When the global economy undoubtedly is moving towards digitalization, setting up a paperless lifestyle becomes inevitable. The newest, most promising, and secure medium of exchange to the digital payment sector is Cryptocurrency.
A medium of trade meant to exchange digital information has seen immense growth in the world. Coinpedia defines cryptocurrency as a form of virtual currency that is the newest introduction to the financial world. It has been more than a decade since the world’s first cryptocurrency got introduced and has existed since, yet it is an enigma to many!!
Why Cryptocurrency Gained Public Eye?
Here are the top reasons why cryptocurrency gained the public eye in no time and interests are ever-growing.
- Fraud Proof: All Cryptocurrency transactions are stirred on the public ledger, and are irreversible. The identity of crypto coin owners is encrypted to ensure the legitimacy of the records since cryptos are decentralized no organization owns them. Neither government nor bank can control over them
- Instant Settlement: Blockchain is the reason why cryptocurrency has no value. Ease of use is the reason why the cryptocurrency is in high demand. All you need is a smart device, an internet connection and instantly you become your own bank making payments and money transfers.
- Accessible: There are over two billion people with access to the Internet who don’t have the right to use traditional exchange systems.
You must have come across terms like Bitcoin, Ethereum, etc, which are some of the first cryptocurrencies introduced, there are more than 1040 Cryptocurrencies in the crypto market listed at Coinmarketcap.
also read this Difference between Stocks and Cryptocurrency
How did India switch to Cryptocurrency?
A few years ago when the nation decided to be harsh on the flow of black of onery in and around the country, Demonetization came into action. As a result, the money earned from the black market “ Black money “ has been evaded. On the other side, 22 billion banknotes under circulation which stood of null value worried people about losing their savings and earnings. And hence an investment into cryptocurrency Came into the bis picture.
Amid these investment interests of Indians gave a boost to the cryptocurrency trading volume
With a well know fact Cryptocurrency is decentralized, the Indian government is now regulating cryptocurrency with an appropriate framework. The central bank has also admitted to designing their own blockchain and the crypto token will be named “Lakshmi”
Blockchain technology has, in turn, changed the way of how large companies operate digitally. Through ICOs “ Initial Coin offering”, large companies are offering these digital token for sale, hence people are running after the discounted invested. As a resulting spike in trading volume was observed in the ICO tokens
Indian’s Favourite Crypto tokens?
Will the thread going in Social media platforms “Twitter and Reddit “ it is quite evident that Indians have their interest in the meme tokens, due there insane leverages. India investors have turned into millionaires after holding meme tokens like Shiba Inu, Dogecoin, and an Altcoin Cardano. These tokens have seen immense rally fueled by some celebrities in the crypto market.
The Meme token has left a lot of investors with millionaire badges while some have turned their investment dead. For a volatile market like Crypto, it is very important to do your own research before investing.