What is Cryptocurrency and how to buy them in India?

What is Cryptocurrency and how to buy them in India? How to trade cryptocurrencies in India?


Introduction to Cryptocurrency

Cryptocurrency comprises of two words namely cryptography and currency. It is basically a digital or virtual type of currency that is secured by cryptography. Cryptography refers to keeping information safe by transferring it into a code format so that it can be read only by the people it is intended for. This type of currency is used to make secure payments online in the form of tokens.

The first cryptocurrency of this kind was Bitcoin which is still the most widely used. Some others in use are Litecoin, Peercoin, Namecoin, etc. This makes it very hard to counterfeit or double spend this type of currency. Unlike regular currency, cryptocurrency is generally not issued by any central or government authority. Cryptocurrencies are based on a network which is distributed across a large number of computers that allows them to exist outside the jurisdiction of central authorities and governments. A lot of cryptocurrencies are based on blockchain technology which is a method to ensure the integrity of transactional data.

How to trade cryptocurrencies in India ?

In India, there are various crypto exchanges that make the buying of cryptocurrency an easy process. These exchanges are applications and websites such as WazirX, CoinSwitch Kuber, Coin DCX that make it convenient for anyone to trade and invest in cryptocurrency. In order to buy / sell cryptocurrency in India, you need to:-

  • Make sure you do your research before choosing a particular exchange.
  • Once you are done choosing an exchange, set up, register your account and verify your details. You can enable two factor authentication to make your application secure.
  • After this, you must add your bank/UPI details to the app in order to start adding money and once done, you can start buying any type of cryptocurrency available for purchase.

If you need any assistance / aid regarding What is Cryptocurrency and how to buy them in India? Feel free to contact Wealth Baba – Financial Planner & Investment Advisor in India. We will try to help you out in the best possible way.

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