2022 has a lot to take us by surprise. However, when it comes to savings let nothing be a surprise to you, for which you have to plan wisely and prepare yourself with the finances. In 2022 many of all ages are now going gaga about saving their finances, especially the younger crowd. Some, because of their enthusiastic approach over financial savings, are opting for insurance type of savings, some for mortgage-related savings, some invest for tangible assets as a form of savings. Above all, there is a larger crowd in India that is beginning to invest in cryptocurrencies and it has been a success so far. This piece of write up is to clearly elaborate to you about why making crypto investments is the best way to save money in 2022 in India. So if you are a crypto creep, who was waiting to dive into it once the new year kicks off, you’ve just landed at the right place. Hold on as we take you through.
It is widely believed that crypto coins will take over the future, and they will indeed be the new form of money. Many countries have already taken this into consideration and have begun their force in the exchange of crypto coins very robotically. Crypto coins provide great rewards sooner than expected and in less than no time. So is why many are lured to investing in cryptocurrencies as a form of saving in India, in 2022. If you are convinced to begin investing, then explore websites such as CoinSwitch Kuber, CoinDCX, and many more, along with that stay tuned to be aware of the list of things you should know while investing in crypto coins.
List of things to know to save money by investing in crypto:
- Embark completely in research:
Before signing into a project like this, it is a must to familiarize the subject that you will soon be dealing with. That includes complete research of the subject, its terminologies, its subsections and the outcome that it delivers to the economy.
The term “cryptocurrency” encompasses thousands of digital coins. You may be more familiar with some of the popular ones like Bitcoin and Ethereum, but in reality, there are many, many options. Before you invest in cryptocurrency, research your choices carefully, and don’t assume that the coins that get the most press are the best ones to put your money into.
- Understand the risk & volatility:
There’s no such thing as a risk-free investment. But cryptocurrency is notoriously volatile. The value of digital coins tends to swing more wildly than stock values — and stocks can be volatile in their own right. Make sure you’re willing to deal with that before you add digital coins to your portfolio.
- Understand the difference between the value of coins:
By now you must be aware that there exists multiple coins and each of them holds different values and costs different prices. There are about 6000+ coins in the crypto coin and each of them ranges from the highest price to the lowest. Some of the coins that are available in the market are Bitcoin, Dogecoin, Ethereum, LTC, Cardano, Polkadot, and many more. Each of them holds different prices in the market. However, if you are looking to buy something that gives results sooner than imagined, buy Ethereum. As of 2022 Ethereum seems to be very robust with its growth and the seamless exchange value it has been exhibiting in the market. As of Jan 2022, the current market value of Eth to INR is 2,79,702 which is a little above the range for a first-time investor.
On the other hand, if you are looking to invest in something lighter and affordable for a first-time investor, you can opt for an LTC coin or Litecoin. It is affordable by many, and difficult to find risks while investing in it. LTC is affordable in its value. However when it has reached its peak time of success you might not be rewarded as expected since it plays a low key role in the market for the value in which it holds. Since the value of LTC to INR is around ₹11,039, many newbies who are early crypto investors can find their interest by investing in this. Its volatility too cannot be risky, and that’s why it is advisable for early investors. The facing of losses too is very minimal as it raises above just by 1%. According to January 2nd, it has increased 1.14% in its value. There is a wide scope for early investors when investing in LTC.
- Buy & sell on the right platform:
India has been flooded with various platforms of exchanges, it is important to be wise and choose the correct platform when planning to save money through investing in cryptocurrencies. There are very few platforms that provide accurate data suggesting what you should be brought according to the volatility. Providing you accurate information, including the risks involved etc. CoinSwitch Kuber is one of them and many rely on it as the best platform to buy and sell crypto coins.
Here is how to save money in 2022, and all that you should know before saving money while investing at the same time. With these points in mind, you are good to start investing in crypto and saving a massive amount in no time. Now it is your turn to apply practically and grow financially in 2022.