What is Digital Currency in India?

what is digital currency in india


Imagine having a form of digital money through which one makes transactions and uses it in the market without the involvement of a central authority like banks or financial institutions. Not only that, one doesn’t even have to carry it, as somebody on one's behalf is taking care of the complete security and safety of currency, which is digitally stored.


That is exactly what Bitcoin is. Gone are the days when people used to associate Bitcoin with the dark web. Today, not just Bitcoin but millions of other cryptocurrencies have become one of the main sources of transactions around the globe. Numerous platforms are offering digital coins with numerous facilities and complete assurance of safety, security, and protection from fraudulent activities.

In this blog, we will be covering the basic understanding of digital currency, the benefits associated with it, and the features that make it a valuable platform to invest and earn. Users will also find a step-by-step guide for buying digital currency in India. So let's first understand what digital currency is.

What is Digital Currency?

Digital currency is a virtual currency that is primarily managed, stored, and exchanged on digital computer systems, especially over the Internet. It is also known as cryptocurrency, virtual currency and digital assets. 

It is recorded on a distributed database on the internet, a decentralised electronic computer database or even on a stored cold wallet. Cryptocurrency relies on cryptography to chain the digital signatures of asset transfers and peer-to-peer networks. It allows electronic money systems to be decentralised.

In India, the acceptance of digital currency is still in the grey area. On one side the government is imposing tax but on the other side, it is not accepting it as legal tender. 

Best Digital Currency in India

GanderCoin is one of the best digital currencies in India. It is listed on CoinCRED, which is the best crypto exchange in India. GanderCoin has the scrypt algorithm which is a secure and dependable hash algorithm that is used to create it. It is a specific kind of cryptographic algorithm, which is an encryption method majorly used in cryptocurrency mining. A secure password-based tool called GanderCoin provides a way to encrypt cryptographic data and shield it from hackers and specialised miners. GanderCoin is a decentralized peer-to-peer network without the involvement of a central authority for making financial transactions. 

Gander Coin (GAND) Price

The growth of GanderCoin is no longer hidden. It started with a price of $0.78 and is currently holding a price of $1.005 at the time of writing. The journey of GanderCoin is taking a step ahead every year with increasing community and maximum trade enthusiasts taking it as a safe option as it provides a high probability of profits and future security with safety. Shortly it is expected that GanderCoin will be holding its place ahead of every competitor in the market.

Gander Coin Price

Advantages of Digital Currency in India

  • It is completely digital, which ensures no risk of damage, breaking, or losing it physically.

  • The digital currency has a comparatively longer lifespan as compared to the physical form of currency. One form of digital currency GanderCoin has attracted a good amount of users in a short span and is making its way to a strong position in the coming future.

  • Digital currency will follow hassle-free international transactions without any need for intermediaries like GanderCoin which is not supervised by any central authority.  

  • Transactions using digital currencies are traceable, which will assist retail users in proving their creditworthiness.

Key Features of GanderCoin

Transactions

GanderCoin's ability to provide direct communication among users has helped it gain an advantage in the cryptocurrency market. Through digital currency, any user can complete their transaction without the involvement of any bank or other financial organisation. There is no central authority authorising these platforms. Cryptographic transactions are allowed on all nodes in the P2P network.

High Speed

 It has a feature that is capable of handling high transaction speeds and an economic model with low transaction fees. In only a matter of nanoseconds, every user can complete their payments with one of the safest cryptocurrency coins.

Minimal Processing Expenses

All cryptocurrency users can quickly settle their trades with the Indian cryptocurrency GanderCoin. Trading is available at very low fees. In addition to fees, it offers numerous advantages and revenue streams. The benefits that were identified have been extremely beneficial to users. By selecting the recently added and enhanced features, the users made an extremely simple and informed decision.

Strong Security For Users

With GanderCoin, traders can transact with reliable cryptocurrencies in predictable and well-defined market environments. With GanderCoin, trading is incredibly easy and simple, even for new traders. The system is extremely safe and all users are completely protected, which is another feature. It ensures that every data block is virtually end-to-end encrypted. Because of DeFi's special feature, users can continue to encrypt data even without a central server. Any association of financial institutions or other financial organisations involved in transactions is not included. The transactions can go through without any problems as long as the designated parties don't interfere.

How To Buy Digital Currency In India?


Any crypto enthusiast who is interested in buying GanderCoin has to follow some simple steps which are:



Step #1: Create An Account On CoinCRED
Download the application and register Yourself on CoinCRED.

Open the CoinCRED app, click on “Sign up and enter your full name, email, date of birth (DOB), address, and phone number after entering the password (A minimum of eight characters are required for a strong password, with one being a letter that is uppercase and the other a number).

If a friend has been referred, use the referral code (Optional).

After reading and agreeing to the terms of service and privacy policy, click on “Register Now”.

You will receive a six-digit verification code by phone and email. After entering the code, click "Submit."

To protect your account, you should follow two-step verification: creating a password and creating a 4-digit PIN.

Step #2: Log In To Your CoinCRED Account

  1. Press the "Login" button

  2. Enter the email address and password

  3. Enter your 4-digit PIN and click on the “Submit” button.

Step #3: Deposit Fund Into Your Wallet

  1. Click on the icon to deposit INR.

  2. Select the mode of payment



  3. Enter the amount and click on the “Add” button.



  4. Complete payment via the given option on the screen and click on the “Submit” button.



Step #4: How to Buy GanderCoin

  1. Choose GanderCoin from the market section and click on the “Buy” button.


  2. According to your deposition of INR, you will be receiving GanderCoins. 

  3. Click on the Buy Button.

  4. Process completed.

How To Stake In GanderCoin?

After buying Gander tokens, if you want to earn extra income on GanderCoin. Stake your GanderCoins by just clicking on the “Stake GanderCoin” button. Here are some simple steps which you need to follow to stake your GanderCoins:

  1. Open CoinCRED application 

  2. Click on Stake GanderCoin


  3. Click on the USDT wallet


  4. Buy USDT

  5. Click on Stake GanderCoin

  6. Stake the amount of your choice

  7. Click on Submit



  1. Process Completed.


Conclusion

There is a rush of thoughts going around the acceptance of cryptocurrency around the globe from central authorities in different countries which is very crucial seeing the involvement of a maximum number of people in the world of trading. Projects based on blockchain technology are making their way into the industry, and cryptocurrency is leading the way as people build trust in it and invest in it to earn more profits and secure the future. Digital currency projects are changing dimensions on a global level with the maximum involvement of people.

Written By: Suhani Jain