circulation in today’s market, there are a few that most people are inclined towards that are renowned and known to give results in terms of monetary growth. The question then arises about the methods to purchase cryptos in India. There are a few simple steps that any person can follow to be able to effectively deal and trade in cryptocurrencies.
- Registering and creating an account on popular, trustworthy, and reliable online crypto exchange platforms. Sites like CoinSwitch have a very high trading volume with new users joining in every day.
- Download the app or visit the website to create an account for your personal trades. Ensure that the interface is user-friendly and easy to operate. Also, make sure to do some preliminary research to understand the number of cryptos the particular exchange allows trades in.
- Enter the required details or upload the documents as asked by the website to begin the process. Usually, this does not take long. One of the most important steps would be to finish the KYC verification – this step guarantees the authenticity of the users on the portal.
- Once the account is set up, you can transfer the funds into the online wallet to be able to purchase or sell the cryptos of your choice. This transfer would happen in the denomination of your country. For example, calculate the value of TRON to INR, and depending on the number of tokens you would like to purchase, transfer the funds into the account.
- Once the coins are purchased, you can decide to buy, hold, or sell them based on the previous trends and patterns. You will have a private key to access these funds thus ensuring the safety of the amount.
Importance of Crypto in the future
Cryptocurrencies are deemed important in the future as they have several innovative features along with desirable aspects that make them stand apart from other investment assets. Cryptocurrencies are highly portable and can be transferred to anyone in the world using smartphones, laptops, and a good internet connection. They are also scarce, with a limited supply of cryptos and coins in the world. This scarcity is known to drive up the value. Lastly, the security features of money transfers associated with this sector are also a huge boon to the investors as no authority controls this money apart from the spender. This adds to the fairness of the money used.
Invest in the future by investing in cryptocurrencies using these steps. It is always a good idea to secure your future and what better means to do so than this tried-and-true way.
