Bitcoin: investing in cryptocurrencies will make you a millionaire or a roadpati, know the answers to all the questions

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Bitcoin: investing in cryptocurrencies will make you a millionaire or a roadpati, know the answers to all the questions

The Indian government has not yet passed any bill regarding cryptocurrencies. Till now no guideline has been issued to give it legal recognition.

The Indian government has not yet passed any bill regarding cryptocurrencies. Till now no guideline has been issued to give it legal recognition.

New Delhi: There are many forms of cryptocurrencies in the country like Bitcoin, Ethereum, Tether, Dogecoin and what not. Cryptocurrencies are being discussed very loudly everywhere. Many people are thinking of investing in it. Recently, cryptocurrencies have seen a huge decline.

The biggest question about cryptocurrency in India is how legally recognized it is and how safe is it to invest in it.

When was cryptocurrency started

  • Cryptocurrency was started by a citizen of America in the year 1983. It gained popularity after the introduction of bitcoin in the year 2009.
  • Bitcoin was invented by Japanese engineer Satoshi Nakamoto.
  • After the popularity of bitcoin, thousands of forms of cryptocurrency have come under discussion.
  • How safe is investing in cryptocurrencies in India
  • The Indian government has not yet passed any bill regarding cryptocurrencies. Till now no guideline has been issued to give it legal recognition.

Recently, a new committee has been formed to give legal legitimacy to cryptocurrencies. As of now, no decision has been taken on whether cryptocurrencies will be completely banned in India or not. RBI will also play an important role in giving legal legitimacy to cryptocurrencies.

Uncertainty over cryptocurrencies continues in India

As the uncertainty surrounding cryptocurrencies continues to prevail in India, people should refrain from investing in it. Right now it has been witnessing a lot of ups and downs, so people should avoid investing in it in view of its uncertainty.

Right now many apps have come in the market for investing in cryptocurrencies in India, but many of these do not have legal validity, so people are in danger of drowning their money.

App exists for investment but risk remains

Investing in cryptocurrencies is a matter of great doubt in the country right now, so people should also keep in mind all kinds of adverse situations while investing in it.

Right now in India, you can invest in cryptocurrencies through apps like WazirX, Unocoin, CoinDCX, Zebpay, Coin Switch Kuber. But right now all the conditions regarding investment in many of these apps are not very clear, so the risk to the investors remains intact.

The Government of India has recently issued a notice to WazirX, a company providing a cryptocurrency trading platform, regarding a large volume of transactions.