What is this article about
Cryptocurrency is rapidly on the rise when it comes to the financial world all over the globe. Millions of people throughout the world are starting to invest their money in bitcoins. The reason why bitcoins are getting so popular is that they usually tend to show an incredibly fast appreciation of value in the market. Also, people have started realizing the fact that cryptocurrency might take over the world one day as we don’t have enough trees to cut down and manufacture more money. This article would give you a better idea of whether you should invest in bitcoins, as an Indian citizen.
Who is this for
Unlike money, which is minted, bitcoins are mined, using specialized software. Thus, it is a more efficient way to create finances, and nature-friendly too. This article is for the people in India who want to find out more about the risks and advantages involved with investing in cryptocurrency. If you need to find out how safe it is to invest in bitcoins, this is the article for you.
Always on the rise: One good reason to invest in bitcoins in India right now, is because the value of bitcoins is still on the rise and it has been that way for the past couple of years. The scarcity of bitcoins is the reason behind their rapid appreciation.
Demonetization: Since the government of India has introduced demonetization, it is a good idea to invest your money in cryptocurrency. The government is trying to make the financial situation in the country as cash-free as they can and investing in bitcoins means that you are helping India progress towards a financially stable future.
RBI warning: RBI has been warning people against using bitcoins as they are a risky investment and they could cause financial, legal and security risks. Hence it is advisable to only invest in bitcoins if you have extra money lying around the house. Make sure you only invest in cryptocurrency if you have the financial capability to do so.
Not exactly legal: Though Indian laws do not prohibit the buying and selling of bitcoins, cryptocurrency isn’t currently recognized as an official medium for payment by any of the concerned authorities in India. Meanwhile, you can invest as much as you like in virtual currencies like bitcoins, there is a long way to go before you can spend it on anything in India.
Scams: If you are planning to invest in bitcoins, always make sure you are getting it done from a source you can completely trust. A lot of cryptocurrency related scams happen in India, and people lose their hard earned money falling into the hands of such tricksters. Always buy your bitcoins from a legit, verified source.
How can you benefit
This article will give the reader a better idea about the kind of financial position they are in and help them analyze the risks and advantages that come along with investing in bitcoins and other virtual currencies in India.