Cryptocurrency is a digital or virtual form of money that uses cryptography for secure transactions and operates on decentralized technology called blockchain. It enables peer-to-peer transactions without the need for intermediaries like banks, offering a new way to store, exchange, and manage value globally.
According to 2021 data, India has the biggest number of cryptocurrency owners in the world, with over 10 crore investing in digital currencies.
Unlike traditional stock markets that have opening and closing hours, cryptocurrency markets operate 24/7, allowing investors to trade and manage their investments at any time, regardless of their location. However, a notable con of investing in cryptocurrency in India is regulatory uncertainty. The Indian government has expressed concerns about the use of cryptocurrencies from Bitcoin to Ethereum and beyond, these digital assets have garnered significant attention, sparking both excitement and skepticism.
Trading in cryptocurrencies offers a world of possibilities, but it also comes with a high share of risks. As you embark on your journey into this exciting market, remember that knowledge, caution, and a long-term perspective can be your allies.
Moneycontrol Journalists were not involved in the creation of the article.
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