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What makes Cryptocurrencies very popular?

What makes Cryptocurrencies very popular?
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When we go through online news, newspapers, YouTube, and other media, news of Cryptocurrencies hit headlines every single day. Even common people are curious about cryptocurrencies and many want to invest in them. When I write this blog, I know of people who have gained considerable income from cryptocurrencies and this proves that it has entered into the investing avenue of the common man.

New cryptocurrencies are emerging in the market every time and there are more than 10,000 cryptocurrencies at present. Bitcoin is the most popular cryptocurrency and this was first invented in 2009. In El-Salvador, Bitcoin is a legal tender. Recently, countries like Russia have approved to legalize of cryptocurrencies. In companies like Tesla, this is a form of payment too. Ether, the second-largest cryptocurrency has been accepted in Amazon, Travala as a form of payment. Ether emerged in the year 2015. Cryptocurrencies have been gaining more and more popularity in the world. Litecoin (LTC), Tether (USDT), Polkadot (DOT), Cardano (ADA), Binance coin (BNB), etc are some other popular cryptocurrencies. It is always best to have a careful investment in crypto as per experts’ opinion.

Cryptocurrencies in India

Cryptocurrencies are popular among youth and investors in India too. Coming to some current news in India, from the Indian Government’s side there was not much support for cryptocurrencies until now. A couple of months ago there was a meeting with crypto experts and Government officials though nothing positive happened. But the recent financial budget has shown some changes regarding cryptocurrencies in India. 30% tax was announced for income from cryptocurrencies by the Union Finance Minister Nirmala Sitharaman on February 1, 2022. But still, not much acknowledgment has come for cryptocurrencies from the Government.

Cryptocurrencies have now come under Virtual Digital Assets (VDA) and overall income from Cryptocurrencies will be affected due to taxation; Government has acknowledged cryptocurrencies as a VDA. But it is still not clear if GST will be applicable. New guidelines will become into effect from April 1, 2022.

Non-Fungible Tokens (NFTs)

NFT is a non-fungible token with a unique identification code on a blockchain. It is a trending thing in the finance market and it was first introduced in the year 2012. It can use to represent items like artworks, real estate, etc. and it allows these to be bought and sold very efficiently. NFTs can be sold at a very high price too and it was breaking news when Twitter former CEO Jack Dorsey put up an auction of his first tweet as an NFT and it collected more than $2.9 million for charity in March 2021. Sales of NFTs reached $25 billion in 2021 and it was $94.9 million in 2020 according to reports.

Future of Cryptocurrencies

To conclude, Cryptocurrencies may stay here for a long time. In India too hopefully crypto markets may see more opening and expansion in the future. The youth of today are looking for smart investments and careful investment in crypto will never go in vain. US-based independent research firm Fsinsight has predicted that Bitcoin could reach up to $200,000 per unit and Ethereum $12,000 per unit by the second half of 2022.

Summing- up

  • New cryptocurrencies are emerging in the market every time and there are more than 10,000 cryptocurrencies at present.
  • Recently, countries like Russia have approved to legalize cryptocurrencies.
  • It is always best to have a careful investment in crypto as per experts’ opinion.
  • Cryptocurrencies are popular among youth and investors in India too.
  • 30% tax was announced for income from cryptocurrencies by the Union Finance Minister Nirmala Sitharaman on February 1, 2022.
  • Cryptocurrencies have now come under Virtual Digital Assets (VDA) and overall income from cryptocurrencies will be affected due to taxation.
  • NFT is a non-fungible token with a unique identification code on a blockchain. It is a trending thing in the finance market and it was first introduced in the year 2012. 
  • To conclude, cryptocurrencies may stay here for a long time.
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