Cryptocurrency Relevance and Concept in Indian Context

In the pandemic hit of the financial world, the rise of cryptocurrency is a keenly watched economic trend. In 2020 transactions via crypto gained momentum in India after the Supreme Court did not agree with the ban imposed by the RBI. Before getting into the details, let us first see what a cryptocurrency is.

Cryptocurrency Relevance and Concept in Indian Context

What is the Cryptocurrency Concept?

 

Contrary to the conventional form of currency notes, cryptocurrency is stored in a digital platform and its ownership, storage, and supply are supported by the concept of Blockchain mechanism. Cryptocurrency from the technical point of view is a digital currency that is being created using cryptographic protocols to ensure secure transactions and make fraud impossible. In developed nations like the US, its use is quite prominent and popular because of the utmost safety principles and convenience. Moreover people out there are highly inclined towards experiencing advanced tools and technologies for making tasks smooth and purposeful. But for developing economies its use is still in the nascent stage.

 

Well in this post we will focus on the aspect of Cryptocurrency in India. Let’s find out the exciting prospects.

 

India’s best crypto exchange

 

Plenty of online platforms is available which can enable cryptocurrency trading in exchange for fiat or digital currencies. Between buyers and sellers, they act as intermediaries. In this process, they take transaction or commission fees. In India, some of the exchanges available include- CoinSwitch Kuber, Wazir X, CoinDCX.

 

Some of the parameters to choose for the purpose of crypto exchange

 

Crypto exchange in India 2022 can become highly popular if you can consider the following:

 

KYC: As per global laws it is mandatory to upload your ID proof. Considered as an example for Indian exchange Vauld can be used as it welcomes IDs issued by the central government.

 

Modes of payment and currency: Paying money into your exchange via crypto is still not as easy as train booking. To make UPI transactions WazirX can be used in India.

 

Significance in selecting coins or cryptocurrencies: To maximize the chance of your profit you can make a vast selection of coins and currencies. For example in Indian context, Paypal sells four major coins in 2 countries across the globe. On the other hand, you can have Coinbase to enable hundreds and thousands of coin sell-buy combinations.

 

Conclusion: Well there are lots more apart from those mentioned above. Prospects are there that regulations can bring in accountability and transparency on crypto trading platforms along with having provisions for cross-border transaction monitoring. Although it is difficult to state which crypto exchange is best in India but still for investors like you there are possibilities to reduce fraud and safeguard the vested interest.

 

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