About ten years ago, for most of us, the term “cryptocurrency” was unheard of and about five years ago, none of us could have anticipated the current global impact of blockchain. According to Deutsche Bank, cryptocurrency could very soon surmount fiat currency. Meaning, our good old liquid money could become a well-known borderline archival artifact in near future.
While this may seem almost unbelievable, that's just how the nature of things goes; history has taught us that. Think of how we’ve been slowly phasing out cash with debit/credit cards and online transactions. Our grandparents might find this concept vague, it certainly isn’t for the younger generations.
A study published by Coinbase suggests that already 18% of the student population in the U.S. own Bitcoin or some other cryptocurrency. In India, over 1 crore people are already saving and investing in cryptocurrency according to Business Today.
Is cryptocurrency legal in India? Well, presently it is neither authorized nor regulated by any central authority. But it's plausible to assume that the near future looks propitious for cryptocurrency- but what exactly is the reason for this conjecture, let’s have a look below:
- Free from government interference
Cryptocurrency differs from fiat money in the sense that it is decentralized. It’s a peer-to-peer version of cash that allows payments to be sent from one party to another without the involvement of any financial institution. Wallets like Wazirx and Exodus serve as the best cryptocurrency trading platforms and are some of the best cryptocurrency wallets globally.
- Investment friendly
Just like people invest in stocks, bonds, gold, etc., cryptocurrency in India is becoming the new ‘normal’ as an investment option. There’s no denying that it could be volatile but investing in cryptos like Bitcoin and Ethereum could actually yield great returns and the option of withdrawing funds anytime adds another layer of trust to the transaction.
- Crypto - the new ‘normal’ fiat
Some of us may feel deluded when it comes to crypto but many countries have already made their leap of faith by investing in the blockchain. New Zealand, UK, and the US are trying to regulate crypto assets. Brands like Tesla have already invested about $1.5 billion in Bitcoin, while PayPal and MasterCard have announced bringing crypto to their network. The Deutsche Bank predicts that the users of cryptocurrency will grow fourfold in the next 10 years reaching a whopping 200 million user network.
There’s no denying that cryptocurrency is on the high-risk end of the investment spectrum. Still, there’s ample data to back up its future credibility and long-term returns yielding capacity. Universities in the US and Europe have already come up with various coursework to introduce students to its functionality. The involvement of academia has surely made one thing clear: cryptocurrency is a field with the potential for wide-ranging impact.
One very accruing way to enhance one’s knowledge regarding cryptocurrency trading for beginners is through platforms like BitClass. It offers comprehensive online courses in India where you can learn live about crypto; how to buy cryptocurrency, the future of cryptocurrency in India, and much more. So, don’t wait for any further and sign up here today!