Most advisors tell their clients to put a large portion of their money into the investment schemes like mutual funds, SIPs, stocks and share markets, etc. With each passing day, the trends of these markets evolve and newer methods of stabilizing one’s hard-earned money are coming up. It is difficult to ignore certain terms when they are taking the financial markets and, eventually, the world of investment by storm. These days, the word that is ruling the finance industry is – cryptocurrency.
Getting to understand this currency – Cryptocurrency, in essence, is a digital currency that is used to buy goods and services online. A major reason why this method is appealing to the masses is the total transparency of the money that one is putting into this market. It is a decentralized method of investment that is owned by no one and the money is solely controlled by the person who invests it. With a surge in the rates of this market, many people are now seeking answers as to how to buy cryptocurrency in India.
How to purchase cryptos in India – Recognizing the mass appeal of cryptocurrencies in India, many individuals have created several platforms to trade in currencies, CoinSwitch is one such medium. The method to purchase cryptos is generally the same across most of the platforms to ensure unanimity and avoid confusion to regular users.
- Download the apps on the phone or use the websites
- Complete basic verification such as KYC, Pan, and Aadhar details, bank details, etc.
- After due research about the type of cryptos available in the market, their respective trends, and prices, you can start investing with amounts as low as the platform of your choice can offer.
The cryptocurrencies to look out for – This gives rise to the question of what currencies should one look at to put in their hard-earned money into? Owing to the extremely volatile nature of this market, the trends cannot predict, with complete accuracy, which currency would be the ‘safest’. Therefore, here are a few options that one can look at before making their purchase.
- Bitcoin (BTC) – This is one of the most popular cryptos at the moment in the global market. At any given time, only a 21million BTCs can exist and this limited nature of the currency is what generates curiosity and demand in the market. Depending on the current price of this crypto and the budget one wants to spend, bitcoins can be bought even in minuscule parts. It runs on online ledgers that update the information at the same time across a network of lakhs of computers globally.
- Dogecoin (DOGE) – This has been one of the hot topics and recent trends due to the billionaire Elon Musk. As of now, no announcement has been made on the limits to DOGE. However, to purchase this currency in India, it is important to understand the conversion of DOGE to INR to get an estimate of the prices. Between 2017 to 2021, the price of dogecoin has witnessed an increase of up to 1,45,000%
- Ethereum (ETH) – The market cap of this crypto is over 520 billion dollars. Being both, crypto and a blockchain platform, ETH has grown to become one of the favorites of the investors due to its massive potentials such as smart contracts and NFTs. Ethereum was known to account for more than 19% of the entire market cap. The price of ether has witnessed a surge of about 458% solely in 2021.
- Cardano (ADA) – Another decentralized blockchain platform that is famous for its proof of stake validation is Cardano. This platform expertly conducts secure peer-to-peer transactions via this currency. This crypto was launched in 2017 and is considered as one of the best investment options as it was known to ‘eat away bitcoin’s dominance. There is a hard cap on the number of ADAs available in the global market. This, along with the blockchain, makes it one of the most appealing currencies to invest in.
- Solana (SOL) – The recent market trends have seen exponential growth in many of the cryptos in 2021. However, Solana can easily be deemed as the underdog in the saga of cryptocurrencies. Originally, at the beginning of this year, SOL accounted for a mere 0.01% of the market and has now made a historic leap into the top 10 cryptos in the market cap. The app network is known to be faster than Ethereum, has a lower fee, and is also more stable.
Looking at the market of cryptocurrencies in India and the scramble among people to invest in it, it would be a great time to enter this market at the earliest and make a permanent place in it. Cryptocurrencies are here to stay – ensure your financial security by purchasing the ones that may provide growth to your funds.