Easy access to a wide range of investment opportunities Cryptocurrencies can help transfer funds globally. The transactional cost with the help of cryptocurrency can be minimal or zero. It's negligible, as it eliminates the need for third parties, such as VISA, to confirm transactions. Cryptocurrencies can offer investors diversification from traditional financial assets, such as stocks and bonds.
While there is a limited track record on the evolution of crypto market prices in relation to stocks or bonds, so far prices do not seem to be correlated with those of other markets. This can make them a good source of portfolio diversification. Cryptocurrencies are useful beyond their application as a medium of exchange. By eliminating the need to rely on a third party for the issuance and transfer of value, cryptocurrencies allow users to take control of their finances.
Transfers can only be made when a user cryptographically approves a specific transaction, an action known as “signing with a private key”. This means that the user who holds the private key, and only that user, can control where and when their money is spent. There are plenty of online resources available to help you (including the N26 blog series on cryptocurrency), but you'll still have to spend some time really understanding the pros and cons of investing in cryptocurrency. Some major retailers, such as Whole Foods, Nordstrom, Etsy, Expedia, and PayPal, already allow people to pay with cryptocurrency.
Although many supported the decision, as it marks the beginning of the path to achieving recognition of cryptocurrencies, the Government of India has yet to issue an official note for cryptocurrencies to be considered legal in India. As a cryptocurrency owner, you could lose the private key that allows you to access your currencies and, with it, all your holdings. Nowadays, cryptocurrencies are all the rage, yet the real use cases of these new technologies are often overlooked. You store your cryptocurrencies in something called a digital wallet, usually in an app or through the seller where you buy your coins.
Cryptocurrencies are not regulated by any central government authority, making them immune to any government intervention. If you're not a digital native, the concept of cryptocurrency (let alone blockchain) can seem anything but natural. There are several ways to further mask transactions, as well as several currencies that focus on privacy to improve the private nature of cryptocurrencies. The most popular exchanges are WazirX, ZebPay, CoinDCX or through cryptocurrency brokers such as IC Markets and Eightcap.
Since coins are mined and transactions recorded 24 hours a day, you don't have to wait for the New York Stock Exchange, NASDAQ, or any other exchange to start trading that day if you want to buy, sell, or trade cryptocurrencies.