Which cryptocurrency should you use for transaction or buy and sell in India?
Cryptocurrency is a virtual money, that may be used to complete the transaction as well as you can buy and sell, like shares. It is popular because there is no intermediary in the transaction, that is compulsory in the case of traditional (fiat) money. That is the reason you can transfer your cryptocurrency to anyone, anywhere in the world. The transfer will complete at a few minutes and in a very cheap cost.
Post-COVID will be the beginning of an online transaction era, without the need to go to a bank or touching cash paper money. Due to the difficulties in transferring money internationally through the conventional channel, the crypto currency is getting popularity.
After the Supreme Court Verdict to Uphold the Legality of Cryptocurrencies in India, the growth of transactions in India increased exponentially.
“The Indian supreme court said that the right to create something that does not violate any existing rule is an unsaid fundamental law, the news outlet conveyed. “Hence, citizens have the right to create a new industry of cryptocurrencies and exchanges along with the fundamental right to trade … the central bank hadn’t demonstrated that trading in such currencies was damaging to the entities it regulated.” The economics Times report– Supreme Court, India
The trend of growth in India is surprising. Okex, a bitcoin exchange in India, reported that the visit from India shows the highest increase of 545.56% and the newly registers users from India rose 4100% during the first quarter of this year, i.e. 2020.
Before answering the question, some statistics I want to present. There are more than 5460 cryptocurrencies in the world market, with a mixed market capitalisation of $238,414,888,120 as of 12 May 2020. The value of one bitcoin at this date is $8,697.29 and the market capitalisation is $159,815,295,542. That is 62.3%. As per https://coinmarketcap.com. There is a 21,949 market from where one can buy and sale cryptocurrencies.
Now the question is which currency you should buy and from where? The answer to second question, will be answered in next article. Where I will discuss method of buying and and the market from where you can buy. Some of the Indian cryptocurrency brokers’ record was not good, particularly when there was a chance of ban in cryptocurrency in India they tried to take away all the money of their investors.
Armoney (an organization doing research in Indian crypto market) suggests the following Cryptocurrency for the Indian.
Bitcoin (BTC): Bitcoin is the first cryptocurrency in the crypto market and still ruling the market. BTC is the most popular and acceptable in the transaction all over the world. Processing time is 10 to 60 minutes
Bitcoin Cash (BCH): It is the advance version of bitcoin with a faster processing time and gained the high popularity in the cryptocurrency market. BCH has faster processing than Bitcoin and cheaper transaction fees, Processing time is 10 to 60 minutes.
Ethereum (ETH): Ethereum is an opensource and innovative cryptocurrency and due to being an open source it used for the development of various applications and broadly for trading & speculative purposes. Processing time is 6 minutes.
USDC (USD coin): It is supported by real USD from the largest crypto exchange in the world, Coinbase. Processing time is 6 minutes
Litecoin (LTC): Another immensely popular and innovative cryptocurrency, that is, was developed to give competition to Bitcoin. Its transaction speed is faster than Bitcoin. Processing time is 30 minutes
Ripple (XRP): The blockchain technology of Ripple is the most advance and adopted by many banks, corporations, and institutions. It is very popular for cross boarder payment transfer that takes a few minutes only. The processing time is 1 to 5 minutes.
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