Demand for crypto has risen quickly in India since last year, as more investors try to make a profit from trading on cryptocurrency. Indian crypto exchanges have stated that they will add users to their platforms at a faster pace in 2021.
The cryptocurrency market is an excellent investment option if you wish to get direct exposure to the market for digital currencies, while an easier, but possibly less lucrative option is to invest in the stocks of companies that have exposure to crypto.
It is evident that although the younger Indian investors are betting on cryptocurrency assets rather than traditional options, a large percentage of people are cautious even though they’re eager to explore the crypto market.
Is CryptoCurrency Safe?
Bitcoin and other cryptocurrencies operate upon blockchain technology. Blockchain is an open ledger technology that is powered by miners. Bitcoin’s network boasts 10-20 times the processing capacity of Google’s servers, making it one of the most secure networks around the globe.
In order to hack a blockchain you’d need to control 51% of miners on the network, which makes hacking a blockchain virtually impossible. However, cryptocurrency exchanges remain susceptible to being compromised If you don’t store your cryptocurrency in a physical wallet that is secure, you’re not completely secure from hackers.
Investing In Crypto
A lot of cryptocurrencies like Bitcoin as well as Ethereum have been launched with high-level goals, which could be accomplished over lengthy periods of time. Although the viability of any cryptocurrency venture isn’t guaranteed, however, if a cryptocurrency initiative is successful, early investors may be rewarded over the long run.
For any cryptocurrency-related project, However, getting broad acceptance is essential for it to be considered a long-term success.
If cryptocurrency investing isn’t the right choice for you or is too risky, you can look into alternatives to profit from the growth of crypto. You can buy shares of companies such as coin base, Square, and PayPal or deposit your money into an exchange, such as CME Group that allows trading in crypto-related futures. While investments in these companies can be profitable, however, they do not offer the same advantages when investing directly in cryptocurrency.