Which is the Best Cryptocurrency to Invest in India?
Investment in cryptocurrency is quite common nowadays. Along with stock, shares, and mutual funds, people are tending their investment towards this incredible option for its high-end returns.
But before doing that, it is important that you understand the cryptocurrency concept clearly as, alongside good returns, some risks are also associated with it. Here you will find information on the best cryptocurrency option for the Indian investment market.
Apart from the best option, you may also feel to have a look at the Top 10 Most trusted Cryptocurrencies in today’s time (as per the global standards).
What is Cryptocurrency?
Cryptocurrency is basically a digital currency option that is secured with a computerized accounting system called cryptography. It works through a computer network and the transactions are not controlled by any government authorities or banks.
The records of cryptocurrency holders like transactions, coin buying, selling etc. are tracked through cryptography algorithms. Cryptocurrency is neither a currency nor securities, bonds or commodities.
Rather it can be categorized as a financial asset. It only existed over digital platforms and not in a physical form. As cryptocurrency cannot be monitored or controlled by any government bodies, many countries banned its use.
If we talk about India, buying cryptocurrency is legal and every single person can buy it. But, there are more than 6000 cryptocurrencies available in the market nowadays. So, you might be thinking about which is the best cryptocurrency to buy. We are going to discuss this elaborately.
Which is the Best Cryptocurrency to Invest in?
The best cryptocurrency to buy now is obviously Bitcoin. In the history of cryptocurrency, the first cryptocurrency option launched in the market was Bitcoin. In the year 2009, Satoshi Nakamoto developed Bitcoin and launched it into the market.
It was an immediate success like a fire. Seeing the market scope, some other companies launched their specific cryptocurrency too. Namecoin was launched in the year 2011. In the same year, Litecoin also launched after a few days. Currently, there are more than 6000 different cryptocurrency options available for you. But, the most successful amongst all of them was Bitcoin. So, if you are asking which is the best cryptocurrency to invest in, the answer is Bitcoin.
However the current downfall of the cryptocurrency market has made the value of Bitcoin down a little, but still, it is the best option for the Indian market. Infact, as the prices are falling, it's high time that you invest in cryptocurrency in order to get good returns in the long run. Bitcoin was one of the fastest-growing cryptocurrencies in the world.
As the prices are a bit low now, you must try to purchase it. Due to the lower price you can now buy some additional amount of crypto assets. When in the long run the prices get increased, you will earn additional benefits from it.
Though there is always a chance that the value of crypto goes down and you are left with nothing. But, as Bitcoin is in the market from its inception to till date, the chances of it becoming obsolete from the market are less.
Why Are Bitcoins the Best Cryptocurrency to Invest in?
Over the years, Bitcoins have performed the best among the other Cryptocurrencies available in the market in terms of value. It started with an initial value of 0 USD and the current value is 22,930 USD. This fact is the main reason for Bitcoins being the best cryptocurrency to invest in.
Secondly, many cryptocurrencies launched into the market after Bitcoins, but the success rate is poor. In fact, there are chances that your entire money will go in vain and the value of your cryptocurrency becomes zero.
This scenario is completely different when you are talking about Bitcoins. Since its inception its value of it has increased rapidly, even after facing negative growth in the value, it never came to its initial price. For the consistent financial support Bitcoin is genuinely the best cryptocurrency to invest in.
What are the Things to Consider While Buying Bitcoin in the Indian Market?
Over time, Bitcoin is such a cryptocurrency that is consistent with the market since its inception. That is why Bitcoins are the best cryptocurrency to invest in. Though there are several things that you must consider while buying Bitcoins.
Bitcoin is not Available in Physical Format
The first thing that you must consider before buying cryptocurrency is that it cannot be used like liquid cash or physical coins. It is digital money that can only be purchased or sold through digital media. In case of emergency cash requirements, you cannot use Bitcoin.
You can Buy Bitcoins Coins Fractionally
You can purchase a fractional amount of Bitcoin, unlike liquid cash. For example, as per today's report, 1 BTC (Bitcoin) is equivalent to 18,24,371.24 INR. Now, if you want to buy say .00000001 BTC as per current value, that is possible.
Bitcoins are Dynamic
While investing with Bitcoins, you need to know that the value of these cryptocurrencies is subject to change every day and it is not static like other investment options. For example, when Bitcoin initially launched into the market, its value of it was $0.
Over time, it has witnessed a sharp rise in price as well as a drastic fall. So, if you are planning to buy Bitcoin is indeed the top cryptocurrency to invest in compared to others.
But we advise you to not rush things. Rather than you have to wait until the value goes down, which will be the perfect timing to buy any Cryptocurrency.
Always Keep Your Bitcoins at a Safer Place
Bitcoins are saved and calculated using a cryptographic algorithm. So it must be maintained digitally. Due to this, Bitcoins can be hacked easily if you keep your coins in your exchange wallet, from where you purchased them.
Rather you can store it on your PC or hard drive from where it is easier to track them and verify them through the server.
Buy Bitcoin from Trusted Places
As Bitcoins are the perfect cryptocurrency to buy now, you must buy Bitcoin from their trusted websites or through trusted exchange sites.
Because currently, the government has made it very difficult to buy Bitcoin as it has reached a huge level. On the contrary, buying from different sources can lead to cybercrime.