What is cryptocurrency: It can be said as one of the best discoveries of 21st-century. More people are now interested to learn more about crypto currencies than ever. The sharp price rise of bitcoins last year made people to think about it. However, it is still difficult for some people, banks, governments and many companies to know fully about its importance in today’s world because of its technical side and absence of regulating authority.

These are some features of cryptocurrency for people who are looking to invest in it.

● Very less number of people use Cryptocurrency currently as compared to number of people who invest in traditional markets like shares, equity etc. Today bitcoin is the most famous cryptocurrency and used in many new ventures. In the United States, 24% adults know about it but unfortunately only 2% Americans utilize it in real life. More on American awareness about crypto can be found at https://bitcoinmagazine.com/articles/survey-polls-american-awareness-cryptocurrencies-and-icos/

● Use of cryptocurrency is increasing day by day: Day by day, the investors are showing more interest in investing in cryptocurrencies. The utilization of cryptocurrency is getting more preference in digital marketing as it has many advantages which fiat money does not have.

● Utilization of cryptocurrency is important: According to many financial specialists, the utilization must be the key point to consider. There are several ways to utilise it such as in wealth management, digital publishing engagement, ethical business practices, travel, education etc. You should be able to understand how to use the cryptocurrency and where to use it.

● Cryptocurrency can be used as money: Today’s digital forms of money can be used as a payment system for many goods and services and is safer and does not carry much formality as like other payment system.

● Cryptocurrency will solve many cash related problems: Cryptocurrency be used as a fast means of payment system without involving banks or any other financial company in between. So the complete process becomes more smooth and fast.

● You can buy bitcoin directly: Instead of mining bitcoins, you can directly buy them from exchanges. You can buy bitcoins from following sites like ZebPay, Coinome, BuyUCoin, etc. Apart from bitcoins, these exchanges can be utilized to purchase other coins too..

● Always make sure that you diversify your portfolio while buying crypto because keeping money in just a single cryptocurrency is more risky. Also make sure that you cash out profits regularly instead of waiting for its price to climb 20-50 times.

● Investing in cryptocurrency is similar to investing in other commodities: Nowadays it is pretty safe to invest in cryptocurrency just like you invest in other things. There are plenty of forums from where you can learn basic crypto trading strategies.

In coming days, more and more people will start investing money in cryptocurrency since the profit you will make is going to be very high because its demand is ever increasing while the supply is limited.

Challenges for Cryptocurrency Trading in India

In India, one thing that is commonly discussed about cryptocurrency is related to its legality. Though India has a good number of investors, there exists some confusion regarding the stand of government on cryptocurrencies. In this article we will see the various aspects and challenges that face the trade of cryptocurrency in India.

China banned cryptocurrency exchange in its country while Japan took some steps to regulate them. Recently the bank accounts of indian cryptocurrency trading exchanges were put on hold citing technical reasons. India has a fairly large population of technical people and cryptocurrency is a favourable option of investment but the confusion regarding the role of government may deter some investors from it.
One important thing to note here is that the top crypto currency exchange networks in India are facing a delay in accepting new customers because of unexpected number of pending accounts. This indicates that there is a very vibrant market for cryptocurrency in India.

Since India is a vibrant democracy hence the chances of cryptocurrency ban is not possible as that has happened in China. India is moving towards a digital world and in such a scenario putting any strong restrictions on cryptocurrency trading would not be feasible.

Typically in Indian crypto exchanges the rates of cryptocurrencies are 15 to 20% greater than that in United States. Hence, it has provided a great opportunity for people to profit from the arbitrage arising due to difference in prices of cryptocurrencies in India and USA. The successful sale of Indicoin in India shows the potential of digital coins in India.

Cryptocurrencies can find one of the biggest user base in India with time. There are still various bottlenecks in smoothly acquiring cryptocurrencies in India. Many Indian startups have come up in the field of digital currencies. Overall it can be said that India can prove to be a profitable market for digital currencies.

Taking a closer look at cryptocurrency and its possible misuses

Any innovation in technology can be used in two ways, either for the advantage of a society or for the disadvantage.  Technology as such is neutral in nature, it is the person utilizing the technology who can make it either a curse or a blessing. Cryptocurrency has paved the way for a new era of monetary transactions online by providing a highly decentralized model of payment transfers with ease and efficiency.  There is no need of any government regulations or institutions for facilitating crypto transactions because of which there is no need of the usual formalities and extensive paper works that had to be done in such institutions. 

While the benefits of cryptocurrencies are many, some of these benefits are also seen as a potential threat to the society.  The high level of anonymity provided by the cryptocurrency network can pose a challenge to the law enforcement agencies.  Since the persons involved in a cryptocurrency transaction are hard to track, hence it also provides a breeding ground for antisocial and illegal activities.  This problem is more of a concern for developing countries which are already facing problems like corruption and tax evasion and where the legal system is not adequate to handle technology-related crimes.

In case of transactions which take place through banks or government regulated institutions, the advantage is that a person can approach the authority to reverse a transaction or to complain about any fraud transaction.  In case of cryptocurrencies,  this advantage is lost because of the anonymity provided by it can be exploited easily by a scammer without revealing his real identity online.

So, to address this issue different agencies are researching about crypto coins and their working so as to explore the possibilities of finding out the culprits. In past few months, we can see that there have been cases of ransomware where the culprits used cryptocurrencies as an exchange for unlocking the victim's system. It is also notable to understand that the media heavily focuses on the negative side of things which creates a general negative perception on issues. The positive side of cryptocurrency is much more vibrant and beneficial than the minor negative side.

There have been many conspiracy theories floating around regarding terror funding from Bitcoins, however, this entire made up story lacks any evidence and shows over-reactiveness.

Finally, we must remember that every technology can be misused, but this does not imply that the technology itself is bad. Hence we must make efforts to combat misuse of technology rather than the technology itself.