Since the launch of cryptocurrency in 2009 it has made a boom in the whole world. Cryptocurrencies or the virtual currencies are the digital assets used by people in today’s era. The era of technology has produced a great innovation for people. It has shrunk the world into a compact form through these financial transactions. People can transact on the go; all they need is an internet and a smart phone.
Bitcoin being the most famous currency had a rollercoaster ride and it gained exposure to many goods and bads. Good in a sense that people started tapping into it and many bitcoin bots helped them in. You can easily trade bitcoin here to start your journey in the crypto world and earn handsome amounts in the crypto world which is going to make a major comeback.
The rollercoaster ride
Earlier months gave cryptocurrencies a rollercoaster ride. The volatility rates strike high and this caused many people to leave by getting frustrated. As a result, the prices became more higher and people faced a lot of loses in this crypto world.
The worst part is the decline of these currencies. There was a major crash in 2018 that even the Reserve Bank of India ban followed in 2018. This year was a major shut to the crypto world. There was a deep freeze for the industry.
But the game is not over yet! It is up to the person to strike the ride. If such a sudden situation occurs two options may happen.One is that the trader heavily buys the currencies causing them to move up with their efforts. While some heart-rendered traders may lose hearts by liquidating all their assets in frustration. This would be a great loss!
A major recoup in India
All around the world cryptocurrencies are regaining the position they used to have. Even if the COVID pandemic effected the crypto market but still it never shut down. This was due to the immense use through several transactions. These digital assets were the only hope.
Globally they made a recoup and even in India the ban reversed and the country’s traditional banking system started making mark in the crypto world. Analysts predicted that an almost 20-fold investment happened in these cryptocurrencies.
Throughout the year the cryptocurrencies have been introduced to people and an online awareness has been created. Even as a growing tribe of young tech-savvy Indians joined the crypto bandwagon. Many companies and businesses are now beginning to view cryptocurrencies more favourably as a source of store of value.
People are exploring new ways to invest and earn amounts of profits. The assets may be prone to bubbles but right strikes at right time in crypto world can make you successful. One of another reason is that PayPal has also allowed the cryptocurrency wallets. This was permitted in India as well.
Since 2017 the use of cryptocurrencies increased within these years. People use these to pay their bills and buy movie tickets and even grocery as well. Well the grocery payment through cryptocurrencies were a rescue during corona times!
The Indian government has removed the ban and more awareness is provided to the citizens. Even the crypto exchanges smelled opportunities in the air and ramped up operations. They signed huge number of customers. Many inactive users became active to ripe all the benefits of these opportunities.
The boom
The numbers of traders are increasing in India that are efficiently trading these virtual currencies. Even the freelancers in India get their payments easily. The crypto world is providing financial stability to the country and this year is like a renaissance for Indians!
