India’s Supreme Court delivered a historic verdict in March and started a new era in crypto in India. Now trading is gaining traction and here are our best 6 cryptocurrencies to start trading in India.
Cryptocurrency is an internet medium to exchange funds between individuals or corporations to conduct financial transactions. An individual becomes a bank and has control over his own money. Post-COVID will be the beginning of an online transaction era, without the need to go to a bank or touching cash (I owe you) paper money. As cryptocurrency is not “I owe you” it is “I own it”. And crypto trading in India is starting to take off.
As it was gathered by cointelegraph, it was early in March when India’s Supreme Court delivered a historic verdict on a landmark case that promised a new era for crypto in India. The Supreme Court moved to lift the Reserve Bank of India’s controversial ban on banks issuing services to crypto-related firms.
During the lockdown, the number or investors and traders entering the cryptocurrency market have only grown. “Our trading volume has been increasing rapidly week over week,” crytpo exchange Wazirx’s CEO confirmed. “In fact, this week we recorded one of our highest daily trading volume of over $10M.” He additionally revealed, “Our user signups have also shot up tremendously. We also hit an ATH for our weekly active users number last week. Our trading volume before the lockdown in India used to be around $1M. It has grown over 10X in just 60 days.”
So now that crypto has really started to gain some traction in India, some questions for newbies still need to be answered: why is cryptocurrency better than owning any other assets? Can you take your stocks to another individual and buy groceries or dine in or book tickets and do online shopping?
Can you take 13 or 157 or 443 or whatever of number of grams, you break a brick of 1kg of gold and do the above trade… first, the buyer will take it to test and scratch gold to test the purity to justify whether it’s 12ct or 14ct or 18ct or 22ct or 24ct! Let alone the time it took to just find one who first hammers the perfect gold out of the brick.
And the same goes for cash! Rs.2000 or Rs.500 or try stacking Rs.100 notes in your pocket to buy months groceries. Imagine that!
Also, various forms of digital payments are available in India. Many advertisements these days are advising the public to use digital forms of payments, they have a lot of common with the nature of cryptocurrencies but, the fees they charge, freedom of withdrawal, and stability are not intriguing.
There are over 5000 cryptocurrencies globally but crypto exchange Armoney recommends only the following to be bought, traded, exchanged or HODLed in India:
Bitcoin (BTC) = Undeniably the best-known Cryptocurrency that has made many millionaires, very volatile and speculative in nature, due to being the first cryptocurrency it’s traded the most globally hence keeping the network secure. Processing time = 10 to 60 minutes
Bitcoin Cash (BCH) = Very much advanced than its parent Bitcoin, BCH has faster processing than Bitcoin and cheaper transaction fees, Processing time = 10 to 60 minutes.
Ethereum (ETH) = This is a very interesting cryptocurrency due to being an open-source its used for the development of various applications and broadly for trading & speculative purposes. Processing time = 6 minutes
USDC (USD coin) = It’s backed by real USD from the largest crypto exchange in the world Coinbase. Processing time = 6 minutes
Litecoin (LTC) = Another cryptocurrency that’s basically was made as a competitor to Bitcoin for peer to peer transfer. Its transaction speed is faster than Bitcoin. Processing time = 30 minutes
Ripple (XRP) = An institutionalized cryptocurrency used by institutions for cross border payments within minutes. The most advanced blockchain technology that has now been adopted by many banks, corporations, and institutions. Processing time = 1 to 5 minutes