in past recent times due to the contingencies like covid-19 and omicron peoples were get the knowledge and get aware about the importance of investing and saving funds for the negative times. nowadays there are various ways to make investments in order to get good returns in long term as well as in short term. but it is seen that from the times of covid-19 cryptocurrencies were getting treated as one of the best investment option that can provide higher returns even in short term.
as it is taken as one of the best investing asset by the people that may provide better returns than other investment options. it is necessary to know what cryptocurrency actually is and how does it works? these cryptocurrencies were introduced as a substitution of centralized funds that is money or physical currency in order to revolutionize the worlds economy. so, if your are a cryptocurrency investor and thinks to invest in crypto's for long term, then you must read this article to the fullest to get a proper insight about the pros, cons and future visibility of cryptocurrency in india.
what would be the future of cryptocurrency in india ?
how cryptocurrency will works in future?
pros and cons of cryptocurrencies.
what would be the future of cryptocurrency in india?
according to some sources bitcoin is the cryptocurrency that was firstly introduced in the worlds international market as a decentralized currency which can be use limitless without getting bounded by any government rules and regulations. the major perspective of introducing these currencies is to reduce the government intervention with personal finance and to use it according to themselves. as the time passes several new cryptocurrencies were also introduced in the market which is owned by some institutions and organizations which is based on blockchain technology. so, currently at the present time there are more than 5000 cryptocurrencies were getting traded in the crypto market.
also read :- what is cryptocurrency? complete details.
from past recent past times cryptocurrency is getting treated as one of the best investment asset as it provides higher returns even in short amount of time and as the government don't have enough intervention with the crypto market the fund flow of the crypto market is sometimes seem to be more greater then stock market which again makes it more volatile, and ultimately it puts a direct impact on worlds economy. cryptocurrency was introduced with the perspective to bring a substitute of physical or digital money but as the time passes due to its huge demand among peoples its price starts to fluctuate and in the end it turned in to a money making tool. rather than this as these currencies were decentralized and have no records of transactions, these digital currencies are being getting used in doing the transactions to fulfill illegal activities.
currently, indian government is trying to come up with various rules and regulations to get a command over these currencies, however if we talk about what would be the future of cryptocurrency in india? than we can see both good things as well as bad things about it. for example according to the perspective of peoples cryptocurrency is a good option as it provides them complete control over there funds, but from the perspective of government it might be a bad thing because if they loose the control over funds then it might be difficult to deal with upcoming contingencies, difficulty in maintaining the country's economy. but according to some researchers and analysts, cryptocurrency would plays a great role in future.
how cryptocurrency will works in future ?
some of the well known industrialists and business tycoon's like elon musk, barry silbert, micheal saylor and so on tries to introduce cryptocurrency as the next best mode of transactions. as there were many national and multinational companies that allows there users to make payment through bitcoins. as this thing is getting into view of peoples the number of users in crypto market is getting increased day by day. according to the sources some of the companies that allows payment through bitcoins are microsoft, paypal, overstock, whole foods, etsy, starbucks and so on.
as the market of crypto users get to grow drastically so there are huge chances that in future most of the companies will allow its user to make payments through cryptocurrencies. apart from this payment and transaction options cryptocurrency is also considered as one of the best investing option in future.
pros and cons of future of crptocurrency in india.
pros of cryptocurrency in india.
1. zero payment restrictions.
using centralized funds or digital money that is saved in your bank account have number of payments and withdrawal restrictions, like making higher transactions may cause you levied by some charges from the bank or if you withdraw your funds through atm for more than three times in a month than it may again charge you some fees, however cryptocurrency provides complete freedom of doing transactions and making payments as it provides you complete control over your funds.
2. block chain technology.
cryptocurrency is completely based on block chain technology, which is considered as one of the best technology from future. as it is based on blockchain technology the complete data of the transactions and holdings were stored in the hands of general public and government institutions have no record of the transactions and fund flow in the market. rather than that as it is completely based on block chain technology it is difficult even for hackers to steal your funds from your account.
3. crypto exchange speed.
in india there are various cryptocurrency app available that allows you to trade in crypto market. but there are only three major crypto exchanges available and most to the crypto brokers have dealt with those crypto exchanges as this exchanges have very high speed of transactions and order placing. according to some sources it is one of the best investment option that takes very low time to do transactions.
4. lower third party intervention.
cryptocurrency is decentralized in nature hence it is not bounded with any rules and regulations by the government or any other organizations. which means there are no restrictions of doing transactions and utilizing money according to your personal use. due to lower interference of government, using cryptocurrency for transactions might be the future of india.
cons of cryptocurrency in india.
1. lower crypto market knowledge.
investing in cryptocurrency seems to be complicated sometimes because of its algorithm and limitless transactions. because of that many peoples are getting scared of investing in crypto's as it does not have any base object on which its price fluctuates, it is completely based on the demand of the cryptocurrency or in the hands of business tycoon's like elon musk and so on.
2. highly volatile in nature.
the crypto market is considered as the most volatile market. as the fund flow in the market has no records and have no base of transactions. so there are huge chances of loosing your funds in trading cryptocurrencies. the loss amount in cryptocurrency is somewhere difficult to recover as it does not have government involvement.
3. limitations in acceptance.
there is lack of awareness among peoples about the cryptocurrency hence it is yet to be accepted everywhere. so it has limitations on using, however if we think from a future perspective than you can see the number of crypto users were growing day by day and probably in future crypto would be use every where as a mode of transaction. but currently it comes under the cons of cryptocurrency.
4. victim of theft and scam.
as there is no involvement of government in crypto market it is difficult to recover or regain your lost amount in the crypto market if it is theft. however the blockchain technology is quite strong to deal with the direct hacker but rather than that if you get stuck into some sort of crypto scam than there might be chances that you loose your complete fund.
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