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How to start your cryptocurrency investment in India
Cryptocurrency is a digital or virtual currency that uses encryption techniques to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. Examples of Cryptocurrency are Bitcoin, Ethereum, Tron and other popular coins listed on Coin Market.
In India, cryptocurrencies are not recognized as legal tender under any law; however, the Reserve Bank of India has issued warnings against investing in them because they may be used for illegal activities such as money laundering or terrorism financing.
However, there are many benefits associated with cryptocurrency investments like tax-free profits when sold at a higher rate in future, no transaction fees for buying/selling cryptocurrencies etc. After much deliberation, then I decided to write an article to my Indian friends which will help start your cryptocurrency investment in your country.
Here's the four process in starting your cryptocurrency investment in India
While writing this article I believed that every readers needed to be familiar with the cryptocurrency investment process to avoid losing large amount of money. So here's the four process that will you invest better and profit more with your digital currency.
1. Set up your cryptocurrency wallet
Cryptocurrency is a form of digital currency that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of funds. Cryptocurrency is independent from any central bank or government. Although cryptocurrencies are not legal tender in India, they can be used as an alternative payment method for buying goods and services. The most popular cryptocurrency wallets are:
- Paper wallet – this type of wallet stores your private key (a string) on paper so you can safely store it offline; they come in QR code format which requires access using a mobile device with internet connection; this type of wallet requires serious security measures as it's easy for hackers to steal your money if you don’t take precautions like keeping copies in different locations etc.. If someone gets hold off your paper wallet then all their funds will eventually disappear because there won't be any way back into them unless they have accesses some kind off recovery service like BitGo which offers 2FA protection against hacks etc..
2. Fund your account
Make sure that you're paying attention to the transaction fees associated with each method!
3. Start Trading
The first step to investing in cryptocurrency is to start trading.
When you first start trading, it's best to do so with small amounts of money, as in $50 or less. You'll find that this allows you to have more control over your investments and keep track of what's going on better than if you were trying to invest in large sums of money at once.
It's also important not to make any transactions that are too risky or unclear; if possible, stick with trusted exchanges such as Coinbase or CEXIO. These companies will help ensure that all transactions go smoothly, thus giving users peace of mind about their investments' safety when dealing with cryptocurrencies like Bitcoin and Ethereum.
4. Do Research
Do your research by reading about the cryptocurrency you have chosen to invest in and make sure that it is a legitimate investment.If you are new to this, then it will be hard for you to find out if the cryptocurrency is legit or not because there are many scams out there trying to make money from unsuspecting investors by tricking them into investing their money on fake cryptocurrencies or pyramid schemes which promise high returns but never deliver on their promises!.
The best way for beginners like us who just started learning about cryptocurrencies is through forums like Reddit where we can ask questions about how best we can invest our earnings/savings etc., without getting scammed ourselves.
Wrapping Up
Cryptocurrency is a great investment if you do it wisely! It’s not hard to get started with cryptocurrency, but there are some things you need to keep in mind before investing. If you want more information on buying and trading cryptocurrencies or starting your own fund for other types of investments such as stocks and bonds, do well to subscribe below to get regular cryptocurrency updates. Thanks for reading this article, I hope it helped you start your cryptocurrency investment in India.
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