Crypto Trading Rises in India after the Supreme court uplifts ban on cryptocurrency
In April 2018 on demand of RBI, a blanket ban was imposed on cryptocurrencies which nearly closed 173 platforms. But finally, after two years of an uphill battle, the cryptocurrency got justice. Cryptocurrency is an internet-based medium of exchange which uses cryptographical functions to conduct financial transactions. All the transactions in crypto trading happen with the help of bitcoins. The most prominent feature of a cryptocurrency is that it is not controlled by any central authority (like RBI in our country), where all payments have to enter and leave from the central hub. With cryptocurrency, the user enjoys a decentralized power with the help of blockchains in the game.
Initially, several startups mushroomed in cryptocurrency space in India but during the ban, most of them were left with no other option but to either shut or relocate their bases. But after the return of favorable conditions, new entrepreneurs are blooming again. And this bloom is evident with the rise in the crypto trading.
There are several advantages that cryptocurrency give over traditional means. With crypto trading, there is the freedom to pay. As bitcoins are virtual assets, one can send or receive money from any part of the world. Crypto trading also provides a transparent medium for all the transactions. This means that your wallet address is visible during the transaction while your details remain hidden. Thus, they reduce the chance of falseness.
Another beautiful advantage of Bitcoin payment is that they charge low fees. Usually, the fees depend on the cryptocurrency exchange, but there are little to no fees within Bitcoin payments. Although having low fees is the norm, additional fees will be included. Transactions with higher fees are faster and prioritized in the network. This makes the startups getting back in the game.
As crypto trading is increasing day by day it is increasing demand for blockchain developers, designers, engineers, business analysts, content creators, and so on. Thus, creating many new jobs in the market. Due to all of these advantages in cryptocurrency trading, its demand is increasing day by day and as a result, cryptocurrencies will give the necessary boost to our economy.