For we Indians, cryptocurrency is still a fancy and people are following a blind faith, take my words. There are only 1% who really able to understand the crypto world rightly, understand graphs virtual coins and invest wisely to get maximum return.
Let me tell you that cryptocurrency is neither legal nor illegal in India. Being de-centralized, Bitcoin and other alt coins are not regulated in any form of business. RBI and Govt. has been warning people and adhering to stay away from any kind of investment, trading and exchange.
But without risk there is hardly any benefit. Even Amitabh Bachchan is an investor of Bitcoin since 2015. Let talk about Pros and Cons.
Pros-
Bitcoin Cash is Emerging as Quick Rival of Bitcoin- From initial value of 500 USD now Bitcoin Cash is blinking at 4068 USD that is almost 80 times in a short span of 4 months. In fact in last 24 hours the coin is up around 65%. Crypto trader Niket Singla says that this is result of listing Bitcoin Cash at Coinbase for trading and exchange.
But when Bitcoin Cash was making jump of 50% at the same time Bitcoin was crashing slowly and till December 20th it lost almost 25% value and listing at $ 16,400.
Mind blowing, not only Bitcoin Cash but almost all top 200 cryptocurrencies has gone 100- 2000% up in a calendar year. Bitcoin Cash, Litecoin, Ripple, Ethereum, IOTA, ADA, Dash, Monero and whatever name you take.
Most of the people investing in BTC and other cryptocurrency as investment to gain a good return because trading is not every’s cup of tea. For many a quick return of investment is good enough.
Buy them, create an honest portfolio and hold for sometimes let’s say 6 months to 1 year at least. Observe smartly and sell them off. Now see the difference in personality, at least 5–10 times up. Try it.
Why honestly i said, because Income Tax Notice on Cards for HNIs Investing in Bitcoin in India. After completing survey on crypto exchanges in India, income tax department of India is all set to issue notice to 4 to 5 lakh high networth individuals (HNI) across the country out of all who were trading on the exchanges in Bitcoin and other unregulated virtual currencies.
Cons- In comparison of Pros, cons could be fatal if crytopcurrency trade and exchange platform could not support honestly. Due to being unregulated, neither RBI nor Govt and nor even SC will be able to help you in any circumstances. That feeling can numb you and you will no where on this earth, directionless.
There are some serious threats that can not be ignored like-
- These exchanges can stop trading and withdrawal anytime without any prior intimation.
- As they are not regulated then govt can not take any action against them.
- A quick panic may create in public if they feel their money stuck.
- As per company registration act, there is no such word ‘ Cryptocurrency”, that exists in terms of legal business.
Before this survey, RBI has been issuing regular caution to alert common people to stay away from crypto but soaring price of virtual currencies has pulled lot of people. Being a de-centralized entity, cryptocurrency, govt. will have no control on the buy, sell and trade. Paying tax by all these companies don’t ensure that their business is legitimate because as per cruptocurrency is not managed by any institution and anyone can hold ownership of virtual coins after buying it. Due to being de-centralized, you won’t have any supreme authority to complain.
The above is not illogical. People are on their own risk and mercy of market manipulators or they are well know as sharks in cryptoworld. Anytime they can pump a coin to moon or dump a coin to bloody red.