Our believer cryptocurrency investors will always have a bittersweet experience with the volatility of the element. There are people who have endured heavy losses with such investment, and there are people, on the other hand, who have gotten rich with a little luck and lots of strategies.
However, you can never judge the outcome of this investment with past strategies. Every investor has had a different experience, and you can try to decipher it. But in the end, you will never learn without dipping your toe in the market.
In the event of the recent ‘Bitcoin Regulation,’ or ‘Cryptocurrency Regulation,’ which did not ban the usage of Cryptocurrency in India. But, it has definitely imposed certain rules and regulations along with the exception of promoting the underlying technology of Bitcoin.
Now, let us find out more about the Bitcoin Regulation in India and what are the recent developments.
Top Bitcoin Developments You Need To Follow
Here are a few of the crucial developments you should be aware of if you are planning to invest in one in 2021-22.
1. Extreme Volatility Is Upon Us
As said before, there is no way to know about the market and contemplate every risk regarding cryptocurrency. Therefore, it is important to invest in Bitcoin first in order to understand the volatile market.
After the new amendments in the country, people are already rushing towards buying Bitcoins. However, since it is the most trustworthy Cryptocurrency and has limited resources, the prices will fluctuate aggressively.
Keep yourself updated with all the Bitcoin news through bitcoin-equaliser. This way, you can track the volatility of the market.
2. Always Have Trustworthy Platform
When you are investing in Bitcoin, make sure to do it from a trustworthy platform. With this current regulation, Bitcoin exploitation and scams are likely to increase in numbers. At times like this, if you fall into the trap of fancy words and hollow promises, you might lose a lot of money and fall prey to criminal activity.
Since the government is regulating this now, they will be scouting through a lot of these activities. Therefore, protect yourself from being an inadvertent anomaly to a cybercrime.
3. Invest Only On Bluechip
This is the reason why you will always be asked to invest in Cryptocurrencies like Bitcoins or Dogecoin. These digital currencies hold the most credibility in the market. They can also be deemed as the most secure Cryptocurrency in the world.
With the market getting volatile and cybercrimes increasing, the Cryptocurrency world is risky. Therefore, Bitcoin is trying to get all its updates straight that can help in serving its investors in the best way possible. Therefore, investing in Bitcoin at such times might be a good idea.
4. RBI Is Prohibiting Banking Related Activities With Bitcoin
RBI has issued a statement that they wish to withdraw every banking-related activity that will be dealing with Bitcoin or any other Cryptocurrencies. This is to secure the concrete positions of banks and fiat currency.
RBI doesn’t want banks to involve themselves in the realm of Cryptocurrency and let the virtual currency devour it. Therefore, no Bitcoin account can be maintained with a bank.
5. Taxes Will Remain
Although Cryptocurrency dealings don’t have a concrete record in the taxing system, it is still an income that is obligated to every income tax of India. When the Indian government has such a mixed opinion about digital currency, it is advisable not to come under any kind of tax fraud through these exchanges accidentally.
6. Don’t Take Tips From Everybody
In Bitcoin, there is a system that allows you to lend Bitcoin currencies to other investors. This is equivalent to taking a loan from a bank, where you lend the currency for a certain amount of time and then return it with an interest amount.
However, when the market is so volatile, it is important not to accept Cryptocurrency from anybody without checking their background. Therefore, it is further suggested not to lend Bitcoin to anyone until this regulation commences.
7. Don’t Ignore The Global News
Also, this Bitcoin development is because of the recent regulation of the country. You cannot skip the major global changes and updates.
Bitcoin on its own doesn’t have a country boundary or any such limitation. Therefore, if you are looking to make a profit, you have to gather knowledge from everywhere.
This new Cryptocurrency regulation doesn’t automatically state it’s banned. There is still a big debate going on among the investors and the mainstream public whether the usage of Bitcoin or any Cryptocurrency should be banned.
Therefore, in order to get more updates or developments, you will have to keep your eyes locked on the upcoming news.