Profitable investment from the Indian cryptocurrency market can drive profit
Cryptocurrencies such as Bitcoin are digital currencies not backed by real assets or tangible securities. They are traded between consenting parties with no broker and tracked on digital ledgers. Over the past few years, the cryptocurrency market has been growing exponentially, drawing several young Indians to explore this new investment option. Crypto prices, especially that of Bitcoin, have exploded time and again, bringing unexpected rewards for investors. However, given the volatility of the digital assets, losses are also part of the package. So, while cryptocurrency exchanges may well be on the upsurge, investing in this market comes with its own share of risks and challenges. To understand the current perception of Indians over the profitability of cryptocurrency investments, Analytics Insight did a survey where around 281 people have answered questions sharing their knowledge and opinions. In the following report, we will see the respective answers of how profitable cryptocurrencies can be.
When people have been asked about the primary reasons as to why they have invested in cryptocurrencies, the answers have been varied. The largest number of people (33.3%) have answered that they have been looking to make some quick profit through such investment. Some people (29.8%) have invested with a long-term vision whereas almost a similar number of people (28%) have invested just on a whim, to give it a try. A few people (3.3%) have admitted to investing for a short-term period.
Primary Reason of Cryptocurrency Investment
| Primary Reason of Cryptocurrency Investment | Responses |
| To make a quick profit | 33.3% |
| Wanted to give it a try | 28% |
| As long-term investment | 29% |
| As short-term investment | 3.3% |
When it comes to cryptocurrency, the chances of predictability are minor. The rates of the currencies change on a daily basis. So, there is no proper rule as to how one can get profit from their crypto investment. In this survey, the majority of people (77.6%) have admitted that they have received profit from their investments, whereas around 22.4 % of people have faced loss. Investments like these are preferable for people who know their tech and want to see how cryptocurrency such as Bitcoin originates. Mining, while going right to the source, is not cheap. It could involve an upfront expense of ₹1 lakh on computing machinery, with no guarantee of quick rewards.
Receiving the Expected Profit
| Receiving the Expected Profit | Responses |
| yes | 77.6% |
| No | 22.4% |
Buying and selling cryptocurrency does not always have to be risky if the trader thoroughly understands the market and treats his coins with care. At present, there are numerous cryptocurrency options available to us but not all options are safe. Taking a certain amount of precaution is mandatory before investing your hard-earned money into cryptocurrency. In this survey, half of the people have agreed that cryptocurrency can be a reliable investment. Some people (37.9%) are however undecided about its reliability and 13.6 % of people have strongly disagreed with the reliability of cryptocurrencies.
Reliability of Cryptocurrency Investment Model
| Reliability of Cryptocurrency Investment Model | Responses |
| Yes | 48.5% |
| Maybe | 37.9% |
| No | 13.6% |
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