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Future of Cryptocurrency in the Indian Economy

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Future of Cryptocurrency with the advancement in technology,we have changed our way of work, communication, shop and even paying modes like Cryptocurrency . 

Now Both consumers and buyers not always 

Prefer cash for payments, and this activity is  giving a way to cashless payments like Google pay, paytm etc 

There is also a new payment mode of payment that appears, that is Cryptocurrency. 

Everyone knows about bitcoin, which is a kind of Cryptocurrency, also there are more than 2000 Cryptocurrencies available in the market and more are developed every day. 

So, there are a lot of questions coming in everybody’s mind related to Future of Cryptocurrency, that’s why I am here to tell you everything about Cryptocurrency and Future of Cryptocurrency . 

How to use it or safely invest , Future of Cryptocurrency in india, top 10 cryptocurrency. 

What is Cryptocurrency? 

Cryptocurrency
Cryptocurrency

Cryptocurrency is a digital payment mode which is in the form of tokens or coins. 

Cryptocurrency can be exchanged online for goods and services. 

It does not depend on banks to verify transactions. 

It is easy to use and also reminds us of how much money we use till as Cryptocurrency funds record the transactions in a public ledger. 

Cryptocurrency is not real money, it is just  a type of digital currency that generally only exists electronically. 

There is no physical coin or bill unless you use a service that allows you to cash in cryptocurrency for a physical token.

We can store our cryptocurrency in a digital wallet. 

The Cryptocurrency got its name because of encryption to verify transactions. 

There is involvement of advanced coding  in storing and transmitting cryptocurrency data between wallets and to public ledgers. 

The aim of the encryption is to provide security and safety.

Many experts believe that blockchain and related technology will disrupt many industries, including finance and law.

Top 8 Best Cryptocurrencies

Cryptocurrency
Best Cryptocurrency

When you are first getting started to invest in cryptocurrency, you see a variety of Cryptocurrencies from bitcoin to dogecoin, Ethereum etc.. 

So, to make it easy for you I am helping you to tell about top 8 best Cryptocurrencies 

Here are these :

Bitcoin (Since 2005) 

 Bitcoin is the world’s largest and firstly Decentralized cryptocurrency. The value of bitcoin is increasing day by day as investors are upholding this digital gold. 

Bitcoin is kept secure and safe from cheaters.It is the original cryptocurrency. As

The maximum limit of bitcoin is 21 million. 

The short form of Bitcoin is BTC. 

Ethereum (since 2015)

Ethereum is the first alternative Bitcoin,that’s why it is always in competition with Bitcoin. 

It is a Decentralized blockchain platform that cuts off third parties. 

It serves as a platform for ‘smart contracts’, benefitting the  government in finance as explained by Capgemini consulting.

Ethereum has also experienced tremendous growth.

 In just five years, its price went from about $11 to over $3,000, increasing roughly more than 27,000%.

The short form of Ethereum is ETH. 

Cardano (since 2017)

Cardano is the first large cryptocurrency to be based on the ‘proof of stake’ model. 

It was created with a research-based approach by engineers, mathematicians, and cryptography experts.

It is also a decentralised blockchain platform that uses a native cryptocurrency. 

There are many  real-world projects which are based on Cardano, such as tracking fresh agricultural produce, tamper-proofing educational credentials and identifying counterfeit retail goods. 

It’s  market capitalization is $9.8 billion and one ADA trades for $0.31.

The short form of Cardano is ADA. 

Ripple XRP (since 2013)

Ripple is also called Open Coin. 

XRP is used by some financial institutions — like Axis Bank and Yes Bank — to transfer payments across borders faster and cheaper than existing systems, like NEFT, RTGS, or the most commonly used SWIFT.

Ripple is the name of the blockchain network, and XRP is the name of the coin. 

Its price reached $1.14, equal to a rise of almost 19,000%.

Litecoin (since 2011)

It is the first cryptocurrency to follow in the footsteps of Bitcoin and also referred to as “silver to Bitcoin’s gold.”

Litecoin Cryptorrency has a faster block generation rate and that’s why it offers a faster transaction confirmation time. 

It is the sixth largest Cryptocurrencies in the world by its token value that is $153.88. 

The short form of Litecoin is LTC. 

Dogecoin (since 2013)

There is no limit on the number of Dogecoins that can be created, which leaves the currency susceptible to devaluation as supply increases.

The coin has earned a high tapping rate since its inception.

Its price is at $0.31—a 154,900% increase.

The short form of Dogecoin is DOGE.

Polkadot (since 2017)

Doing transactions with this coin is expected to be cheaper and faster than older cryptocurrencies, because of its formation. 

Its protocol is designed to connect permissioned and permissionless blockchains, as well as oracles, to allow systems to work together under one roof.

Polkadot provides a bridge for networks so that many applications built on Polkadot can also work on Ethereum and Bitcoin. However, it is more scalable and faster.

Its price grew 774%, from $2.93 to $25.61.

The short form of Polkadot is DOT. 

Solana (since 2020)

Solana is calculated to be used for decentralized finance (DeFi) solutions which are running on top of its blockchain. 

It uses either ‘proof of stake’ or ‘proof of work’ to verify transactions, Solana is significant for using a ‘proof of history’ consensus, where all computers process and agree on the order of events.

Its price was $73.19, a gain of 9,405%.

The short form of Solana is SOL. 

The market values and capitalization form given 8n these Top 8 cryptocurrencies is latest  as of 2021.

4 Tips to Invest in Cryptocurrency Safely

Cryptocurrency
Invest Safely in Cryptocurrency

As we know, doing investment is always risky,but according to the consumer report cryptocurrency is one of the riskier investment choices out there. 

Small Amount 

Like the stock market, the crypto market is extremely explosive which means prices will rise and fall unpredictably. So it is obvious you have to invest wisely after making sure about the liquid funds for you. 

Invest only that limit which you can easily afford to lose. 

Also before investing learn about exchange rates. 

Select your Cryptocurrency

Yes, because there are many more cryptocurrency available in the market right now. As I tell you about the top 8 best Cryptocurrencies. Firstly make a list of the best Cryptocurrencies for you according to your amount with awareness of market value.

Then choose wisely which cryptocurrency you choose to invest in. 

Know How to Store Your Digital Currency

If you buy cryptocurrency, you have to store it. You can store it on an exchange or in a digital “wallet,”. Basically, it’s a place where you can buy, sell or hold your crypto assets. 

There are many different kinds of wallets, each has its own benefits, technical requirements and security.As with exchanges, you should investigate your storage choices before investing.

Payment method

Check the payment methods that allow you to purchase cryptocurrency. Most exchanges allow credit card or bank transfers. Ensure that these methods are completely secure. You would also need one that accepts the payment method you want.

Future of Cryptocurrency in the Indian Economy

Cryptocurrency
Future of Cryptocurrency

Cryptocurrencies have the potential to discard human life as we know it.

Cryptocurrency has evolved as a strong asset class while making steps towards becoming a designated ‘currency’. 

Globally, more than 100 million users have exposure to cryptocurrencies. El Salvador became the first country to officially recognize Bitcoin as legal tender recently. Many other Central/South American countries are evaluating a similar approach.

Even as the Government has delayed cryptocurrency regulation in the country and the RBI is gearing up to introduce India’s own digital currency to counter private virtual currencies, the crypto community is hopeful on the future.

The delay in introduction of Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 is being seen by the crypto community as a welcome sign. They believe the Government is finally taking cryptocurrency seriously and is not in a hurry to introduce harsh regulations. 

Slowly but steadily sentiments in favour of cryptocurrency are building in the country. In what form cryptocurrency would be acceptable to Indian lawmakers and regulators remains to be seen. 

However, the good thing for crypto lovers in the country is that discussions on this topic are not dead. Rather, they are getting louder even as cryptocurrency is not fully backed by the law. In the Parliament also, several members have been recently raising the issue of cryptocurrency/Bitcoin. 

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