With rich rewards, you can get higher risks. It is very true for digital cryptocurrencies that remain highly volatile in the market. The year 2020 was very uncertain, all thanks to Covid. However, cryptocurrency earned massive value in the market, getting the highest value and price. Cryptocurrency has become the newly added asset globally. As such, there are loads of things coming under its arms. These include flexibility, authority, supremacy, and many more things to come. If you look at the Indian market, many more global digital currencies are coming into this nation. However, the local government is not very supportive of Bitcoin. They planned to ban the digital coins. However, they now intend to bring their own virtual currency.
On one hand, people lured to digital coins care the least. Consider exploring more about digital currency investment situation in India. You can go through the websites like - https://bitcoinsbillionaire.net/ for more details.
In 2019, we saw the rise of Binance, the most prominent digital cryptocurrency exchange. It announced its trade volume in the industry. Then in India, we saw the evolution of the digital currency-based trade-based platform known as WazirX. After another company called CoinD collaborated with the US-based exchange known as Coinbase. In India, we have seen many digital currency-based startups and other companies dealing with Blockchain. We have seen a whopping amount of investment in digital currency in the Indian market. It goes to around 100 M USD, which is huge for the Indian market.
We have lived in this country for a long time and now have such trends in the financial market. However, digital currency seemed to have changed the story. By 2021 June, we have seen a considerable amount added. It has given an enormous return that is recorded to around 1500 percent. Many feel that India’s improper stand and policy on the digital currency has given a massive buzz around Bitcoin.
The big reason why more and more money is pumped into the digital currency market is a sizable amount of technology savvy popularity in India. The country has around 1.39 billion people who fall under the youth community ranging between the late twenties. They are attracted to
digital coins in a big way. On the other hand, people in the middle age prefer to invest in assets like real estate, gold, equity, or patents, to name a few. However, the new generation is more prepared to face the risky business of digital currency. One may find digital currency a high-risk zone, but they are confident to face them with great enthusiasm.
Crypto has become a new craze in the country, and as we saw the emergence of several trading platforms, including CoinSwitch, WazirX, Unocoin, ZebPay, and CoinDC, to name a few. These prove to be digital currency platforms that are seen as highly secured and remain accessible over different platforms, allowing many more transactions to come through user-friendly methods. In addition, we see many more platforms now dealing with INR when trading in Bitcoin or any other digital currencies. These are simple, secure, and very simple which proves to be an exciting opportunity that gives the best option for investment. As a result, we see an added number of companies now working towards Bitcoin and other digital currencies.
The government has come up with a bill that talks about banning digital currency. It thus would make it criminal that are linked to areas like trading, mining, issuance, possession, and transaction of digital currency-based assets. However, we see the Finance Minister singing a different tune that has tried to scare people. However, many have come up with an open challenge to accept the coins the way it is. Furthermore, we hear that the government plans to ban private currencies like Bitcoin and others. However, they soon plan to bring their digital currencies. However, we do not find people getting attracted to the investment in the same way.
So, we see how investors in India are so lured to Bitcoin and digital cryptocurrencies in the modern era.