What we know at the moment is about something called 'Bitcoin' and the fact that people are making money!
How can money multiply so fast? I mean, whenever there is something unusual, we should take it with a pinch of salt. This phenomenal rise in money is guaranteed in pongy schemes that later vanish from the plot created.
Who brought in Bitcoin and how the whole process works are pretty vague? But the fact is that people across the world have found new means to multiply their money. The saddest part is that 1 out of 10 people understand how it really works, which makes cryptocurrency complicated. Another factor adding to our ignorance is financial illiteracy. Financial literacy is never on the list of subjects to be taught in schools.
As we go further, we will be discussing Cryptocurrency, which is a high risk and high returns investment proposition.
According to Warren Buffet," It's a mirage." According to Rakesh Jhunjhunwla, popularly referred to as Warren Buffet of India and the King of Bull Market, " it's a virtual scam and doesn't understand why investors are crazy about Bitcoin."
Bitcoin, which is believed to have started as the medium of exchange today, is one of the most preferred ways of investment.
The Indian government does not back Bitcoin because there is an apprehension that this might have extensive use in black marketing, money laundering, hackers, and terrorists. In contrast, the conventional investment methods(Debt Fund, Equity Fund, Gold, Shares, Property, FD/RD, etc.) have government backing.
Is cryptocurrency legal in India?
Cryptocurrency is not illegal in India but, at the same time, is not regulated. There was news about imposing a ban on Cryptocurrency until the Honourable Supreme Court gave a verdict in favor of Cryptocurrency exchange.
Cryptocurrency is more like the internet, which was not a preferred choice earlier. Now, it is something without which you can not think of life on earth.
Jolts in the crypto market
The entire crypto market witnessed phenomenal 600% growth between 2020 and the first quarter of the calendar year 2021.
Even Elon Musk's tweets did a lot of damage to the rally of Bitcoin. The price of Bitcoin suffered a downturn when China Banking Association issued a warning to its member banks regarding the risks associated with digital currencies. This led to the slash of 30% in Bitcoin prices.
The sentiment about the topmost cryptocurrency is so positive that the fall is also considered a correction.
Crypto trading platforms
The below-mentioned platforms have made the crypto investment simpler. Here is a brief description of India's prominent crypto platforms-
CoinDCX
CoinDCX is Singapore based company that offers crypto-linked financial services. They have revolutionized the crypto sector by floating different types of crypto-based products.
WAZIRX
WAZIRX is India's trusted Bitcoin company and cryptocurrency exchange. On this platform, one can buy, sell and trade Bitcoin, Ethereum, Ripple, Litecoin, and more cryptocurrencies in India.
WAZIRX has introduced WRX, a toke created by WAZIRXfor which there will be a maximum of 1 Billion WRX coins ever created.
CoinSwitch Kuber
This platform has the simpler vision of making the crypto investment as easy as ordering online food. The users of this platform can have access to pooled liquidity of all the cryptocurrencies exchanges in India to trade after completing KYC procedures.
How does this work? The answer is - Blockchain Technology. They say the blockchain technology was put in action first, and the digital currency (Bitcoin) was used to reward those working on the blockchain technology. This sounds sensible. Let's see some points about blockchain technology, which is considered the technology for a better future.
Blockchain Technology
Blockchain is a technology that is constantly taking shape and is sure to be a big thing in the next decade. This technology has left Artificial Intelligence, Social Media, Robotics behind, and the next generation internet.
For the first time in the history of human evolution, there's going to be trust established, and this has been possible with blockchain technology.
You must be wondering as to how this technology took birth? Remember- necessity is the mother of all inventions? This maxim worked here as well. Bitcoin, the digital currency's popularity, and its protocol setting were instrumental in developing blockchain technology.
As the name suggests, it's the blocks sharing data linked together in the form of a digital chain. Each block has a special code or secret code which is hard to decipher. This makes the blockchains nearly impossible to tamper with.
The science journal Nature published a study showing that China's Bitcoin miners, which power nearly 80% of the world's cryptocurrency trade and run from coal-fired power plants, risk jeopardizing the country's climate goals.
Top Cryptocurrencies at the moment
The pricing of cryptocurrencies changes very frequently and is highly volatile. This makes it risky. One has to be ready to absorb such variations.
Bitcoin, the King of all cryptocurrencies, is the oldest of all, and in the last 24 hours, its value has changed by -2.61%. It was priced at INR35,40,248 according to CoinSwitch and is now at INR 34,47,919. The market cap stands at INR 63.2T.
Here is the list of top cryptocurrencies-
Bitcoin(BTC)-
Price -INR 34,47,919
Market Cap- INR 63,2T
Ethereum(ETH)-
Price -INR 2,33,100
Market Cap- INR 26.6T
Tether(USDT)-
Price -INR 78.5
Market Cap- INR 4.8T
Cardano(ADA)-
Price- INR 164.67
Market Cap- INR 4.7T
Ripple(XRP)
Price- INR 87.10
Market Cap- INR 3.8T
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