Cryptocurrency is gaining in popularity among millennials, says Dev Sharma, Paxful’s country lead for India.
This is because millennials have grown up in a digital world, Sharma says, and they are more used to spending money on intangibles like in-game purchases and doing all life admin including financial actions through a smartphone.
So, as Sharma believes, they are generally comfortable with the idea of a digital currency.
“It’s also appealing because of the ideology it’s based on. The potential of wealth from cryptocurrency such as bitcoin attracts some people,” he added.
Additionally, Sharma points out that people are turning to bitcoin for everyday matters and not just investing. It’s an alternative currency: for example, it makes international remittance easier and cheaper and faster.
On expected government regulations on cryptocurrencies, Sharma says banning cryptos would have a negative impact on all the people of India and the economy.
“This means that consumers will be less protected and suffer more. It would also limit India’s role on the world stage. Regulation is at its best when it protects consumers and allows innovation to flourish. Regulation is needed in this sector to help protect consumers. There is nothing about cryptocurrencies that make them more appealing to ‘bad actors’ than fiat currencies. So cryptocurrencies need to be regulated in similar ways,” he affirms.
With the right type of regulation, Sharma further says India could become a world leader and unlock huge economic value in terms of national innovation and international investment.
“Millions of Indians want to buy cryptocurrencies. According to reports, the cryptocurrency market has grown at 10-20 percent just in the last few months. The benefits of cryptocurrencies are huge,” he opines.
In order to invest in cryptocurrencies such as bitcoins in India, investors should first look at factors like good rates and the nature of KYC procedures that the exchange offers.
Given, many of the investors are first-time buyers, experts say, they should also evaluate security, online reviews and ease of usage of the platform. Doing thorough research is very important. Once, the buyer has selected an exchange they can start with an investment of as low as Rs 100.
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