Synopsis
Cryptocurrency in India offers financial inclusion, protection against inflation, remittance benefits, new investment avenues, fast transactions, and decentralization. However, it faces regulatory challenges, volatility, fraud risk, power consumption, and impact on traditional banking. The Supreme Court ruling and government regulations shape the future of cryptocurrency in India.
You’ve probably heard of the term “cryptocurrency” unless you’re not closely following recent trends.These digital assets have taken the world by storm, yielding massive returns for investors when compared to traditional assets like stocks or index funds.
As an example, Bitcoin (BTC)’s price grew by a whopping 155% from the start till the end of 2023. Such high returns naturally get the attention of investors looking to add to their wealth. But before you jump on this train, it makes
In this article, we’ll highlight the advantages and disadvantages of crypto investing in India. This will allow you to make an informed decision about whether to invest in this blossoming asset class or not.
What is a Cryptocurrency?
Cryptocurrency, a type of digital or virtual money that comes in thousands of varieties, operates on blockchain technology.Think of blockchain as a decentralized ledger that records monetary transactions, i.e., who paid what and to whom. Being decentralized means the transactions take place without the need for a central authority or intermediary like a bank or government. It also means the ledger is accessible to everyone, ensuring transparency and ..
The term “blockchain” comes from the fact that the transactional data and other information are stored in “digital blocks” that are chained together. Once a block gets added to a chain, it’s almost impossible to change or delete the data inside it.
The responsibility of validating transactions and adding blocks to the chain rests on a network of computers called nodes. These nodes maintain the public ledger and keep it going. An interesting property of this system is that if any one of these nodes fails, it doesn’t affect the entire network. There is no single point of failure.
What can you do with cryptocurrencies? You can buy, sell, or trade them on exchanges. You can also use them to buy goods, invest, or send money across the