Here's How You Can Invest In Cryptocurrencies In India

ndtv.com:

Bitcoin is the first name that comes to mind when we discuss cryptocurrency.

Ever since Finance Minister Nirmala Sitharaman spoke about digital currencies in her Budget speech earlier this month, the curiosity about the matter has risen by leaps and bounds.

Digital currencies have been around for quite some time now and people have been resorting to the new currency quite often around the world. Many experts have also been bullish about the future of cryptocurrencies.

Since Bitcoin does not rely on intermediaries, it may lower transaction costs for businesses and emerge as a major means of electronic payment processing.

Bitcoin has a clear potential for growth considering these attributes. Of course, virtual currencies, like traditional currencies, can also be used for money laundering and other criminal activities. However, the chances are akin to the physical world.

Bitcoin is the first name that comes to mind when we discuss cryptocurrency. However, there are a few more virtual currencies like Ethereum (ETH), Litecoin (LTC), Cardano (ADA), Polkadot (DOT), Stellar (XLM), Dogecoin (DOGE) etc.

Here is how you can invest in cryptocurrencies:

Acquisition:

Acquisition of currency involves:

(i) Careful selection of the cryptocurrency as the market of such virtual currencies is volatile and totally influenced by the market condition because it is generally purchased for the purpose of the investments.

(ii) To find the cryptocurrency exchange. There are lots of cryptocurrency exchanges, but not all exchanges work in all countries. Different exchanges also offer different types of cryptocurrencies, accept different methods of payment, and charge different fees.

(iii) Open a trading account

(iv) Register the method of payment

(v) Then place