Buying crypto is one of the popular activities in the crypto space where most of the investors are doing it. Although crypto to crypto trading is quite popular and the majority of the crypto communities follow but, we can't deny the fact that food has its own importance and quite a big chunk of people are trading in crypto using the fiat payment option.
Crypto to crypto trading model is popular where the majority of holders are holding other crypto but in the market like India where very less percentage of people are in crypto space than fiat currency plays a vital role in crypto buying. In an idol situation when people hold bitcoin or any other Cryptocurrency then using these coins they can buy another crypto and we have a bunch of exchanges offering this service. In fact, we can say that almost every exchange offer BitCoin pair to buy other crypto but with fiat and this list is not so long.
Indian crypto investors are now opting for peer-to-peer transfers, spot trading and WhatsApp or Telegram groups to trade currencies due to unpredictable banking services being offered to exchanges by the banks. Recently, SBI blocked the receipt of funds by crypto bourses on its UPI platform.
State bank of India had recently blocked the receipt of funds from crypto exchanges and because of this you just have started using alternate ways other than UPI to perform crypto trades. A peer-to-peer option has been quite popular and people used to like it before and even now it's been used by so many orders across the country. With peer-to-peer and do your need not to worry about such formalities and with this model we can by using our bank without revealing any information with other people.
Although some exchanges are still providing UPI facilities to deposit or withdraw fiat money wherever sbi is the aggregator then UPI is not working but there is much effect to trades because of the blockage. There have been many challenges before for crypto investors and exchanges in India and now with this action by SBI has created another issue however its good to see that such actions are not able to stop the trading.
India exchanges have seen another spike in trading volume by 60-80% in the last few weeks since the market has been doing great and even now BitCoin's price is almost US$50,000. I'm not a good thing is that in India the new people who are getting on board it to the crypto world are coming with long-term mindset. Trading is a risky game and not everyone is good enough to perform it to minimize the risk and that is why buying and holding for a long time is the best way to reduce the losses and open an opportunity to make good money in long-term.
India seems to be closer to have the crypto bill presented soon in parliament but seems like banks are trying all the way to control crypto trading however I don't think that this will be possible as people who believe in crypto will find their way to be part of the crypto revolution. I feel so good when I see such updates that the crypto community is growing here in India and I expect much more to happen in the coming months.
Thank you so much.