Knock-back to the past, the cryptocurrency had gone through crucial heights and downfalls. Yet, the journey of cryptocurrency in India is not so calmer. It holds upa boom and recession in the market from the last couple of decades. Though, after all,the Supreme court of India has opened all the ways for exchange in cryptocurrency in India. The Supreme court has imposed a ban in 2018 to trade from any means in cryptocurrency in India. Since March 2020 the Supreme court legalized cryptocurrency in India.
Proceeding forward to the major consequences and happenings, initially, we shall have a brief on what Cryptocurrency is? Cryptocurrency is an online exchange of goods and services, this working is popularly known as Cryptography. How does this online exchange system work? There is a common means for securing cryptocurrency’s database exchange and transactions named Distributed Ledger Technology (DLT). The major work of DLT is to secure confidential information relating to all the transactions and to keep them collectively under one niche. Every transaction or record here known as a block that makes a Blockchain consists of the list of transactions.
Looking towards the past years, from the introduction of cryptocurrency in India to its recognition and the prospects the drive has gone through many ups and downs. Let’s have a year-wise look on this journey.
The very first transaction done through cryptocurrency in India is in 2009. After which in 2010 10,000 Bitcoins were paid in exchange for 2 pizzas. This was the first actual sale of Any product through Bitcoin.
2012: As the small market was created where mostly Bitcoin transactions take place. This system was at its stage of introduction and creating its market all over the country.
2013: Now this new form of exchange system is earning recognition all over which somewhere worked to gain popularity. This year is also important as one of the Restaurant (Kolonial) in Worli, Mumbai is been the first service provider to accept payments in the form of Bitcoin for its service. Due to this popularity, many startups have entered this trading. We as flitpay an online cryptocurrency trading website entered the market this year.
2016: Though in these couple of years Cryptocurrency made its place in the Indian market by the rise in its value hence the rise in usability as well.
This year was the golden period in the History of cryptocurrency in India. When demonetization was imposed by the government across the country in 2016. The uncertainties to keep cash and to use cryptocurrency for the transactions rose. Moreover, where people need a source to do transactions with minimum risk, Cryptocurrency fitted to the frame and acted as the best substitute with long-lasting benefits. This period gave boom in the cryptocurrency market as Bitcoin and other cryptocurrencies were purchased in the massive amount. Adding to this boom period Flitpay got heights and being one of the liked trading platforms in India.
Though at the end of this year cryptocurrency was also used in investment on shares, e-services, and online shopping.
2017:Bitcoin crash happened in 2017 because the government said that this market has many possibilities of fraud and sent a warning against the continuity of exchange. The other reason behind this crypto crash is China’s being against this Cryptocurrency Trading platform and virtual currencies.
2018: In the budget 2018-19 in the speech of the Finance minister it was announced that Cryptocurrencies are no longer Legal tender in India with concerns to market risks and uncertainties. Following this RBI imposed a ban on the buying and selling of Cryptocurrencies in India. Finally, a draft bill was passed which prohibits any sort of activity relating to cryptocurrency in India. Due to this ban many cryptocurrency businesses affected largely, one of those was Flitpay which just started to have gains and market experiences, is now going through an unexpected fallback.
2020: Finally, after two years of wait Indian crypto community got the Supreme court’s judgment on their behalf to legalize all cryptocurrency practices in India. This judgment was given against the ban by RBI in 2018. From the viewpoint of Flitpay, this decision was a long-awaited thing. Flitpay has comeback with this decision in its full flow to serve the traders and investors again.
As of now to buy cryptocurrency in India is accessible to each one of us. But it does not mean that its uncertainties have washed away. Taking some preventive measures while dealing with virtual currencies is smart dealing. Cryptocurrency is a non-regulatory body and does not impose any rules and regulations nor by any legalized authority or any government body. Cryptocurrency works on a ledger named blockchain which always has a certain risk of hacking because the crypto market runs on technology. Your keys or addresses can be theft intentionally to have profitable benefits. As it is not regulated by any authority or have any security of your investments, only your understanding of trading will act as a shield for your investments.
Before going with any type of exchange in cryptocurrencies or investing it is obvious to understand its functioning otherwise it will indulge to have leading losses. The foremost is to understand the blockchain on which the whole system works. Losing your public address or any other important information will cost you a lot. For this, Flitpay has a good security system that is nicely programmed to save your all data and to secure your information.
Probably in the crypto market without knowing market predictions will not going to help you in any way. Knowledge regarding market ups and downs is a must and as vital to keep growing in the world of cryptocurrencies. Though, market uncertainties are there and will be. Here, Flitpay provide you a practice trading which does not lose you anything but will help you to get knowledge about market predictions and crypto world working by trading live.
In a present scenario, after lifting of the ban imposed by the RBI cryptocurrency market is moving to get its old position in trading. As per market analytics, cryptocurrency traders are expanding rapidly in India. Many of these market analytics searching for cryptocurrency trading platforms to start their trading. With this soaring interest very soon this technology-driven trading system will be at the peak among other investment credentials.
Future prospects of Cryptocurrency in India: As mentioned above, after demonetization in 2016 cryptocurrency in India has done remarkably well and worked as the best substitute. In the times, where you can deal virtually without any expert know-how of virtual trading, cryptocurrency is not a bad idea. Though with the return of the crypto market it will directly expand business and trading in India like Flitpay. Cryptocurrency will bring positive modifications to the market and investments.
Probably, cryptocurrency in India had gone through many harsh as well as good times. But if we sum up, imposing a ban was not a great idea but somewhere it helped a lot to get its recognition in a country like India where people are not that much known with this virtual world of trading. If we talk about uncertainties, the 2016 demonetization is the best example to relate to the uncertainties in the physical world. Concluding to this point, uncertainties are everywhere but your wise decision will help you to combat those risks and will bring positive outcomes.
To have good trading experiences visit www.fitpay.com
Original post source: https://www.flitpay.com/blog/the-journey-of-cryptocurrency-in-india