Introduction: Cryptocurrencies are a hot topic right now, and there’s no doubt that they hold promise for the future of online payments. But buying and holding cryptocurrencies can be tough. You need to understand how cryptocurrency works, find a wallet that fits your needs, and make sure you’re getting the best deals. Here’s how to do it all—and get ahead of the competition!
What is a Cryptocurrency.
A cryptocurrency is a digital asset that uses cryptography to secure its transactions and to control the creation of new units. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control.
What is a Cryptocurrency Wallet.
A cryptocurrency wallet is a computer program used to store and manage cryptos. A cryptocurrency wallet allows you to buy, sell, use, and store cryptos like Bitcoin, Ethereum, Litecoin, Dash, and Dogecoin. You can also use a cryptocurrency wallet to create your own cryptocurrencies like Monero and Zcash.
How to Buy Cryptocurrencies.
When you want to buy cryptocurrencies, the first step is to find a currency exchange that offers cryptocurrency trading. This can be done through online exchanges or in-person exchanges.
Cryptocurrencies can be used to purchase goods and services from participating merchants. For example, you can use cryptos to buy a cup of coffee at Starbucks using bitcoin. Cryptocurrencies also can be used to pay for goods and services with other cryptocurrencies.
Use Cryptocurrencies to Pay for Goods and Services.
You can use cryptocurrencies to pay for goods and services by using them as a form of payment. For example, you might use cryptocurrency to purchase a ticket to an event using bitcoin. You could also use it to pay for rent or groceries with cryptos. Subsection 3.3 Use Cryptocurrencies to Store Value.
You can store value in cryptocurrencies by holding them until they reach a certain value or expire. For example, you might use cryptocurrency to buy stocks in a company with bitcoin funds.
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The Journey of Cryptocurrencies in India
, ten years after Nakamoto’s paper, Nischal Shetty, Founder of WazirX, started the Crypto campaign for the positive regulation of crypto in India. The earliest impact was seen when the campaign received a positive response from Rajeev Chandrashekhar, a sitting Rajya Sabha MP. The campaign was later joined by celebrities such as Sathvik Vishwanath of Unocoin, Polygon Co-founder Jaynti Kanani, renowned entrepreneur and investor Anthony Pompliano, and DJ Nikhil Chinapa. Nischal’s relentless tweets and support for the campaign has garnered widespread acknowledgement with the hashtag trending on twitter during the budget session in February where the crypto bill was announced. Recently, in July 2021, #IndiaWants Crypto completed 1000 days and the campaign is still going strong with Nischal’s tweets and lakhs of other crypto enthusiasts joining it in it’s course.
March 2020: Supreme Court Strikes Down the Crypto Banking Ban
The ban was a massive setback and resulted in crypto exchanges filing a writ petition in the Supreme Court and the ban was ultimately stricken down, declaring the RBI circular unconstitutional.
Cryptocurrency exchanges, thus, sprung back to life and the SC ruling came at the best possible time, coinciding with the crypto boom.
2021: Announcement of Crypto Bill
However, the battle for cryptocurrencies in India was not over yet. On Jan 29, 2021, the Indian government announced that it will introduce a bill to create a sovereign digital currency and subsequently put a blanket ban on private cryptocurrencies. In November 2021, the Standing Committee on Finance, met the Blockchain and Crypto Assets Council (BACC) and other cryptocurrency representatives and concluded that cryptocurrencies should not be banned but regulated. In early December 2021, Prime Minister Narendra Modi also chaired a meeting on cryptocurrencies with senior officials.
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The Bottom Line
Going by the current indications, a strong regulatory framework will be put in place to deal with cryptocurrencies in India. The decision on which regulatory body will take care of the issue remains to be taken. Most likely, the government would treat crypto as an asset class and not a currency. Experts are of the opinion that regulations will bring more transparency and accountability to crypto trading platforms. Checks and balances might also be introduced to prevent fraud and monitor cross-border transactions. Despite uncertainty around the future of the unregulated digital asset, cryptocurrency adoption has gained significant momentum in the last two years, making India the biggest investor. Hence, what turn the crypto journey takes in India post the parliamentary bill will be interesting to see.
Cryptocurrencies are digital or virtual tokens that use cryptography to secure their transactions and to control the creation of new units. They were first created in 2009 and have seen a rapid growth in recent years. In this guide, we will cover how to buy Cryptocurrencies and use them to purchase goods and services, store value,