Cryptocurrency in India

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What is cryptocurrency?

According to Investopedia, A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology-a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.

Cryptocurrency x India

In March 2020, a 2018 order by the central bank forbidding banks from dealing in cryptocurrencies was struck down by the Supreme Court, prompting investors to pile into the market. The court ordered the government to take a position and draft a law on the matter.

However, the administration is planning again for a cryptocurrency ban in India, penalising miners and traders

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Future in India

Various campaigns are started by various groups in support of crypto trading in the country.

Cryptocurrency is not yet banned in the country, so the traders can trade without any hustle and mining is allowed too.

https://twitter.com/CNBCYoungTurks/status/1359121872198148099?s=19

Trading in India

Trading of Cryptocurrencies in India commenced around mid-2020 under various exchanges in the market.

If you want to know more about how cryptocurrency trading work, then you can check this article.

Various exchanges offer to trade in India though, but 2 major exchanges are trending among the traders in India:-

WazirX

Wazirx is the biggest and the most trusted exchange in India. It offers trading across all the platforms - Android, iOS, web, windows etc. Its efficient design suits both first time as well as professional investors.

Wazirx has created its own cryptocurrency known as Wazirx token, which will be a maximum of 1 billion in number.

You can have a review of wazirx in the following article.

You can simply open your wazirx account by the following link

CoinSwitch

Coinswitch is a leading and trusted cryptocurrency exchange across the globe available in many countries including India. It is pretty common these days because of its user-friendly interface. Its interface makes it very easy for first-time investors to get started.

It offers more than 300 cryptocurrencies all paired with INR.
Though, It lacks some common features like Candlestick chart, Limit orders etc.

You can simply open your CoinSwitch account by the following link
(Rs 50 reward inside 💲🤑)

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