We don’t have to say that Bitcoin is the most popular cryptocurrency in the world, no matter what, but not everyone is able to mine it or earn it. Some people are more enthusiastic about other currencies, and there are a lot of them – like over 4,000 crypto money people can exchange and make some profit. In India, there was a ban over cryptocurrencies between July 2018 and March 2023, and people weren’t able to be active on the market, because of their status.
When we talk about India, we have to mention that the legal status of the cryptocurrencies there is not completed, and there are some risky and tricky things people there should be aware of. The Indian government said they don’t consider cryptocurrencies as a legal payment method, and that they are planning to take measures against illegal financial activities. On the other hand, while there are no active legal restrictions, people in India are able to exchange and trade.
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So, we can say that investing, trading, and exchanging are ranked as grey economy activities, and for years, the government is telling the people they will have to strictly regulate these activities. But, until then, let’s see which currencies they love – without mentioning Bitcoin because everyone loves it.
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According to the most popular crypto exchanges in India, people there prefer Ethereum over the other cryptocurrencies. The principle of working is similar to Bitcoin, and many people don’t know that the name of the currency is Ether, and Ethereum is the equivalent of blockchain. But, since a lot of us accepted Ethereum as a name, it’s still widely used in India. The reason why the crypto enthusiasts like it, is that is open-source, decentralized, and easy to earn. The current rate is 1 Ether to $1,789, and that’s equal to 130,205 Indian Rupee.
Ripple ensures instant and free global transactions, since it’s a payment protocol, and their cryptocurrency is known as XRP, but people usually refer to it with the source’s name. XPR takes a large volume of the trading activities in India. People are more comfortable using less popular currencies than Bitcoin because there are no large price fluctuations. Also, there is no way of chargeback once the transaction is completed, so the traders shouldn’t worry someone will try to scam them.
This is another top-traded cryptocurrency in India, through the most popular trading platforms, like Wazirx, Coindcx, Koinex, and many other exchanges that are well-known there. Tron is using a combination of blockchain and peer-to-peer networks, and they are trying to overcome the gaps between the creator of the currency, and the consumers. Its value is not very big, one Tron is worth less than one dollar, but knowing the financial situation of the general population in India, it’s still profitable for them. And when we say less than one dollar, we mean the approximate value from February 2023 was around $0.11, with no expectations that someday it will be worth more than $1.
4. Bittorrent token
This is a pretty new currency in the world, but it’s widely recognized in India. It’s a part of the Tron blockchain, and the BTT users are rewarded with tokens, by sharing files that are accessible to the general audience. It’s still in a development phase, and instead of investing in it, Indians prefer to exchange for other currencies, or even get paid for their services. The chances that it will reach $1 one day are highly unlikely since it has to grow its current worth by about 700 times more. But, the good thing is that it’s pretty stable when it comes to price fluctuations. The reward you get is for your activity in seeding torrents, but you can’t expect a huge profit from it.
Knowing the fact that the Indian authorities still have to regulate the crypto actions in the country, people there don’t risk investing in commercial cryptocurrencies, because there is a chance that they won’t be able to access them. The most profitable crypto there, right now, is Ethereum (if we don’t count the Bitcoins), creating exceptional returns within the popular exchanges. Also, investing is not illegal, but the government considers it like that – but while there are no strict regulations, the market is free and accessible to everyone. Until then, the people should be aware that the transactions are taxable because they are considered capital gains.
On the other hand, we can’t say that cryptos are illegal, anywhere. It’s just the governments that don’t know how to regulate them, and they decide to put limits or ban them. In India, banks aren’t allowed to perform crypto transactions, and that’s one of the reasons why online exchanges are very popular. The Central Bank there has an idea to make a local digital currency to regulate the crypto market.
And of course, as you can see, the most popular cryptocurrencies in India, we listed in this article, aren’t expensive, and they are pretty affordable for those who are sure they want to take a part in investing and trading.
And when we talk about people there, they are still skeptical about the existence of digital money, for the same reason many people dislike them – they can’t hold them in their hands, just like they do with real money. Also, the value of the crypto coins is what the people turn them to. The banks were worried that digital money will overtake fiat currencies, but that won’t happen, because the crypto market is a completely new system, with unique rules and regulations. So, they won’t overtake the market but will make a nice addition, so the people can have more payment options.
Until then, there is always hope that the Indian regulations will be positive for the traders, and they won’t completely ban cryptocurrencies.