“That shopping mall you’re seeing was built on the land I refused to buy for a thousand bucks a few years ago.” - My father points out every time we drive by there.
There is nothing any of us could do to turn the tables of time.
I think many of you can resonate with this situation in your own lives. Sorry for taking you to the past, but let’s learn the lesson of what life has taught us.
Never wait for years to invest in something meaningful to regret it later.
The right time is today. By no means, this statement means that you should make decisions in haste and put all your money at risk.
Research opportunities, research again and invest wisely. This article will help you begin your journey with cryptocurrency exchanges.
Opportunities With Cryptocurrency
It’s painstaking to thoroughly understand the dynamics of crypto for young adults.
No one is 100% certain about the future of crypto, but one thing is for sure, and that is that the future is online.
With conventional investments not providing scalable returns, it makes sense for one to explore and identify investment opportunities online.
With a plethora of crypto investment options emerging online, it requires research and understanding of the market to invest better and reap returns.
Image source: knoema
The above image is enough proof that the future of Cryptocurrency is on the up and so are the fortunes of cryptocurrency traders. Keep reading and explore places where you can shop and check bitcoin price:
Top Cryptocurrency Exchanges of 2021
WazirX
Started in 2017, WazirX has crossed the landmark of 6.5 million investors in India.
Global Cryptocurrency Giant Binance Holdings recently acquired the cryptocurrency platform. Users can buy and sell cryptocurrencies from the comfort of their homes using their Mac, Windows, iOS and Android devices.
The company has a solid user base, which is essential when you are based in the second most populated country on earth.
CoinDCX
Founded in 2018, CoinDCX has a strong user base of close to 4 million investors registered on its platform.
The Mumbai-based crypto exchange deals in 200 plus cryptocurrencies with zero fees on amount deposit and withdrawal.
Investors love CoinDCX for its user-friendly approach to crypto trading with Minimal trading fee charges. UPI & IMPS payments are also accepted here. Moreover, the company offers a wide variety of products and services that helps traders with financial advisory.
CoinSwitch Kuber
CoinSwitch is another trading option for cryptocurrency geeks in India. This platform is ideal for beginners; it is a haven for traders who want a clean user interface to keep them motivated.
Since its inception in 2017, it has carved a small niche for itself with its user-friendly trading mechanism. CoinSwitch allows its 3 million registered users to sell and buy stakes in more than 100 cryptocurrencies.
They are very aggressive in marketing and onboarded many high ticket advertisers like the Indian Premier League (IPL) to boost their visibility.
How to Open an Account
The process of opening a Crypto account is the same on almost all exchanges. For reference, let’s take the example of WazirX:
- Download the WazirX app or visit the official website of WazirX.
- Go to the sign-up option and click it.
- Enter your email id and choose a strong password.
- Check your email account and click on the activation link.
- Go through the terms and conditions and press the checkbox.
- Click on the Sign-up button to finish.
Secure Your Account
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Make sure you enable 2-factor authorization for your account. Download the Google Authenticator app and connect your account to add an extra layer of security.
KYC Verification
Last but not least is KYC verification. KYC is compulsory for everyone who wants to trade crypto online. Here are the steps:
- Go to the profile tab and click on profile verification.
- Fill in all the details and upload scan copies of your identification proof.
- Provide your bank details for adding and withdrawing money.
- Upload other documents like PAN card, Aadhar and your recent photograph.
- The crypto exchange will verify your details before approving your account.
- Once your account is approved, you can start transacting.
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Make sure you have a thorough understanding of processes and hidden costs for acquiring cryptocurrency investments.
The Advent of NFTs
NFT is a short-form for non-fungible tokens that represent real-world objects.
These NFTs are digital assets that are coded in the same manner as cryptocurrency. The only but stark difference between crypto and NFT lies in their consistently inconsistent value.
To put it in simple words, bitcoins and dogecoins can be exchanged for one another but not NFTs.
The disparity happens because 1 Bitcoin will be equivalent to 1 Bitcoin in every place in this world but not NFTs. NFTs represent unique real-world objects and hence can’t be replaced by one another.
Launch of Secondary Market for NFTs
Not all cryptocurrency exchanges deal in NFTs, but some do; WazirX is the one leading.
Since the inception of NFTs a few years back, it has been on the radar of many trading platforms.
WazirX has taken an early lead at the top as one of India's most prominent NFT markets. The company claims to have already sold over 1200 digital collectables from an extensive array of fields.
NFT marketplaces provide the creators with a great way to capitalize on unique assets, engage with their fans, and potentially generate revenue while staying ahead of the curve and keeping pace with innovations in commerce and technology."
Introducing a secondary market increases NFT availability and the introduction of royalties for indie or independent local creators that won't obtain the exposure they deserve any other way.
The Future of NFTs
It remains to be seen how users will respond to NFTs. Furthermore, it's also unknown how much growth the NFT Marketplaces will enjoy in the long run. However, this move marks a significant shift in attitude by the Indian population and the country.
The successful introduction of an NFT market by a developing economy like India shows the importance of crypto in modern times.
To sum up:
To invest or not to invest was never the question.
Those who are passionate about crypto are keener in research and understanding the risks involved before making an informed decision.
Get hold of basics of crypto investing before starting out dumping money. Do your research before investing.