Crypto Currencies Vs Fixed Deposit: Will Indians Embrace Crypto?

Crypto Currencies Vs Fixed Deposit: Will Indians Embrace Crypto?

Indians have always been into reserved funds. That is why in India the government has plenty of retirement plans. The banks that go under the Reserve bank of India likewise prepare plans to work with their customers for long-term gains that include no danger and a good hypothesis.

Indians are diversified as far as their way of life. However, the one thing that binds each Indian is the affection for gold and silver. Gold holds an asset that can be used in thick and thin for generations ahead. Other than gold another famous financial instrument that Indians put resources into is the fixed deposit. With the evolution of digital money will India accept cryptocurrency?

Cryptocurrency Vs Fixed Deposit

When you put your resources in FD there are numerous areas in which you can put your cash. In such a case the government authority is notified of your policy and you might get some consideration under tax benefit. In the case of crypto, there is no tax consideration on the profits you make from crypto.

The process of making an FD account with a bank is very simple. But in the case of cryptocurrency, you will have to create an account with the trading platform which is not encouraged by the government.

In a fixed deposit you are bound to get a fixed return that does not change and even if it does the change is not too frequent. On the other side, there are ups and downs in crypto values, at one point your crypto returns are doubled, on other points you can lose half of the money you invested.

FDs are long-term schemes. People generally don't come out or break their FDs till it matures. But the crypto market is volatile and therefore people make quick decisions. The number of entry and exit points is way too many and this suffers a lot of transactional costs.

Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.

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