Despite warnings from the Finance Ministry that investing in virtual currencies is like putting money in ponzi schemes, cryptocurrencies are in high demand among enthusiasts post the Bitcoin buzz.
It’s not just Bitcoin anymore, both serious investors and common people are trying their luck with other virtual currencies as well. Ethereum and Ripple, for instance, have been recording a steep rise in value and popularity.
“Several cryptocurrencies have been in circulation since long but it was Bitcoin which became a huge hit and created a storm,” says the founder of GAMBIT conference Prakhar Bindal. The knowledge-sharing and networking event brings together investors and businesses involved in cryptocurrencies.
“Over the past month, price of Ethereum rose from $350 to $1,100, while Ripple — currently priced $2-$3 — has almost doubled in value over the last week. Investors who think Bitcoin is expensive are switching to alternative cryptocurrencies. There are several others like Litecoin, Dash, Bitcoin Cash and IOTA to name a few,” adds Bindal.
“Now everyone wants to have a pie of Bitcoin and is ready to invest at least in small quantities. But as Bitcoin costs around Rs 10 lakh, we can get only a small pie of it even if we invest Rs 50,000 or a lakh. But there are several other cryptocurrencies which are yet to become popular and are available at lesser price. So we are taking chance on them. While I invested Rs 20,000 in Bitcoin and got a small fraction, I got 10 Ripples for Rs 9,00, as I brought them a week ago. If the price of Ripple also goes Bitcoin way, then I will make a fortune,” says B Jitendra, a 23-year-old IT employee from Hyderabad.
Investing in cryptocurrencies has become a trend. It’s not just serious investors, even small-time investors, students and techies have joined the frenzy to try out their luck. The rush to invest in cryptocurrencies is so huge that several exchanges facilitating the buying and selling of virtual currencies are now asking investors to wait to process their payments and facilitate transactions. #KhabarLive
