Cryptocurrencies let us buy goods and services or trade them for profit. It’s a kind of currency which uses digital folder as money. Cryptography (the science of hiding information) method is applied in making the files and they come under ‘decentralized control’ i.e., they don’t come under the control of one person or government. Here’s more about what cryptocurrency is and top 5 crypto exchanges in India and how to buy it and how to protect yourself.
What Is Cryptocurrency And Should You Really Buy It?
Cryptocurrency is nothing but digital currency that is used in the process of goods and services that has the usage of online ledger with firm and clear cryptography to safeguard online transactions. It is a form of payment and many companies have issued their own currencies as well called tokens, used for specifically trading of goods and services that the company offers. We need to exchange real money for the cryptocurrency to access the good or service.
Top 5 crypto exchanges in India use Blockchain technology in the process of cryptocurrencies work. Blockchain is a decentralized technology widely used among in many computers that manages and records transactions and part of the appeal of this tech is its security.
Top 5 crypto exchange like Pro tip, Bitcoin, Litecoin, Bitcoin cash, XRP, Tether appeal to their supporters for numerous numbers of reasons and are widely popular.
- People who promote cryptocurrency for example bitcoin as the currency view it as the future of currency and are in a race to buy them now before they are become hard to get.
- Supporters enjoy the fact that it removes central banks from managing the money supply, since over time these banks tend to reduce the value of money via inflation.
- And its grabs the attention of many speculators because they are increasing in value and have no interest in the currencies’ long-term acceptance as a way to move money.
What is crypto mining? Is it safe or dangerous? By mining we can earn cryptocurrency without having to put down money for it. Example: Bitcoin miners get bitcoin as a reward for finishing “blocks” of identified transactions which are added to the blockchain. It puts U-M and Personal data at risk, can slow performance for legitimate users and leave openings to robe them or exploit.
Are Cryptocurrency Legal In India And Is It A Good Investment?
Top 5 crypto exchanges in India, investment is 100% legal in India and RBI gives the right to do business with crypto firms. They don’t have the authority to govern cryptocurrencies till now but it has constituted a committee to study currencies virtually.
Top 5 crypto exchanges in India may increase in value but many of them view as speculations and not legit investments. Why? Because they generate no cashflow so for us to do profit we need to pay more for the currency than we originally did.
Of particular note, legendary investor Warren Buffett compared Bitcoin to paper checks: “It’s a very effective way of transmitting money and you can do it anonymously and all that. A check is a way of transmitting money too. Are checks worth a whole lot of money? Just because they can transmit money?”
For those who see top 5 crypto exchanges in India such as Bitcoin as the currency of the future, it should be noted that a currency needs stability so that merchants and consumers can determine what a fair price is for goods.
Complications Involved In Cryptocurrency
- Top 5 crypto exchange in India are unregulated by both governments and central banks.
- No clear or correct way to prevent technical glitches, human error or hacking and exploiting.
- They carry additional risks such as hard forks or discounting. We need to be alert with these type of risks before investing in these products.
- Contain high-risk speculation and can be affected by gapping or slippage.
Leading Crypto Exchanges In India
Wide range of cryptocurrency exchanges have emerged in the country that make us buy and sell and trade in several cryptocurrencies. Top 5 crypto exchanges in India offer easy trading by functionality through user-friendly applications and websites.
Here is a list of Top 5 Crypto Exchanges in India
- Established in 2017
- Later was taken by Binance holdings, world’s largest cryptocurrency by trading volume.
- Depositing and withdrawing fiat currency by auto-matching.
- Ensuring speed and safety in trades.
- Available on android, IOS, Web, Mac and Windows.
- Mumbai based exchange
- Popular options in top 5 crypto exchanges in India
- Trading free is minimal and deposits and withdraws are free.
- This exchange consists of more than 200 cryptocurrencies
- 1 lakh active users.
- Established in 2017 and June 2020 launched its Indian cryptocurrency and banged its spot in the list of top 5 crypto exchanges in India.
- New to the exchange market? This user lets you trade in the start for Rs.100
- It has more than 100 offers and has over 3 million users
- Is first among the top 5 crypto exchanges in India
- Launched in 2013
- Caters to over 1.2 million users
- Traders are given with special bitcoin address that automatically sells bitcoin.
- Allows users to buy or sell Bitcoin with INR.
- Provides lightning-fast payments and security controls
- including controls to disable all outgoing transactions.
- It’s among the top 5 crypto exchanges of India because it offers trade across six-EURO-Crypto pairs and etc.
- Clean simple and user friendly.
Even though it’s a risky business but extremely profitable cryptocurrency is an incredibly hypothetical and volatile buy. Stock trading of established companies is generally less risky than investing in cryptocurrencies such as bitcoin.