FAQs
Explore the FAQ section to find answers to common questions about cryptocurrency, blockchain, legal compliance, and more. Gain valuable insights and clarity as you navigate the dynamic world of digital assets with confidence.
What is Cryptocurrency?
Cryptocurrencies are digital currencies that operate on a secure technology called blockchain and use cryptography for safety. They are decentralized and don’t rely on a central bank. Unlike traditional currencies, their value depends on market demand and supply. You can use cryptocurrencies to buy things, transfer funds, and trade in markets. Popular examples include Bitcoin, Ethereum, Litecoin, Ripple, and Cronos.
where to buy crypto?
For simple buying and selling, use brokerage services like CoinDCX, WazirX, and Binance App, available on Apple Store and Google Play.
Utilize cryptocurrency exchanges like CoinDCX, and WazirX Exchange, offering advanced features such as trading instruments and derivatives.
Explore peer-to-peer (P2P) marketplaces, or DeFi, where buyers and sellers can trade cryptocurrencies directly. Access multiple P2P crypto marketplaces with ease through the Crypto.com DeFi Wallet.
Is cryptocurrency legal in india?
Yes, cryptocurrency is legal in India. In 2020, the Supreme Court of India overturned a ban on cryptocurrency trading that had been imposed by the Reserve Bank of India (RBI). Since then, the government has taken a more cautious approach to regulating cryptocurrency, but it has not banned it outright.
In the 2022-2023 Union Budget, the government announced a 30% tax on gains from cryptocurrency trading. The government also said that it would be working on a framework for regulating cryptocurrency.
What is bitcoin?
Bitcoin is a popular digital currency that operates on a decentralized network. Created in 2009 by an anonymous person or group, it offers an alternative to traditional money controlled by banks and governments. Transactions are recorded on a transparent ledger called the blockchain. Bitcoin can be bought, sold, and used for purchases, with a limited supply of 21 million units. Its value can change quickly due to market factors. Many traders and investors view Bitcoin as a store of value and a way to engage in the expanding world of cryptocurrencies.
How to buy Crypto?
- Choose a crypto platform like CoinDCX, WazirX Exchange or App.
- Create an account, complete ID verification (KYC), and deposit funds.
- In the platform’s ‘Buy’ section, select the desired crypto and enter the amount.
- Confirm the transaction and receive the crypto in your account.
is cryptocurrency safe for investment?
The safety of cryptocurrency as an investment depends on various factors. While cryptocurrencies offer potential for high returns, they also carry inherent risks. Factors such as market volatility, regulatory changes, cybersecurity threats, and potential scams can impact the safety of investing in cryptocurrencies. It is essential to conduct thorough research, diversify your portfolio, and exercise caution when investing in cryptocurrencies.
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