Profitable investment in digital wallets from cryptocurrencies in India
Profitable Indian Cryptocurrency Market Investment Can Generate Profits
Cryptocurrencies such as Bitcoin are digital currencies that are not backed by real assets or tangible securities. They are traded between willing parties without a broker and tracked on digital ledgers. Over the past few years, the cryptocurrency market has grown exponentially, attracting several young Indians to explore this new investment option. Crypto prices, especially Bitcoin, have exploded time and time again, bringing unexpected rewards to investors. However, given the volatility of digital assets, losses are also part of the package. So, while cryptocurrency exchanges may well be booming, investing in this market comes with its own share of risks and challenges. To understand the current perception of Indians on the profitability of cryptocurrency investments, Analytics Insight conducted a survey in which about 281 people answered questions sharing their knowledge and opinions. In the following report, we will see the respective answers on the profitability of cryptocurrencies.
When people were asked about the main reasons they invested in cryptocurrencies, the answers were varied. The largest number of people (33.3%) responded that they were looking to make a quick profit from such an investment. Some people (29.8%) invested with a long-term view while an almost similar number of people (28%) invested on a whim, to try their luck. A few people (3.3%) admitted to investing for the short term.
Main reason for investing in cryptocurrency
|Main reason for investing in cryptocurrency||Answers|
|To make a quick profit||33.3%|
|I wanted to try||28%|
|As a long-term investment||29%|
|As a short term investment||3.3%|
When it comes to cryptocurrency, the chances of predictability are minor. Currency rates change daily. So there is no proper rule as to how one can profit from his investment in crypto. In this survey, the majority of people (77.6%) admitted to profiting from their investments, while around 22.4% of people suffered losses. Investments like these are best for people who know their technology and want to see where cryptocurrency such as Bitcoin comes from. Mining, while going straight to the source, is not cheap. This could involve an initial outlay of ₹1 lakh on computer machines, with no guarantee of quick rewards.
Receive the expected profit
|Receive the expected profit||Answers|
Buying and selling cryptocurrency does not always have to be risky if the trader fully understands the market and treats their coins with care. Currently, there are many cryptocurrency options available to us, but not all options are safe. Taking a number of precautions is mandatory before investing your hard-earned cash in cryptocurrency. In this survey, half of people agreed that cryptocurrency can be a reliable investment. Some people (37.9%) are however undecided about its reliability and 13.6% of people strongly disagree with the reliability of cryptocurrencies.
Reliability of the cryptocurrency investment model
|Reliability of the cryptocurrency investment model||Answers|
Share this article
Do the sharing
About the Author
More info about the author