Introduction
In the early days, we used to have a barter system. People used this method to exchange things, which they had with ones they did not. But soon, this practice was nullified due to some of the obvious flaws in it. Our ancestors researched and finally came to a solution where having currency as coins would be best for people when it came to buying and selling things.
Today in the modern economy, we have a new concept of finance, digital currency, in electronic wallets/vaults. The central authorities control these wallets or vaults.
Cryptocurrency and Cryptocurrency come with the same concept; the only difference is that it is decentralized in nature. That means there are no authorities to control the system. This feature of Cryptocurrency helps platforms like bitpremium.app to offer full ownership of Crypto assets to their clients.
Why Are Indians Trading In Millions In Cryptocurrency?
Though India was late with the Cryptocurrency adoption, India is considered one of the top countries with a million-dollar market capital. Why is that so? Well, we are going to discuss the same in the following section.
1. No Intermediaries
The best thing about Cryptocurrencies is that you can omit the involvement of all the third-party platforms. This helps you do international business and transactions without any glitches. Since the nature of Cryptocurrency is decentralized, there is no need for you to go through any third party platform or government authorities to make any payments.
In India, where most people look to save anything possible from the business transaction, Cryptocurrency has given them the opportunity to do the same. The worst part of doing transactions involving the banks and government is that there are times when your transaction doesn’t get approved due to a lack of government regulation. However, Cryptocurrency doesn’t need such approvals.
2. Ease Of Use
In the monetary market, Cryptocurrency has the same value as equities. Since the cost of Cryptocurrency depends on the trade; hence, investors will be able to make investments in Cryptocurrency and use Blockchain technology to your advantage.
History has proved that investing in Cryptocurrency has always been profitable. For instance, the price of Bitcoin dropped to $4000 during the advent of the pandemic. However, in November, the price of the Bitcoin passed $19,000 (second time in history).
Its usefulness has birthed different startups around Cryptocurrency and Blockchain technology.
3. Transparency
As there is no third-party involvement in the Bitcoin transaction, you can track every transaction movement. For instance, the transaction made in traditional methods takes more than weeks to complete, and you will not be aware of its performance. The only time you get to know about the transaction is when the transaction is complete. However, that is not the case for Cryptocurrency.
The Cryptocurrency transaction happens on a public ledger peer topper network. That means there are only two parties involved (sender and receiver), and the transaction is processed to show real-time information to the user.
4. Secured Transaction
According to most veteran traders and investors, Cryptocurrency and Blockchain are unhackable. The reason is its decentralized and public ledger technology. Since Cryptocurrency runs on Blockchain technology, people are convinced that they will be able to prevent themselves from getting scammed.
With the shared ledger technology in place, the information is tamper-proof, and the data are upgraded every second. This feature reduces any possibility of duplicating the data.
5. Speed Of Transaction
Cryptocurrency is considered one of the fastest methods to do financial transactions. Also, it can conduct multiple transactions at the same time without going through any mixup. Due to these features, people have adopted this method of transactions.
The ban removed by the supreme court has also played an important part for the Indians to use Crypto-transaction.
Conclusion
The continuous rise in the popularity of Cryptocurrency has raised many debates among people. The whole world has certainly been divided into two hemispheres when it comes down to Cryptocurrency.
Some well-known leaders like Bill Gates and AI Gore are in support of Cryptocurrency. Whereas, some leaders like Warren Buffet and Richard Schiller are against it.
Until and unless there is a proper regulation infrastructure in the market, these conflicts will be normal Cryptocurrency.