28 July 2021
Cryptocurrency is growing in popularity and it has been receiving a worldwide acknowledgement. In this growing crypto market across the world, one such booming industry it shows potential to opportunities is in India - home to 1.3 billion people. The second-largest population in the world shows the potential and opportunities it could create in the cryptocurrency market.
Now a cryptocurrency market is a place based through the medium of digital currency that exchanges the financial transactions, in here, crypto with another crypto or fiat. Since it is a decentralized technology that is based on blockchain, there are many speculations surrounding the regulations and governance of the currency across the world. India too is in the position of uncertainty with the legality and application of cryptocurrency.
In this blog, we are going to discuss Everything You Need To Know About Crypto Market In India:
1. Universal Market Place
Cryptocurrency is a decentralized distributed ledger that functions uniformly across the world - it is a universal market place. Everyone across the globe can participate and benefit from the cryptocurrency market. However, it is important to note that the price of a cryptocurrency may vary as per the liquidity of the various crypto exchanges. Saying that, cryptocurrency works round the clock, you could make your trading at any given point of time from anywhere to anyone and participate in this global phenomenon.
2. Opportunity Created By Cryptocurrency
COVID-19 affected the downtime of the global economic status, thus, in the same environment, unlike many traditional investment approaches, cryptocurrency witnessed potential stability and growth with its all-time-high. Bitcoin swinging on its all-time-high with an approximate of $32,000, followed by Ethereum $1,200.
On the other hand, India’s waiver on the ban of the cryptocurrency by the Supreme Court led to an experience of the exponential growth of participation in the Indian crypto market. It also spiked the trading volumes, opportunities, growth and created an impact globally with its share in the crypto market.
3. Regulatory Framework
Cryptocurrency is based on blockchain technology with no regulatory governing framework. It is a decentralized ledger that works on anonymity. Every transaction on the platform is verified and added in the blockchain by the community. The transaction is immutable and timestamped, meaning no data can be altered, be updated or be manipulated with. Since, the technology behind cryptocurrency is decentralized, there are certain regulations and law by the governments of the country in an individual manner, but nothing uniformly has been solid together yet.
Over 5000 cryptocurrencies exist in the market operating on its own blockchain. Thus, every cryptocurrency has its own function, application and usage. While investing in cryptocurrency, meticulous and painstaking research is the key factor inorder to determine the cryptocurrency that meets your goal and strategy to invest.
Also Read, Top 10 Cryptocurrency Exchange In India
5. India and Cryptocurrency
After the Supreme Court verdict in March last year, it is legal to purchase cryptocurrency in India since the RBI prohibition was lifted. However, the government in June 2020 had reconsidered banning of cryptocurrencies which is still under uncertainty with the regulations and governance of cryptocurrency. Also it has been stated to strike chaos for the people who have already invested in cryptocurrency.
Since, it lives under unsurety, there are yet many people participating in the crypto space, exchanges like Unocoin, CoinDCX, WazirX, CoinSwitch and many such more enables users to trade cryptocurrencies.
Cryptocurrency has revolutionized the financial system and it is being adopted across the world, creating a wave of future currency. While, it also lives with various speculations and theories, hence, cryptocurrency is going to stay a conflict of interest for a long time.