The cryptocurreny is considered the future currency of the world. It is free from corruption and miscalculations of governments. As of now, it is a true form of commercial freedom.
No more paying stringent fees to governments, banks, or forex exchanges to get your money. For first world countries, it may not matter much as USD (US Dollar), Euro, GBP (Great Britain Pound) and Japanese Yen (JPY) are considered global currencies. Some currencies such as Canadian Dollar, Australian dollar, Singopore Dollar may be widely be accepted but they aren’t considered on par with the top 4.
USD is considered as a benchmark for global trading. Small currencies such as Indian Rupee, Thai Baht, Vietnamese Dong are difficult to convert in most parts of the world. So the current standard of operation was converting local currency to USD and then paying to the client.
Thanks to multiple factors, the Indian rupee has eroded way beyond its ability to recover. There is no consideration made by the government that would allow us to save the currency. Many decisions rather impeded the economy causing distrust among the citizens. Thanks to CoronaVirus lockdown, many issues that were lurking came to limelight in a different form. It wasn’t that they didn’t exist. Just the narrative was changed.
CryptoCurrency is the world where the money is
- Not regulated by government whims
- Not subject to taxed transactions
- Not subject to country borders
Now there are various types of cryptocurrency out there, which is beyond the scope of the article. In the world of Cryptocurrency, Bitcoin (BTC) is considered equivalent to the current USD – the trading benchmark. Another currency that is widely accepted is Ethereum (ETH). All the operators around the world who are dealing in cryptocurrency would accept these two. However, Bitcoin is currently the most preferred medium.
Ethereum is considered less volatile compared to Bitcoin and hence is being used for more convenience.
How to get started?
To buy a cryptocurrency – you need a platform where you can exchange your rupees to cryptocurrency. Personally, I use WazirX as it allows me to invest in STF (Smart Token Fund).
You can sign up here
Wazirx is simple to use. You need to clear your KYC and add your bank account details to start the transfers.
Here is the guide
how to deposit or withdraw INR
Once you have finished KYC – you need to deposit money in your wazirx account and buy BTC or ETH to start your crypto investments.
There are other methods to do so.
Coinswitch aggregates the liquidity of several crypto exchanges in India to provide its users with the best rates for cryptocurrencies. The exchanges include Binance, Huobi, Kucoin, and Hitbtc. To access this pooled liquidity, users simply enter the INR amount and the cryptocurrency they want to buy, and the service will provide a list of offers at various exchanges that “auto-refreshes every 30 seconds.”