CRYPTOCURRENCY
What is cryptocurrency? Is it safe to invest in crypto? Why should I invest in crypto? What cryptocurrency should I invest in? Has cryptocurrency been banned in India? These are some of the common questions that people have when we talk about crypto. I will be answering these questions in today’s articles.
WHAT IS CRYPTOCURRENCY?
Cryptocurrency is nothing but digital currency. It is a decentralized currency which means that there is no central authority controlling the usage or trade of crypto. When I tell it’s decentralised the first question that pops into your mind is “Is it safe to use crypto?”. Yes, it is absolutely safe to invest in crypto and a lot of people all over the world have already invested in crypto. The technology behind crypto is blockchain and the person who invented it has made it soo secure that till no one has been able to hack a blockchain. I had already made a post on Blockchain please read it if you want to know more about Blockchain and how it works.
IS IT SAFE TO INVEST IN CRYPTOCURRENCY?
As I mentioned above blockchain is one of the safest technologies to date and hence it is completely safe to invest in crypto without having the fear of it getting hacked or stolen. On the question as to “Why you should invest in crypto?” just because it will provide you with a maximum return just like investing in stocks or mutual funds.
IS INVESTING IN CRYPTO GAMBLING?
Some people are of the opinion that investing in crypto is like gambling. This might be partially true as you cannot predict whether the value of a currency will for or its value will decrease. If your a person who thinks like that then investing in stocks is also sort of like gambling. Unless you invest in the stocks of tech giants like Google or Apple you will not be able to predict whether the companies value will increase or decrease. One should always do an in-depth study before putting his money into anything whether it is stocks or crypto.
WHAT CRYPTOCURRENCY SHOULD YOU INVEST IN?
Now that all that’s clear let’s see what currency should you invest in. As of today 2/06/2021 Bitcoin, Ethereum, Dogecoin and BAT are the best to invest in. There is a high chance you might have heard of Bitcoin, Ethereum and Dogecoin. But what is BAT? Please check out my previous post on The Brave browser to know more about BAT and why you should invest in it. I personally do not invest in Bitcoin as a lot of people already know about it and there might not be much growth in the future and the value of Bitcoin has already start to drop. But then don’t take my word for it, I might be wrong. Go watch a few Youtube videos or read a few articles before you put your money into anything.
HAS BITCOIN BEEN BANNED IN INDIA?
No, as of today Bitcoin hasn’t been banned in India and it is completely legal to buy or sell crypto in India. There are many platforms that allow you to buy and sell crypto the most popular being WazirX and CoinDCX. You can even buy crypto for as low as 10 rupees so rather than not investing at all I would suggest you put some amount into crypto.
Hope that his post helped you to know more on crypto and also cleared off some of the rumours surrounding cryptocurrency. mirupafshim💓