In small towns across India, more young people are turning to cryptocurrency trading. They see crypto as an option to build wealth since there are fewer employment possibilities in these areas. With the rise of the internet and availability of trading apps, people are now easily able to place trades on stock markets even when they do not know much about them.
Why are People Trading Crypto?
A large number of young Indians, especially in smaller cities and towns, are unemployed and are finding it difficult to get stable jobs. Getting traditional jobs in banking, IT or retail gets harder and the salaries are not good. This is why some are seeking ways they can earn. One of the reasons why crypto trading is popular is that it needs no degree or work experience. The requirements are quite simple, all you need is a smartphone and an internet connection.
Some traders view crypto as an escape from financial challenges. They think they could be earning significant profits for making investments much faster than regular jobs. Buying and selling of crypto coins like Bitcoin and Ethereum is easy on Binance, WazirX, and CoinDCX.
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According to the Reuters report, small town crypto traders in India include the 28 year old Ashish Nagose from Nagpur. He runs a flower shop and attends crypto training classes in the evening.
The Risks of Crypto Trading
Crypto trading is not for everyone, despite the fact that there are people who make money. The prices are moving up and down quite fast and traders can lose their money in a second. Experts say many beginners enter without good knowledge of it and end up losing their savings.
Small traders have also found it harder to make a killing in the crypto business as the Indian government has laid down strict tax rules for crypto profits. In addition, there are fears of scams involving fake trading platforms who trick people to put money in.
Nevertheless, India’s crypto market has expanded considerably, trading volumes totaling $1.9 billion in the last year.
Future of Crypto in India
Crypto has become popular even in small towns, despite the risks. However, some experts argue that if traders had better education and awareness, they can make better decisions. Others believe that new rules may be introduced by the government to make trading safer.
Crypto is seen as an opportunity by young Indians who are keen on enjoying financial freedom. Of course, it is like any investment, it comes with risks. Experts also suggest doing proper research before investing and never invest money that you cannot afford to lose.
Also read: Michael Saylor Promotes Jetking: First Indian Public Company to Adopt Bitcoin Standard
