Cryptocurrency emerged as a source of the first virtual trade in 2009. Back then people hardly accepted this form of trade and as a result, in the beginning, the value of Bitcoin the first cryptocurrency was $0. Since then till date, the crypto market has encapsulated enormous ups and downs be it a plunge in the cost of Bitcoin or masters investing in it.
Talking of Bitcoin’s performance over the past few years then a significant interest in cryptocurrency and acceptance is what we have seen.
When we talk of Ups and downs then a simple example representing it is the variability in the cost of Bitcoin which has been witnessed globally. In the starting phase, the Bitcoin cost was $0, which increased to $1 in the next two years and $1000 in the next two, and $20,000 in 2017 and crashed to $3300 within a year. And yes this the randomness I was talking about.
The volatility of Cryptocurrency and the unpredictable trends have held people back to get comfortable with the crypto trade.
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Pros And Cons When It Comes To Invest In Cryptocurrencies
Since 2020 the Crypto market has seen a great boon, especially after active participation of Elon Musk and other giants. Seeing the trends it is inferred that Bitcoin market in no more unpredictable. The statements coming from top trade experts and giants like Elon Musk are the source of rise or plunge in the Crypto market. That is why now a days we see memes comparing Elon Musk To Harshad Mehta.
And a simple example of it is the 12 percent decrease in Cryptocurrency after Tesla CEO Elon Musk tweeted on the environmental impact of mining the virtual coins.
Now let us talk whether it is good or bad to invest in cryptocurrencies in India.
Is It Good To Invest In Cryptocurrencies in India?
Cryptocurrencies being the trending form of virtual trade turns easy to deal and invest. No more paper work, no more physical assests. And seeing the trends not at all difficult to predict. As we see the young generation being more interested with this form trade, and India being populous with the young age group the studies and investment by masses will surely help in scooping great results.
Cons Of Investing In Cryptocurrencies
Cryptocurrencies are legal but governments of different countries all over the globe have yet not entered the crypto world. And that makes people prone to frauds with no source to complain. The banks in India have yet not given a nod to work with Crypto and that makes transactions difficult. UPIs still don’t work when it comes to making transactions through various Bitcoin trading apps (Eg. WazirX).
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To Sum Up
As Bitcoin and other cryptocurrencies are spreading its root we soon expect the process to be a bit more authentic and credibile. And that will help young investors to enter in this crypto market.
Stay tuned to talepost for more updates on the Crypto market and currencies.