It’s been nearly 5 years since the digital and highly encrypted Cryptocurrency has entered the Indian market. A lot of huge traders are using the giants like the Bitcoin which is the most popular and widely used Cryptocurrency. Indian is one of the largest countries with a fairly large population of Cryptocurrency users, still is not clear about the Cryptocurrency exchanges as RBI the centralized authority has barred the Cryptocurrency operators. In fact, RBI has also blocked the filing of any case on Cryptocurrency in any of the higher courts. The use of this decentralized currency is a big question as the government wants to ban the use of Cryptocurrency but the government can regulate the bitcoins in a planned manner.
The risks involved the crypto exchange
Even if India legalizes the Cryptocurrency exchange there are certain risks that one should be well aware of before investing in the crypto market.
The market volatility- This year cryptocurrencies have seen a sharp decline all throughout, there has been a sharp decline in the crypto market. So one needs to be prepared about the volatility of the crypto market, as it is something that has always been there. The volatility of the crypto market is the reason why it is said that one should not invest more than one can afford to lose, always invest with an open mind.
Regulatory policies- There are a lot of legal issues that surround the Cryptocurrency trading, so there is always that risks that exist. One can never be sure of the trading rules policies or the taxation status related to crypto trading because they can be changed anytime. Investing in Cryptocurrency can be quite risky as compared to other mediums of exchange.
Protection of consumer- In traditional bands there is consumer protection but in Cryptocurrency, there is no such kind of insurance or safeguard available. The crypto exchanges are encrypted but they can be easily hacked, making one lose all the money. While if something like this happens in a bank then one is sure to get back all the money.
The scams- Crypto scams are quite known and common, and if you are a new investor then you can surely fall prey to them. Those new to the crypto market should be well aware of the two common crypto scams the ICOs and the Twitter bots. People do not do proper research before entering the market, resulting in a loss of money due to a scam. So keep an eye on all the crypto scams.
Human error- A human error is the easiest mistake that can be made, resulting in a lot of risks. If you are not that experienced in trading and investing then crypto trading can be confusing. One can accidentally place a wrong order or lock themselves from their account, these mistakes are common. Be careful and cautious while performing an exchange.
The future of Cryptocurrency in India is not clear, till then we can just wait and hope for the RBI to take an informed decision.
Digital currency has taken the digital world by a storm; it has taken the investment market to another level and has proved to be extremely lucrative. Cryptocurrency is an encrypted virtual currency, which for a fact means that all the information related to it is digitally protected. It is now a day’s used as a means of exchange, but unlike the other forms of exchange the information is encrypted; which undoubtedly is the best part about it. What a lot of people don’t know is that Cryptocurrency uses the blockchain technology; which means that it uses a digital ledger to track and verify all the transactions that take place.
Before investing in Bitcoin, dogecoin or in any other kind of Cryptocurrency, it is extremely important to be careful before plunging into investing in them. Considering the state of the Cryptocurrency and with the meltdown in the Cryptocurrency market, there are certain things that you should know before investing.
Things to know before investing
Should know the goal- Before you decide to invest in a Cryptocurrency, you must decide what your goal is and the amount that you can afford to lose. People invest in cryptocurrencies for various different reasons, so knowing and determining your goal is the first step towards right investment. Having the right plan is what can prove to be fruitful in the future, and to have a better plan and goal it is important to have a better understanding of cryptocurrencies.
Choose the safest option- Cryptocurrency market is full of scams and imposters, which is why it is important to choose a security measure before making any transaction. One should always choose a platform that is well known for being profitable; there are quite a number of platforms that are well known for being profitable, so one really needs to make the choice wisely.
Have a realistic approach- The crypto market is known to be volatile, which has its ups and downs. There can be an instant growth and also instant loss, so one really needs to be prepared for this. Never invest because of all the hype that the Cryptocurrency is surrounded with because there is no surety of all the speculations that are there. Being realistic is what one needs to do, invest in blue-chip stocks as they are reliable and always keep a diverse crypto portfolio.
The timing- Once you are sure of the currency that you want to invest in, then you need to look for the right time to invest in it. Timing plays a crucial role, which is why one needs to study and monitor the Cryptocurrency market very closely. Studying the history of the digital currencies play an important role and it also helps in constructing a plan, in managing the risks and in taking an informed decision.
Those who are planning to invest in the crypto market should study the trends and should be well informed about the latest happening in the crypto market.
Cryptocurrency is a new face to the domain of currencies. They’re being used for payments in the beauty and plastic surgery industry. Cryptocurrency is a form of digitized money created from certain lines of codes. It is mined digitally. There’s a lot of potential for the medical industry to get involved with crypto because of the transparency that medical procedures lack right now. The entire blockchain is controlled by a peer-to-peer internet protocol and has no form of governmental interference. This form of currency does not come under the rule of any national government and hence does not have any regulatory set of pointers to function. This is one of the biggest factors that has paved way for the wide-scale use of cryptocurrency these days. The entire currency is encoded, such that no one can misuse the information carried by it and the entire transaction remains only between the two members. This article discusses further on the benefits of the cryptocurrency and how have they come into use in the industries of plastic surgery, cosmetics, beauty and medical.
Cryptocurrency Payments for Plastic Surgery and Medical Companies: The Benefits
Cryptocurrency has offered the following benefits that have led to its wide-scale use these days even at the industrial levels: –
It prevents cases of fraud, as the entire currency is in digitized for. In no manner can its transactions be altered or manipulated by the sender. This is something that the conventional form of transaction faces problem in. For example, taking cash payments for a cosmetic surgery sees issues in fake money. As well, money through systems like PayPal can be reversed later.
It aids in immediate settlement of any form of transaction, a property that is of high use particularly at the industrial level. The blockchain technology eradicates the involvement of any third party person involved in any deal makings and ensures that all of the proceedings get completed easily within the stipulated period of time.
There is hardly any form of transaction fee charged while paying through the cryptocurrency. The entire process of mining is a one-time investment one i.e. invest once and get a lifetime of benefits in return.
It prevents the issues of identity theft as the transaction stays only between the two transacting persons and ensures that no third person or party interferes in the same.
This form of currency provides access irrespective of national boundaries. It is slowly gaining global fame as a universal currency.
A number of computers are being operated to run the blockchain technology that is mining out these currencies, so it is decentralized and does not need to stay within the regulatory bounds of any nation. A medical company can operate anywhere worldwide.
But are Cryptocurrencies Trustworthy?
Clearly, the answer to this question is very straightforward. Yes, these cryptocurrencies are not only safe and trustable, but they enhance transactions even further and ensure that everything is safe and secure. These currencies are secured by a series of codes and cryptography that are very difficult to manipulate or delete once created. Not even the sender can change the same as per his wish without going through some legal and authentic steps and procedure. Though the time investment in setting up these currencies is quite high, the levels of safety and trust that they provide is immense. Hence the currency is gaining the status of being safe and authentic globally.
How can the cryptocurrency be accepted in the medical industries?
The cryptocurrency can be accepted by any individual or a company easily via the following three simple steps: –
Integrating the currency option into the mode of payment or acceptance of payment. Generating a QR code like modern day wallets and then scanning the same to send the coins to the receiver easily.
Linking of the transactions with the wallet software. Also, these cryptocurrencies are easily converted into the user’s base currency.
Plastic Surgery and Beauty Clinics that have started accepting cryptocurrency
In the field of medical, cosmetics surgery and beauty industries, the following are some of the companies that have started accepting the cryptocurrencies as a mode of the payment. They have taken their payments and innovation to the next level:
Vanity Cosmetic Surgery: Accepting Crypto for Plastic Surgery since 2013
This is one of the first companies in the industry that began accepting the cryptocurrencies from the year of 2013. With this facility, now the cyber facility of this brand has expanded into new levels and domains. The payment options have been simplified. Now patients can pay for their expenses in the form of Bitpoints, instead of the huge loads of money! It streamlines the entire process. This payment can also be used for buying certain services like plastic surgery and various other products under the brand. Also, the manner in which the patients use the services of this brand gets more dynamic. They’re transforming the way in which the people would choose their doctors in the nearby future.
Singing Tall Grass: Organic Beauty at the Finest
It is a brand that is an expert in the sale of organic beauty products that are free from the involvement of any form of GMO, fertilizers or pesticides. Along with the other forms of payment, this brand also accepts BTC. They monitor different transactions and streamline the entire process of trading. This new payment method benefits both the company as well as the end customer with more and better options.
PlasticSpot: Plastic Surgery for Vancouver and Toronto
PlasticSpot is a Canadian startup that links clients with plastic surgeons and plastic surgery clinics. They’re based in Canada, so plastic surgeons in cities like Vancouver and Toronto have been listed in their website. PlasticSpot’s vision is to create equality for each and every individual. Sounds cool right? These plastic surgeons are available for booking appointments through their website, and we see a lot of potential in their company. As the world innovates and evolves, humans’ needs also change. Everyone wants to be more beautiful. The number of rich individuals in booming cities like Vancouver are surely interested in plastic surgery and beautification.
Recruit Lifestyle: Japanese Health
It is a Japanese brand that expertise in the sale of health services along with other aspects that aid in improving the overall living style of the person. All of its health services can now be availed in forms of Bitcoins. The company has legalized the acceptance of the same from the customers to monitor all forms of their transactions.
Mspinc: Medical Industry Equipment
This is a medical support product brand that expertise in the sale of respiratory medical equipment. To give a new taste of online marketing to the customers, this online medical shop is also accepting payments in form of bitcoin. It has successfully aroused the interest of the customers to invest further in cryptocurrencies like BTC.
Cryptocurrency is the digital currency which makes use of cryptography for the purpose of security. The exchange of these cryptocurrencies takes place over the internet. Also, it does not have any involvement of the existing banking and governmental institutions. The exchanges of the cryptocurrency will let the customers trade cryptocurrencies for basically other assets or it will allow the trading between various digital currencies.
Which are the different types of cryptocurrencies that are available?
Basically, there are three main types of cryptocurrencies which include the following:
this is a digital currency which you can send to people. This works just like the money in our bank accounts with the only difference being that it is virtual and is not physical. Also, bitcoin is not dependent on any bank or a third party that will have a control over it. The main perks of using bitcoin include the following:
The conversion of bitcoins into cash is much simple and easy. Due to its popularity, you can easily exchange your bitcoin for fiat currency. Also, it is considered that Bitcoin has the highest trading volume of all the other cryptocurrencies.
Bitcoin is accepted widely and you can almost purchase any item using it through the various sellers who accept this cryptocurrency.
Some of the altcoins will use a totally different algorithm to Bitcoin. The examples of altcoins include NEO and Ethereum which are completely different in comparison to Bitcoin. Since NEO and Ethereum were designed as huge platforms so that apps can be built on a blockchain. This is actually a new way by which cryptocurrencies are being created. Some benefits of using Ethereum are:
Most of the projects are being built on Ether and they take many years to get developed. Also once they are completed they will be huge projects.
Ethereum can actually process transactions in a few minutes as compared to Bitcoin whose transactions will take upwards of about 10 minutes.
Tokens ( which are used for the apps):
This is the third type of cryptocurrency, which do not have their own blockchain. They are used on the applications that are decentralized (dApps). The dApps are built so that they can smart contracts, that is the reason why they use tokens. Tokens will always have a price for which they can be sold for and this is one reason as to why so many people buy them. Some people will buy these tokens so that they can sell them for a higher price in the future rather than buying them to use them on the dApp.
How can these cryptocurrencies be useful to you?
Lower fees: they do not actually have any fees for the transaction for cryptocurrency exchanges since the miners will be compensated by the network.
Theft of the identity: cryptocurrency makes us of a mechanism that will let the holder of the cryptocurrency send exactly he or she wants to send to the other person with no further information.