Cryptocurrency investment in India and around the world reached new heights in 2021. The value of cryptocurrencies like Bitcoin and Dogecoin set new records. Cryptocurrency has generated huge curiosity in India and around the world.
Many people are getting involve in the trade of this new digital asset.
- Bitcoin price in India stood at Rs. 29.7 lakhs
- Ethereum price in India stood at Rs. 1.8 lakhs
- Dogecoin price in India stood at Rs. 15
What Is Cryptocurrency?
Cryptocurrency also called crypto, is digital money as opposed to “fiat”, or government-issued, currency.
Traditional money which is built around centralise distribution, cryptocurrency is maintain using something call a distribute ledger.
Cryptocurrency brings a great degree of transparency but also anonymity through the use of encryption.
Many companies have also begun adopting cryptocurrency as a payment system to grow user base.
Some have even issue their own currencies often called tokens for the trade of goods and services specifically offer by them.
What is the Most Popular Cryptocurrencies?
The top crypto coins according to their market capitalisation are Bitcoin, Ethereum, Tether, Binance Coin, and Cardano.
Bitcoin is the oldest of all and It was launch in 2009.
Another popular coin that is now not among the top five is Dogecoin.
Dogecoin Launch in 2013 as a meme currency to poke fun at Bitcoin and after it gain popularity after billionaire entrepreneur Elon Musk threw his weight behind it earlier this year.
Cryptocurrencies is Legal or not?
Many countries have backing cryptocurrency but there is no formal regulation around cryptocurrencies yet.
In India there was talk of bans but although the Reserve Bank of India (RBI) restrict crypto trading in 2018 while the Supreme Court last year reversed the RBI order.
The RBI has also now said that it is in the process of launch its own cryptocurrency in a phased manner.
Why Is Cryptocurrency So Popular?
Cryptocurrency most Popular appears to be the promise of a good return.
Many people are spending actual money now to buy Bitcoin in the hope that it will give good returns at a later stage when the demand increases.
What Is Cryptocurrency Mining?
Crypto mining means gaining the digital coins by solving complex cryptographic equations using sophisticated computers.
Crypto mining is the process by which new coins are generate, although many people who are trading in cryptocurrencies are trading using the existing tokens, and not mining them directly.
Where Are Cryptocurrencies Traded?
A market research said more than 11,000 cryptocurrencies are trade publicly on dedicated exchanges around the globe.
Cryptocurrencies are mostly traded through exchanges but there are also other means of transfers offline like through paper wallets and it is possible to directly trade your tokens too although it is safe for retail investors to stick with an exchange.
THANK YOU FOR READING.