The paradigm shift of currencies around the world was swift. The chaos that ensued created opportunities for developers, traders, investors, merchants, nomads, and every profession that got a boost. People have been getting paid in cryptocurrencies for years. The limitless options on location of work have evolved the way of working. A laptop is enough to work from any corner of the world. A nomad can settle in any part of the world because he can get paid in cryptocurrency and be fine. The cryptocurrency was not only the introduction of universal currency but also the beginning of a simpler global economy.
Cryptocurrency as an investment
The crypto community has been passionate about the ways it has changed the financial system. However, the beginning of investment in cryptocurrency was to make a quick buck rather than as a long-term investment. The use of cryptography to prevent counterfeit currencies is one of the reasons digital currencies are booming. There are no rules and regulations for this decade-old market. The volatility of the values is high and crypto investors are those who have a high appetite for risk. Despite the predictions, it is recommended to invest in crypto only if you can manage a hundred percent loss. The regulations vary from country to country and these affect the value and the future of crypto tremendously. This is one of the reasons that the market is thriving in spite of regulations and blunt lack of acceptance.
The Cryptocurrency Regulation Bill proposed in 2019 in India would have thwarted the opportunities that came along in the last couple of years. The Government is observing and tailoring the bill that is soon to be proposed. Crypt community hopes and is positive that the delay in response means that there is a sliver of a chance that cryptocurrency may be accepted and regulated in a way that doesn’t hurt the current investments and promotes investments in the future too.
How does Cryptocurrency work?
Unlike the currency we are used to, you cannot touch a bitcoin or pick up a dogecoin. These exist only in the digital form and are made up of programs and codes. There are platforms that manage the exchange, buying, and selling of these currencies and wallets that safely hold the currency till you wish to withdraw and trade them. There are a lot of various currencies that have been created with a specific purpose in mind. For example, Chz was introduced to power a social platform that encourages fan engagement and rewards the involvement of fans through polling. Tron was created to eliminate middlemen and gave full ownership to the content creators. AdEx was created to tackle challenges in the advertising industry. Ripple was introduced with the goal to streamline the usage of cryptocurrency in mind. The list of international banks that support Ripple is growing by the day. The elevated usage of the Ripple payment system will ensure the value of this cryptocurrency grows. In fact, the Xrp to INR conversion has seen the highest mark of 159.6 rupees and the lowest mark of 14.3 rupees.
Will cryptocurrency be banned in India?
Although most countries are in limbo and are working on a sustainable financial model that encompasses crypto, there are a few countries that are still undecided. The Indian government is on the verge of making a decision and the final verdict remains to be seen. There may be proposals of a regulated currency by the private or government sector in India that may be put in circulation. The question shall remain unanswered till there are more facts to go on.
Crypto community in India
Despite these factors, the crypto community has remained bullish. The irrevocable spread of cryptocurrency has overcome a global pandemic, during which markets crashed considerably. The pandemic was the time that stock markets were struggling and the crypto community was thriving. If you are looking to buy any cryptocurrency in India, you have a variety of legitimate platforms that can help you manage your digital assets. There are a lot of websites that offer free wallet services as well. For example, if you wish to buy Ripple in India, you first need an account on any of the exchange platforms. Post adding funds to your account, you can begin trading immediately. These platforms look to spread awareness and educate people regarding cryptocurrency. The crypto community is thriving in India as we have one of the highest working-class populations in the world and that means the highest number of people willing to take monetary risks and embrace newer technology.
The crypto community shows no indications of slowing down and neither do the investors and enthusiasts. The belief in the future of digital finance is strong and regulations are expected to streamline the system, making it more predictable and hence, more profitable.