Cryptocurrency is proving to be one of the biggest disruptions to traditional finance, only to be halted by the current high market volatility. Despite Ula’s presence and lack of global support, these digital coins are rapidly gaining popularity due to the support they receive from billionaire businessmen such as Elon Musk, Jack Dorsey and Michael Novogratz. Some, like Warren Buffett and Ken Griffin, were skeptical of their success. However, there is no denying that more people are being attracted to cryptocurrencies than ever before.
While the crypto market has been hovering somewhat in recent months, experts expect the market to bounce back as public interest grows. They think this is a good time for those who are planning to put their money in the digital currency market. There are demands to classify bitcoin as an asset class in India.
If you want to invest in cryptocurrency, follow the steps listed below.
1. Find a crypto exchange
The first thing you need to do to become a crypto investor is to choose an exchange for trading. Since cryptocurrencies are not regulated in India, anyone can initiate conversion, so check out the detailed background on the main team behind the exchange. Some of the well known exchanges in India are WazirX, CoindicX and Coinswich Kuber.
2. Create an account
Once you have finalized the conversion, sign up to open an account. The platform is required to verify your identity depending on your policies and the amount you plan to invest. You will need to submit documentary evidence. It is intended to prevent fraud.
3. Deposit money
To buy crypto, you need funds in your account. You can do this by linking your crypto account to your bank account and depositing money via wire transfer using a debit / credit card. There may be a long wait before you start a business with money.
4. Make your first purchase
Once you are ready to invest, you should choose a crypto currency. There are hundreds of cryptocurrencies, the most famous of which are Bitcoin, Ethereum and Dogcoin. You can invest in any of them or most of them at once. Many of these coins are also exchanged. For example, Bitcoin is called BTC, Ethereum by ETH, and Dogecoin is called DOGE.
5. Storage policy
Crypto exchanges are at risk of being hacked and currently, there are no insurance protections. You can also lose your money if you forget or lose the codes to access your account. So it is very important to have a safe storage space for your digital coins.