After a decent phase in the stock market and investments, I started looking into new investment opportunities which I can afford. And you guys know the current boom or bubble in the finance market in cryptocurrencies. So as everyone I had my doubts like is this legal in India, is it regulated, or it’s something like a multi-level marketing scam ??. To seek answers to all these questions, I was looking back to google and newspaper articles.
So after doing some research and article reading, it was evident that cryptocurrencies are not legal tender in India, for now. This means, you cannot use cryptocurrencies in the Indian financial system, you cannot buy anything with that nor deposit in your bank. But, if you want to trade in cryptocurrencies that seems to be allowed, like our share markets there are cryptocurrency share markets.
Since there are no regulatory body to govern these currencies, it is difficult for India to make it legal tender. But there are investors from India, who are trading cryptocurrencies at high volume. The consortium of banks are coming to give a framework on these currencies, so it can be accepted legally.
As of now all you can do is invest in cryptocurrencies and wait, and reap the yields like how you do with share markets. To do investments you need an exchange to buy and sell.
I found Binance as a good exchange in India for me to launch my investments in crypto and learn this slowly. Before taking a bigger pie, it always good to learn with a small investment.
I downloaded this application on my phone and finished my KYC. Without your KYC confirmation, you will not be able to buy or sell cryptos.
So all your need is your adhara and pan card details to do your verification.
Once you have done all verification, you can buy cryptos. Like the share market, all the rules apply here. There are many cryptocurrencies in the exchange and you should always choose one with the high market capital.
If you consider currencies with high market capitals, it always Bitcoins (BTC) followed by other currencies like Ethereum,Ripple and doge.
The major advantage in cryptocurrencies is like you can buy even in decimals, like you can buy 0.0026 BTC. In binance you need to invest minimum 15$, so for 15$ you can buy 0.000257 BTC considering 1 BTC costs around 55000$.
If you ask why it is costly ?? since crypto currencies are limited , the demand to buy and keep is more. As the demand is high the price keeps increasing, basic market theory.
There are other cryptos which are gaining attention, since am new to this whole digital currencies , lets play safe.
I will keep my experience updating, till then keep investing.
