The crypto space may undergo a change

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India has always been known as the land of gold. Indians have a long history of being gold traders, and even today it is one of the largest consumers of gold in the world. In recent times, India has also become a big market for cryptocurrencies with several startups tapping into this opportunity. The growing penetration of smartphones, internet adoption, and ease of purchasing digital money on mobile phones have all played a part in making this new digital currency accessible to everyone.

With an estimated population of 1.3 billion people, India is now home to over 200 million smartphone users – the highest number in any single country worldwide. The boom in online financial transactions and demand for alternate asset classes like real estate, gold, and cryptocurrencies has also provided a great opportunity for growth in this sector.

How India became a leading market for cryptocurrencies?

India has always loved gold, but it is now also emerging as one of the world’s leading markets for cryptocurrencies. Compared to most countries, Indians are relatively late to the table when it comes to investing in digital money. However, it is still predicted that the market will grow exponentially in the coming years. There are a number of reasons for this, but one of the biggest is the growing number of online transactions.

In 2016, nearly 90% of all e-commerce sales were made via mobile devices, and the shift towards online shopping is only set to continue in the future. With the ease of purchasing cryptocurrencies on an app or website and the ability to transfer money internationally at a fraction of the cost, digital cash is set to become the future of financial transactions. The crypto space may undergo a change

The History of Gold in India

India has a long history of gold being used as a form of investment, particularly in rural areas. The reasons for this are twofold. Firstly, the majority of Indians do not have access to financial institutions such as banks, so gold has been a reliable way to save for the future. Secondly, gold is seen as a safe asset during times of political uncertainty, and this has certainly held true in recent years. For example, during the demonetisation period in 2016, there was a spike in gold imports from the Middle East, which is usually one of India’s main gold suppliers.

Why people love to buy gold in India?

While the reasons for investing in gold are many, there are two main drivers behind the high demand in India. Firstly, gold is seen as a reliable and safe investment, especially in rural areas where financial institutions are scarce. It is also a good way to store money for the future, such as for dowries or other expenses.

On top of this, gold is a great way to store wealth when there is political uncertainty, as it is not dependent on any government or economic factors. As such, when the Indian Rupee fell in value following the demonetisation period in 2016, there was a spike in gold imports from the Middle East, one of India’s main gold suppliers.

What is driving the demand for cryptocurrencies in India?

As well as being a safe asset, cryptocurrencies also offer an opportunity to make a quick profit. Indeed, many people in India have made a fortune from investing in digital money over the past few years. As such, it is likely that the demand for cryptocurrencies will continue to rise in the future.

This is particularly prevalent in large cities such as Delhi and Mumbai where there are many people with an interest in cryptocurrencies and a desire to invest in this new form of asset. In addition to this, there is a growing number of crypto exchanges in India, which are making it easier than ever to buy and sell digital money.

Conclusion

With an estimated population of 1.3 billion people, India is now home to over 200 million smartphone users – the highest number in any single country worldwide. The boom in online financial transactions and demand for alternate asset classes like cryptocurrencies has also provided a great opportunity for growth in this sector. With an estimated population of 1.3 billion people, India is now home to over 200 million smartphone users – the highest number in any single country worldwide. The boom in online financial transactions and demand for alternate asset classes like cryptocurrencies has also provided a great opportunity for growth in this sector.