What is Cryptocurrency ?

A cryptocurrency is basically digital money, with which you can buy goods and services and even trade them. It is usually used to earn profits by speculators who sometimes even drive the price of a particular cryptocurrency high.

Blockchain is the technology that enables cryptocurrency to function. Blockchain is a decentralized technology that handles and records transactions across numerous computers. The security that this technology offers is its USP(Unique selling proposition).

Different cryptocurrency you can invest in

As of January 2021, there are over 10,000 cryptocurrencies in circulation. While many of these cryptocurrencies have little to no support or trading activity, several have devoted groups of backers and investors.

Some of the important ones are:

Bitcoin: Rs 26,91,649
Ethereum: Rs 1,85,731
Tether: Rs 73
Binance coin: Rs 25,860
Cardano: Rs 116
Doge coin: Rs 23
Xpr: Rs 63
USD coin: Rs 73
Litecoin: Rs 12,357

Why are cryptocurrencies so popular?

1. People think it is the future:

Many people believe that cryptocurrencies are the way of the future when it comes to money. Cryptocurrency users are also adopting important technology advancements such as blockchain. This allows you to be on the cutting edge, and many people appreciate the opportunity to be ahead of the game. Blockchain technology is expected to revolutionise the world in a variety of ways, including making trading much more transparent.

2. Earning profit on speculation:

People get involved with cryptocurrencies for a variety of reasons, including the possibility for profit. If you purchase Bitcoin at a cheap price, you may be able to benefit as the price rises. Many people who invested in cryptocurrencies before they became extremely popular profited handsomely. Because the market has still not cooled, investors are still profiting from cryptocurrency. If you are planning to earn money through speculation rocketalgo is one of the best options for you as it can guide you when to invest money and when to withdraw based on 15 different kinds of logics.

3.Easy access

Getting Cryptocurrency isn’t a complicated process that will require you to jump through a lot of hoops. It is easy to obtain bitcoin from respectable sources, and the ease with which it can be obtained has contributed to its appeal. People may have regarded cryptocurrency as a dubious and unknown phenomenon in the past, but it has now become commonplace in many spheres. If you’ve never bought cryptocurrency before, you’ll be pleased to learn that the process is straightforward and user-friendly.

4.Safety and privacy

It’s critical to protect your identity and your money, and you’re well aware of how difficult cybersecurity has grown in recent years. Using cryptocurrencies to make online purchases is actually safer than using many other standard payment methods. If you’re concerned about cybersecurity, using Bitcoin could be a viable option. One of the factors that has contributed to cryptocurrency’s popularity over time is its security.

5.Not affected by world government:

Another reason people trust cryptocurrencies is that they are not linked to any world governments. This means that cryptocurrencies have the ability to remain steady even when a country is in upheaval. Some investors consider cryptocurrencies as a viable way to secure their assets, which is one of the reasons why the value of cryptocurrencies has risen over time. Cryptocurrencies are more enticing because they have the potential to be safer than some official government currencies.

6. No control of central bank:

Some proponents prefer the idea that cryptocurrency frees central banks from controlling the money supply, because central banks tend to devalue money over time through inflation.

Are cryptocurrencies a good investment?

There are very mixed opinion floating around the market about cryptocurrencies and even the biggest names in finance don’t agree at times. But cryptocurrencies are a riskier option as it is rather new.
Investing in cryptocurrencies has both benefits and drawbacks. In the end, whether or not you invest will be primarily determined by your risk tolerance. It wouldn’t hurt to add a little bit of cryptocurrency to your portfolio if you’re willing to take on higher levels of risk and feel cryptocurrency will be the next big thing. Otherwise, you should stay away from cryptocurrency for the time being.

How do I buy cryptocurrency?

The simplest, safest, and most convenient way to buy cryptocurrency is through exchanges or trading platforms. There are numerous exchanges and platforms available, each with its own set of benefits and drawbacks.

Are cryptocurrencies legal in India?

Cryptocurrencies are not a legal tender in India, however it is legal to trade in them. What this means is that you can purchase and sell cryptocurrencies like Bitcoin in India and earn money on speculation. What you can’t use cryptocurrency for is to purchase goods and services.
In certain parts of the world cryptocurrencies are also accepted as legal tender but as of now that is not the case in India.