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The world is going crazy for cryptocurrencies right now. With the rise in popularity of decentralized finance (DeFi) and innovative blockchain-based projects on various platforms, more new cryptocurrencies are coming into the picture.
However, not all cryptocurrencies are created equal. Cryptos like Bitcoin, Cardano, Ethereum, and Tether have been shown regularly in the headlines and have gained a lot of prominence in the first quarter of this year.
Here is a list of the top 10 best cryptocurrencies to invest in India in October 2021.
1. Bitcoin (BTC)
Market Cap: More than $1 trillion
Being the oldest cryptocurrency in the market and the one that started it all, it’s quite intuitive to see why Bitcoin is the leading cryptocurrency in the market with a price value and market cap higher than any other cryptocurrency. Bitcoin’s price has seen a lot of volatility but still remains the benchmark for all the cryptocurrencies in the world.
With over 40% of the crypto market share, many businesses around the world accept Bitcoin as a viable form of payment, which makes it an easy and smart investment choice.
Aside from the fact that it’s the most popular cryptocurrency in the industry, big tech companies like Tesla have invested around $1.5 billion in it and are accepting it as a payment method for buying their cars. Additionally, Visa accepts Bitcoin for their transactions. It is definitely the best cryptocurrency to invest in 2021 for the long term.
2. Ethereum (ETH)
Market Cap: More than $406 billion
Ethereum isn’t just a cryptocurrency like Bitcoin; instead, it is also a network for developers to create their own blockchain projects and cryptocurrencies using the Ethereum ecosystem. Aside from Bitcoin, it is the second-biggest cryptocurrency when it comes to market capitalization.
The Ethereum network is being used for decentralized finance (DeFi), decentralized applications (DApps), NFTs (Non-fungible Tokens), and much more. And with the upcoming Ethereum 2.0 update, the market is eagerly waiting to invest more into it in the future.
Looking to trade ETH? Here are five things to keep in mind while buying or selling Ethereum.
3. Cardano (ADA)
Market Cap: More than $69 billion
Although not at the same level as Bitcoin and Ethereum, Cardano is very appealing to crypto investors as one of the top cryptocurrency choices to buy for many reasons. Firstly, it takes way less energy to complete a transaction as compared to a larger network such as Bitcoin. This makes Cardano faster, cheaper, and more efficient.
Its Proof-of-Stake algorithm is the main reason behind its improved transaction speed and decreased energy consumption. Similar to Ethereum, it also enables smart contracts and DApps to be built and published on its network and has an underlying native token called ADA. It has also seen steady growth in the first half of this year and is looking very promising to potential investors.
4. Ripple (XRP)
Market Cap: More than $50 billion
Created by Ripple Labs, XRP is a payment that can be used on Ripple’s network to facilitate the exchange of different currencies, including major cryptocurrencies and fiat currencies. Its primary goal is to make payments across borders simpler and easier.
XRP has seen a whopping 15,700% rise in its price since early 2017 and is predicted to rise even further. Therefore, it is definitely a solid choice for investors who are looking to buy a cryptocurrency right now. Given its rapid market growth and massive adoption, it is safe to say that it is the best cryptocurrency to invest in 2021 for the short term.
5. Tether (USDT)
Market Cap: More than $68 billion
Unlike most of the cryptocurrencies available in the market, Tether is a stablecoin. It is pegged to a fiat currency like US Dollar and supposedly keeps its value close or equal to the real-world currency. Theoretically, it is supposed to be more stable and consistent than other cryptocurrencies, hence the name ‘stablecoin.’
Tether’s stable nature as compared to other cryptocurrencies out there makes it profoundly favourable to investors who are wary and careful about the extreme volatility of other cryptocurrencies.
6. Solana (SOL)
Market Cap: More than $43 billion
Like Ethereum, Solana has come to be one of the leading faces of DeFi and a platform where users can easily create powerful and useful decentralized applications without needing any intermediaries.
The network claims to provide both faster transaction speed and considerably lower fees, thanks to its hybrid PoS (Proof-of-Stake) and PoH (Proof-of-History) mechanisms. Its native token SOL powers the whole platform.
This year alone, SOL’s price has moved up by more than 100-fold, from $1.5 to about $160 per token. It has become one of the top 10 cryptocurrencies in the world by its market capitalization and is quickly rising to become one of the primary choices of investment in the cryptocurrency market.
7. Dogecoin (DOGE)
Market Cap: More than $29 billion
Pushed by Tesla and its founder Elon Musk, Dogecoin has become a new breed of cryptocurrencies where the market price and fluctuations are highly related to their popularity on social media and other internet platforms. It has definitely given a lot of encouragement to all altcoins that were trying to make their name in the crypto market.
8. Binance Coin (BNB)
Market Cap: More than $77 billion
Made by the biggest cryptocurrency exchange in the world, Binance Coin is a unique decentralized ecosystem and has benefited a lot from increased investor interest in it. It went through a substantial rise in its price in the early half of this year, putting it on the map of leading crypto investors.
Binance Coin (BNB) is one of the few cryptocurrencies to reach its peak after 2017 and follow a bullish market trend in the same year. It continued its growth at a constant rate after 2017 and has proven to be one of the best cryptocurrencies to invest in for the long term due to its relatively stable nature and lesser risks involved.
9. Polkadot (DOT)
Market Cap: More than $34 billion
Polkadot is a blockchain-powered multichain protocol that enables the cross-chain transfer of any type of asset or data and not just tokens, therefore allowing interoperability between blockchains and also simplifies and secures the creation of new applications and services.
It uses a Proof-of-Stake consensus mechanism and its own relay chain to enable the true sharing of information and transactions of blockchain in its network. It is easily one of the best and most innovative cryptocurrencies to invest in for its bright and promising future.
10. ChainLink (LINK)
Market Cap: More than $11 billion
ChainLink is currently the most widely used oracle network that enables universally connected hybrid smart contracts, thus attracting numerous reputed data providers like Brave New Coin, Huobi, and Alpha Vantage. It is one of the very first blockchain networks to allow the integration of off-chain data with smart contracts.
ChainLink (LINK) price experienced a huge bull run between mid-2019 to mid-2020 and has become one of the most popular cryptocurrencies in the market. It is undoubtedly a safe and sound choice for investing in cryptocurrencies right now.
Yes, with exchanges like WazirX, you may invest in cryptocurrency in India. To begin, go to the WazirX website and register. After that, you will receive a verification email. The link received by verification mail will only be available for a few seconds, so make sure you click it as quickly as possible. This will successfully verify your email address. The following step is to set up security, so choose the best solution for you. After you've set up the security, you'll be given the option of continuing with or without completing the KYC process.
Bitcoin has had the highest market capitalization, has been around the longest, has the most experienced development team, and has enormous network impact and brand recognition. As a result, while trading cryptocurrencies, the rate of return on Bitcoin is commonly used as a benchmark. However, the risks associated with cryptocurrencies remain, and the safest cryptocurrency for you depends on your analysis.
Cryptocurrency investments are subject to market risks, but if sufficient security measures are not taken, trading accounts can be maliciously accessed. Investments come with risks and uncertainties, and we cannot claim that any digital currency investment is risk-free. Buying and selling cryptocurrencies can be risky even if the trader is knowledgeable about the market and treats their coins carefully.
The best cryptocurrencies to invest in would be the ones you study and analyze in detail. Some of the most popular cryptocurrencies include Bitcoin, Ethereum, and many altcoins such as Tron, Ripple, Litecoin, etc.
Cryptocurrency mining can be time-consuming, expensive, and sporadically profitable. Mining has an appeal for many cryptocurrency enthusiasts as miners are paid directly with crypto tokens for their efforts. The legality of cryptocurrency mining is dependent on where you live. In India, there is no restriction on crypto mining.
The Bitcoin market is unquestionably more volatile than the stock market. This may not be the market for you if you are incredibly risk-averse. Ethereum, on the other hand, may be a terrific investment for you if you're a diamond-handed investor who won't lose sight of short-term losses. Ethereum is a relatively safe investment as it is also based on blockchain.
Cryptocurrency can be purchased in two ways: through mining or exchanges. The process of confirming and adding transactions to the blockchain public ledger is known as cryptocurrency mining. Cryptocurrency exchanges are another option. Exchanges make money by charging transaction fees, but there are alternative platforms where you may communicate directly with other cryptocurrency traders.
Cryptocurrencies can be safe, but your crypto wallets can be hacked if proper security steps are not performed.There are also dangers and uncertainties associated with investments, and we cannot declare any virtual currency investment risk-free. Buying and selling cryptocurrencies does not have to be dangerous if the trader is well-versed in the market and treats his coins with care.
Bitcoin is a cryptocurrency that was designed to facilitate cross-border transactions, eliminate government control over transactions, and streamline the entire process without third-party intermediaries. The absence of intermediaries has resulted in a significant reduction in transaction costs. Satoshi Nakamoto, the creator of Bitcoin, created the first cryptocurrency in 2008. It began as open-source software for money transfers. Since then, plenty of cryptocurrencies have emerged, with some focusing on specific fields.
Cryptocurrency has the potential to make you extremely wealthy, and the potential to cause you to lose your money. Crypto assets, like any other investment, come with many risks and potential rewards. Fundamentally, cryptocurrency is an excellent investment, particularly if you want to gain direct exposure to the demand for digital currency.
Satoshi Nakamoto invented cryptocurrencies and the technology that makes them function in 2009. The presumed pseudonymous individual or persons who invented Bitcoin used this identity. In addition, Nakamoto created the first blockchain database. Even though many people have claimed to be Satoshi Nakamoto, the person's identity remains unknown.
In India, cryptocurrency is legal, and anyone can buy, sell, and trade it. Because India lacks a regulatory system to regulate its operations, it is presently uncontrolled. According to the Ministry of Corporate Affairs, companies must now document their crypto trading/investments inside the financial year.
Pi Network (PI) is the newest digital token to catch the cryptocurrency community's interest, even before it has wholly debuted. Some users see it as a chance to get engaged in a cryptocurrency from the beginning and profit in the future, similar to how early Bitcoin adopters made huge profits by mining and keeping the coin. Other users have compared Pi to a worthless multi-level marketing (MLM) scheme.
Virtual currency is a type of uncontrolled digital currency that can only be used online. It is exclusively stored and transacted using designated software, mobile or computer applications, or unique digital wallets, and all transactions are conducted through secure, dedicated networks. Because digital currency is just currency issued by a bank in digital form, virtual currency is not the same as a digital currency. Virtual currency, unlike ordinary money, is based on a trust structure and cannot be issued by a central bank or other banking regulatory organization.
A cryptocurrency is a digital currency that is secured by the process of cryptography, making counterfeiting and double-spending almost impossible to happen. Blockchain technology is used to produce cryptocurrencies ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a centralized authority does not issue them.
Litecoin has an 84 million coin limit and a 12.5 LTC block reward, which is more than other cryptos. Miners will find that mining Litecoin is faster than mining any other cryptocurrency because the average time to mine a Litecoin is under two minutes. Because of its increasing popularity, Litecoin is the best of all the altcoins. At WazirX, the current price of Litecoin is ₹12,410.22.
Many altcoins are flourishing to invest in. Some cryptocurrencies with great potential are Ether, Ripple, Tron, and more. Investors are trying to diversify their portfolios and are flocking to the leading cryptocurrencies. Many growing businesses are already accepting cryptocurrency as acceptable payment methods.
No, cryptocurrency is not banned in India. India has seen its ups and downs in the crypto sector concerning its legal status. The Reserve Bank of India (RBI) issued a circular in April 2018 advising all organizations under its jurisdiction not to trade in virtual currencies or provide services to assist anyone in dealing with or settling them. A government committee proposed outlawing all private cryptocurrencies in mid-2019, with up to ten years in prison and severe penalties for anyone dealing in digital currency. The Supreme Court overruled the RBI's circular in March 2020, allowing banks to undertake cryptocurrency transactions from dealers and exchanges.
Crypto or a cryptocurrency is a digital currency protected by cryptography, making counterfeiting and double-spending nearly impossible. Blockchain technology is used to produce cryptocurrencies (a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a government does not issue them. The word "cryptocurrency" refers to the encryption methods employed to keep digital currencies and the network secure.
Cryptocurrencies are legal in India, and anyone can purchase, sell, and exchange them. It is currently uncontrolled, as India lacks a regulatory structure to oversee its operations. Per the Ministry of Corporate Affairs, companies must now record their crypto trading/investments within the financial year. In cases where a person receiving the gains is an Indian tax resident, or the cryptocurrency is regarded as domiciled in India, cryptocurrency transactions have been taxable in India
There are over 5000 other digital currencies available on the internet in addition to Bitcoins. The only problem is that they haven't gotten the users' attention. Besides Bitcoins, a few other digital currencies have gained popularity among users. It's been more than ten years since Bitcoins were first released, and now they've achieved new heights thanks to their phenomenal success.
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is the process of verifying and adding transactions between users to the blockchain public ledger. Purchasing cryptocurrency in India is a straightforward procedure where investors simply participate by registering with a crypto exchange such as WazirX. After registering for an account, citizens can trade multiple cryptocurrencies, store cryptocurrency in wallets, and more.
Cryptocurrencies use cryptography technology to keep transactions and their units (tokens) secure. Cryptocurrency works via a technology called the blockchain. A blockchain is a decentralized technology that handles and records transactions across numerous computers. The security of this technology is part of its value.
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is considered the procedure of verifying and adding transactions to the blockchain public ledger. Another option is via cryptocurrency exchanges. Exchanges generate money by collecting transaction fees, but there are alternative websites where you can interact directly with other users who want to trade cryptocurrencies.
In India, cryptocurrencies are legal; anyone can purchase, sell, and trade cryptocurrencies. They are currently unregulated; India does not have a regulatory framework in place to regulate its functioning. According to the Ministry of Corporate Affairs (MCA), companies must now declare their crypto trading/investments during the financial year, according to the Ministry of Corporate Affairs (MCA). Cryptocurrency transactions have been taxable in India when people receiving such gains are Indian tax residents or where the crypto is considered to be domiciled in India
A cryptocurrency is a digital currency secured by encryption, due to which chances of activities such as counterfeiting and double-spending taking place get close to impossible. Cryptocurrencies get created on blockchain technology ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are unique in that they do not get issued by any central authority. The term "cryptocurrency" comes from the encryption techniques used to keep digital currencies and the network safe.