The Growing Use and Investment in Bitcoin in India – What You Should Know!
Bitcoin is a cryptocurrency backed by blockchain technology traded online and has become a perfect investment option for many people, including Indians. Investing in bitcoin and other cryptocurrencies is legal in India, and it is no surprise the country features a higher number of cryptocurrency traders worldwide.
Most people in India and anywhere else in the world are investing in bitcoins because it is relatively secure compared to other forms of investments. The best part is that users can get significant returns quickly. Keep reading to learn about India’s growing use and investment in bitcoin.
Reasons behind the Growing Use and Investment in Bitcoin
Ease of Transactions
Bitcoin transactions are generally easy, as you can buy bitcoin at a user-friendly exchange or trading platform. All you have to do is to create an account in one of the reputable platforms, deposit funds, and you will be ready to buy. Again, you can sell the coins or buy more, making it a perfect option to preserve your wealth. Note that you can also use bitcoins to buy items online.
Exponential Industry Growth
Since bitcoin’s launch in 2009, the crypto has experienced significant growth. Currently, the value of one bitcoin is around $20,602.90. In 2010 the value of one bitcoin was below $1 ($0.4). Investors have followed this trend, and it is worth noting that crypto is gaining ground yearly.
Possibility of High Returns
The main reason to invest in bitcoins is to earn returns. Bitcoin was valued at $0.40 in 2009. But the narrative has changed over the years. Currently, bitcoin is one of the most expensive crypto coins you can invest in. Although the prices change, investors have a high chance of getting huge returns.
Has Potential Inflation Hedge
In today’s high inflationary environment, bitcoin can be a good investment option to preserve wealth. Bitcoins and a few other cryptocurrencies have a limited supply cap. So regardless of what happens in the monetary policy, these coins tend to remain scarce, hence appreciating. Since bitcoins and other crypto tend to stand up to inflation, they are seen as a more secure investment option that can guarantee protection against inflation.
The Growth of Blockchain-Based Financial Models in India
There has been tremendous work in developing blockchain-based financial models in India. Today, you can find that many cryptocurrency exchange platforms offer exceptional services to investors. Binance, Unocoin, CoinSwitch Kuber, Zebpay, and Paxful are some of India’s best crypto trading platforms. To keep up-to-date with the leading exchanges in the Indian market, follow review sites such as CoinBharat who aggregate the best of the best into a single, easy-to-use guide.
The growing power of blockchain technology and trading platforms have played a vital role in the increasing investment in bitcoins in India. These platforms have since seen Indians and other people across the globe investing billions in trading bitcoins and earning in the process.
Final Words
Despite the ballooning involvement of Indians in bitcoins investment, the whole process is more challenging than it seems. Ideally, users have to take their time to learn about the coins, how to earn returns from the investments, how to use different trading platforms, and other tricks. After learning all the basics of bitcoin trading, someone can easily invest their hard-earned money.