Cryptocurrency is a digital asset that can be traded and exchanged through the internet. It is a decentralized currency that does not rely on any financial institution to issue it or store its worth. The first cryptocurrency was Bitcoin which was introduced in 2009, but there are many others that have been created since then. Cryptocurrency is an electronic form of money and only exists in digital form.
Most Popular Cryptocurrencies in India
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Bitcoin
It is the first cryptocurrency introduced in the market and till now it is the strongest one. It is the best cryptocurrency to invest in. Although the procedure is highly unpredictable and sometimes the price vacillates widely. Bitcoins are also professed as valuable as they were intended to be finite.
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Dogecoin
This cryptocurrency was introduced in the market in 2013 and became a light-hearted substitute to conventional cryptocurrencies (for example, Bitcoin). Dogecoin is intentionally profuse, unlike Bitcoin, which is intended to be scarce, this cryptocurrency. 10,000 new Dogecoin are mined every now and then and there is no maximum limit for it.
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Ethereum
It is a cryptocurrency that only works on a decentralized platform program. One of the special features of Ethereum is that this cryptocurrency is bereaved of any control or interference from any non-specific operatives.
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Litecoin
This cryptocurrency was introduced in the market in 2011 and is one of the first cryptocurrencies after Bitcoin. It works at the rate of faster block generation and it supports the investors to get smooth and faster confirmation regarding the transaction. In 2021, it capitalized $10.1 billion and generated $153.88 value on a per token basis.
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Cardano
It is a cryptocurrency that is quite a similar genre to Ethereum. But it is more environmentally sustainable, along with Ouroboros proof-of-stake protocol with advanced innovation and enhancements made by cryptographists, engineers, and mathematicians. In 2021, it capitalized $9.8 billion, and every coin trade at $ 0.39.
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Polkadot
This cryptocurrency has high interoperability with the same genre within the blockchain. Polkadot roosts quite efficiently among cryptocurrencies of similar size. It is also embedded with special systems that support the developers to develop their blockchains.
Is cryptocurrency legal in India?
With the rise in cryptocurrency popularity, people are wondering if it is legal to use these currencies in India. While it is still unclear about the legality of cryptocurrency in India, some exchanges have been charging hefty fees for trading cryptocurrencies. The reason behind the conflict is that cryptocurrencies are not backed by any government or entity. The legality of cryptocurrency in India is still an open question. Cryptocurrency is not expressly illegal in India, but the Indian government has warned about its use, which has led to financial frauds and scams. The Reserve Bank of India has issued a warning about the risks associated with cryptocurrencies. The Indian government has announced that it will not regulate cryptocurrencies. This means that cryptocurrency is legal in India, but the central bank warns against investing in it.
Also Read: Is Cryptocurrency Legal in India?
