After I lost some money initially, I have put a cap on my investments. Domestic crypto exchange WazirX, which has more than 90 lakh users, says crypto is the popular new alternative investment option for young adults, and they are not shying away. Chandigarh-based investment consultant and realtor Vinay Sachdeva agrees. The latest guidelines from the RBI have fuelled interest. The seniors, however, are still wary of investing in this fluctuating market.
It is a very volatile market which depends entirely on demand and supply, he points out. Social media has also played a big role in creating a hype around blockchain technologies and cryptocurrencies. Then there are social community groups on WhatsApp, Facebook, Twitter and Telegram, offering tips on research and investment. Serial tech entrepreneur and angel investor Kunal Nandwani, who has been observing the market for the past five years, feels that getting celebrities to promote it gives credibility and legitimacy to this risky venture and youngsters feel it is cool to invest in it.
Since very little is yet known about this market, chances of people falling prey to illegal transactions and frauds is quite high, cautions Sarvjeet Singh Virk, co-founder, Finvasia. With pincodes and passwords, hardware wallets are believed to be the best way to protect your cryptocurrency. They should not invest what they cannot afford to lose. Gaming developer and content creator Krishan Kumar wants investors to have a long-term perspective and not just work towards getting quick returns.
Absence of government regulations: A Bill on cryptocurrency has already been submitted before the Union Cabinet, but a decision is yet to be taken in this regard. Virtual theft: Despite a highly safe alphanumeric number that changes with each transaction, cryptocurrencies run the risk of virtual theft from hackers.
High volatility: Cryptocurrencies are highly rewarding investments, but there can be extreme price changes due to the fluctuating demand and supply.
The government is yet to bring in guidelines to regulate the industry. However, the industry has proposed some measures to stay protected:. Multiple-level authentication: Password-protected online wallets are susceptible to being easily hacked and prone to password theft.
Going in for three or more step authentication takes extensive time to breach and thus lesser enticement for hacking. When investing, do look at the intersection of other options in the market.
Tracking transactions: Keep track of your wallet and crypto account. Be cautious: Do not blindly trust any stranger and share your alphanumeric wallet number with anyone. Fixing sand price: Hardly any impact seen in Amritsar market.
In 24 days, Bathinda sees 4 deaths, 49 new Covid cases. No ward attendant at Bathinda Civil Hospital, critical patients suffer. After a slip in rankings, Chandigarh gets its act together.
Poor sex ratio in Chandigarh raises concern. Murder case: Ex-scribe booked for threatening witness. Delhi records 35 new Covid cases. Adampur: Miscreants who came to set shop on fire get trapped, 1 dies. Expose overcharging on sand, get Rs 25, Jalandhar DC. CoinSwitch Kuber is among the minorities that prioritize mobile app trading. The platform offers Android and iOS apps to help users trade their favorite cryptos. To get started, customers must download the app and create an account.
Here is how users can do it The login process for the exchange is simple. Customers merely need to input their registered email ID or phone number on the app. However, traders must complete the KYC verification before depositing funds.
Note: The IDs must possess the correct information of the applicant. A driving license is not applicable for the verification process. Every CoinSwitch Kuber platform review must mention its fee structure to inform the users. Usually, crypto exchanges charge three types of fees It completely negates the consensus by not charging any deposit or withdrawal fees.
Moreover, it does not charge any trading fees for the first days. After that, the rate varies depending on the exchange chosen for the transaction.
Nevertheless, the fees are still competitive and give the platform an edge over its competitors. The next step is to deposit funds on the platform. Remember that there is no minimum or maximum transaction limit on the exchange. There is a minimum deposit amount to cover the network fees.
Here are the steps to deposit money on the platform:. Once the deposits are made, users can start buying cryptocurrencies. Unlike deposit and withdrawal, there is an option to place limit orders. To place the order, traders must fill in the quantity and price to buy or sell the cryptocurrency. Once the crypto reaches the price, the exchange will conclude the trade. Here is a step-by-step process to buying cryptos on CoinSwitch Kuber As it is not applicable with the exchange, some CoinSwitch Kuber reviews deduct its usability.
The options are more popular in India, allowing CoinSwitch Kuber to maintain its relevance amid traders. Usually, cryptocurrency exchanges provide liquidity on the platform and decide the exchange rate. However, CoinSwitch Kuber connects the traders to multiple trading platforms. It allows customers to avail themselves of multiple trading rates and choose the preferred one. Although it is only available in India, it allows the platform to cater to a specific region.
Here are some of the cryptocurrencies offered on the exchange Every modern crypto exchange must boast responsive customer support to survive the competition. Additionally, the platform allows customers to generate tickets for any issues.
The customer service team tries to resolve the issues while keeping the user notified quickly. There is also a live chat option available between 7 am and 10 pm. If needed, users can even contact the team through email at [email protected] The usual response time for email is 12 hours. It excels on the fees front as it does not charge any deposit or withdrawal fee. The meme coin has turned an investment of Rs 1, into Rs 80 lakh during the period under review. The world's second most valuable cryptocurrency, Ether, has been touching all-time highs ahead of a major upgrade of its underlying platform Ethereum.
Bitcoin hovered near six-month highs in anticipation of the listing of the first futures-based bitcoin exchange-traded funds ETF in the United States, which investors hope will boost cryptocurrency trading volumes. The world of cryptocurrency is ripe with misinformation and scams, and to make sure you don't fall victim to the same. Do not blindly trust every piece of information you get from social media and the internet when it comes to crypto!
The price of Shiba Inu has rallied over per cent in the last week, making its way into the top 15 tokens ahead of Algoran, Bitcoin Cash and Stellar. Ethereum has started to witness good inflows upon recovery, which is a strong fundamental sign of the asset, showcasing that investors are still keen on accumulating the asset, said ZebPay Trade Desk. Five out of the top 10 cryptocurrencies were trading higher at 9. Solana tanked 4 per cent, whereas Polkadot and Dogecoin jumped 4 per cent each.
Bitcoin and Ethereum have shed per cent each, whereas Dogecoin and XRP have eroded up to 25 per cent of investors' wealth. Barring Cardano and Dogecoin, eight out of the top 10 cryptocurrencies were trading higher at 9.
Solana led the gainers, adding over 7 per cent. The crash in the cryptocurrency market came just as El Salvador became the first country in the world to accept Bitcoin as legal tender. Following an over 70 per cent rally in the last one week, Solana has overtaken Dogecoin to become the seventh largest cryptocurrency in market capitalisation.
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