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Do you know the similarity between India’s GDP in 2020 and the total capitalization of the global crypto market as of October 2020? They both stand at $2.6 trillion. This one statistic is enough to show how cryptocurrency is growing by leaps and bounds. The Indian economy is enticing to any growing business.
Further, despite the legal ambiguity, India is home to the highest number of cryptocurrency owners in the whole world, amounting to over 10.07 crores crypto investors. Surprising right? And to maintain this lead in the long run, in this article, we will give you the exclusive list of the top cryptocurrencies you can consider buying in India in December 2021.
Should You Invest in Cryptocurrency?
Cryptocurrency has seen massive growth after RBI lifted the ban from crypto trading in March 2020. Since then, India’s crypto market has grown by 641%. One of the pillars that help the cryptocurrency market grow exponentially is the presence of reliable and easy crypto trading platforms like WazirX. In an official statement, it confirmed that it had experienced a growth of 2,648% in users signing up from tier II and tier III cities.
Cryptocurrency now is more than a speculative concept. It is an asset for every investor for their long-term goals. If you are an existing crypto investor or a newbie just diving in, read ahead to know the top 5 cryptocurrencies to buy in India in December 2021.
Top 5 Cryptocurrencies to Buy in India in December 2021
5. Polygon (MATIC Network)
Polygon (formerly known as MATIC network) is an Ethereum token of Indian origin. Polygon uses level 2 side chains that allow it to execute faster and cheaper transactions. Ethereum and cheap? Yes, you heard it right. Polygon was created to eliminate the issue of high transaction costs in Ethereum. By using a decentralized platform, Polygon improves interoperability between Ethereum and other networks. This makes it one of the best cryptocurrencies to buy in India in December 2021. Read more about Matic/Polygon here.
Current Price of Matic in India: ₹146.700 on WazirX
4. USDT or Tether
If you are looking for the least volatility, then USDT or Tether can be your best bet in the market. Tether is a stable coin and can be used as your buy-hold strategy to save your assets until you want to invest further. If you’re fond of the rollercoaster ride of the cryptocurrency market, then USDT will be really boring to you. However, as an intelligent investor, you must know the importance of such stable coins. Tether is a fiat-collateralized stable coin that allows you to make transactions with anyone without the involvement of any third party. Therefore, it is one of the top cryptocurrencies to buy in India for investors of all levels.
Tether or USDT is a 1:1 currency peg for USD, Offshore Chinese Yuan, and Euro. This stable coin represents the value of its underlying assets. WazirX is one of the leaders to have introduced Tether in the Indian market, and you can know more about Tether or USDT here.
Current Price of USDT in India: ₹80.73 on WazirX
3. Ether or ETH by Ethereum
Ether by Ethereum is the second most popular cryptocurrency in the whole world. This is also one of the top cryptocurrencies to buy in India. Ethereum can be called the fastest growing cryptocurrency after Bitcoin that introduced the concept of programmable blockchain, and therefore, NFTs and much more, in the global market.
Ethereum uses decentralized apps and smart contracts to make the most of the investments. Currently, Ether’s circulating supply surpasses over 111 million around the globe. Other than monetary transactions, you can execute any kind of transaction involving smart contracts and dApps using Ether. To know more about why Ether by Ethereum is one of India’s top currencies to buy in December 2021, have a look here.
Current Price of ETH in India: ₹3,04,589.0 on WazirX
2. WRX by WazirX
WazirX is undoubtedly the best crypto exchange platform in India. To boost the cryptocurrency market in India, WazirX introduced its own utility token, WRX advancing the trend #IndiaWantsCrypto. You can effectively use WRX as an intermediary whenever a currency pair exchange isn’t available. Other than crypto trades, you can use WRX for transactions with the rupee, transactions for NFTs, and much more. This is why WRX is deservingly one of the top cryptocurrencies to buy in India.
Current Price of WRX in India: ₹86.68 on WazirX
1. Bitcoin or BTC
Bitcoin has been the longest on the crypto scene and has the loftiest price and request capitalization. Bitcoin, the world’s first cryptocurrency, has been a popular topic of conversation around the globe since its inception in 2009. The original concept of Bitcoin was to create a decentralized digital currency that could be exchanged globally, free from the control of any central authority. However, despite many challenges since Bitcoin’s inception, it has emerged as one of the top cryptocurrencies to buy in India.
Bitcoin was already formally accepted as payment at thousands of merchandisers and websites, including the likes of Tesla, Microsoft, and numerous other global brands. But it’s still a great asset more than anything else. Bitcoin started its journey from just $0.08 and hit the graph with $66,930 in November 2020. Over 40% of young Indians own Bitcoins. With the rise of the popularity of cryptocurrency, BTC is the talk of the town. Visit here to know more about this crypto leader.
Current Price of BTC in India: ₹37,97,201 on WazirX
Final Takes, Invest with WazirX
So this was our list of top cryptocurrencies to buy in India in December 2021. No matter which cryptocurrency you choose to invest in, it is important to execute all your trades through reliable trading platforms like WazirX. It is the perfect platform for traders of any age. WazirX allows you to invest in over 100 cryptocurrencies with advanced security features. Fast and secure transactions through WazirX is a dream come true for any investor. So exchange with WazirX, join the trend #IndiaWantsCrypto.
Is Ethereum Safe To Invest?
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.
How To Invest In Cryptocurrency?
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.
What Is The Safest Cryptocurrency To Invest In?
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.
How Safe Are Cryptocurrencies?
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.
Who Invented Cryptocurrency?
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.
How To Invest In Cryptocurrency In India?
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.
Are Cryptocurrencies Legal In India?
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.
Is Cryptocurrency Banned In India?
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.
What Is Virtual Currency?
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.
Can I Invest In Cryptocurrency?
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.