What is Cryptocurrency: For the past several years, there has been a lot of discussion about it.
Initially, there were many exceptions regarding Cryptocurrency but with time it has made a good hold in the digital sector.
Those who had bought Cryptocurrency, in the beginning, have become millionaires today. In such a situation, there is a curiosity in the mind of many people that after all what is it? so let’s know what is actually?
It is a kind of virtual money (digital currency). It is neither visible nor touching, but it has value.
It does not have any physical form, it is only transacted digitally. To ensure the transparency of the cryptocurrency, its transactions are maintained by the ledger. It is encrypted i.e. coded, hence they are called Cryptocurrency. At present, the price of one bitcoin is around Rs 27 lakh.
1. Is Cryptocurrency Legit?
It is still not recognized in India. At the same time, It is recognized in some South American countries but there are no formal guidelines.
That’s why it’s not legal in most countries right now. At present, RBI is considering bringing its own digital currency to India.
2. How is the trading of Cryptocurrency done?
Trading is done with the help of it. Also, you can pay with it. If you do any business, you can pay with cryptocurrency to buy products.
It is traded publicly by an exchange entity. According to the report, at present, it’s worth $ 1.5 trillion is running in the market all over the world.
There are 19 crypto exchange markets in India for buying and selling Cryptocurrency.
Those transacting with Cryptocurrency have to bear legal and financial risks. This currency is not controlled by any central agency so there is no mechanism to sink a customer’s money or resolve the dispute.
Being on the internet, it can be easily hacked. Therefore, the risk of losing money in this is the highest.
4. What is CryptoCurrency Market?
A market where you can buy, sell or trade any of the listed cryptocurrencies.
Bitcoin, Ethereum, Binance, Litecoin, Dogecoin, and many more such currencies are there.
There are different platforms in India like CoinDCX, CoinSwitch, and Wazirx through which you invest or trade in the cryptocurrency market.
5. How to Invest in Cryptocurrency?
It is as easy as buying a share from the stock market. For this, you will need a cryptocurrency wallet, with the help of which you can buy a cryptocurrency for your currency.
There are many platforms where you can easily buy any cryptocurrency, there are many platforms like WazirX, CoinDCX goes, CoinSwitch Kuber, Zebpay, and Unicoin, where you can buy or sell any cryptocurrency.
6. Which is the best cryptocurrency to invest in 2022?
No one can control cryptocurrency, it rises 10 percent and descends 10 percent in a day, they have no idea, so there are many returns in cryptocurrencies but there are a lot of risks here.
The faster it climbs, the faster it falls. Many people say that this year it will go so far, it will go so far, but all this is a prediction, as soon as anyone cryptocurrency news comes, its price starts going up and down, it is not challenging to get steam but it is not impossible. Investing in cryptocurrencies is full of risks.
Frequently asked questions
1. What are cryptocurrencies?
It is a digital virtual currency. Which work on the blockchain.
2. Which cryptocurrencies do people buy the most?
Bitcoin, Ripple, Ethereum, Binance, Lite Coin, and Doze Coin are all the most popular cryptocurrencies. Which most people buy and sell.
3What are the platforms in India to buy cryptocurrency?
ZiRX, Coin DIX, and Coin Switch are all Indian platforms. With the help of this, you can buy cryptocurrency.