(The concept of cryptocurrencies and the digital currency as an investment avenue is gaining increasing acceptance among the public of India. In this way, it helps to break down whether crypto exchange aggregator platforms like CoinSwitch for interested investors, novices or otherwise What brings to the table.)
What are cryptocurrencies
For most of us, the concept of cryptocurrency may seem foreign, also science fiction-like. Nevertheless, the growing popularity and awareness of bitcoin, one of thousands of cryptocurrencies in existence today, is undisputed.
The variety of cryptocurrency available today differs in things other than availability, access, popularity, and liquidity. However, they have been part of wider public discourse for some time.
So what are cryptocurrencies? They are virtual currency powered by blockchain technology, where transaction information is recorded on digital bookkeeping and maintained by a mutual peer-to-peer network. To say it clearly, cryptocurrency is a digital currency outside the control of governments or any central institutions.
Unlike some parts of the world, India still has guidelines for holding, using or trading in cryptocurrencies. While the headlines are that the Indian government is demanding disclosures from companies on its cryptocurrency holdings, there is speculation that India may lead the rules rather than imposing a complete ban on these virtual currencies.
As such, with cryptocurrency gaining popularity and recognition as an alternative investment avenue, it helps to understand why crypto exchange aggregator platforms such as CoinSwitch can help in this process.
What is CoinSwitch?
Like stocks, cryptocurrencies can be bought, sold, or traded based on the liquidity of a particular cryptocurrency. And cryptocurrency exchanges enable these trades.
While there are many cryptocurrencies, exchanges generally support those with the largest market cap. This view is not dissimilar to equality.
While there are many exchanges that offer cryptocurrency trades, investors usually look for the same things – security, authenticity, good rates, simplicity in the process. This list is, of course, not exhaustive in any way.
This is where CoinSwitch comes in. CoinSwitch is not just a cryptocurrency exchange, but is, in fact, an aggregator for such exchanges.
Simply put, the CoinSwitch platform enables the investor to take the best out of the various prices that are carried out by multiple exchanges depending on the user’s interest in the business.
Features of CoinSwitch
1) Worldwide aggregator of cryptocurrency exchanges
2) Partnering with leading global exchanges simplifies trading, eliminating the need to create an account with a particular cryptocurrency exchange
3) Offers over 300 coins and 45,000 currency pairs
4) Provides its API to most leading wallets and payment service providers
5) Coinswitch Kubera, developed specifically for the Indian retail cryptocurrency investor, enables INR-crypto trades, that is, supports 100 cryptocurrencies for users to buy and sell using Indian Rupees. For example, with this new platform, an Indian investor can take BTC for INR conversion as well as bitcoin-Indian rupee trading.
How does CoinSwitch help users?
Slowly but surely, there is increasing awareness of the concept of virtual currencies like cryptocurrency and the various possibilities that are opening up for us as a society today. However, education and awareness are necessary to ensure that more people are introduced to the concept.
More importantly, scams around cryptocurrency also harm people’s ability to trust cryptocurrency.
BinS greatly facilitates CoinSwitch’s partnership with highly trusted exchanges such as HitBTC and building trust in the CoinSwitch platform. This belief goes a long way to help investors adopt the concept of cryptocurrency more easily.
The company has also seen an infusion of funds that will help improve the product, its safety, compliance and technical capabilities, making it a quality product for the end customer.
India cannot be ahead in terms of accepting cryptocurrency like the rest of the world. However, this does not mean that Indian retail investors do not deserve a platform specifically tailored to their needs.
CoinSwitch Kuber, is explicitly designed for the Indian retail investor and allows cryptocurrency trades to the Indian rupee, which is eligible for the Indian retail investor.
Cryptocurrency is rapidly gaining global attention as an alternative asset class, and Coinswitch may be just the right product to ensure India does not lose out on this opportunity.
Disclaimer: Nothing expressed here, directly or indirectly, is investment advice. We ask you to do your research before investing.