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Here’s How You Can Safely Invest in Cryptocurrency in India

Despite the Indian government’s ambiguous attitude on crypto assets, the country’s cryptocurrency investments are growing. Many apps like Flipitmoney are offering additional ideas like Non-Fungible Tokens (NFTs). What are the causes of this increase?

Low internet costs, growing real estate values, and higher taxes on precious metals such as gold and silver all seemed to have aided the paradigm shift toward physical asset investment.Checkout the best app for finance news India.

Furthermore, the arrival of cryptocurrencies gave individuals as young as 18 years old unparalleled freedom to invest and expand their portfolios.

India is seeing a rise in cryptocurrency exchanges

The high inflation rates in India, along with the limited and non-streamlined investment options, created a wonderful opportunity for forward-thinking businesses to open cryptocurrency exchanges in the country.

Because of the inherent nature of crypto and blockchain technology, entrepreneurs like Nischal Shetty have been able to create crypto exchanges with user interfaces that are straightforward and simple to use (UI). These crypto exchanges also have minimal trading fees and nearly no annual maintenance costs (AMCs).

Crypto exchanges exploded as a result of its 24×7 availability, basic design, and potentially sky-high returns on investment for any person.

The Cryptocurrency with the Most Support

The most popular cryptocurrency, based on market capitalization, is Bitcoin (BTC). Many think, however, that Ether (ETH), the Ethereum network’s native asset, will soon replace Bitcoin.

Investing in bitcoins in India: What’s the best strategy to use?

There are a number of online Bitcoin exchanges in India where you may buy Bitcoins. Peer-to-peer Bitcoin transfers are also possible on certain platforms. In order to avoid losing your money, it is suggested that you only buy Bitcoins on Bitcoin exchanges rather than directly from individuals.

The KYC (know your customer) verification process must be completed before you may invest in Bitcoins. It is essential that you provide your PAN card, proof of address and photos in the correct format to complete this process. Before or after opening a Bitcoin trading account, you may complete your KYC verification.

Bitcoins are permitted in India

Legality of Bitcoins and other cryptocurrencies in India is a contentious issue that has divided the country. Commercial banks in India were prohibited by the Reserve Bank of India (RBI) in 2018 from aiding with Bitcoin transactions. The company was stunned by this development.

However, in 2020, the Supreme Court overruled the RBI’s decision. As a result, crypto exchanges were able to restart operations after a much-needed reprieve. Notably, the possession or exchange of Bitcoins was never prohibited in India.

What is the maximum amount of money you may invest in Bitcoin?

A single Bitcoin is presently worth $58,497.30 on March 19th, 2021. However, you are authorized to buy just a fraction of a Bitcoin. You don’t have to put away $60,000 in order to get started investing in Bitcoins. Investing might begin with a little amount of money.

Conclusion

Few people in India are taking advantage of the fact that it is not illegal to invest or exchange Bitcoins. As a result of the RBI’s and the government’s statements, investors are nonetheless concerned of the risks involved.