Know what is Cryptocurrency, all about it, and how to invest in Cryptocurrencies in India?

24 Nov, 2021

Cryptocurrency in India:

Almost every one of us would have heard about terms such as Bitcoins and Cryptocurrency while talking about the investment options currently available in the market. So, if you aren’t much familiar with the terms, then you should follow this article till the end.

What is Cryptocurrency?

Cryptocurrency is a digital or virtual currency that can’t be easily counterfeit or double-spend as it is Secured by Cryptography. Cryptocurrencies are usually not issued by a central authority, and hence are resistant to interference or manipulation from the government. A majority of cryptocurrencies are decentralized networks based on blockchain technology, which is a distributed ledger enforced by a dissimilar network of computers.     

History of Cryptocurrency:

In 2008, a big financial crash happened in the US due to the banking sector, due to which people were hesitant of putting their money bank into the banks. It was then, a few technologists came together and formed a blockchain technology where people exchange goods of certain value amongst each other. This blockchain technology is actually a decentralized form of transaction without the involvement of banks or other institutions.

How does Cryptocurrency work?

Cryptocurrencies are a model of peer-to-peer or direct transactions without the involvement of any centralized authority governing or controlling the transactions.

Types of Cryptocurrencies:

The most common types of cryptocurrencies are:

  • Bitcoin

  • Bitcoin Cash

  • Litecoin

  • Ethereum

  • Ripple

  • Stellar

  • Tether

  • USD Coin

Are Cryptocurrencies legal in India?

Cryptocurrencies aren’t legal as well as illegal in India as of now. At present, there is no central authority monitoring the transactions of cryptocurrencies in India, hence, one can freely invest in Cryptocurrencies. 

How to Invest in Cryptocurrencies in India?

There are some common platforms or applications namely Wazirx, CoinDCX go, and Binance through which you can start trading in cryptocurrencies. To commence with the process, you must download these applications and get your KYC done. Followed by this, submit your bank details and link your Aadhar Card to the platform. 

After this, you will be able to buy cryptocurrencies with the funds already present in y our bank accounts. 

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