The cryptocurrency market is one of the biggest success stories of the past decade, arising from basically nothing to a valuation of over $1 trillion. Today, millions of people all over the world regularly invest in and trade cryptocurrencies, seeing them as a more accessible financial asset class with the potential for higher returns. Stablecoins like Tether facilitate easier trading between assets, and you can check the USDT to INR exchange rate to see a view of how much it’s worth and how stable it is.
India is one of the best countries in the world for crypto adoption, despite efforts from the government to increase taxes and potentially even bad trading. Despite the volatility surrounding crypto, both related to the market itself and the regulations surrounding it, there’s a lot of excitement from businesses. Not wanting to miss out on the next big thing, a growing number of businesses have joined the cryptocurrency revolution.
What is Cryptocurrency?
Cryptocurrency is a type of digital currency that operates on a technology known as the blockchain. This is a way of storing data that is fully decentralised, meaning it’s not controlled by a single entity. Instead, all of the computers on the cryptocurrency network have a copy of the information on the chain, and they validate each transaction through a complex process that removes the need for third parties.
People are excited about cryptocurrency because it offers a way for people to use financial assets without the oversight of governments or banks. It’s a unique concept and one that could potentially change the way we spend, send and receive money forever. While there are some concerns and questions about the crypto market, it’s clear it’s not going away anytime soon.
Cryptocurrency and Business
One of the simplest ways businesses are joining the crypto revolution is simply by accepting payments made through crypto. With India as the number two ranked country in the world in terms of crypto adoption, it makes sense for businesses to accept these digital tokens as a form of payment.
However, this does come with some issues. The first of these is the issue of volatility. Many cryptocurrencies are volatile in price, with the value of each token changing daily or even hourly. This can represent a serious problem for businesses, as their prices will need to be updated continually. Thankfully, there are integrated crypto payment options that display and up to date prices for customers to use.
Aside from accepting payments, crypto can be used in plenty of other ways. Some blockchains are designed for more than just financial transactions and are capable of processing many different types of data. The Ethereum blockchain, for example, can be used to build fully decentralised applications. These offer unique and interesting ways for businesses to build new relationships with customers, create fair and binding contracts, and pay their employees.
The Future of Cryptocurrency in India
The future of cryptocurrency is still uncertain, but it’s clear that it’s not going away anytime soon. Many ordinary people across India use crypto as part of their daily life, trading or investing, as well as using it to make purchases. Although the government has attempted to heavily control the use of crypto, it remains accessible for the average person.
Regulations on cryptocurrency have gone some way to making the market safer for Indian investors and have also helped encourage businesses to adopt this new technology. In the future, further adoption is most likely, as businesses look to increase the number of options their customers can pay.
Several Indian companies are also at the heart of the development of new technology, including Web3 and the Metaverse. These concepts rely heavily on blockchain technology, and we could see crypto become an even bigger part of life in the society of the future.