In recent years, cryptocurrency has grown to become a global phenomenon. The modern ecosystem has made substantial changes in the traditional financial environment, even though its full potential has yet to be realized. Digital tokens have emerged as a disruptive notion that revolutionizes every aspect of life, thanks to tremendous speculation and innovation.
Over the last few years, India has seen a significant increase in cryptocurrency use. Indians have increased their investment in virtual tokens since the 2020 digital currency bubble, putting the country in second place behind Vietnam. Indians are becoming more interested in cryptocurrencies due to their decentralized character, lack of government regulation, simple trading alternatives, and underlying blockchain systems.
Previously thought to be a futuristic investment paradigm, Bitcoin in 2021 gives up new possibilities for ordinary people and businesses. Bitcoin and Ethereum, for example, have proven to be quite durable. On the other side, meme coins like Dogecoin and Shiba Inu, which arose from internet jokes and puns, have gained rapidly in recent months.
Stablecoins tied to fiat currencies or an asset sustain their value over a longer time, whereas these significant cryptocurrencies undergo tremendous volatility and instability. There are around 10,000 cryptocurrencies in use today all across the world. In addition to individual investors, organizations and institutions are jumping on board to expand the use of digital tokens.