Being an active and involved part of the most exciting and massive trendsetting event in the global scenario would be a dream come true for many of us. Yes, this trend is, of course, the trading of cryptocurrencies. Cryptocurrencies are growing to become some of the most popular and sought-after investments of all time. Many pieces of research and surveys have put together statistics that indicate that around 36% of small and developing businesses have adopted the use of cryptos in The USA alone. Additionally, 59% of those companies also went on to purchase this form of digital currency for personal use and financial growth. This shift and growth towards this sector can largely be attributed to the number of advantages it provides over fiat currencies.
Advantages of investing in cryptocurrencies – Each person entering this arena already has an understanding of the long-standing benefits that investment may offer. Not only do cryptos maintain an advantage over the denominations by being decentralized, but the major aspect of appeal would be user anonymity. Highly rewarding, confidential transactions are a huge part of investing in cryptos. Moreover, there is a significant reduction in the transaction fees for cross-border payments. This means that several companies are seeking to adopt the method of digital currencies to make international transfers. All that they would need to do would be to calculate the price of, for example, Bitcoin to INR, and then make the payment according to the current rate. This industry is making a mark by not stopping at cryptos but also expanding to other forms of assets like NFTs. These aspects are gaining more fame as compared to land or gold in the millennials and Gen-Zs.
The cryptos to look at – Every day, several cryptocurrencies are introduced in the market. Some of them make their mark while the others fizzle out. Here are a few currencies that were considered the best performers in 2021 and are predicted to have a good run in the coming year.
Shiba Inu – The incredible gain that this coin has shown in 2021 has left most of the investors in awe. With a market cap of 43 million dollars and rising, the coin rose to an all-time high in recent days.
Dogecoin – What started off as a ‘memecoin’ has surged exponentially and is probably going to follow the same in 2022. Even for Indian users, Dogecoin to INR is comparatively cheaper as opposed to other cryptos and therefore, is considered a low-risk investment.
Terra – An impressive gain of approximately 13,790% in 2021, the beginning of 2022 has also been good for LUNA. The coin seems to cross several barriers in reaching all-time highs.
Solana – This crypto is well heard of but is underrated. It gained more than 10,000% in the last year and while it witnessed some lows, the prediction for this coming year is considered to be good for SOL.
Bitcoin – This crypto has retained its top position since its inception. With a significant distance from its rival – Ethereum, bitcoin has shown constant promise in keeping its investors happy.
How to purchase cryptocurrencies in India – When people decide to move past their comfort zones and step into untested waters that may pose more risks, the skepticism is natural. Therefore, understanding the market and knowing the best possible platforms to use for such transactions would lift a load off of the investors, especially the new ones. Purchasing cryptocurrencies in India is not tough – there are a few simple steps that need to be followed by the users:
Select a platform – These platforms mimic the functions of a stock market exchange wherein one can make trades in the form of shares. Here, however, cryptocurrencies are bought, held, or sold. These platforms can be made available on smartphones or laptops with access to the internet. Checking the ease of use, making oneself familiar with the interface, and carrying out extensive research about the transaction fees, exit fees, and even the types of currencies available on the platform would be ideal. Needless to say, taking a thorough look at the safety and security measures of the platform overall and while carrying out the transactions would be important.
Register – Register by completing the formalities such as KYC verification, providing the necessary documents like ID proof, Pan and Aadhar information, bank details, etc. If the platform requires any photographs or scanned copies, ensure that the details in the image are clear to avoid any inconvenience during registration.
Trading – The process of registration is not a long one. The developers keep in mind the speed of today’s world and create platforms without many glitches and faults. The next step in line would be to identify the cryptocurrencies that one would like to use for trade or to grow their money. For high-risk-tolerant users, coins that show sharp rises can be a good potential investment – this means that they would invest the amount for a short while, wait for the value to rise, and sell the currency immediately. However, individuals who would prefer to keep their amounts in the market and not partake in risks, can research more and invest in stablecoins. Use the platforms to monitor the values of the currencies and the growth/ fall. This information can help the investors decide the further plan for growth.
Enter the world of investment and cryptocurrencies with as much knowledge as possible to have minimal losses. This guide can be a good point to start off research and investment as a lot of the learning also happens when the process begins.