We see Crypto, including BTC and ETH, becoming competitive daily. If you look at the returns they give, these coins top the list. The price of these currencies is going up faster, yet they differ in value and worth. The cost of BTC has grown in many more ways covering it by four times in the market. ETH also gains strength by moving above ten times in the earlier days. Also, a good return has attracted many more retail investors to dip over their toes to come along with an intriguing asset class. Also, many more returns have attracted many more retail investors who keep themselves busy working as a fascinating asset class in the market. The cryptos have attracted a lot of people, particularly the young crowd. Similar is the story of Indian youth who are attracted to Crypto. However, you need to know something about the currencies and the perspective of India before you put your money. Check the portal – Big Money Rush for more information.
1). Special investment in Crypto is legal in India
You can find a common misunderstanding about Crypto that says it’s illegal. The central bank (RBI) banned the banks from facilitating Crypto at a decent transaction in 2018. The RBI will now impose a ban on different banks that further help reduce Crypto in a big way. The circular made through the entire crypto community in the country goes haywire, and they have even filed writ petitions challenging the ban in the market. The court intervened to lift the ban from the market and gained a good buzz around it. Currently, the conditions are going very differently in the crypto domain. Many investors are now investing their money in fintech companies to develop the space.
2). Crypto Based Transactions will be taxed
Crypto is not decentralized and is not often regulated by any central authority, government agency, or central bank. However, Crypto help you save taxes and avoid them. The income that comes in India will be brought under the garb of income tax. Also, these come along with the investment and the profits you get by putting money in Crypto. It can help put them in the idea of gaining the capital gains tax as per the I-T Act. How you hold the currency will make things work for you; the more you have, the better the outcome. Many more ideas classify under income and other sources that return in the market. However, the status of Crypto will remain like a commodity and become vague unless there is some regulation offered in the market that remains taxable.
3). Cryptocurrencies are inexpensive
We live with the notion that claims that Crypto is expensive. However, if you are talking about Bitcoin, it is a fact that others remain affordable, including even the second most popular currency like ETH. If you talk about Indian money, it can cost you around 3 million for two coins in the local market. It has given a feeling among the circles that currency will remain untapped and thus will allow you to gain the big way. Besides BTC, we can have several other cryptos in the market that remain excellent potential for earning good returns. The value of Crypto works like a real money-based crypto market as digital assets.
4). Value of Crypto works like a real currency
Crypto is a digital asset that is not available in a physical form like fiat money. We see the intangible nature of cryptos that seemed to have led us to believe in cryptos, and it does not have any real value, only some set of codes. Every currency is present with an accurate value once people believe in it. For example, INR in India is necessary, while in other countries, we have their respective currencies. Crypto has value, and it works like real money in the market.
5). Investment in Crypto is simple
When you invest in Crypto, you come across technology, and you have to master the same. Things have changed in the market, and Crypto is ruled in the country only after the advent of the Supreme Court decision to prevent the ban on digital money. Cryptos are money, and you need investment at the right time. You can do it easily by having a proper understanding of the same.
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