Crypto exchanges are platforms that allow users to buy or sell cryptocurrencies in exchange for fiat currencies and other cryptocurrencies. For example, if someone wants to exchange xrp to INR, they would go to an exchange like Coinswitch Kuber. The RBI banned cryptocurrencies like Bitcoin in 2018. In 2020, the SC overturned this ban, calling it ‘illegal’. Ever since then, many crypto exchanges have sprung up in India. Here’s how these crypto exchanges are revolutionising Bitcoin investment:
- Letting users benefit from the Bitcoin craze
The value of Bitcoin has skyrocketed in the past year. The value has gone up by 7 times in the past year alone. Pundits say that Bitcoin is here to stay, and it will gain mainstream acceptance in no time. Bitcoin is also volatile, which means that people can make money in the short term as well. Indians were missing the action because of the RBI ban. Now that the ban has been lifted, they can benefit from the Bitcoin craze that has engulfed the world.
- Accessible and easy-to-use platforms
Crypto exchanges are focusing on making their platforms easy to use. Bitcoin is no longer the currency of the techies, and it is for everyone now. Crypto exchanges understand this. Even amateurs can buy and sell cryptocurrencies in exchange for INR with just a few clicks. All they need to do is sign up and upload their KYC documents to start their crypto journey. Once the exchanges have verified the documents, they can freely buy and sell cryptocurrencies.
- Hassle-free payment and settlement
Crypto exchanges accept payments from many channels. You can buy cryptocurrencies with your credit/debit cards, UPI, net banking, wallets, etc. Likewise, you can easily sell your crypto and get INR or other cryptocurrencies without any issues. The seamless service provided by Crypto exchanges has made Bitcoin extremely popular in India. As many as 2,500 Indians invest in Bitcoin daily.
Security is a vital factor when it comes to cryptocurrencies. Many people are afraid to transact in crypto, fearing that they would get hacked. However, crypto exchanges in India have tried to assuage their fear by providing excellent security features to them. There hasn’t been an incident of hacking with any of the well-known crypto exchange India. Moreover, they also provide features such as security keys integration that make it difficult for hackers to scam users. Most accounts are verified by KYC, which reduces identity frauds.
- Beating the inflation of fiat currencies
Cryptocurrencies can act as a hedge against the volatility of fiat currencies. Inflation is the rise in the prices of goods. Fiat currencies in the hands of people don’t gain value with time. However, the price of goods continues to rise, which means that the value of the money goes down with time. Cryptocurrencies can help people beat inflation. Traditionally, the value of Bitcoin has gone up with time. The increase in the value beats inflation and also leaves a handsome profit in the hands of the people. All they have to do is hold it. Crypto exchanges facilitate Bitcoin trading, which allows people to beat the losses caused by the inflation of fiat currencies.
The popularity of Bitcoins in India is growing in leaps and bounds. Crypto exchanges are facilitating the mainstream acceptance of Bitcoin. They are providing a hassle-free and secure service to their users. It is due to their efforts that we are seeing a revolution in Bitcoin investment in our country.