With the rise of digital transformation around the globe, the medium of exchange has seen many paradigm shifts. But with the rise of Bitcoin in India, the traders and investors sensed the volatile nature of cryptocurrency. They also accepted the fact that sooner the cryptocurrency is going to be the new medium of exchange. Let's illustrate the possible reasons why cryptocurrency has become the need of an hour in India.

Cryptocurrency in India: A Few Reasons for Its Popularity

With the rise of Bitcoin in India, people have witnessed the digital form of money for the first time. Although people were aware of digital assets, the digital money that can be the medium of payments attracted Indians. The reasons why cryptocurrencies have witnessed such hikes in India. Here are a few reasons:

No Human Involvement

Cryptocurrency in India was a ray of the new dawn to many businesses. The adoption of cryptocurrency in India led companies to make international transactions with no extra fee and glitches. Since cryptocurrencies are based on decentralized methods; therefore, the involvement of any government body doesn't come into play while you have international transactions. 

Cryptocurrency has opened a new door of investment and repayments for its holders. Maybe due to government regulations, your access to some funding or transfer may get denied. But with cryptocurrency, there is not an option of denial.

Transparency

Cryptocurrency beholds the same dynamics as equities in the monetary market. Since, the cost of cryptocurrency is traded in the market, people of India can invest and can sell and buy simultaneously as they use blockchain technology. People are doing so only because it gives better ROIs as compared to different investments. 

The usefulness of cryptocurrency has helped many startups in their establishment. Even nowadays, in a single-lot auction, people can now bid using cryptocurrencies. Ain't the beginning of the new era senses to you? Well, it sounds to us. In contrast, people around the globe are developing new technologies and software programs for blockchain to use in the simplest form possible. There are many initiatives you can heard going-on in different parts of the world. Such innitiatives are encouraging more and more India of come forth and join the league.

Secured Transaction

According to the statements of the big names, the cryptocurrency and the blockchain technology is unhackable. As the entire concept of cryptocurrency runs on the technology we call blockchain is for preventing us from fee scam. Due to the availability of data to everyone, it encourages transparency. 

With a shared ledger, it prevents from temparing of data, so, the data shared is accurate and gets updated each second. Because of this the possibility of data being duplicated or left unmentioned gets decreases to naught. 

People of India also need to understand that once the transaction is initiated, it cannot be reversed, unlike credit cards. Although there are hacks attached.

As per the safety measures to defend from fraud, there is a proper management of transactions without any interfarence and manipulation of thrid-party. The most credible point that makes cryptocurrency in India a trustworthy option that it does protect the information of the person initiating the transaction and same the information of the receiver. 

Speed

Due to its digital versatility, the speed of transactions is impeccable. It also beholds the potential to initiate multiple transactions in a second without blending the transaction into one another. Also for this reason, cryptocurrency market of India is adopted by the masses.   

Conclusion

With the continuous rise of cryptocurrency in India raised different debates in between many big names and traders. Despite all that people are mentioning cryptocurrency as a blessing in disguise, where as some are enjoying the advantages offered by the new medium of exchange. 

Are you still in the middle of finding which side is more credible? Sign up on Flitpay and can track the advantages of cryptocurrency in India by yourself. Sign up today.