Invest in cryptocurrencies Bitcoin, Ethereum and Dogecoin in India

Bitcoin price today
Bitcoin price today

Cryptocurrency has grown in popularity as a valuable financial instrument for investors in recent years due to its potential to generate consistent returns despite its unpredictable character. As a type of digital asset, cryptocurrency is essentially built on a network of computers. The decentralised form of the virtual currency enables it to exist independently of governments or central authority regulation.

Since billionaire Elon Musk’s electric vehicle business Tesla Inc invested in the world’s most popular cryptocurrency, bitcoin, prominent crypto coins such as ethereum, dogecoin, and bitcoin have captured the attention of both institutional investors and the general public.

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Many in India continue to advocate for cryptocurrencies to be classified as an asset. Finance Minister Nirmala Sitharaman recently stated that the cabinet note on the cryptocurrency bill is complete and the Cabinet has not yet approved it. At the moment, cryptocurrencies are not regulated in the country, which sometimes makes investing unsafe.

However, one must understand the fundamentals of cryptocurrency investing. How to invest in bitcoin, ethereum, and dogecoin in India:

  1. Because there is no formal framework for cryptocurrency trading at the moment, crypto exchanges serve as platforms for people to purchase and sell digital assets. WazirX, CoinDCX, and CoinSwitch Kuber are some of the more prominent exchanges in India.
  2. After picking a cryptocurrency exchange on which to trade, register an account on the platform. After creating an account, specify the amount and type of investment you wish to make. Read through the platform’s policies thoroughly. The platform will require confirmation of identity in order to avoid fraudulent activity.
  3. Before purchasing cryptocurrencies, one must have funds in their account. Money can be sent directly from a bank account to an exchange account. Ensure that both accounts are linked prior to sending funds.
  4. After the accounts are linked and the cryptocurrency exchange account is funded, the investor must choose which coin to invest in. Bitcoin is the world’s largest and most popular cryptocurrency, followed by ethereum in terms of market capitalization. Tether, dogecoin, XRP, cardano, and binance coin are also popular coins. After making a purchase, ensure that you store the account’s codes to safeguard it from hazards such as hacking. Experts recommend saving purchased coins in a cryptocurrency wallet.

Prices as of now:

On Saturday, August 21, bitcoin was trading 3.26 percent higher versus the US dollar, at $48,707.8. Ethereum – the world’s second-largest cryptocurrency – was recently up 1.15 percent versus the US dollar, trading at $3,273.60.

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