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Tag: cryptocurrency

  • How to Invest in Bitcoin in India -A Beginners Guide

    Bitcoin is a digital coin and it is considered as one of the best investment instruments by the Millennials. Bitcoin is a virtual currency that depends on blockchain technology. It is used to make purchases but mostly it is considered an investment option.

    Bitcoin has provided an amazing return over the years. It has provided a return of about 204% in 2020. The price of one bitcoin has crossed more than 29 Lakhs and it is considered as one of the favorite investment options for GenZ.

    Bitcoin is the first Cryptocurrency and is believed to be found by Satoshi Nakamoto. Even though cryptocurrencies are used to make purchases it is not accepted as the mainstream payment yet.

    Retail investors are investing in bitcoins after seeing huge returns. Some years ago, investing in bitcoin was considered hard and was mostly for techies. But now, with the emerging of new startups, investing in bitcoin has become easy. Venture Capitalists are funding such startups which aim at making the investment much easier.

    A retail investor can invest in bitcoin through the below ways

    P2P Transactions
    Method to invest
    Bitcoin Mining
    Cryptocurrency Exchanges
    KYC process

    P2P Transactions

    P2P transactions are Person to Person transactions. It is a transaction between 2 individuals. If you don’t prefer using an App or paying a transactional fee then you can find a person who is interested to sell his bitcoins and buy it from him. It is considered hard to find a like minded person and it is time consuming. You wouldn’t find a seller as easy as you can find one on the exchange.

    Person to Person Transaction
    Person to Person Transaction

    Method to invest

    If you would want to buy bitcoins through P2P method then you will have to consult a cryptocurrency exchange/platform. They will act as a coordinator. The exchanges will help you find a seller who is interested according to your requirements. Again, the process would take a lot of time to find the ideal person. This method is more direct.

    The Story of Dogecoin | Everything You Need to Know about Dogecoins
    Invented by software engineers Billy Markus & Jackson Palmer, Dogecoin is acryptocurrency. It features the face of Shiba Innu dog from the “Doge” meme asits logo & name. Discover all about the Story of Dogecoin in the article ahead… What are Dogecoins?Formation and History of DogecoinDogecoi…
    StartupTalkyPratiksha Bajikar

    Bitcoin Mining

    Bitcoin Mining is the way you earn bitcoins. Bitcoin Mining is considered as a profession. The main role of a bitcoin miner is to record the bitcoin transactions. Bitcoins are decentralized which means it doesn’t have a legal body to regulate it. Bitcoin Miners act as an accountant where they keep a record of the transaction as it happens.

    Bitcoin Mining
    Bitcoin Mining

    Bitcoin miners will be paid in bitcoins once they successfully complete adding a block of transactions. Bitcoins are recorded using blockchain technology. It is said that in every 10 minutes a block is added.

    In the beginning it was easier to mine the bitcoins as the demand increased, bitcoin mining has become more complex as it requires really good software and specific skills which makes it difficult for a common man.

    These Are The Best Cryptocurrency Wallets Prevailing in India
    Cryptocurrency wallets are software that can be used to view cryptocurrencybalances and make transactions. Digital wallets expedite the rates ofcryptocurrency transactions by facilitating the sending, receiving, and storingof cryptocurrency. Most wallets these days are loaded with features that e…
    StartupTalkyRishita Jain

    Cryptocurrency Exchanges

    A Cryptocurrency exchange is similar to a stock exchange platform. You will be able to buy and sell bitcoins though a cryptocurrency exchange. There are a lot of mobile application in India which helps you to invest in Bitcoin.

    Cryptocurrency exchanges are operational for 24 hours and you can place order anytime. It is decentralized and is not controlled by any central authorities. You can start investing in bitcoins by buying a part of it. The investment can start with a small amount of INR 500.

    Cryptocurrency Exchanges
    Cryptocurrency Exchanges

    You should make sure that you buy bitcoins through a trusted exchange or an app. Some of the apps which helps you invest in bitcoins are Zebpay, UnoCoin, Coinsecure etc. Choosing the right platform is the hardest task. The exchanges may charge a small fee for their services. The easiest way for an individual to invest in bitcoins is through the exchange. It is the simplest way to invest.

    KYC process

    You will have to find the exchange of your choice and later complete the KYC (Know Your Customer) process.

    You will have to verify your documents such as PAN card, Aadhar card etc. It is mainly to avoid unlawful usage of the currencies.

    For the KYC process you will have to provide your details such as

    1. Your full name.

    2. Address and Date of birth as it appears in your documents.

    3. You will later have to upload your KYC document in a scanned format.

    Once the above steps are completed you will be able to open your account.  

    FAQ

    Is Bitcoin a good investment?

    Bitcoin is an extremely risky investment that may or may not pay off.

    Can we Invest in Bitcoin in India?

    You can Buy/Sell Fractional shares of Bitcoin via an Exchange.

    Who is the richest Bitcoin owner?

    According to a New research from Traders of Crypto Satoshi Nakamoto, the founder of Bitcoin, who is rumored to own around 1 million Bitcoins.

    Conclusion

    Cryptocurrency is one of the fastest growing asset class. Bitcoin has around 69% of the market share of Cryptocurrencies. Bitcoin was introduced as an asset to beat inflation. The number of bitcoins is limited and hence it helps in beating the inflation. A perfect cryptocurrency exchange is one which is flexible, simple and accessible. Many platforms are highly technical but at the same time there are many platforms which are easy to use.

    While choosing your platform make sure it is easy to use and try staying away from platforms which does not have a KYC. It may not be secure.

    Any returns you receive from bitcoin is taxable. You are taxed up to 30% for short-term gains and up to 20% for long term. Make sure you do your research before investing in bitcoin as it is highly volatile. It is always better to start with a very less amount of money.

  • Why Most of the Wealthy People are not Investing in Bitcoin

    Most of us would have heard about bitcoin and cryptocurrencies. It is all over the news and everyone speaks about the fancy returns provided by this digital coin. It has created its mark in the market. It was not so famous some years back and the value of the coin was not so high.

    The popularity has increased the value of the digital coin. But even though the coin has provided huge returns and even though it has been claimed as the favourite investment tool for the GenZ, the major investors and the rich stays away from it.

    The famous investor of India Rakesh Jhunjhunwala recently said that he wouldn’t buy bitcoin for even 5 Dollars. Warren Buffet one of the richest people in the world has said that bitcoin and other cryptocurrencies are worthless. He terms it to be a delusion.

    Here are some reasons why the rich doesn’t invest in bitcoins.

    Depends on Market Demand and Supply
    Gambling and not Investing
    It is not secure
    FAQ

    Depends on Market Demand and Supply

    Bitcoin has become a craze worldwide. Not a lot of them know what a bitcoin is or understands the concept of cryptocurrencies. But they would end up investing in it because of the trend and later on would sell it which would cause a huge fluctuation in the price. This makes it difficult to value the coin and to find an accurate value.

    Bitcoins are not backed by any assets and hence the price of bitcoins totally depends on the demand and supply. If the demand for bitcoins are increasing the price would increase and if the demand decreases there would be a fall in price. This makes it difficult for investors to make a good investment.

    Bitcoin Price in U.S. Dollars 2017- 2021
    Bitcoin Price in U.S. Dollars 2017- 2021

    Bitcoin is just a digital coin. It cannot be touched or felt, it is not physically present. It is made up of certain codes and it does not have a real value. The value of bitcoin depends on the people and the market news. If there is a negative news in the market then we will see a fall in prices of the coin and vice-versa.

    Bitcoins are highly volatile. Bitcoins can be traded 24 hours a day and since it is open for trading every time there would be huge amount of buying and selling, which would cause a difference of up to 20-30% of the price in a day. It is considered unstable and there are chances that you would lose all your money in a day.

    Cryptocurrency is readily redefining the future of finance sector in India
    Cryptocurrency is a thriving ecosystem, encroaching on conventional territoryand is redefining the Finance sector. Over the last few years, Bitcoin users andtransactions have averaged a growth rate of nearly 60% annually. Similarly inprivate and public investors have deepened the commitment to cr…
    StartupTalkyVibhavari Madki

    Gambling and not Investing

    Bitcoin’s main value is derived from its blockchain technology. But now a lot of other cryptocurrencies are using the same technology. Bitcoin has an early mover advantage and that’s why the prices are really high. But bitcoin was actually made to make secure online transactions which is not the situation now. Some exchanges say that it would take around 10 days to complete an order of the bitcoin placed, as there is huge demand for the coin.

    Most of them don’t transact using bitcoin because the price keeps fluctuating. When the other person receives the money, the value would be different when compared to the time the coins were sent.

    Most of them are not buying the coin for its value, but because of the trend. The rich and investors finds it gambling and not investing.

    blockchain market value worldwide in 2020
    Blockchain market value worldwide in 2020

    The Story of Dogecoin | Everything You Need to Know about Dogecoins
    Invented by software engineers Billy Markus & Jackson Palmer, Dogecoin is acryptocurrency. It features the face of Shiba Innu dog from the “Doge” meme asits logo & name. Discover all about the Story of Dogecoin in the article ahead… What are Dogecoins?Formation and History of DogecoinDogecoi…
    StartupTalkyPratiksha Bajikar

    It is not secure

    There are a lot of scams associated with bitcoins. Hackers or Malicious users can get details of your Wallet and take away your coins. There was a recent incident where the twitter accounts of the top individuals Elon musk, Barack Obama and Bill gates were compromised.

    The tweet said that they were feeling generous and would double the bitcoins sent to a specific wallet. People who sent the bitcoins lost their coins and it was impossible to trace the digital coins because of the blockchain technology as it keeps it secure. It involves a lot of risk.

    There is no central body which regulates and hence if you lose your bitcoins or if someone hacks into your wallet you wouldn’t receive your coins back. Bitcoin’s blockchain technology makes it impossible to track your coins if you lose it. It is highly risky and it cannot be considered as an investment option.

    Twitter hack: Elon Musk, Bill Gates,Obama Twitter hacked in a cryptocurrency scam
    Elon Musk, Bill Gates, Obama Twitter Accounts was lately hacked in a cryptocurrency scam. Late on Wednesday, there were irrelevant Tweets aboutcryptocurrency by Famous twitter personalities. This left some users quizzed. Itturned out that twitter account of these personalities has been compromise…
    StartupTalkyArbaz Sayed

    FAQ

    Is Bitcoin a good investment?

    Bitcoin is an risky investment that may or may not pay off.

    It is Legal to buy and sell Bitcoin in India.

    What are the taxes I should be concerned about Bitcoins?

    There is a lack of clarity on the tax front on Bitcoin investment in India.

    Conclusion

    Other than these there are also a lot of scams related to Cryptocurrencies. The companies promise huge returns and claims that a specific coin is going to beat bitcoin in some years and people tend to invest in it. People invest without proper research and knowledge and just look at the high returns and lose their entire amount.

    The above reasons are why the wealthy don’t prefer to invest in bitcoins. Bitcoins have provided huge returns in the recent years but it is a highly risky product and you can never predict the price of bitcoin in future. Buying a bitcoin is equivalent to gambling than investing.

  • Impact of Crypto Ban on Indian Economy

    The crypto ecosystem has been doing news rounds ever since the RBI proposed a ban on using or trading or holding Crypto currency in 2018. It was all cloudy for the crypto investors until recently when the Supreme court in 2020 quashed the ban on trading on virtual currencies.

    RBI has been reluctant to let the crypto currencies co-exist in the Indian economic system. Crypto currency is a booming sector and has put so many miners on the map.

    So why is RBI not allowing crypto trade in India? Will it ever oblige? How is crypto business coming along in India? We answer all these questions in this post. Read on to find out more.

    The Crypto BAN
    Why RBI wants Crypto Ban?
    How Crypto Ban affects Indian Economy?
    Major Crypto Startups in India
    #IndiaWantsCrypto – Campaign
    Crypto Ban – Opinions
    Crypto Ban – FAQs

    The Crypto BAN

    In 2018, RBI issued a circular to take down crypto currencies from the Indian virtual trade. The Internet Mobile Association Industry- a non profit organization and a group of corporations dealing in crypto exchange platforms stood up against this circular in the Supreme court.

    RBI, in a Financial Stability report, defined virtual currency as unregulated digital money which is controlled and issued by its developers and accepted by a specific community. RBI exercised its power to ban private digital currencies and their trade/circulation through any financial institution in India.

    However, in March 2020, this circular was quashed by the Supreme court saying that though RBI has the authority to regulate virtual currencies, it was disproportionate to impose prohibition on trading of crypto and therefore, ultra vires the constitution.

    Advantages and drawbacks of investing cryptocurrency
    With the industrialization and absorption of technology, digital currencies are
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    StartupTalkyAditi Chawda

    Why RBI wants Crypto Ban?

    RBI Crypto Ban
    Why RBI bans Crypto

    According to the survey of Unique Identification Authority of India (UIDAI), the government has issued over 122 crore Aadhar cards as of March 2020. That means it has covered 90% of the population and out of 110 crore bank accounts in India, 96 crore are linked to Aadhar.

    This could be one of the reasons for banning crypto since it is rumored that RBI wants to launch a digital currency of its own and is sparing the competition. The said digital currency is to be called Lakshmi-named after the Goddess of wealth.

    RBI has been pretty stringent with its ban on crypto. According to the “Banning of crypto currency and regulation of official digital currency bill 2019” , the draft sentences 10 years of prison to anyone who mines, circulates or holds private digital currencies. This sentence surpasses the 7 years of imprisonment for money laundering.

    The Supreme Court’s decree paved way for some relief as it states that virtual currencies are not legal tender but tradable commodities and lacks precise definition and the RBI circular has disproportionately invaded the investors’ rights.

    Cryptocurrency is readily redefining the future of finance sector in India
    Cryptocurrency is a thriving ecosystem, encroaching on conventional territory
    and is redefining the Finance sector. Over the last few years, Bitcoin users and
    transactions have averaged a growth rate of nearly 60% annually. Similarly in
    private and public investors have deepened the commitment to cr…
    StartupTalkyVibhavari Madki

    How Crypto Ban affects Indian Economy?

    Crypto, especially Bitcoin seems to have come around with the retail investors in India. More than 5 million Indians have invested in Bitcoin.

    Crypto is not just being used as exchange in restaurants, shopping, payments and insurance but has now become a prominent source of funding for start ups in India. Start ups are longingly looking at Initial Coin Offering (ICO) as fund raising options. But the situation is contemplating since the ban was announced.

    Almost 30 to 40 start up companies from India have tried to pursue the ICOs. The ban has caused these companies to choose foreign jurisdiction and have raised funding from foreign investors.

    The ban could bring uncertainty among the retail investors in India.

    Nischal Shetty (CEO, WazirX) said – “Criminalizing digital tokens could destabilize existing businesses eroding the wealth of millions”

    Cryptocurrency and Blockchain: How can it change India?
    The world is evolving at an expeditious speed, so is the world of money
    [https://startuptalky.com/tag/money/]and business
    [https://startuptalky.com/tag/business/]. The up to the minute development is
    money in the form of cryptocurrency
    [https://startuptalky.com/tag/cryptocurrency/]. A cryptocurrency…
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    Major Crypto Startups in India

    Crypto startups are developing slowly and steadily because of the regulatory reforms in India. Though India has been gaining exposure on the global front, the traditional methodology of the government seems to hold back a few areas such as the crypto economy. Despite this, there are a few Crypto startups which are propelling and being recognized.

    CoinDCX

    The Mumbai based startup provides users with various crypto based financial products. Users can buy and sell more than 100 coins instantly with INR.

    Nuo

    Nuo is a decentralized finance (DeFi) application that converges sellers and borrowers through smart contracts. Nuo network has also launched a new digital banking platform called Juno, which is built on top of Ethereum and depends on Nuo protocol for Nuo banking services.

    WazirX

    WazirX is the leading crypto exchange platform in India at present. It was the first exchange in India to introduce a native token called the WazirX token (WRX) which has resulted in significant growth of engagement on the platform.

    The Story of Dogecoin | Everything You Need to Know about Dogecoins
    Invented by software engineers Billy Markus & Jackson Palmer, Dogecoin is a
    cryptocurrency. It features the face of Shiba Innu dog from the “Doge” meme as
    its logo & name. Discover all about the Story of Dogecoin in the article ahead… What are Dogecoins?
    Formation and History of Dogecoin
    Dogecoi…
    StartupTalkyPratiksha Bajikar

    #IndiaWantsCrypto – Campaign

    Crypto companies WazirX and CoinDCX along with several others are running a hashtag campaign #IndiaWantsCrypto on twitter to raise awareness about the bill and its consequences. The campaign has already found support from several start-up founders and angel investors such as Sahil Lavingia, Rajiv Mantri and Balaji Srinivasan.

    Crypto Ban – Opinions

    The sovereign insists on not having private crypto currencies in the Indian ecosystem since it considers crypto as something that is foreign and threatens security of its citizens. Finance Secretary Ajay Bhushan Pandey in an interview said that crypto currency is unconstitutional as it is produced outside India and cannot be treated as currency but a commodity.

    Although the government might not completely impose a ban on crypto, the law intends to create a facilitative framework under the guidance of RBI, exceptions will be provided to promote the underlying technology of crypto currency and its uses. However, many of the retail investors think differently.

    Ex CTO of Coinbase and General Partner at Andreessen Horowitz, Balaji Srinivasan, an entrepreneur and an investor, believes that crypto ban is as bad as internet ban. In an interview he said that eventually in the coming years India will have to accept crypto as it already co existing in other countries as an alternative currency. India has great potential not just in terms of selling but also producing which makes it a strong contender amongst the developing nations.

    Crypto Ban – FAQs

    Why did RBI ban Cryptocurrency?

    It is rumored that RBI wants to launch a digital currency of its own and is sparing the competition. The said digital currency is to be called Lakshmi-named after the Goddess of wealth.

    What is Crypto Ban?

    In 2018, RBI issued a circular to take down crypto currencies from the Indian virtual trade. According to the “Banning of crypto currency and regulation of official digital currency bill 2019” , the draft sentences 10 years of prison to anyone who mines, circulates or holds private digital currencies. This sentence surpasses the 7 years of imprisonment for money laundering.

    What is #IndianWantsCrypto campaign?

    Crypto companies WazirX and CoinDCX along with several others are running a hashtag campaign #IndiaWantsCrypto on twitter to raise awareness about the Crypto Ban bill and its consequences

    Which are the major crypto startups in India?

    Coin DCX, NUO, WazirX are some of the major crypto startups in India

  • Everything You Need to Know about Dogecoin

    Invented by software engineers Billy Markus & Jackson Palmer, Dogecoin is a cryptocurrency. It features the face of Shiba Innu dog from the “Doge” meme as its logo & name.

    Discover all about the Story of Dogecoin in the article ahead…

    What are Dogecoins?
    Formation and History of Dogecoin
    Dogecoins – Headwinds
    Dogecoins – Breakthrough
    Dogecoin and Reddit
    How is Dogecoin generated?
    Dogecoin vs Bitcoin
    Why is Dogecoin trending?
    Uses and Exchanges of Dogecoin
    How to buy Dogecoin?
    Future of Dogecoins
    Dogecoin – FAQs

    What are Dogecoins?

    Dogecoin is a form of crypto currency. It is a fun, new and rapidly growing form of digital/Crypto currency. Bitcoin, Litecoin, Ethereum are a few examples of Crypto currency. It is completely anonymous, decentralized and extremely secure.

    Formation and History of Dogecoin

    Invented by software engineers Billy Markus and Jackson Palmer, Dogecoin was intended to be a joke. Dogecoin features the face of Shiba Inu dog of the “doge” meme fame as its logo and namesake. It was introduced on December 6, 2013.

    Story of Dogecoin
    Dogecoin

    Originally created as a joke, the inventors of Dogecoins wanted it to be a peer-to-peer digital currency which could amass a broader demographic than Bitcoin. On December 9, just 3 days later, the Dogecoin value jumped to 300% in value, rising from $0.00026 dollars to $0.00095.

    Dogecoins – Headwinds

    The growth occurred when the Bitcoin and other Crypto currencies swerved from China’s decision of forbidding the Chinese banks investing into the Bitcoin market. This was their first major setback as Dogecoin value dropped drastically by 80%.

    25th December called upon dooms as Dogecoins suffered a major theft. Millions of coins were stolen by hacking the crypto currency wallet platform, Dogewallet. This incident spurred a series of tweets and made Dogecoin the most talked about altcoin on Twitter at the time. The Dogecoin community started an initiative called “Save Dogemas” to raise coins for people who lost them because of the theft. A month later enough money was donated to recover the losses. In 2015, one of the co-founders, Jackson Palmer walked out of the Crypto community.

    Dogecoins – Breakthrough

    In January 2015, the Doge community established a fundraiser to raise $50000 dollars for the Jamaican Bobsled team which had qualified for the Sochi Winter Olympics but could not afford to participate. Following this incident the Dogecoin and Bitcoin exchange rate rose by 50%.

    Following the success of this fundraiser, the Dodge community continued raising funds for smaller charity events. They then set out to build a well in the river basin of Kenya. The Doge foundation led by Eric Nakagawa raised approximately $11,000 dollars. The donations were made by 4000 donors who donated 14,000,000 Dogecoins altogether.

    On march 25,2014, the Dogecoin community raised 67.8 million Dogecoins to sponsor NASCAR driver Josh Wise. The car was named “98 Moonrocket” and debuted at the Aarons 499 Series Cup Race.

    Dogecoin and Reddit

    Dogecoin boasts about a community of 1.1 million on the online social networking platform Reddit. Reddit has been quite a catalyst in the soaring popularity of Dogecoin. The GameStop stock squeeze catered to the increasing number in the Dogecoin community.

    Discussion threads on Reddit noticed that certain hedge funds were shorting the stocks of GameStop. Shorting or Short-selling is when an investor borrows shares and immediately sells them, and then repurchases them at a lower price. The investor then pays the borrowed money and pockets the difference. The catch here is if the stock price goes up, the investor has to repurchase the stock at whatever the new market price is. Ratifying this fact, the members of this Reddit group began pumping the stocks of GameStop. The hedge funds lost billions and GameStop stock prices dropped drastically.

    The losses were so great that these investors halted buying of these shares by reaching out to various trading platforms. Knowing that this was possible, the investors turned to Dogecoins. The shares were stopped from buying and Dogecoin value raised to an all time high of $0.08.

    How is Dogecoin generated?

    The creating process of crypto currency is called Mining. Crypto mining involves solving cryptographic equations. Crypto mining is achieved after validating data blocks and adding transaction records to a public ledger known as blockchain.

    Dogecoin is based on a  similar algorithm as Bitcoin except it uses scrypt technology that means it cannot use SHA-256 mining equipment that Bitcoin uses, but uses FPGA and ASIC devices for mining instead.

    Dogecoin vs Bitcoin

    Dogecoin vs Bitcoin

    In the battle of coins, Dogecoin seems to take the upper hand as it is termed inflationary and has no maximum limit. In the mining process of Bitcoin, miners solve the block every ten minutes to confirm transactions whereas in the case of Dogecoins, they solve this block in only one minute. That means there will be an abundant supply of Dogecoins in the future and we will never run out of them. Bitcoin on the other hand is deflationary as it has a maximum supply limit of 21 million.

    Why is Dogecoin trending?

    The Twitterati went crazy after the world’s richest man Elon Musk tweeted about Dogecoin. His tweet read “One word : Doge” and this led to a spike in the value of Dogecoin.

    Elon Musk recently even bought Dogecoins for his son. International artist Snoop Dogg and singer Gene Simmons also posted tweets backing the use of Dogecoins. It has been talked about again as the Reddit thread “ShitoshiStreetBets” is aiming to raise the value of crypto currencies.


    Uses and Exchanges of Dogecoin

    Dogecoins can be used for shopping, trading physical and tangible items in exchange for Doge on online social media platforms like Reddit and Twitter. Doge has also been used to sell a house, in pornography and poker industries.

    Dogecoins are available for trading on various trading platforms. Binance, VCC Exchange, Bkex, PARIBU and Kraken are said to be amongst the safest platforms to trade Dogecoins.

    How to buy Dogecoin?

    Dogecoins, like any other crypto currency can be bought through online trading platforms or the Dogewallet. In India, you can buy Dogecoins through BuyUcoin, Bitbns and Zebpay.

    Future of Dogecoins

    Investors have predicted that Dogecoins will progress at a gradual pace unless tweets from the elite business tycoons take them uphill. It was created as a joke and for fun and the millennials connect to it because they believe it represents a light-hearted tribute to the internet meme culture.

    However, it has survived the so-called crypto winter since its inception seven years ago and has been buoyant in its growth. Although its creators might have given up the crypto community, Dogecoins are here to stay.

    Dogecoin – FAQs

    How to invest in Dogecoin?

    Dogecoins, like any other crypto currency can be bought through online trading platforms or the Dogewallet. In India, you can buy Dogecoins through BuyUcoin, Bitbns and Zebpay.

    What is Dogecoin?

    Dogecoin is a form of cryptocurrency. It is a fun, new and rapidly growing form of digital/Cryptocurrency. Bitcoin, Litecoin, Ethereum are a few examples of Crypto currency. It is completely anonymous, decentralized and extremely secure.

    How is Dogecoin different from Bitcoin?

    In the mining process of Bitcoin, miners solve the block every ten minutes to confirm transactions whereas in the case of Dogecoins, they solve this block in only one minute. That means there will be an abundant supply of Dogecoins in the future and we will never run out of them. Bitcoin on the other hand is deflationary as it has a maximum supply limit of 21 million.

    How much is Dogecoin supply?

    Circulating supply: 127 billion (113 billion coins have already been mined)

    Who invented Dogecoin?

    Dogecoin is Invented by software engineers Billy Markus & Jackson Palmer.

  • These Are The 7 Best Cryptocurrency Wallets in India 2021

    Cryptocurrency wallets are software that can be used to view cryptocurrency balances and make transactions. Digital wallets expedite the rates of cryptocurrency transactions by facilitating the sending, receiving, and storing of cryptocurrency. Most wallets these days are loaded with features that enhance the process of trading cryptocurrency. The top bitcoin wallets in India usually have a two factor authentication to keep it secure.  

    Having a cryptocurrency wallet in India is essential because it allows you to move funds as per your will and offers you the desired level of security. Some wallets even provide you with the convenience of trading multiple cryptocurrencies at once. Here are the few of the best app to buy cryptocurrency in India.

    What is a Cryptocurrency Wallet?
    How do Cryptocurrency Wallets work?
    How to pick out the best bitcoin wallet in India
    Types of Cryptocurrency Wallets
    WazirX
    Zebpay
    Coinbase Bitcoin Wallet
    Trezor Wallet
    Binance Wallet
    Exodus Bitcoin Wallet

    Top 23 Best Bitcoin wallets of 2021
    Are you planning to invest in bitcoin? But confused which bitcoin wallet is best, Here are Top Best Bitcoin wallets of 2021 to choose from.
    StartupTalkyAlan Joseph

    What is a Cryptocurrency Wallet?

    A cryptocurrency wallet is an app that allows cryptocurrency users to store and retrieve their digital assets. They are basically apps just like those you might run on a smartphone or computer. As with conventional currency, you don’t need a wallet to spend your cash, but it certainly helps to keep it all in one place. When a user acquires cryptocurrency, such as bitcoins, she can store it in a cryptocurrency wallet and from there use it to make transactions.

    Bitcoin is the most popular and widely used cryptocurrency, but others building upon its blockchain technology have emerged, and any of them can be stored on a cryptocurrency wallet. Indian Bitcoin Wallets can hold multiple cryptocurrencies. The most easiest and basic way to buy bitcoin in India is by using the Bitcoin wallets in India and the users that are interested in bitcoin are asking questions on which one is the best cryptocurrency exchange in India and the best bitcoin wallets in India.

    How do Cryptocurrency Wallets work?

    When you want to acquire cryptocurrency, whether by purchasing it in currency exchange or receiving it as a gift or as revenue, you direct the sender to a unique cryptographic address issued by the wallet. Each wallet type is a little bit different, but in general, any given wallet will work with one or more cryptocurrencies and will be able to store one or more cryptocurrency-specific public addresses.

    Public addresses are like cryptocurrency-specific account numbers, they can be used to receive a specific type of cryptocurrency (for example, to receive Bitcoin, you need a Bitcoin address) and can be shared publicly. Spending with the wallet is as simple as scanning a retailer’s QR code or directing a specific amount of bitcoins to the retailer’s public address. Here are some of best app wallet for cryptocurrency:

    Bitcoin Wallet

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    How to pick out the best bitcoin wallet in India

    There are several good bitcoin wallets in the market today and it’s up to the users to decide which features they want.

    • How secure and trustworthy the wallet is – The user can double check the wallet on bitcoin forums and check for its reviews. Some wallets offer two factor authentication like the mobile OTP and fingerprint/pin code for secure transactions.
    • Multi-signature – Check whether or not the wallet has the option of multisign in addition to a safe platform. This will help protect your bitcoin from theft and attackers.
    • Does it have transparency – the crypto wallet’s provider must provide transparency and clear identity and a code open source.
    • Price and charge for holding cryptocurrency – There many alternative wallets that are free on mobile and desktop which allow its users to download and start using them without charging anything.
    • User interface – The wallet must be easy to use especially for a beginner.

    Types of Cryptocurrency Wallets

    There are several types of wallets you can use including online, offline, mobile, hardware, desktop, and paper:

    1) Mobile Wallets

    2) Hardware Wallets

    3) Web Wallets

    4) Desktop Wallets

    Each type refers to what type of medium the wallet is stored on, who is in control of the wallet, and whether or not the data is stored online.

    Types of Cryptocurrency Wallets

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    Best Cryptocurrency Wallets in India

    Based on the above types, the following are the best cryptocurrency wallets app in India 2021.

    WazirX

    WazirX is one of the best cryptocurrency wallets in India and also the fastest growing cryptocurrency exchange in the country as it as over 900,000 users. It is also known as the most secure and safest wallet for cryptocurrency as it allows its users to buy and sell Bitcoin, Ripple, Ethereum, Tron, Zilliqa and 100 other top cryptocurrencies.

    WazirX is India’s largest online cryptocurrency trading portal that can process millions of transactions at the same time. For security, the platform uses two factor authentication such as Google authenticator and the mobile OTP based authentication. WazirX has partnered with Binance which is the world largest crypto exchange.

    Zebpay

    Zebpay was India’s first Bitcoin trading portal, and is currently one of the best cryptocurrency exchange in India 2021. This multi-cryptocurrency exchange platform is available in over 162 countries and offers a quick KYC verification and a cryptocurrency trading portal for exchange.

    Zebpay is also very trustworthy as it is designed to keep your cryptocurrency secure as 98% of coins is stored in cold wallets, robust internal controls and fingerprint/pin code for outgoing transactions. Despite being the best bitcoin wallet in India 2021 as it allows its users to transfer your crypto coins to other exchanges or your own wallet.

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    Coinbase Bitcoin Wallet

    Coinbase is an online cryptocurrency exchange in India that comes under the category of mobile wallets. You can buy and sell bitcoin, Ethereum, Litecoin using Coinbase. Coinbase also offers a mobile wallet facility. You can store and perform transactions using the Coinbase wallet. You can download Coinbase from Google Play and Apple Store.

    The features of Coinbase bitcoin wallet include:

    • Friendly & Easy to use Interface
    • Backup private keys to the cloud to avoid the loss
    • Secure User-Controlled Crypto Wallet using biometric authentication
    • Store all cryptocurrency at a single place – Multi-coin support
    • Secure User-Controlled Crypto Wallet using biometric authentication

    Trezor Wallet

    Trezor Wallet

    Trezor is a pioneer and the best hardware wallet for cryptocurrency in India. Trezor provides a portable USB device that can be connected to your computer. It offers a high level of security, and can also function seamlessly on a malware-infected computer. It supports a wide variety of cryptocurrencies which include Bitcoin, Ethereum, Litecoin, Ethereum Classic, ZCash, Dash, and Bitcoin Testnet.

    This cryptocurrency hardware wallet is one of the most secure wallets as hacking into it is virtually impossible without having access to the physical device. It also offers one of the best user interfaces which provides unparalleled convenience. Although there are various advantages to using Trezor, users are often bothered by the meager number of cryptocurrencies that you can access through Trezor. Overall, Trezor is a great wallet that can prove to be very fruitful for its users. In India, you can get a Trezor T Model in the range of Rs. 12,500 to Rs. 14,000.

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    Binance Wallet

    Binance wallet logo

    Binance is the top cryptocurrency exchange wallets, as it allows users to be assured of getting a high amount of security and amazing customer service providers. Binance gives you the option of creating your wallet when you sign up for their services. The entire process of onboarding is quite smooth and the user interface is lucid and easy to understand.

    Although Binance can be a good option, one of the downsides of using Binance is that it does not allow any fiat dealing. Since Binance offers its services at a high speed, it does a commendable job at a fast pace, which makes it one of the best in the business.

    Exodus Bitcoin Wallet

    Exodus is a desktop-based bitcoin wallet that can be used to store your private keys on any of the Windows, Mac and Linux PC’s hardware. To use this cryptocurrency wallet app, you need to download and install the application to use this wallet. Its main features include:

    • Use of QR code address for sending and receiving bitcoin
    • Support to 100+ Cryptocurrencies
    • See overall portfolio on screen
    • Built-in exchange

    Jaxx

    Jaxx wallet

    Jaxx is one of the best crypto wallets in India that offer cross-platform support. It can function across all your devices and allows you to sync your mobile, computer, and other devices. Currently, Jaxx provides support for seven different kinds of cryptocurrency assets. Nine different platforms support Jaxx, which includes Windows, Apple, Linux, Android, iOS, as well as, Chrome, and Firefox.

    It can be downloaded for free and charges a transaction fee for the trades that you carry out through your wallet. It is integrated with the exchange platform, ShapeShift, which further allows you to trade various cryptocurrencies. Jaxx has been lacking a few security features like the lack of two-factor, which raises a few questions. Setting aside this fact, Jaxx allows a high level of compatibility and seamless integration among various platforms.

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    Conclusion

    These top bitcoin wallets in India come in the different form such as a device, an app and even a website and are all known for different things. Each and every cryptocurrency wallet has its own unique wallet address that is used to initiate transactions and exchange of currencies and is up to the user/customers to choose what best for them.

    Frequently Asked Questions

    What is the best app to buy cryptocurrency in India?

    The best Cryptocurrency wallet in India is WazirX.

    What are the best bitcoin wallets in India in 2021?

    The best bitcoin wallet for India are WazirX, Zebpay, Jaxx, Exodus, B

    Can you buy cryptocurrency in India?

    Cryptocurrencies are not illegal in India, but they are also not regulated. Which means that people can buy and sell Bitcoin and hold it as an investment but there is no governing body that will look after it.

    What is the safest cryptocurrency?

    Bitcoin is the safest cryptocurrency in India.

    What is a bitcoin wallets?

    A Bitcoin wallet is a software application that allows customers to store and track their Bitcoins.

  • How Cryptocurrency is redefining the Future of Finance

    Cryptocurrency is a thriving ecosystem, encroaching on conventional territory and is redefining the Finance sector. Over the last few years, Bitcoin users and transactions have averaged a growth rate of nearly 60% annually. Similarly in private and public investors have deepened the commitment to cryptocurrencies including Ethereum, Ripple, and Stellar, and several others too.

    It started in 2009 with the release of bitcoin, which at that time was something new to most. But now everyone has heard of bitcoin and developed an interest in investing in cryptocurrency or starting a career as a trader has grown. Even though they do not have a long history, cryptocurrencies are attractive to many people.

    Teeka Tiwari, a former Wall Street trader turned into cryptocurrency expert, recently discussed investing in cryptocurrency, explaining why now is the time to buy bitcoin. It is his expertise to talk about some exciting aspects of cryptocurrency and has some future predictions that we haven’t heard before.

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    Which coins have a bright future?

    Bitcoin has been the biggest player in cryptocurrencies since the beginning. We can surely say that bitcoin is going to stay in the future. However, what would be the best coins in the future is an important question to answer. According to Yahoo, there are four cryptocurrencies to invest in 2020- Bitcoin, Etherium, NEO, and EOS.

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    In this case, Tiwari believes that there are five coins that will be great to invest. He believes that these coins could turn $500 in to as much as $5 million. He stresses that people have a fear that prevents them from investing but that fear has to overcome.

    Tiwari tries to motivate people to invest more and more in cryptocurrency to make profits. These are the last five coins he believes could turn $500 in to as much as $5 million.

    Investment in Cryptocurrency

    Why should You Invest in Cryptocurrencies?

    If you are thinking of investing in cryptocurrencies, it may be best to treat your investment in the same way you would treat any other highly speculative investment.

    Cryptocurrency has no intrinsic value. This makes it very prone to huge price swings, which in turn increases the risk of loss for an investor. Bitcoin, for example, plunged from $260 to about $130 within six hours on April 11, 2013.18.

    You have to susceptible to that kind of volatility in this case. While opinion continues to be deeply debated about the merits of Bitcoin as an investment, supporters point to its limited supply and growing usage as value drivers, while detractors see it as just another speculative bubble.

    How Cryptocurrencies Are Enhancing Financial Freedom

    The Public opinion states that the traditional banking system often fails to address the needs of the masses during periods of political or cultural instability.

    The cryptocurrency ecosystem can continue to thrive during such periods. People can not only depend on these assets for everyday payments but also use them to reinvest. Here are some ways in which cryptocurrency can be used to achieve financial freedom.

    Growth of Crypto Assets
    Growth of Crypto Assets

    Price prediction

    While risking the wealth on trading can be quite risky, price prediction stands as a significantly safer alternative.

    Alluva is an app that allows users to predict crypto prices. Depending on the accuracy of the prediction, the platform rewards with a certain number of Alluva tokens (ALV). These tokens can later either be redeemed at partner websites, or traded for a different currency altogether.

    Even though by no means an exhaustive list of how one can achieve financial independence with cryptocurrency, it is a good starting point for someone that is new to the technology or looking for new ways to capitalize on their existing investment.

    Buying and Holding

    Cryptocurrencies such as Bitcoin, Ethereum, and Litecoin have market capital in the billions. Bitcoin was trading between $1 to $2 in 2011, its current price sits around $10,000.

    For people who are new to the crypto ecosystem, purchasing a small amount of these currencies and holding it for a few months is a viable strategy. Opening a new cryptocurrency wallet requires approval from a third party. If you have access to a smartphone or computer connected to the Internet, you can install and access a wallet within minutes.

    Airdrops

    New blockchain projects hand out a small number of free tokens to their followers and users. In the cryptocurrency industry, this marketing practice is called as an airdrop. The idea is that users are more motivated to try out a new service if they do not have to spend any money on it. Surprisingly, a large number of the tokens have real-world value, so you can simply trade them for another cryptocurrency or fiat currency instead of using them.

    Day trading

    Cryptocurrencies are traded on exchanges, which function similarly to those found in global equity markets. If you have a liking for technical or fundamental analysis and believe that you have good skills regarding the cryptocurrency market, this approach can be highly profitable. Day trading can be a risky endeavor given that some tokens can experience brief periods of high volatility now and then.

    Initial Coin Offerings

    By participating in an Initial Coin Offering, one becomes an investor in one such project at an early stage. Unlike listing, most ICOs are open to public investment.

    Many major cryptocurrencies, including Ethereum, started as an ICO at some point and have delivered high returns in a few short years. However, it is very important to understand the project behind an ICO and undertake due diligence before any investment to ensure that you avoid scams.

    Mining

    Mining is the process of using computational power to verify transactions and create new units of cryptocurrency. Some cryptocurrencies such as Bitcoin cannot be mined using consumer hardware, others like Ethereum and Zcash can. Mining can be quite profitable, it does require some amount of investment in the form of hardware. The good news is that mining generates revenue, requiring little attention on your part.

    Staking

    Certain cryptocurrencies have adopted the concept of staking to verify transactions instead of mining. The approach allows holders to earn interest on their tokens as a reward for securing the network. Staking typically requires you to lock up a certain number of tokens in a live wallet. The more tokens are stake, the higher the reward. Also, there is no need to purchase expensive hardware.

    Conclusion

    A cryptocurrency aspires to become part of the mainstream financial system. While that possibility may not difficult to happen, there is little doubt that Bitcoin’s success or failure in dealing with the challenges it faces may determine the fortunes of other cryptocurrencies in the years ahead.

  • Libra: Facebook’s Digital Payment Service

    Digital payment is a way of performing payments without the use of digital currency. It is also known as electronic payment. In digital payments, both payer and payee rely on digital modes to send and receive money.

    In today’s digital era, our dependency on smartphones exceeds the wildest possibilities. Millennials eat, live, and breathe smartphones. In fact, the use of wallets has declined ever since mobile phones started supporting e-wallets. Carrying change and holding debit cards has become a fad of the past. Digital payments have been ingrained in the way people perform transactions today.

    The Digital Payment Services
    What is Facebook’s Libra?
    Issues With Libra

    The Digital Payment Services

    Digital Payment Users Over The Years
    Digital Payment Users Over The Years

    The digital payments service sector is growing big, and top tech firms are coming up with innovative payment services of their own. Amazon with amazon pay, Ola money, Apple’s Apple pay and Google with Google Pay are amongst the latest offerings. The emergence of mobile wallets wasn’t an overnight phenomenon. Peter Thiel and Elon Musk’s PayPal was an early initiative. It paved way for several others.

    India is not far away in terms of cashless economy; homegrown apps like Paytm and PhonePe are now facilitating payments for millions of Indians. Paytm launched the first active digital payment services in India. It was launched in August 2010 by Vijay Shekhar Sharma and was no less than a disruption. Around 130 million people use Paytm services in India. Facebook recently announced Facebook Pay which will be available on Instagram, WhatsApp, and Facebook.

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    Cryptocurrency, a digital asset, is being touted as the next step in digital payment services. Facebook has taken a step in this direction. Libra is Facebook’s cryptocurrency. Mark Zuckerberg claims Libra to be the future of banking and transactions, “Libra is a permissioned blockchain digital currency proposed by the American social media company Facebook.” Libra’s initial release is planned in 2020.

    With Facebook’s Libra, Mark Zuckerberg wants to disrupt the way how money works. But such initiatives are riddled with issues. Several lawsuits followed post Libra’s announcement. To regulate the working of Libra, it shall be monitored by an independent association called Libra Association; this association would by governed by organizations like Uber, Lyft, PayPal, VISA, MasterCard, etc. Facebook will be maintaining a cryptocurrency wallet called CaLibra. Though Facebook claims Calibra will be maintained with high-grade security and have no effect on one’s privacy, many people don’t believe it.

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    What is Facebook’s Libra?

    Members Of Facebook's Libra Digital Payment
    Members Of Facebook’s Libra Digital Payment

    “Libra is a global cryptocurrency built on blockchain to promote financial inclusion. Libra is digital, mobile, stable, fast, cheap and secure”. An organization independent of Facebook would oversee Libra. CaLibra, the mobile wallet to hold Libra, would be integrated in all the apps owned by Facebook such as WhatsApp, Instagram, and others. Transactions done with Libra would be the same as PayPal or any other medium available today.

    The money from your bank account can be transferred into CaLibra that you can use at shopping malls and online stores. You can also get back your money i.e. Libra can be converted to physical money from Libra authorized people. The exchange of Libra currency and the mechanism behind the transactions’ executions still beg reasoning.

    The whole Libra blockchain will be organized and maintained by a 28-member strong Libra association comprising Uber, Lyft, VISA, Mastercard, eBay Vodafone, etc. It is proposed to be a non-profit organization with its main office at Geneva, Switzerland.

    Each member needs to give $1 million to get one vote in the organization. The organization will elect a representative to oversee the Libra council. Whenever you add money to your Libra account, it goes into the giant Libra reserve which in turn gives you Libra tokens. The value of Libra stays the same irrespective of the volatility in a country’s economy.

    Facebook’s cryptocurrency shall cut down transaction fees and establish a global currency. Financial irregularities and hassles in transactions would become a talk of the past.

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    Issues With Libra

    Like the concerns and question marks accompanying any major announcement, troubles arose for Mark Zuckerberg’s Libra initiative. In the first week of October, PayPal become the first to step out of the Libra association. The reasons for its withdrawal are not known yet. eBay, Stripe and Mastercard followed PayPal by leaving Libra Association.

    Soon, Mark Zuckerberg was summoned by the US Congress. He asserted the launch of Libra would not be done without the approval from US regulators. Zuckerberg further emphasized on the need to take risk via innovation for ensuring US retains its position as the global leader. France and Germany blocked Libra and amended certain laws. Many banks and law makers are also changing rules related to monetary transactions.

    After these issues, Facebook began losing momentum on Libra’s launch. With the criticisms and questions Libra faced, it’s clear that the world still holds scepticism on the idea of online payments and digital currency transactions through payment apps.

    While certain parties continue to loath cryptocurrency, the technology of future is undergoing rapid improvisation. More complex algorithms ensuring hack- proof network and privacy-oriented transactions will catalyse the acceptance of cryptocurrency. The future of digital payment services, though shrouded with negativity and hesitance at present, will stay for decades to come.

  • What is Algorithmic Trading?

    Algorithmic trading is the use of a computer program with a defined set of criterions to carry through trades. The criterion for the system typically includes timing, price, or quantity.

    Algorithmic trading makes use of complex formulas, combined with mathematical models and human oversight, to make decisions to buy or sell financial securities on an exchange. In theory, the use of algorithmic trading can generate trades and profit at higher frequencies than a human trader can.

    Algorithmic trading (also known as algo trading) offers high-profit opportunities and streamlines trades, as it removes any possible human variables. Here is a short example of how it works; For example, a trader has these set as criteria:

    • The first specification is to buy 25 stocks when its 30-day moving average goes above the 100-day moving average. A moving average can be described as a series of averages of past data points to identify trends and smooth out the day to day price fluctuations.
    • The second specification is to sell when the 30-day moving average goes below the 100-day moving average.

    Algo trading offers a systematic approach to active trading in contrast to methods that may be based on instinct and trader intuition. Just as a human trader would, with these two specifications the computer system will automatically read the moving average and the stock prices, as well as buy and sell orders when all the specifications are met. This removes the need for a trader to monitor the markets, live prices themselves or place the orders manually.

    Benefits of algo trading are numerous:

    • All trades are executed at the best possible price,
    • Significant price changes are avoided,
    • Transnational costs are reduced,
    • Reduces the possibility of mistakes by human traders based on emotional and psychological factors.
    • ReduceS transaction costs
    • Connects to various exchanges and it integrates all the feeds
    • It runs automated checks on multiple markets, and finally, the orders are instant and exact. The algo trading system automatically does these actions by identifying strong trading opportunities based on the criteria.

    Algorithmic trading uses

    • Algo trading can be used in mid to long term investments like mutual funds, insurance companies, and pension funds. This is because they can purchase large stocks in large quantities as they do not want to influence stock prices with large volume investments.
    • Systematic traders, like trend followers, hedge funds and Paris trades; find efficiency in allowing the system to run automatically. Paris trades are a neutral market that matches short positions with long positions in highly correlated instruments such as exchange-traded funds, currencies, or stocks.

    Algorithmic trading strategies

    Most algorithmic trading strategies center around identifying opportunities in the market based on statistics. The following are common trading strategies used in algo-trading:

    • Trend-following strategies
    • Arbitrage Opportunities
    • Mathematical Model Based Strategies
    • Volume-weighted average price
    • Percentage of volume (POV)
    • Index Fund Rebalancing
    • Trading Range (Mean Reversion)
    • Time Weighted Average Price (TWAP)
    • Percentage of Volume (POV)
    • Implementation Shortfall
    • Beyond the Usual Trading Algorithms

    Implementing the designed algorithm on the computer is the last step of algorithmic trading. Another important thing that one must do before applying the algorithmic system is to backtest. Backtesting is trying out algorithms on past trading history to see if it would have increased your profits then. Always remember the more complex the algorithm the more backtesting is required to make sure everything is operational before putting it to action.

    Algorithmic trading is not easy to set up or maintain if you have limited computer knowledge. Luckily, there are many award-winning traders that can help you start trading, these traders can help with setting up a server and the upkeep as well as the nuances of a new system.

    Algo trading is new trend in India. There are many algo trading platforms in India:

    • Zerodha Streak
    • Omnesys Nest
    • Odin
    • Algonomics
    • Presto ATS

  • Cryptocurrency and Blockchain: How can it change India?

    The world is evolving at an expeditious speed, so is the world of money and business. The up to the minute development is money in the form of cryptocurrency. A cryptocurrency is a form of digital or virtual currency created to work as a medium of exchange. Cryptography is used to carry out and verify transactions. The creation of new units of a particular cryptocurrency is also controlled. Collectively, cryptocurrencies are finite entries in a database that no one can modify unless specific conditions are fulfilled.

    Introduction
    Market Size and Overview
    Scope of Cryptocurrency
    Growth and Future of Cryptocurrency in India
    Conclusion

    Introduction

    Blockchain is irrefutably an inspired invention – originated from a person or group of people known by the alias, Satoshi Nakamoto. In the easiest way, blockchain can be understood as a time-stamped series of inflexible records of data that is managed by a cluster of computers rather than any single entity, every single block of data is secured and bound to each other using cryptographic principles. This forms a blockchain.

    Market Size and Overview

    Bitcoin holds the paramount supremacy in the cryptocurrency market with around 45% of market share & a massive market capitalization of $142.2 Billions  (Rs  9.25  Trillion).  Altcoins, is the term used for other cryptocurrencies which includes other 1550 currencies that are traded.

    India’s crawl into the cryptocurrency market coincided with 2017’s massive spike in prices, when 1 Bitcoin became worth $20,000 in valuation. The immense popularity and massive movement, caught the attention of the Reserve Bank of India (RBI) and the government, leading to an official warning in December 2017, with the then Finance Minister Arun Jaitley confirming that the government did not see Bitcoin, or any other cryptocurrency, as legal tender.

    Soon after the dazzling start, came the downfall. From a whooping 15,000 units per day towards the end of 2017, cryptocurrency trade in India lost almost 90% hitting a mere 1,500 units as of March 2018.

    The individual values of such currencies also perished. Bitcoin, the most famous virtual currency, rose from $1,000 a unit at the start of 2017 to over $20,000 by the year end ripped off back to below $8,000.

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    The investor sector took the hardest hit. The top e-currency exchanges of India who were shaking hands with around 2,00,000 and 3,00,000 investors a month; came down to around 50,000 maximum.

    But, to everyone’s wonder, Bitcoin made a profit over 44% in value nearly 16 months RBI banned virtual currencies.In July, 2018, Bitcoin was at $6,541.79 which rose upto $9,450.68 in October 2019, securing a rise of 44.47% during the period.

    Scope of Cryptocurrency

    Even after the initial slowdown in India, cryptocurrency is now back in the ring. Demonetization strengthened people’s faith  in virtual currency

    The cryptocurrency market is estimated to rise upto USD 1.40 billion by the year 2024, at a CAGR of 6.18% during the forecast duration. It has become a new favourite of  entrepreneurs, SMEs, start-ups, are taking an interest in cryptocurrency due to its revolutionary concept to counter transactional conformity.Owing to factors like safety and reliability, the scheme attracts extensive venture funding, partnerships , collaborations, and amongst cryptocurrency solutions providers to provide end-to-end solutions.

    The Indian market has about1548 cryptocurrencies which are currently functional in the market as an alternative to Bitcoin.

    For a country like India, where everything is weighed on a scale of monetary worth, the only way to beat cash is to make a currency that is more worth than cash.

    Other than that, native companies know more about the Indian consumer mindset than anyone else. The only way crypto economy can be established, is letting the population step into game, with a crypto exchange and a wallet. This would prove to be humongous difference for the blockchain community.

    Also Read: What is algorithmic trading?

    Growth and Future of Cryptocurrency in India

    India underwent a relationship of sorts with blockchain. On the one hand, the Indian government has shown tremendous inclination towards blockchain technology, initiating government-sponsored blockchain projects in nearly half the Indian states.

    At the same time, the government has displayed amounts of indecision towards cryptocurrency, it wanted to control its growth by enabling measures for the same.
    As per recent reports, the adoption of bitcoin might see a significant boost in 2020. According to research company Arcane Research, Bitcoin trading volumes have increased more than 100% in just a week’s time.

    In the report given on the 9th of January, the company states that the 7-day average for Bitcoin rocketed upto 126% in 2020’s first week. $1.5 billion were traded just on the 8th of January.This is a huge development, considering that only $192 million was traded on Jan 1.

    The governments and the central banks might be more affectionate to digital currencies, taking the demand to a new zenith. The cryptocurrency market alters everyday, with new currencies in the game proving to be more profitable than the existing. According to crypto traders, Bitcoin would climb to a new peak of $20,000 in early 2020.

    Conclusion

    Despite India’s curious stance, there is a ray of cautious optimism towards the cryptocurrency domain. Positive regulations by the government  seems to be gathering significant momentum, and most experts are convinced that India won’t be saying goodbye to cryptocurrencies anytime soon.

    India is undergoing an economic slowdown, and cryptocurrency can effectively help. The blockchain domain has seen a tremendous rise in the number of jobs, other than jobs it can help in attracting new foreign venture capital investments into Indian startups, evidently, the total amount of funds raised globally in ICOs in 2019 is over $346 million. It can also offer the opportunity to bank the massive 300M+ unbanked people in India.

    It can be assumed that cryptocurrency is here to shine, so as a developing nation rather than taking a step back we might as well consider a progressive approach to a sector that is nascent, growing multitudes and has transformational potential.