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How To Buy Cryptocurrency In India

Cryptocurrency is growing to be one of the most popular investments of all time. A survey performed in the US last year indicated that 36% of small and mid-sized businesses in the country adopted cryptocurrency. At the same time, 59 percent of those companies purchased digital currency for their own use as well. This shift towards crypto is a result of the large array of advantages it provides over fiat currencies. 

These perks include user anatomy, confidential transactions, mobile payments, and low transaction fees for international payments. However, a large majority of people are still intimidated by the thought of investing in cryptocurrency. This is because crypto is a highly volatile industry, and people are scared to lose their money. 

In case you have been interested in crypto investments for a long time but are intimidated by its dynamic nature. This article is just for you—a fool-proof guide to buying cryptocurrency in India

Why Is Crypto Booming In India? 

Despite the controversial stance of the Indian government on cryptocurrency, the crypto market in India is on the rise. Exchanges are even introducing new concepts like NFTs platforms for the country. The reasons that have contributed to this paradigm shift include low internet costs, soaring real estate prices, and high taxation on metals like Gold. 

In addition, the rise of crypto in India can also be attributed to the high inflation rates in the country. This along with the restrictive and non-streamlined modes of investment presented a golden chance for proactive entrepreneurs to set up cryptocurrency exchanges in India. 

These exchanges charge minimal trading fees and no annual cost of maintenance (AMC), attracting a lot of people. Celebrity investments also aided the sudden boom in the crypto market of the country.

It is interesting to note that the Covid-19 pandemic steered a large portion of this shift. The pandemic has affected the economy adversely as an outcome of which all traditional assets like equity and bonds have shown some fall in their value. This has made the public shift towards cryptocurrency as a reasonable investment option. While several industries plunged under the burden that the pandemic put on them, the crypto market prospered. This has deeply impacted the future of cryptocurrency in India

A country that regarded gold as the superior and the safest kind of investment is shifting towards cryptocurrency as a hedge against the economic downturn. The latest World Gold Council data showed that Indian adults aged 34 or less have a lower inclination towards gold. Several cryptocurrency experts have remarked that the millennial population finds it more feasible to invest in cryptocurrency than gold due to the processes involved.

Basics of Buying Cryptocurrencies in India

Since by now, you have figured out why and which cryptocurrencies to buy, let's jump on to the how part. The reason you clicked on this article.

How to Find a Suitable Cryptocurrency for Investment? 

Before putting your money into the crypto market, you need to understand that the cryptocurrency market is a lot more volatile than the stock market.

Coming to the question of which cryptocurrency to buy, you can do your research to find better investment opportunities

Where to Buy Cryptocurrencies From in India?

Similar to a stock market exchange, where one trades shares, cryptos can be purchased or traded through cryptocurrency exchanges enlisted across platforms. Exchange platforms are available as mobile applications for ease of use. Users have to sign up with their KYC credentials, download the app, and start trading. The same application can also be used for buying cryptocurrency.

These exchanges also help you to monitor the current value of cryptos and determine whether you want to keep it or trade it for another cryptocurrency.

Conclusion 

Crypto is indeed a very wise choice of investment if you take care of it judiciously. Even though it might not be everyone's cup of tea, it can help you bag great profits if you get the hang of it. Hence, it would be best not to let the volatility of the crypto market discourage you from investing in such a booming industry.

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Nischal Shetty

Nischal Shetty

CEO

WazirX

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20 Apr 2021

Location

Mumbai

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This post is from a series of posts in the group:

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