There is a lot of buzz around cryptocurrency and how it’s changing the way people invest their money in the same for better and advanced returns.
As of today, i.e. January 16, 2021, the value of 1 Bitcoin (which is one among the many types of cryptocurrencies) is ₹26,59,537.58. This value was pretty inexpensive when Bitcoin initially mushroomed some years back. In a nutshell, what we are trying to say is that had you bought a bitcoin back when it was worth pennies, today you would have been the owner of a sea-facing villa.
But, do you have to pay lakhs of rupees to buy cryptocurrency?
Absolutely not. Despite the fact that bitcoin is so expensive (as mentioned above), you don’t have to pay lakhs to buy a bitcoin. Thankfully, people have the luxury to purchase only a small percent of bitcoin. Like if you can’t pay in lakhs, you can buy 0.1% of a bitcoin too.
Also, there are many more cryptocurrencies out there that don’t cost as much as bitcoin does. For example, Aave is a cryptocurrency worth $181, Ripple is worth $0.282351, Neo, as of now, is worth $23.45, etc. So technically, there is one cryptocurrency for every budget.
How to decide what cryptocurrency to invest in?
Well, it’s 2021 and thankfully we have several platforms that help us check and track the fluctuations in the price of different cryptocurrencies. One among them would be Coinmarketcap.com.
The platform tracks the fluctuations in the price of most of the cryptocurrencies in the world. Visitors can use the platform to learn about these fluctuations and then select what cryptocurrency could give the best return on investment.
Like for example, in the image below, the Polkadot cryptocurrency has made handsome gains in terms of price over the past seven days. The Polkadot cryptocurrency, which one can buy for $15.04 right now, was selling at approx, $7-$8 seven days ago.
This means if you had bought 1 Polkadot cryptocurrency seven days earlier, it would have cost you ₹700 approx, and if you have sold the same today, you would have gotten ₹1,050 approx for the same.
Similarly, there is this cryptocurrency named FastSwap. The currency costs $4.78 (at the time of filing this story) and its value in the last 7 days has increased by 453%.
So, if you had invested $4 (₹350) in FastSwap seven days earlier, you could have earned $21.65 i.e. approx ₹1,600 today.
Some cryptocurrencies meanwhile get so much attention that their value skyrocket in no time. For example, Rewardiqa is a cryptocurrency whose value has gone up by 1734% in the last 30 days.
Where to buy bitcoin from?
The fact that cryptocurrency is not a physical currency bar many from investing in the same. But the sustainability that various cryptocurrencies have entertained over the years have, on the other hand, inspires many to see it as a long term investment.
So if you are inspired enough to try it for yourself, you can check out websites like Coinbase, Etoro, Robinhood, Coinmarketcap and many more to buy cryptocurrency.
Is Bitcoin trading legal in India?
Yes, Bitcoin trading is absolutely legal in India and if you wish to purchase the same, you can visit websites like BuyUCoin, Coinshare, Unocoin, etc. However, you must be made aware that like the Stock Market in India is regulated by SEBI, there is no such government organization regulating bitcoin trade in India.
At last, just like the Share Market, cryptocurrencies also come with their set of risks. So before investing, do a good amount of research and if you do, the results are more likely to be in your favour.
Feature image source – CFO