Best CRYPTO CURRENCIES in India: Read Customer Reviews & Ratings - MouthShut.com

Cryptocurrency is a virtual or digital currency that employs cryptography for security. It does not depend on central banks and facilitates peer-to-peer transactions without the need for intermediaries. You are a holder of a coin, which is a virtual asset that you can purchase or sell to other people. Since these coins are exchanged on an open exchange, they get a value depending on demand and supply in the market. Transactions such as purchasing and selling of the coins are made on a public ledger referred to as a blockchain, which is kept by a network of computers. Cryptocurrencies such as Bitcoin and Ethereum are secure, transparent, and decentralized. Cryptocurrencies have gained a lot of popularity globally, including in India. There are some trading platforms where Indian investors can purchase and sell crypto assets in Indian Rupees.

Investing in cryptocurrencies in India involves several steps:

Choose a Centralized Exchange (CEXs): Platforms like WazirX and CoinDCX are the most common platforms for buying and selling cryptocurrencies. They require KYC verification and offer a wide range of cryptocurrencies.

KYC Verification: Most Indian exchanges require KYC verification, which involves submitting government-issued IDs like Aadhaar and PAN cards.

Fund Your Account: Once verified, you can transfer funds from your bank account to your exchange wallet using methods like bank transfer or UPI.

Place an Order: Navigate to the trading section, select your cryptocurrency, decide on the order type (market or limit), and enter the amount you wish to invest.

Most Popular Cryptocurrencies in India:

Bitcoin (BTC)

Bitcoin is the most well-known and oldest cryptocurrency, also known as "digital gold." It was established in 2009 and has a capped supply of 21 million units, which makes it rare, stable, and valuable.

Ethereum (ETH)

Ethereum is the second-largest cryptocurrency globally and is famous for its support for smart contracts. This enables developers to create decentralized applications (dApps) on its network, which makes it a center for blockchain innovation.

DogeCoin (DOGE)

Dogecoin is one of the most popular meme coins that actually began as a joke but gathered serious steam. It is very famous for its people-focused attitude and has been used by famous celebrities like Elon Musk. It is very liquid and very volatile in the Indian market.

Binance Coin (BNB)

Binance Coin is the native cryptocurrency of Binance, a global top exchange. It was created in 2017 and offers discount fees on trading and enables various services within the Binance platform. In India, BNB is popularly known for its utility and flexibility.

Future of Cryptocurrencies in India

Indian investors are interested in cryptocurrencies even after strict regulations. India is also considering launching its own digital money, Central Bank Digital Currency (CBDC), that may increase the vision of digital payments in India even more. However, the absence of proper regulations still remains a headache for exchanges and investors. Also, in the new Union Budget, the government has retained a flat 30% tax on cryptocurrency gains, without any provision for offsetting losses against other income. Reporting and classifying unreported crypto assets as undisclosed income is also required in the future.

Cryptocurrencies are an exciting investment opportunity if handled wisely. They are very volatile and subject to market manipulation. However, diversifying into crypto can give better returns in the long run. Mouthshut lists user reviews of the most popular and top-rated crypto currencies in India. Read through hundreds of unbiased reviews and choose the best cryptos that suit your investment strategies and requirements.

Frequently Asked Questions

Which are the most popular cryptocurrencies in India?

Popular ones these days are DOGI, Bitcoin, Ethereum, and Solana. They are widely regarded and traded among Indian users.

Is cryptocurrency legal in India?

Cryptocurrency is not illegal in India, yet it is yet to be formally approved. Regulations on their use are being debated by the government. Traders can buy and sell cryptocurrency openly in India.

What is Bitcoin?

Bitcoin is the inaugural and most recognized cryptocurrency, otherwise referred to as the 'digital gold', created in 2008. Bitcoin is free from central banks and governments.

How do I purchase cryptocurrencies in India?

One can purchase cryptocurrencies from exchanges such as CoinDCX, ZebPay, and Binance. These websites provide you with an opportunity to exchange using Indian Rupees.

How do I select a cryptocurrency exchange in India?

When selecting a cryptocurrency exchange, opt for exchanges with minimal fees, strong security, and multiple cryptocurrencies. Examples are CoinDCX and Binance.

Is it secure to invest in Cryptocurrencies?

Although it is totally safe and legal to invest in cryptos, most of the coins are extremely volatile and prone to price movements. It is thus recommended to know the crypto market and invest carefully.

Can I make daily purchases using cryptocurrencies in India?

Although cryptocurrencies are not commonly used for daily purchases, some companies are beginning to embrace them. Still, their utilization is not common in India.

What are the advantages of cryptocurrencies?

Cryptocurrencies provide quick, secure, and inexpensive transactions. They also serve as a decentralized option to regular currencies. Crypto assets can be used by investors to diversify their portfolios and earn greater gains.