Cryptocurency India has taken the digital world by storm. In simple terms, cryptocurrency is an alternative to cash and credit card. Many companies across the globe have started accepting payments through cryptocurrency, thus making cryptocurrency future in India bright. Moreover, the Bitcoin boom has created a positive sentiment, which has pushed more retail investors to jump into crypto trading in India.
Founders of cryptocurrency startups are optimistic on the future of this form of currency in India and believe the Govt. will not impose any restrictions or ban on cryptocurrency exchange among owners. Experts also believe that the future is bright for cryptocurrency though entrepreneurs need to be watchful of the still-evolving regulatory landscape in India.
Advantages & Disadvantages of Cryptocurrency
Advantages of Cryptocurrency India
- Cryptocurrency do not involve middlemen, and hence it makes it easier to carry transactions. Also, the process is faster and requires less or no additional transaction fees.
- Cryptocurrency works in the blockchain system. The cryptocurrencies can be used to transfer the ownership of assets on one name to another name by paying the seller through Bitcoin.
- Unlike the transactions made via cash or credit card where all transactions are recorded by the bank, when one uses cryptocurrency, every transaction you carry out with the recipient is unique. Users have the freedom to get into terms negotiation in every deal. The information is exchanged based on the push concept. You can only share the information that you please to disclose to the recipient.
- Another advantage of cryptocurrency is that you will be the sole owner of private and public encryption keys.
- Once the transaction is carried out via cryptocurrency, it cannot be reversed. This helps protect the credentials from getting into the hands of hackers.
Disadvantages of Cryptocurrency India
- Cryptocurrency is highly volatile. This means that the high rise and fall of digital currency value is highly unpredictable.
- Cryptocurrencies are also used by some to convert their illicitly obtained money through a clean intermediary, to hide its source.
- Since the privacy and security of cryptocurrency transactions are high, it makes it difficult for the government to track down any user by their wallet address or keep tabs on their data, thus making the entire concept prone to dark web.
- Mining cryptocurrency demands lot of computational power and electricity input, making it highly energy-intensive.
- Even though cryptocurrency is secure, exchanges are not that secure. Most exchanges store wallet data of users to operate their user ID. This data can be easily stolen by hackers, giving them access to a lot of accounts.
Best Cryptocurrency Exchange in India
If you are wondering, Is cryptocurrency exchange safe in India, then here are some of the best cryptocurrency exchanges popular in the Indian subcontinent. These include:
Paxful is a peer to peer marketplace that solely trades in Bitcoins. The secure platform of Paxful makes it one of the best cryptocurrency exchange in India as it helps other traders and users identify reliable sellers on the platform. The advantage of using Paxful is that it allows customers to perform first five transactions at zero transaction fees.
Unocoin is one of the oldest domestic cryptocurrency trading and exchange platform (created in 2013) thatin India. It specifically caters to Indian citizens and stores all the cryptocurrencies in multiple addresses that are connected to offline storage on a computer that is never connected to the internet. The platform charges a fee of 0.7 percent on every transaction that is conducted on the platform.
Giottus is another domestic cryptocurrency exchange in India that was created with an aim to provide zero downtime and high processing speed to its users. This platform only trades in Bitcoin, Ethereum, Litecoin, Ripple, and Bitcoin Cash.
This cryptocurrency exchange in India offers exchange of a vast array of cryptocurrencies. The platform hosts over 100 + cryptocurrencies on its platform and ensures that it is relatively easy to use so that new investors can go through the procedures with relative ease. The platform charges a transaction fee of 0.49 percent and the rates vary with the exchange medium that is selected for the transaction
The platform aims at providing its users with fast transaction speeds and trade executions. It has a robust security system to keep the assets of its users safe by using cold storage and wallets that are spread all over the country.