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All you Need to Know About Investing in Cryptocurrency in India
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prameshtyagi66
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Image Courtesy - The Financial Express
You call it a craze or simply curiosity, people are inclined towards investing in cryptocurrencies these days. For those who are intending to buy Bitcoin in India may want to use the local exchange.
Whether you should invest in cryptocurrencies, is for you to decide, but it’s definitely not for the faint-hearted. While Bitcoin (the primary cryptocurrency in India) price in India has been well consistent over the last 12 months, it’s proven that international transactions have their own set of risks and delays with consistency in money transfer.
So, before you plunge into this new trading fever, you should be well-informed to avoid huge losses. Here’s all you need to know about investing in cryptocurrencies in India.
A Warning
Going as per the economists and investment experts, the feasibility of the Bitcoin as an investment is still doubtful while the suitability of the Bitcoin is questionable. In this uncertain scenario, it’s better you set aside the amount you want to invest in cryptocurrency and that you can afford to lose. Let the amount stay invested for a few months to see if it’s generating the desired ROI.
Start with a Digital Account
You need to hold the cryptocurrency in a digital account and so start with opening the account. The digital account can be available in either form that is either a wallet or an exchange. There are two primary features of the digital account – a public key and a private key. Your cryptocurrencies are secure in the wallet using with the help of these keys.
While a public key function like a bank account number which you can share with others in order for them to transfer the funds to you, the private key is connected to the public key (for the same account) that helps verify a crypto transaction.
