It is never too late to join the trend of cryptocurrencies. Even if there has been a period of constant dips, you can never predict when the market would suddenly go up. That is the beauty of cryptocurrencies – you just have to be patient enough. However, the art of trading in cryptos is also something that needs to be learned. For this, you will require immense knowledge of the field to be able to enter it with confidence and insight.
Reading information from the best crypto blog online and finding several sources that can help you with genuine information would be vital to the process. If you are looking to start off with the basic information about cryptos, here is your ultimate guide to investing in this vast ecosystem.
How cryptos work – Cryptocurrencies are a form of digital money that can be used to buy and sell goods and services online. Cryptos are based on blockchain technology. Essentially, a blockchain can be characterized as a database of all the information that is stored online.
Any transaction that is conducted on this network of a blockchain is stored securely as a block. All the blocks are arranged in chronological order and are then chained together – this makes a blockchain. A detailed financial ledger is stored online and no single person or institution is the owner of this ledger.
Cryptocurrency history in India
The different types of cryptocurrencies that exist in today’s day and age have made a mark on Indian economics. The growing popularity can be attributed to different factors that play a role in the rise and fall of the market. The ever-increasing growth of tech-savvy millennials provides the exact base one might need to invest in cryptocurrencies. India is the home to some of the biggest owners (whales) in cryptos and is 2nd in terms of the adoption rate.
The future of cryptocurrencies in India seems to be promising as more than 60% of Indian states are accepting and adopting CryptoTech including 15 million retail investors. An added boost is achieved as the 230 different start-ups that are present in the current Indian market have provided the opportunity for immense growth and potential.
Buying cryptos in India
In general, the Indian market is constantly upgrading itself with buzzing entrepreneurs and young, enthusiastic investors who are waiting to break into this field. If the ecosystem of start-ups, businesses, and economic growth expand, India would be in a good position to become one of the global leaders in the cryptocurrency space.
Since the future of cryptos is slightly less-vague now with the regulations set by the RBI, it has led to an acceptance and recognition of cryptos as an asset class in the country.
While there are several different ways of purchasing these digital coins, the most popular and hassle-free one would be via an online cryptocurrency exchange platform. If you are looking to invest in cryptocurrencies in India with the help of an exchange platform, there are steps you need to follow.
- Select the exchange – Choose a reputed, reliable, popular, and user-friendly exchange platform. You can read and research the different safety features that the platform offers and can also compare the prices and the fee with other platforms.
- Create an account – Provide your personal information and upload the required documents on the website or the mobile app. You will need to verify yourself (KYC verification) to complete the registration process.
- Bank details – You will need fiat currency and your bank information to be able to use the platform to buy and sell cryptocurrencies. Provide your bank details and transfer funds into the online wallet.
- Crypto options – You can then start reading about the different cryptos and their trends. Conduct thorough research about the factors that affect the patterns of each crypto and decide to time your investment accordingly.
- Place the order – Follow the steps that are required in the desired cryptocurrency exchange portal to submit and complete the order for the number of cryptos that you are choosing to purchase.
- Store it in the wallet – Once you purchase, check whether the information is stored in the digital wallet.
The ideal way to trade cryptocurrencies would be by periodically viewing and updating your portfolio to maximize the returns on your holdings. You can designate your investment goals and assess your financial needs and keep your crypto holdings accordingly. Engage in safe practice and trading online or offline.