Did you know there are more than 2000 different types of cryptocurrencies in circulation and more are being developed every day
What is cryptocurrency ?
In digital world , Currency has also taken digital form and
this digital currency is called crypto currency.
A crypto
currency is a virtual currency that was first introduced in 2009 and the first
virtual currency was the most popular bitcoin. It is not like a real
coin or a note, that means you cannot take this currency in your hand, but it
is safe in a digital wallet.
Some Popular cryptocurrencies with their Price and market-cap
|
Cryptocurrency |
Price (US Dollar) |
Market cap
(Billion) |
24-hour change price |
|
Bitcoin |
40,839.84 |
$764.30 |
6.54% |
|
Ethereum |
2,801.60 |
$324.87 |
13.54% |
|
Dogecoin |
0.399361 |
$51.49 |
18.28% |
|
Stellar |
30.28 |
$18.27 |
11.99% |
|
XRP (Ripple) |
1.15 |
$114.80 |
4.50% |
|
Tron |
0.07 |
$5.07 |
7.15% |
*note this price and data is changes within 24 hours. (data - 24 may 2021 )
Features of Cryptocurrencies
·
Allows peer-to-peer
transactions
·
No need for banks
·
Digital medium of exchange
·
You can store your cryptocurrency in a digital wallet
Investment in Cryptocurrency review : Bitcoin, price, India
How cryptocurrency work or blockchain work?
Cryptocurrencies
work using a technology called blockchain. Blockchain is a decentralized
technology spread across many computers that manages and records transactions.
Part of the appeal of this technology is its security. Alongside this important
“crypto” feature of these currencies is a common commitment to
decentralization; cryptocurrencies are typically developed as code by teams who
build in mechanisms for issuance (often, although not always, through a process
called “mining”) and other controls.
Online brokers or Platforms offer cryptocurrencies ?
1. Coinbase. Coinbase is the easiest place to buy and sell
cryptocurrency Access to buy and sell more than
30 cryptocurrencies.
2.eToro: :
Trading platform with access to 15 cryptocurrencies.
3.SoFi Active Investing
:Offers three cryptocurrencies for trading: Bitcoin,
Ethereum and Litecoin.
4.TradeStation
:Offers
trading for five cryptocurrencies, including Bitcoin, Bitcoin Cash and
Ethereum.
5.Weibull
:: Offers
four cryptocurrencies for trading: Bitcoin, Bitcoin Cash, Ethereum and
Litecoin.
6.Hodlnaut
7.Cash App
8.Binance
9.Bitpanda
SOME PLATFORMS WHICH ALLOWED
BITCOINS PAYMENTS :
PayPal , the
world biggest digital payments company
has introduced the feature of crypto transactions in November
JP Morgan bank used to bitcoins in 2020
Risk involves In cryptocurrency
1. Bitcoin like cryptocurrency
everyday fluctuate can around 30 % or more volatile and risky
2. No intrinsic value - Bitcoin or cryptocurrency has not its own intrinsic value because its not a physical value.
3. No control : cryptocurrency Bitcoin has one right there are no regulatory authority to control so its majorly use by black markets operators
4. predictability : Return in cryptocurrencies are not predictable.
5. low credibility : Bitcoin or cryptocurrency has not its it’s not a physical value
6. Use in black market or terror funding. : It May be used for the payments in black market or terror funding
7. Third party issue : there are only two members like buyer and seller no involvement of third party So trust issues occurred.
Cryptocurrency Scenario in India
change of attitude has been observed
this year in India in April 2018 RBI had frozen out the crypto industry from
the banking system but in real terms
cryptocurrency had never been directly banned in India. RBI had merely blocked
the banking access of the crypto ecosystem. the result of this was that the
public could not deal in INR that is , in Indian rupees on the crypto platforms.
Why RBI did this ?
the reality is that cryptocurrency has some
negative points as well that are mainly related with money laundering and
security in the dark web on the internet the people had started accepting
payment in bitcoins for buying weapons and drugs. Another reason is that anyone can come up
with their own cryptocurrency . That’s why a lot of bogus and fraud companies took money from the
public with a promise that once trading
started in that particular currency the value of their money would double a
person named Amit Bhardwaj came up with a similar fraud crypto scheme by the
name of 'gain bitcoin ' there is an
allegation of fraud of 2000 crores against Bhardwaj. due to these reasons here
was a negative bend of mind regarding
cryptocurrency and bitcoins RBI took the decision to impose a banking ban on
crypto. Now , Indian platforms included a lot of safeguard like KYC is
mandatory during signup . Finally on 4th
march 2020 from that day no legal
prohibition on cryptocurrency trading and investment . Coinswitch, Kuber Apps on which
you can deal in more than 100 cryptocurrencies.
Which is the best crypto exchange in India?
CoinDCX is the largest cryptocurrency exchange in the country in terms of liquidity, and has all crypto-trading products under a single roof.
Investment in Cryptocurrency review : Bitcoin, price, India
