The crypto wave is hitting the Indian shores hard, and unsurprisingly, Indians are adopting it as an asset class. The crowd’s favorite Bitcoin started the ripple and now, meme coins are furthering the adoption rush in India.
In 2020, the top crypto exchanges in India saw an astronomical growth in their user base. To add perspective, WazirX — India’s largest crypto exchange — alone is now home to nearly 6.5 Million crypto traders. Both the pandemic and social media have catalyzed the growth of crypto users in India.
Due to their impressive growth in the past, cryptocurrencies are fast becoming part of the investment portfolios of millions of retail and institutional investors. While the traditional markets crashed during the Covid-19 pandemic, investors were quick to realize the growth potential of cryptocurrencies and invest in them. When the pandemic was at its peak last year, WazirX saw its user base grow by the thousands every day. This year too, WazirX added hundreds of thousands of new investors and reached a user base of 6.5 Million.
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Clearly so, people are flocking to cryptos. A part of the interest is driven by the fact that cryptocurrencies such as Bitcoin have acted as a great hedge against inflation. Bitcoin is also often called digital gold due to its rarity and deflationary economics. And although cryptocurrencies may be volatile in the short term, many promising cryptocurrencies including BTC, ETH, LTC, MATIC, DOT, and so on have out-performed most traditional assets.
With decentralised finance (DeFi) evolving at a rapid pace by solving real-life issues and NFTs providing a new lease of life for artists, the space is ripe for exponential growth. Hence, the future prospects of crypto look bright, and if there is ever an ideal time to invest in crypto, it is now.
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Contrary to popular belief, crypto is not illegal in India. There are no defined regulations declaring cryptocurrencies as legal or illegal. They’re neither banned nor supported by the government as of now. However, after the Supreme Court scrapped RBI’s crypto banking ban in 2020, banks are now authorized to offer their services to crypto users and firms. Considering these facts, it can be said that investing in cryptocurrencies in India is totally safe from a legal standpoint as of now.
How to Invest in Crypto?
Now, investing in crypto is a no-brainer. But, how should one move ahead? Investing in crypto has never been easier in India. An important prerequisite for investing is the platform used. Also known as crypto exchanges, they facilitate the seamless buying and selling of cryptocurrencies. Since the exchange handles all users’ transactions, users need to choose the most secure and efficient platform in the market. Also, seamless trading is growing into a necessity.
For Indians, all these facets are fulfilled by WazirX — India’s largest crypto exchange. With nearly $6.2 billion worth of cryptos being traded monthly on WazirX, its trading volume is the highest amongst all Indian crypto exchanges. WazirX’s QuickBuy feature also allows users to buy crypto with just a tap.
Likewise, WazirX has empowered novice traders with its Smart Token Fund (STF) that allows them to find expert traders and then grow their cryptocurrency portfolio.. STFs aim to democratize crypto trading for everyone by allowing users to find smart traders who can help them grow their crypto portfolio.
In India, the crypto market is still in its nascent stages. So, the growth potential is humongous. The quicker we embrace its presence and participate by smartly and securely investing in cryptocurrencies, the more the rewards we can reap.
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How to Buy Crypto on WazirX
1. Setup WazirX Account:
To create an account on WazirX, download the WazirX app from the Play Store (Android) or the App Store (iOS) or sign up directly from the website.
Enter your email address and a strong password.
Go to your inbox and verify your email address
Complete your KYC
As soon as your KYC is approved, you will be able to deposit INR into your WazirX wallet.
2. Deposit Funds:
You will have two options to deposit Indian rupees to your WazirX account:
Go to “Funds” section > Deposit INR
You can deposit using UPI/IMPS/NEFT/RTGS. In this case, you must submit your transaction information to WazirX for verification.
You can deposit using IMPS/NEFT/RTGS. You can skip the part where you enter your transaction details.
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3. Buy Bitcoin:
To find out the current bitcoin price in India, go to the WazirX Exchange.
Scroll down to find the Buy and Sell options on your dashboard.
Simply click Place Buy Order and wait for the order to be executed.
The author is a cryptocurrency & blockchain blogger
DISCLAIMER: Views expressed are the author's own, and Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.
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