If you are new to crypto investing, here are five things you should know:
#1. Bitcoins Are Not Illegal In India
So far, no law makes mining, buying, selling, trading bitcoins, or similar cryptocurrencies illegal in India. However, RBI recently issued an official clarification on the matter, directing banks to stop cautioning their customers against cryptocurrency.
#2. Bitcoin Prices Are Volatile
Bitcoins is a very young market, and many factors are influencing its price. The market is highly volatile and is considered to be risky. So, to avoid huge losses, make sure to invest cryptocurrency only with what you can afford. Check the everyday BTC to INR rate.
#3. The Highest Growing Asset Of The Decade
Despite its volatile nature, Bitcoin gained the title “Best performing asset of the decade. In the past decade alone, bitcoin has seen a whopping 9,000,000% rise in value. For example, Bitcoins purchased for ₹100 in 2010 would now be worth ₹9,00,000.
#4. Bitcoin Transactions Are Irreversible
A payment made using bitcoins cannot be reversed. Once a transaction is complete, you do not have the option of cancelling it. This means you should make sure to carry business only with trusted individuals or organizations with a good reputation.
#5. Bitcoins Are Transparent
All bitcoin transactions can be traced back to the user. Though your personal information is not displayed in public, anyone can view your public address through which transactions are made.
The transparency of the blockchain maintains the Bitcoin network’s integrity and prevents fraud.
Now you know all the facts before you buy Bitcoin.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
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