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Has Cryptocurrency Become Every Indian’s Dream Investment?

Has Cryptocurrency Become Every Indian's Dream Investment?

by dennisloos
dennisloos.net

A lot of the richest rewards are accompanied by substantial risk. This is certainly the case for the uncertain cryptocurrency market. The uncertain future of 2020 across the globe has led to increase in interest from large and large institutional traders in trading cryptocurrency that is a brand new kind in asset. The increasing rate of digitization as well as the flexibility of the regulatory framework as well as the supreme court’s decision to remove the bans placed on banks that deal with companies that are crypto-related have led to investments of more than 10 million Indians in the last year. dennisloos.de There are a number of major cryptocurrency exchanges around the world are currently exploring the Indian cryptocurrency market . They have seen a steady growth in the volume of trades daily in the last year, despite the massive drop in prices , as investors researched value buying. As the boom in cryptocurrency continues, a variety of brand new cryptocurrency exchanges are emerging in India. They allow buying, selling and trading using user-friendly applications. WazirX is India’s largest cryptocurrency trading platform. It has seen its customer base double between one million and two million in the months between March 2021 and January.

What is driving the biggest of cryptocurrency exchanges to enter the Indian market? In 2019, the most significant currency exchange in terms of volume of transactions, Binance acquired the Indian trade platform WazirX. Another startup in the field of crypto, Coin DCX secured investment from Seychelles-based BitMEX and the San Francisco-based company Coinbase. Blockchain and crypto-related startups based within India have attracted investment up to USD99.7 million in the period June 15-2021. The total was USD95.4 million by the year 2020. In the last five years, investments in the Indian cryptocurrency market have increased by an astounding 15077 percent.

Despite the ambiguous policy that is in place India International investors place huge bets on India’s cryptocurrency ecosystem due to many reasons such as

* Techno-savvy Indian population The bulk of Indians of 1.39 billion are younger (median age range is between 28 to 29 to 29 years of age) and tech-savvy. While the older generation is more inclined to invest in gold, real estate or patents, and equity, the younger generation are turning to volatile cryptocurrency market as they are more open to the transactions. India is ranked 11th on Chainalysis’s 2020 list for global adoption of cryptocurrency which indicates the enthusiasm for cryptocurrency among India. Indian populace. The indifferent policies of the government towards cryptocurrency or the rumors about cryptocurrency’s rumours can discredit the trust of younger generations in the market for cryptocurrency.

India is the most affordable internet connection anywhere in the world. A gigabyte of mobile internet is around $0.26 and the global average is $8.53. This means that more than half the world’s population takes advantage of internet connectivity at a low cost which can allow India to become one of the most significant crypto-based economies in the world. As per SimilarWeb India is the second biggest in the world’s internet traffic, which is a result of cryptocurrency trading site peer-to-peer Paxful. Even though most of India’s population of people is suffering from an uncontrollable “pandemic effect”, cryptocurrency is gaining momentum in India because it provides the young generation with a new and quick method of earning money.

The possibility is that the cryptocurrency could turn into for Indian young people’s gold equivalent to what it used to be to grandfathers!

* Rise of Fintech Start ups
The growing popularity of cryptocurrency has led to the creation of a variety of trading platforms , including WazirX, CoinSwitch, CoinDCX, ZebPay, Unocoin, and numerous others. These platforms that allow trading on cryptocurrency are safe and accessible on a variety of platforms. They allow for immediate transactions, providing an easy means for cryptocurrency enthusiasts to purchase as well as sell cryptocurrency with no limitation. The majority of them accept Indian rupees for purchases and charge trade fees just 0.1 percent. These easy, fast and secure platforms provide the perfect opportunity for beginners investors as well as local traders.

WazirX is one of the most well-known cryptocurrency exchange platforms with over 900,00 customers who allow users to perform transactions using peer-to peer. CoinSwitch Kuber provides the most efficient exchange service for Indians and is ideal for both novices and regular people. Unocoin is among the most well-known crypto exchange services in India with more than one million transactions via mobile applications. CoinDCX offers users hundreds of options for converting their currencies . It also offers investors protection in the event of loss occurring in the event of an attack on security. So investors across the world are focused on the various crypto exchange options in India to profit from the expanding market.

* Mixed Government Response
The bill that will legalize the use of a virtual currency that would make it unlawful for anyone that is involved in possession mining, trading in issuance or the transfer of cryptocurrency assets, could be passed in law. However, Finance and Corporate Affairs Minister Nirmala S. Sitharaman has eased a few investors’ fears by releasing declaring that the government isn’t planning to prohibit the use of all cryptocurrency. A letter addressed to the most revered English newspaper The Deccan Herald, the Finance Minister said, “From our side, we’re certain that we’re not closing all possibilities. We will open certain window to allow people to experiment on bitcoins, the blockchain or other cryptocurrency. ” It’s evident that the government is looking at the security threats for the country that cryptocurrencies present before deciding regarding whether to implement an absolute ban.

In March of 2020, the Supreme court upheld the bank’s ruling , which barred banks from trading with cryptocurrency. This led investors to enter the cryptocurrency market. In spite of the uncertainty around the limitations, the number of transactions were growing with the registration of users, and inflows of cash at local cryptocurrency exchanges increased by 30 percent over one year ago. The oldest of exchanges within India, Unocoin added 20,000 users between January through the month of February in 2021. The Zebpay daily volume for February 20, 2021, was equal to the volume generated by the entire period of February in 2020. The problem of cryptocurrency is a matter of debate. India Finance Minister said in an interview with CNBC TV18 “I can only tell you that we’re not shutting our minds. We are exploring ways to make experiments occur in the world of digital and in cryptocurrency. 

Instead of the the sidelines, the stakeholders and investors are determined to make the most of the possibility to broaden the digital currency ecosystem until the government introduces the ban on “private” cryptocurrency and announced digital currency sovereign to the state.

Are India headed toward Financial Inclusion through the use of Cryptocurrency?
Was initially thought of as a “Boys club” due to the dominant involvement of men in the crypto market. the growing number of women who trade and invest has led to a rise in gender equality in the digital and new investment method. Women in the past could choose to invest in traditional ways but now they are taking risks and getting into the crypto markets in India. After the Supreme Court’s decision to clarify the legality of “virtual currency”, the Indian cryptocurrency platform CoinSwitch has seen an exponential 1,000 percent increase in female users. While women comprise only a small portion of the cryptocurrency market they are opposing the markets within India. Indian marketplace. Women have a higher savings than their male counterparts and that means they are more diverse when it comes to investment options, such as high-return assets like cryptocurrency. Females are more logical and better at assessing the risks before making best investment choices and thus are better investors.

Increasing Mainstream Institutional Adoption of Cryptocurrencies
Fear and insanity caused by the SARS-Covid 19 outbreak caused the emergence of a liquidity crisis before the economic recession took off. Many investors turned their assets into cash to safeguard their financial security. This led to the rise in prices in Bitcoin as well as Altcoin. But despite enduring a massive drop, it managed to become the most profitable asset class in 2020. Because of the growing risks to the system as well as decrease in trust in the bank’s policies and the way that money is structured, there is a rising demand for digital currencies that has led to a rise in the value of cryptocurrency. Due to the booming increase in cryptocurrency amid the current financial crisis around across the globe, the increase of interest has grown in cryptocurrency markets across Asia and all over the world.

Additionally, in order to satisfy the need for quick and safe payments, online payment processors such as PayPal have also displayed their love for cryptocurrency, which permit consumers to purchase and sell or hold assets. Recently, Tesla CEO Elon Musk has announced a major investment in the market for cryptocurrency of USD1.5 billion. Musk added that Tesla would accept bitcoin transactions from its customers, which caused an increase in the cost of bitcoin around the world, ranging between USD40,000 and USD48,000 within only 2 weeks. One of the two famous payment processors around the world, Visa and Mastercard are actively promoting cryptocurrency, offering them as a viable way to make transactions. Even though Visa has announced the possibility that they will accept transactions made using stable currencies like Ethereum as a payment option, MasterCard, which is based on the Ethereum blockchain Mastercard will be accepting transactions made using cryptocurrency from 2021.

What’s the possibilities for the cryptocurrency market for India?
There’s an explanation for why it is that Indian crypto market hasn’t been shielded from the devastating cryptocurrency crash. Despite huge investments by foreign investors local investors are still a long way away from investing in cryptocurrency due to of the uncertainty regarding the validity of the cryptocurrency ecosystem in India and the high level of volatility on the market. Even though the market for crypto has grown since the the year Indians are holding less than 1% of the bitcoins that are traded worldwide and this is a significant disadvantage for the Indian economics. The Indian government is planning to set up an independent committee to study ways of controlling digital currency in the country. It will as to focus on blockchain technology and recommend that it be utilized for technological advancements.

The capability of blockchain technology to provide a safe and secure system has been proven by a variety of sectors to guarantee the transparency in transactions. In a country with over 15 million users of cryptocurrency, an upcoming recommendation from the committee could hold crucial importance in determining the next steps should be taken for the cryptocurrency industry in India. But they believe that India’s economic and technological capabilities will make India to be a major player in the crypto and blockchain marketplace. In the process the rise of cryptocurrency, it is becoming popular , which could lead to an increase in the use of digital currencies.

According to a separate TechSci Research report on “India Cryptocurrency MarketBy Offering (Hardware & Software), By Process (Mining & Transaction), By Type (Bitcoin, Etgereum, Bitcoin Cash, Ripple, Dashcoin, Litecoin, Others), By End User (Banking, Real Estate, Stock Market & Virtual Currency), By Region, Forecast & Opportunities, 2026″, India cryptocurrency is predicted to grow by a significant rate, because of the increasing the need for transparency and an increase in the price in the transactions. In addition the growing use of digital currency and the increasing usage of blockchain technology are leading India the cryptocurrency sector.

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