Cryptocurrency has become a lucrative financial asset for investors these days with its scope to provide steady returns, despite its volatile nature. Being a form of a digital asset, cryptocurrency is primarily based on a network that is distributed across a large number of computers. The decentralized structure of the virtual currency allows it to exist without the control of governments or regulation of any central authority.
Ever since billionaire Elon Musk's electric vehicle company Tesla Inc invested in the world's largest cryptocurrency- bitcoin, leading crypto coins such as ethereum, dogecoin, and bitcoin have caught the attention of the bigger investors as well as the common man.
In India, many are still advocating the classification of cryptocurrency as an asset. Recently, Finance Minister Nirmala Sitharaman said that the cabinet note on the cryptocurrency bill is ready and the Cabinet is yet to clear the same. Presently, cryptocurrencies are under no regulation in the country, which often makes it risky for investors.
However, one must know the basic steps of investing in cryptocurrency. Here is how you can invest in crypto coins such as bitcoin, ethereum, dogecoin in India:
Step 1: Find the right crypto exchange
Since there is no established structure for trading in cryptocurrency yet, crypto exchanges are the platforms where people can buy and sell their digital assets. In India, some of the more popular exchanges are WazirX, CoinDCX, and CoinSwitch Kuber.
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