Is It Safe to Invest in Cryptocurrency in India?
In the year 2019, when the RBI issued a circular to the banks for not trading cryptocurrencies, many of the exchanges suffered and shut down their business in India. But as soon as the SC declared that the banking ban was unconstitutional the exchanges resumed their businesses. The best thing that happened to the crypto-exchanges is that now, more people are investing in it.
Although there are some Indians who do not feel safe to invest in cryptocurrency because of its decentralized nature, it is not so, investing in any cryptocurrency is safe.
There are many countries in the world, that are using cryptocurrencies because they consider it as a store of value.
Let’s just see it that way, if it would have been unsafe then companies like Facebook, Google, JPMorgan and Goldman Sachs, might not invest in cryptocurrencies and promote it.
Good To Invest In Bitcoin
According to research, around 40 percent of the Indians do not have a bank account and because of that, they have to depend on cash payments. The reason those people do not have a bank account is, either they do not have their fixed address or any relevant information required to open an account. In that case, Bitcoin may help those people, as it does not need a bank account. The person would just need to register themself on any exchange and then could make payment anywhere in the world.
Till date, around 600,000 Indians have invested in Bitcoin because they feel that with the help of it they can make a quick, cheap and secure payment.
In the coming years, we will notice that many Indian industries would also start accepting the crypto payment.
If you still are in confusion, whether to invest in Bitcoin or not, then think that you by making an investment in Bitcoin or any other cryptocurrencies, you will be adopting a new way of transaction.
Buy Cryptocurrency
Now, if you are thinking, from where could you buy cryptocurrencies, then I must tell you there are many crypto exchanges in India that allow its secure trading.
Some exchanges that allow trading in India are:
WazirX
Binance-backed crypto exchange and its aim is to be India’s most trusted exchange. WRX Coin is its own token whose price is 12.06. Recently, the exchange announced that if any new person makes his/her joins it then that person will get 100 Free WRX coins.
PaxFul
It is another platform that enables safe investment in cryptocurrency in India. The exchange has given around 300+ payment options to its customers for safe trading in cryptocurrency. Some of the payment options offered by the Paxful are:
ZebPay
It is one of the largest cryptocurrency exchanges in India. In future, it is planning to include a new leadership team and also some new regulations for its customers.
According to some Indian users, ZebPay is the best exchange for investment. They have also mentioned that the minimum recharge amount of the wallet is Rs.1000, but the minimum investment can be of Rs.1 also.
Conclusion
Cryptocurrency is the future, despite being decentralized, it is safe. Today, many international industries are supporting it because it not only brings them closer to their customers but it also has given them a huge profit.
After the SC’s order, many of the exchanges which were shut down earlier would soon get open for crypto trading.
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