What is Cryptocurrency?
Like any investment, you should have a thorough knowledge of what cryptocurrency is before thinking about how to buy crypto currency online. Cryptocurrency is a digital asset, leveraging blockchain technology, that offers a form of virtual currency that is decentralised and cuts out the “middleman” when conducting traditional business transactions online.
The technical side to cryptocurrency is exceedingly complex and one doesn’t necessarily need to understand all the complexities to buy crypto currency online.
Bitcoin: The Best Cryptocurrency to Invest in India
Interest in cryptocurrency exploded last year following the March 2020 Supreme Court ruling that lifted the Reserve Bank of India (RBI) ban on virtual currency trading. Once more the trading of cryptocurrency was no longer taboo and 2020 saw a 1000% rise in crypto exchange sign ups.
1 Bitcoin – Doesn’t sound like much right? But 1 bitcoin could buy you a 1BHK flat in Mumbai! You read that right. 1 Bitcoin is currently worth over Rs 26 lakh! Starting to sound like a worthy investment isn’t it?
Bitcoin has been the best cryptocurrency to invest in India since its inception and in 2022, Bitcoin maintains that dominance of the cryptocurrency realm. Bitcoin weathered the storm of the 2018 crash and crypto legislation uncertainty.
What is Bitcoin?
Launched in 2009 by an unknown person or group, Bitcoin is the very first cryptocurrency and aimed to take the banks out of financial transactions. Trading bitcoin very quickly garnered much hype and before long the online retail sector began accepting bitcoin as payment. To this day the likes of Starbucks, Microsoft, and Steam all accept bitcoin payments.
Bitcoin helped start the crypto trading boom and has continued to remain the best cryptocurrency to invest in.
How is Bitcoin Valued?
Despite being an entirely virtual currency with no physical form, there is still a very real production cost. Bitcoins must be mined in order to be made available within the crypto market. The process of crypto mining involves a large consumption of electricity as a specifically built computer must solve incredibly complex cryptographic problems that is later rewarded with a block of bitcoins.
Crypto mining is directly proportional to the expense and the costs rise as the competition increases. Heavy mining increases the demand for bitcoin, as there is only a limited demand. Currently, there is only 3 million bitcoin remaining as over 18 million have been mined to date.
Market competition, along with good old-fashioned supply and demand, continues to increase the value of bitcoin. While bitcoin is the best crypto to invest in right now, the decreasing supply has created healthy competition where investors are switching to newer cryptocurrencies.
Why Bitcoin is the Best Cryptocurrency to Invest in 2022
New vaccines for COVID-19 have emerged with industry giants, Pfizer, Astra-Zeneca, and Moderna leading the charge, however, it looks like we are far from out of the woods. Many investors are seemingly predicting a year as rocky as 2020 as cryptocurrencies have emerged as a hedge against an uncertain 12 months.
It has been well-established that a distinct advantage of a decentralised currency is that global fluctuations caused by events such as the repercussions of international relations or even a global pandemic. Cryptocurrency doesn’t obtain its value the same way the rupee does. Global currency valuations suffered throughout 2020 due to the COVID-19 crisis but Bitcoin went the other way and surged over 200% in 2020.
How to Buy Cryptocurrency in India
If you want to take advantage of this booming technology, you’ll need to get set up with a digital crypto wallet so you can store your new currency. Bitcoin wallets can be easily found online and are used to store your cryptocurrency securely.
Whilst cryptocurrencies can be purchased through a traditional broker, the most common method to buy cryptocurrency in India is to buy through a cryptocurrency exchange. Don’t forget that to buy and sell crypto you should consult crypto reviews to make sure you buy the best cryptocurrency to invest in.
If you wish to buy bitcoin, conduct Bitcoin trading or buy Bitcoin cash, simply choose from many bitcoin exchanges available to Indians and register an account. To register an account you will need to provide some basic details and pass a basic Know Your Customer (KYC) procedure. Once your account is verified, you’ll be free to fund the account with rupees.
With a funded account you can buy Ripple, forex, Bitcoin, or any number of the over 6000 globally available cryptocurrencies.
Best Cryptocurrency Exchange
A cryptocurrency exchange is used to buy crypto currency online and conduct crypto trading. If you want to buy cryptocurrency online in India, you’ll need to familiarise yourself with cryptocurrency exchanges.
Cryptocurrency exchanges are online trading platforms where one digital asset can be exchanged for another. You can buy cryptocurrency online in India with rupees or many other foreign currencies including USD. The best cryptocurrency to invest in 2022 will be found at any number of crypto exchanges and there are so very many to choose from.
CoinSwitch is one of the best cryptocurrency exchanges in the world and has partnered with many leading crypto wallet providers such as Binance, or Guarda, and Coinomi. With CoinSwitch, you can buy and sell crypto in India. Competitive market rates, 24/7 Support, and an intuitive user interface make CoinSwitch the best exchange to buy cryptocurrency in India.
Ask an Indian crypto trader and we bet they’ll say WazirX is the most trusted bitcoin exchange in India. WazirX offers a fantastic mobile platform to buy and sell crypto with zero fuss. This cryptocurrency exchange is incredibly secure and is available across multiple platforms. If you’re new to cryptocurrency, WazirX will make sure you’ll find the best crypto to buy right now.
Unocoin is the first Indian cryptocurrency exchange and offers many unique features such as over the counter (OTC) services like bulk trading. Out of all the exchanges we have tested, Unocoin is one of the simplest to use. Unocoin is targeted towards beginners and without overly advanced technical features, it couldn’t be easier to find and buy cryptocurrency online.
Best Cryptocurrency Wallet
Congratulations! You went ahead and bought a chunk of the best crypto currency to invest in. Now what? Well just as you would put a fistful of rupees in your gorgeous leather wallet, so must you store your bitcoin.
You’ll need to get yourself a cryptocurrency wallet and cryptocurrency storage can be broken down into two types of wallets: Hot or cold.
An online wallet is known as a hot wallet because it operates on internet accessible devices such as your PC, laptop, or even your smartphone. If you’re looking for total convenience, then the hot wallet is your ideal storage solution because cryptocurrency deposits and withdrawals can be made faster than the Gatimaan Express!
You wouldn’t store all your savings in cash, now would you? A hot wallet is great for fast trading, but you shouldn’t store large amounts in a single, internet accessible location. This is where the cold wallet shines!
The safest way to store your cryptocurrency is offline where only you have physical access to your crypto hardware or crypto keys. A cold wallet is a storage method that does not maintain a connection to the internet, making it far more difficult to be compromised. A cold wallet will store your user address and private key on anything that is not connected to the internet.
This could be as simple as a USB drive that securely stores your private key and can be physically secured – I mean there’s nothing stopping you from hiding your bitcoin under the bed. You could even use a paper wallet by printing both the public and private keys onto laminated paper. Pop the paper into a safety deposit box or a safe and your currency is secured.
There is plenty of competition for the title of best crypto to invest in and with over 6000 globally available cryptocurrencies, there is no shortage of choice. If bitcoin trading isn’t for you, there is always Ethereum trading or perhaps you could buy Litecoin. Binance coin trading is a popular choice on bitcoin exchanges owing to its high liquidity and consistent market increases.
Ether is the second largest cryptocurrency in the world and a serious contender to the best crypto to invest in. It is the native cryptocurrency of the Ethereum blockchain platform that is used to build decentralized applications for enterprise clients. The accelerated growth of Ethereum has led to soaring gains in USD and INR pairings this year.
The world’s first open-sourced peer-to-peer cryptocurrency to rival bitcoin, Litecoin offers next to nothing payments that are processed instantly. As a faster alternative to bitcoin, Litecoin has become one of the most favoured cryptocurrencies in India.
Ripple has become a crypto of choice for banking and financial institutions owing to fast transaction speeds and its ability to act as a bridging currency for cross-border payments. Ripple claims a huge market share in India and its potential as the best crypto to invest in can not be understated.
In a world where over 6,000 cryptocurrencies are available to buy online, there are some serious contenders to the title of best cryptocurrency to invest in. Bitcoin has increased steadily before seeing a meteoric rise late in 2020.
2022 is shaping up to be an excellent year to engage in crypto trading and we think it’s a great year to buy crypto currency online. Despite a strong year from cryptocurrencies such as Ether and other alt coins, bitcoin is our choice for the best cryptocurrency to invest in 2022.
Buy Crypto Currency Online FAQ
💲 What is Bitcoin?
Thanks to its soaring popularity and habit of achieving new all-time high price records, the question of what Bitcoin is and how it can be utilised is commonly found in the modern world. To find out more about Bitcoin trading, and the potential trading and investment opportunities it may provide, visit TradersBest.com today.
💵How Do I Buy Bitcoin?
Cryptocurrencies are a (relatively) new inclusion on the financial landscape, so the process required to buy – and sell – the likes of Bitcoin is far from familiar to most people. Learning more about the processing of buying Bitcoin, and how you can ensure a safe transaction, is an essential part of the online crypto reviews and guides we provide at TradersBest.com.
🦺 Is Bitcoin Safe?
As with any new technology, there will always be questions about how safe Bitcoin is to use, especially for those who are relatively unfamiliar with how cryptocurrencies work. With TradersBest.com, you can learn more about the safety measures that Bitcoin can provide, as well as other essential details about how the most popular cryptocurrency can be used.
💭 What Are Some Alternatives to Bitcoin?
While Bitcoin may have become synonymous with cryptocurrencies in general, it is far from the only option available, with countless so-called “altcoins” now available. To learn more about these coins, as well as develop your understanding on cryptocurrencies and how they can be used as a whole, visit TradersBest.com today.