When it comes to money-making, investments and hustle, India is a nation that has proven to excel at these activities. That is why it’s no wonder that when the idea of cryptocurrency was introduced to India, the nation became one of the most enthusiastic buyers and traders in the world.
Despite the fact that the government seems to be taking a hard stance against digital currencies, Indians keep accumulating and trading in the scene.
Below is a roundup of the top cryptocurrencies that are being bought and traded in India.
With the biggest capitalization in the cryptocurrency, Bitcoin still holds the throne as the king of the crypto realm. Bitcoin holds a large influence over the cryptocurrency markets globally. In fact, if Bitcoin prices start to slump, other coins will also slump or even dip.
Hence, you can say that Bitcoin is the big boy, and it’s a good idea to hold a substantial amount of the said coin to serve as the “backbone” of your portfolio.
When it comes to buying Bitcoin, the recommended strategy is to buy and hold. Trying to time the prices may be disastrous because of its highly volatile nature.
It’s also a good idea to keep up with the important news concerning Bitcoin’s development. You can think of it as your fundamental analysis.
While there’s only a slim chance that Bitcoin might fall, it can still happen nevertheless. That’s why the cryptocurrency experts at Total Bitcoin recommend that you keep your ears to the ground so you would be able to react quickly if the price drops significantly.
Another popular cryptocurrency in India is Litecoin. This digital currency is getting its fair share of attention because it has a niche of its own.
Bitcoin may be king right now, but it’s not a coin that you would want to use for low-value transactions. Bitcoin networks carry a relatively expensive transaction cost. In some cases, Bitcoin transactions can go as high as $30, which isn’t ideal if you want to purchase something inexpensive like a cup of coffee.So, at the moment, Bitcoin is rather used as a store of value, rather than a coin that’s used for currency. This is why Bitcoin is often compared to gold with some major investors tagging it, “digital gold.”
With Litecoin, transaction costs are very small, like just mere cents. There are a couple of reasons for this. The main cause for why Bitcoin transaction costs are high is because it’s the most-used network right now. And since transactions work similar to a bidding war (the higher you pay, the faster your transactions are going to be processed), the more people that use Bitcoin, the more people will pay higher fees to get processed first.
Litecoin has only a fraction of users compared to Bitcoin, and that means that the bidding war is not that severe yet. Also, Litecoin has fundamental differences that allow for cheaper and faster processing. For example, Litecoin blocks are produced every 2.5 minutes on average, which is a lot faster to Bitcoin’s rate of one block per 10 minutes. Litecoin has also bigger block size limits compared to Bitcoin’s block size limits.
Because of Litecoin’s niche as being the coin with faster and cheaper transactions, it’s a good idea to buy some for your crypto portfolio.
It’s been said that if there’s a coin that de-thrones Bitcoin, then it’s likely that Ethereum is going to do it. Ethereum is a unique kind of coin because of its smart contracts feature.
Traditionally, when you have a contract, you usually have two parties involved agreeing to a set of terms. When the terms are met, there’s a third party that executes the contract or enforces the two parties to adhere to what’s written in the terms of the contract. Now, smart contracts are replacing the job of the third party enforcers. This means that when the terms or agreements are “met,” the contract executes automatically.
Because of this unique feature, Ethereum has actual utility on top of being a currency. This is the reason why Ethereum may come up on top of Bitcoin in the future.
One of the main selling points of Bitcoin is that it protects your privacy. But in reality, Bitcoin is only pseudo-anonymous. This is because in the public ledger, the information of the sender, the receiver and the amount are always present. With a bit of detective work, you can follow the money trail which then exposes the identity of the wallet’s user.
Monero is a cryptocurrency that is on the extreme side when it comes to providing anonymity.
It is truly privacy-centric. With Monero’s network, everything is hidden. As such, there is no information about who is sending, who is receiving, the amount that’s being sent and the amount inside the wallet. In fact, even when sending coins from one wallet to another, the coins pass through several layers of “tumbling,” which makes it impossible to follow the “money trail.”
Because of this feature, Monero is becoming the coin of choice for many users—especially those located in India, where digital currency usage is high.
Dash is also unique as it is a coin that has a built-in autonomous, self-governing system. This means that having a node in the Dash network allows you to have a vote for future developments. Also, a portion of Dash’s coin distribution system automatically funds the “treasury,” which is essentially a pool of money that’s used for the development of Dash.
So, who decides what to develop? Anyone with a node can “submit” a proposal, and each node can vote yes or no.
Two helpful additional features of Dash includeInstantSend, which allows faster processing due to its two-layer confirmation approach, and PrivateSend, which is more anonymous because of the use of a “tumbler” system.
So that’s it for now. The cryptocurrency markets can rapidly change in mere days. What are the leaders at the moment may not be the leaders a year later.
But for now, the digital currencies mentioned above are the ones that are heavily favoured in India.