Six Awesome Uses of Crypto Assets

Crypto is a virtual digital asset or currency that may be exchanged without the need for a central monetary authority, such as a government or bank. Crypto assets are developed through cryptographic procedures that let users purchase products and services. This underlying technique of cryptography implies that no real currency or money is used and that all transactions occur online. Hence, one must purchase, sell or exchange them safely.

It is an entirely virtual stream of money that operates on the cryptographic system; it serves as a decentralized form of commerce, with cryptography used to validate all transfers. Cryptography also emphasizes the generation of units of various crypto assets.

Crypto assets have expanded tremendously in recent years due to their appeal to individuals as an alternative investment. It began in 2009 with an anonymous source using the alias Satoshi Nakamoto. Crypto assets have been encircled by hype due to their enormous potential. 

Notwithstanding their popularity, these digital assets are seen as a heavy investment for youngsters. On the other hand, those who have recognized its capacity know that it can alter the globe.

Types of Crypto

Almost all crypto asset types and categories are branches of Bitcoin, while others were constructed from the source up. Nevertheless, there are numerous crypto assets. Among the most well-known are:

  • Bitcoin

Bitcoin, founded in 2009, was the first crypto asset and is now the most frequently utilised. Satoshi Nakamoto created the currency, likely to be a pseudonym for a person or group whose specific recognition is unknown.

  • Ethereum

This is a blockchain program with crypto assets known as Ether (ETH) or Ethereum, founded in 2015. It is the second most frequently utilized digital asset next to Bitcoin.

  • Litecoin

This is nearly similar to Bitcoin; however, it has jumped higher to build new inventions, such as speedier transactions and operations to enable even more payments.

  • Ripple

It is a digital ledger established in 2012 and may be used to monitor more than simply financial transactions. It was designed in partnership with several banks and financial institutions. Non-Bitcoin crypto assets are called “altcoins.”

Six Awesome Uses of Crypto Assets
Six Awesome Uses of Crypto Assets

How can you use crypto assets?

People are increasingly interested in crypto assets, from financial companies to individual investors. To participate, you’ll need a crypto exchange profile with which you can purchase digital currencies such as Bitcoin, Ether, and Dogecoin. To invest in crypto assets, you don’t have to be affluent. However, being cautious and realistic about the potential rewards would be best. Here are some great uses of crypto assets industries that you may not have considered.

  • Governance Token 

Governance tokens are used to gain voting rights in decentralized protocols. This provides token holders with a say in the direction of their project, including new features and partnerships. This might include determining which new products or features to develop, how to spend a budget, which integrations or partnerships should be pursued, and more.

  • Startup investments

The development of digital token-based fundraising has enabled everyone with Internet access to be an investor in innovative early-stage software businesses while also giving much-needed seed funding to new startup ventures.

Although they are becoming less common, Initial Coin Offerings (ICOs) and Initial Public Offerings (IPOs) are a type of fundraising that allows startups to raise capital by selling a freshly formed digital token to early supporters of the project in exchange for known crypto assets such as Bitcoin (BTC) or Ether (ETH). Once the freshly issued token begins to trade in the secondary market, its price works as a proxy for the startup’s success or failure.

  • Take a loan or Earn Interest 

Yield Farming allows you to earn interest on digital assets such as bitcoin. Trading crypto assets for profit takes time, experience, and talent. Hence many crypto-asset owners prefer to store their coins for long-term benefit. However, there are opportunities to make consistent ‘interest’ in crypto. DeFi (Decentralised Financing) and bitcoin staking are two famous examples. 

Users can lend or borrow crypto on a DeFi platform and earn crypto products in return for their services. Staking allows you to make interest while holding onto your favourite coins.

  • Donation and charity

Who thinks crypto assets are only for making money? Crypto assets can also be used for nonprofit purposes, like giving to charities. Donations using crypto assets are speedier, more transparent, and, most crucially, less expensive than traditional currencies. This is due to its underlying technology, blockchain, which allows for the transparent flow of information. 

Donations made with crypto assets can save money in fees and time and minimize corruption and fund leaks in charitable organizations. Another significant advantage is that crypto-asset donations put more money in the hands of nonprofits. Furthermore, it facilitates anonymous contributions.

  • Playing games

The rise of the gaming business, combined with blockchain and crypto assets games, has produced a new trend never seen before. Virtual assets-based games are becoming increasingly popular, and there are numerous reasons for this. They are responsible for resolving some of the transaction and fraud issues that game producers and users face. 

These games can provide benefits such as faster and decentralized payments, providing players with genuine ownership, and motivating more purchases by making items easily transferable from one game to the next. Casinos, like internet games, are no longer an exception. Several casinos have begun incorporating digital currencies into their functioning, letting participants get tokens as additional gaming rewards.

  • Explore the world and beyond

With the bitcoin ecosystem’s spectacular expansion over the last decade, it is now able to tour the globe with crypto assets. So with the rise of the bitcoin ATM market, travelers can now convert their bitcoin into local money in most major cities worldwide. If you want to fly in space, Richard Branson’s commercial space travel company reported in November 2013 that it now accepts bitcoin payments for space flight bookings.

As the digital assets market is highly volatile, expect ups and downs. Prices will fluctuate dramatically.

Unocoin is the best cryptocurrency exchange in India to buy and sell Bitcoin, Ethereum and various virtual currencies. The new update takes Unocoin – The biggest cryptocurrency platform in India, to the next level. With a one-of-a-kind combination of features, Unocoin is now the best cryptocurrency exchange in India. The multiple features make it easy for beginners to use the app and enjoy trading in the crypto market. The Systematic Buying Plan, starting with as little as INR 10, helps people who don’t have time to track and manage their investments actively. The Crypto Basket enables you to diversify your crypto portfolio based on market capitalization or volume and minimize losses because of FUD(Fear, Uncertainty and Doubt). The goal of Unocoin is to make cryptocurrency easy; therefore, it has listed more than eighty-seven cryptocurrencies. This number will keep on increasing shortly. All the investors need to do is register and deposit INR, which they want to be converted into any cryptocurrency (Bitcoin or Ethereum etc.) Additionally, Unocoin has given a new dimension to how one can trade in cryptocurrency through its iOS and Android app.

Please find the list of authentic Unocoin accounts for all your queries below:

Disclaimer:
Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).

A summary of Crypto Market Trends Before, During and After Union Budget 2022 is presented

When crypto gained phenomenal popularity in India, the Union Budget 2022 introduced a 30% tax on earnings from digital currencies and a 1% Tax Deducted at Source (TDS) on digital assets’ transfers. Read on to learn more.

Crypto today has become a widespread investing subject, particularly among young investors. If you are one of many people who invested in or are considering crypto as an asset class, the budget has clarified how these new-age assets will be taxed. After the winter bill of 2021, people began to worry about how specific clauses would work or whether GST would be imposed in the Union Budget 2022.

A summary of Crypto Market Trends Before, During and After Union Budget 2022 is presented
A summary of Crypto Market Trends Before, During and After Union Budget 2022 is presented

Union Budget 2022

India’s Finance Minister Nirmala Sitharaman declared in the Union Budget for 2022-23 that all profits from crypto trading will be subject to a 30 per cent fixed tax rate. Union Budget 2022’s mandate of a flat 30% tax on profits from crypto and other virtual digital assets has impaired Indian retail. 

Since the beginning of the new financial year on 1 April 2022, the 30% crypto tax law has been in place. From 1 July 2022, the government proposed charging a 1% TDS on all crypto transfers. Sitharaman said, “Transactions in virtual crypto assets have expanded unprecedentedly.” Because of the volume and frequency of these transactions, a specific tax regime is required “.

Many experts argue that increased taxes have ultimately legalised crypto in India. Binance joyously announced on Twitter, “India has just made crypto legal! The Indian government has clarified the situation with a crypto asset tax law.”

Crypto market trends before Union Budget

India’s relationship with crypto is strange. However, if we see crypto market news before the Union Budget 2022 was presented, India’s crypto market grew 641 per cent from July 2020 to June 2021, according to a Chainalysis report, making an area covering Central and Southern Asia and Oceania the world’s fastest-growing. 

The crypto market has witnessed bitcoin reach new all-time highs and massive institutional purchases from traditional firms in the last year. India has taken a step toward creating a favourable regulatory framework for its crypto exchanges, and the general public’s interest in crypto has risen dramatically. People have been interested in investing in crypto for years and have tried their luck.

Since the RBI lifted the crypto restriction in March 2020, seasoned investors have reaped the benefits. User registrations and daily trading volumes on Indian crypto exchanges increased, and the trend continued throughout 2021. Despite the initial lack of clarity concerning crypto regulation in India and the price volatility of crypto in recent months, India has the world’s highest crypto users.

Unocoin has served 2.34 M+ users and has witnessed 21.77 M + orders on its platform. In other crypto news from the last year, bitcoin, the leading crypto by market valuation in 2021, has increased by more than 50% since the beginning of the year.

Crypto market trends during Union Budget 2022

Minister of Finance Nirmala Sitharaman presented the Indian Union Budget 2022 on 1 February 2022 as her fourth budget. Looking at the movements during the Union Budget, the crypto was red at the start of 22 February. The total market capitalisation of crypto is $1.68 trillion, down 5.57 per cent from the previous year.

Such movements were observed in the crypto asset in February 2022, according to data during the Union Budget 2022:

  • If we solely consider bitcoin, it fell by 4.7 per cent on 26 January and gained by 0.49 per cent on 28 January. 1 February witnessed an increase of 1.33 per cent, but 2 February saw a drop of 4.14 per cent. On the 4th and 7th of February, the additions were 9.45 per cent and 5.57 per cent, respectively.
  • According to the CryptoLive report on 22 February 2022, at 8.55 AM, the price of bitcoin was INR 29,63,315, which dropped 4.35 per cent. The cost of Ethereum was INR 2,05,127, a loss of 4.81 per cent.
  • Cardano was trading at INR 67.9739, losing 11.31 per cent, while Binance Coin was trading at INR 28,500.88 after decreasing 7.65 per cent.
  • XRP was at INR 55.7214, down 11.16 per cent, while Polkadot was worth INR 1,286.73, down 6.91 per cent.

Crypto market trends after Union Budget 2022

Indian retail investors’ interest in crypto appears to have been significantly impacted by the Union Budget 2022‘s proposal of a flat 30 per cent tax on income from crypto and other virtual digital assets.

From February 2022 to May 2022, according to statistics, crypto was falling and soaking a lot of ups and downs. The situation worsened in May, with a decrease of 6.43 per cent on 5 May and a decline of 12.75 per cent on 9 May. On 11 May, there was a 5.13 per cent decline, but on 17 May, the situation improved somewhat and grew by 0.88 per cent. 

If we look at today’s crypto news, Polygon MATIC gained 6.11 per cent in the last 24 hours (12 July 2022). 

In comparison to the previous year, Ethereum has underperformed this year. July 2022 witnessed an even weaker drop, with Ethereum dropping to USD 1,066 from its USD 4,812 h of November 2021. Due to surprising trends, new investors have been suspicious about their crypto assets this year. However, the pro investors see this as an opportunity to try out new currencies, altcoins, other cryptos, stablecoins and meme coins.

Conclusion

After the Union Budget 2022, the crypto trends have seen much volatility. The tax has dispirited only those Indian investors who have never seen a bear run. However, people are happy that the government is now considering the crypto asset and making decisions. The seasoned investors see the dips as a new opportunity to diversify their portfolios and try unexplored and underrated digital assets. People expect that crypto will become legal in India in the coming days.  

Unocoin is India’s first entrant in the crypto space, founded in 2013. Unocoin provides a secure and simple platform to trade, store securely, and use bitcoin. Unocoin offers a fantastic blend of customer-centric support and user-friendly features on its platform. It understands the relationship between crypto trading concepts and users’ issues. Hence it acts as a perfect bridge to help the Indians understand how to use and trade in bitcoin and other digital assets.

How to get a crypto loan in India? 

Crypto is any digital or virtual currency that uses cryptography to secure transactions often performed on the internet. With advanced coding, cryptographic data is stored and sent between wallets and public ledgers. Encryption’s goal is to give security and safety to the transactions.

Crypto payments exist mainly as digital records in online databases representing specific transactions, rather than moving and exchanging physical money in the real world. The transactions you do with crypto money are recorded in a public database. Most people are interested in trading for profit, with speculators sometimes driving up prices.

A crypto loan is an easily accessible service that allows you to borrow funds with little risk and leverage to meet your needs. You get a low-interest crypto loan that is simpler to repay than regular loans.

How to get a crypto loan in India? 

What is a crypto loan?

A crypto loan is a collateralised loan that one can get from a crypto exchange or crypto-lending platform. It is similar to a securities-based loan in that it employs digital money as collateral to secure funding. Your crypto is an asset you receive in return for another crypto from a lender, which you can repay over time. If you fail to repay your loan, the lender may sell your crypto, forcing you to forfeit it.

You can receive passive income and interest (called Earn Interest) by depositing your crypto into a pool that handles your assets. There is usually a minimal danger of losing your funds, depending on the stability of the smart contract you choose. Crypto lending services are available on both centralised and decentralised platforms, but the fundamental concepts remain the same.

How to get a crypto loan in India?

A crypto loan is a secured loan obtained from a crypto exchange or a crypto-lending platform. Investors can borrow money in cash or crypto assets by pledging another crypto as a security. 

  • Select a trustworthy platform 

First and foremost, you must select a trustworthy and transparent platform for borrowing crypto assets. Several platforms in India offer attractive deals and entice people to lend crypto. However, until it is trustworthy, there is not much you should do. Borrowing using any platform can be risky, so research the platform first.

  • Check crypto

Once you have found a trustworthy platform, check to examine if they can borrow the crypto you wish to lend. Borrowing using any platform can be risky, so you should wait till your research is finished.

  • Determine the return

After you have found your desired crypto and crypto exchange, you will need to determine the annual return on the crypto assets you want. It depends on market conditions, the return you like, your risk tolerance and sometimes the lending platform that you choose.

  • Wait for investors

You will stake your crypto collateral after applying for a loan and wait for investors to fund the loan. Investors will be paid interest, and the crypto collateral will be returned to you once the borrower (in this case, you) has paid off the loan.

Things to consider before getting a crypto loan

A crypto loan gives you various options, which can be advantageous. However, before you rush into lending or borrowing, keep the following suggestions in mind:

  • Examine the market situation

It would be best if you had some market understanding before taking out a loan to understand its ups and downs and prevent losses. After you take out a loan, your coins may be locked in for some time, making it impossible to respond to a crypto market downturn.

  • Recognise the threats

For the loan, coins are taken from your wallet, and the balance is deducted afterwards. Hacks and scams are common project targets, and your funds may not be instantly available for withdrawal in some situations.

  • Know the loan’s terms and conditions

Numerous methods for obtaining the loan are available, but you should not proceed without reading the terms and conditions first. You should seek better interest rates and only *sign up for practical terms and circumstances.

  • Fear of account termination

You will need to offer extra liquidity if the value of your collateral falls below the minimum; otherwise, your lender may be obliged to close your loan account.

  • Late payment can incur additional charges.

Late payments will result in your account being closed, and you have to pay a liquidation charge. If you borrowed fees from finance loans, you would be required to pay as much as 2% of the total loan amount.

Bottom line

Crypto loans can be advantageous if you have crypto assets but need cash to fund expenditures. Crypto is rapidly expanding, offering investors and enthusiasts new ways to increase their wealth, get liquidity, and earn income.

With borrowing and lending of crypto assets, users of the crypto lending platform can employ intelligent contracts or a collateral-based technique. Crypto loans have benefits, but it is always a great idea to consider the cons before deciding.

Unocoin is the most advanced trading platform for trading crypto assets in India. We make it easy to buy, sell, store, use and accept bitcoin securely in India by offering the ability to trade various digital assets on a secure trading platform. 

If you wish to take a loan and pay using EMI, watch this video: https://youtu.be/DY1Pb7RuMeI

If you wish to take a loan and pay as per your wish or will, watch this video: https://youtu.be/DY1Pb7RuMeI

Start your crypto journey today! Love Crypto Coins. Love Unocoin. 

Please find the list of authentic Unocoin accounts for all your queries below:

  • E-mail id: [email protected]
  • Contact details: 7788978910 (09:30 AM IST – 06:30 PM, Mon – Sat) 

Disclaimer:
Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).

What Will the Future of Meme Coins Look like?

What are meme coins?

The cryptocurrency market is still in its infancy and has a long way to go, so learning about them is never too late. Meme coins are the rising crypto assets of 2022. As the name suggests, meme currencies are inspired by memes or any media that capture funny ideas shared on the internet. Meme coins are intended to circulate like the memes they are based on. Meme currencies, unlike utility tokens, are typically not used to make purchases within a particular ecosystem. They are available for trade. The different meme coins are as follows:

  1. Dogelon Mars (ELON)
  2. Shiba Inu (SHIB)
  3. Dogecoin (DOGE)
  4. Baby DogeCoin (BabyDoge)
  5. MonaCoin (MONA)
  6. Shiba Predator (QOM)
  7. Hoge Finance (HOGE)

Knowing what will go viral before it happens is the secret to making money with meme coins. If you decide on purchasing one, you should know them and the trading platforms like Unocoin, wherefrom you can trade them.

What Will the Future of Meme Coins Look like?
What Will the Future of Meme Coins Look like?

Origin of meme coins: A revolution

Along with the greatest familiar crypto assets like Bitcoin and Bitcoin cash, meme coins became very popular in October 2021 when Elon Musk, the Dogefather, advocated the use of Dogecoin, one of the first meme coins. The Shiba Inu coin (SHIB) is the alternate-second largest meme coin on the market. Because meme coins are not built on an ICO, they support organic growth more than other common cryptocurrencies.

Different influencers have shown interest in the future of the meme coins, especially Dogecoin, like Elon Musk, Discord, Reddit and WeChat. Elon Musk, in particular, was in support of Meme coin. He continues to post tweets about Dogecoin to start taking them as a mode of payment, which has increased its trading value and shareholders.

Dogecoin’s Market Cap is $8,779,370,412 at the time of writing this blog, whereas Shiba Inu’s Market Cap is $5,494,630,036.

Meme coins do not give or sell services like many other cryptocurrencies, but they are still worth more. They are gaining popularity in the present world. The trading platforms are much more engaging and stimulating with their high vulnerability.

How to Identify a Meme Coin?

  • Meme coin became popular through being promoted on social media and frequently working with/for influencers.
  • Typically, the “idea” or “brand” of the token is based on popular culture or a ridiculous name.
  • Meme tokens must be driven by virality, so the brand or face of the token must be trendy, adorable, humorous, and memorable. Meme tokens can occasionally be parodies of other meme coins.
  • The development team explicitly states or uses wording to the effect that their project is a meme coin.

Let us talk about different meme coins available on the trading platforms.

As per experts, few meme coins will have strong demand in 2022. These include: 

  • Dogecoin (DOGE)
  • Dogelon Mars (ELON)
  • Shiba Inu (SHIB)
  • Baby DogeCoin (BabyDoge)
  • MonaCoin (MONA)
  • Shiba Predator (QOM)
  • Hoge Finance (HOGE)
  • Dogecoin

DogeCoin is not yet at its peak but is still the most valued meme coin of 2022. It was developed by Billy Marcus and retained by Elon Musk. It is predicted to be between $0.98 and $1.18 by 2028. Overall, it has an average cost of $1.1 around the year. 

  • Dogs Of Elon: Meme Token for NFTs

It is a fresh meme coin design, sharing over 10,000 non-fungible tokens (NFTs that are Ethereum-based NFT avatars). They are also about to enter the world of gaming on a P2E platform (Play to earn). 

It is presently trading for a value of $0.04, with a 0.27% drop in the last 24 hours.

  • DogeDash – Newest Meme Crypto for play to earn (P2E)

It is the newest meme coin crypto- asset P2E, analogous to the super Mario game of the 90s in which we dashed and jumped on our way to avoid obstacles and collect money. Its concept is similar, except that it allows you to collect real money.

  • Shiba Inu meme coin- also known as the Dogecoin Killer

The Dogecoin Killer was developed by Ryoshi and released as a sociological experiment in late 2020. Its goal was to dethrone Dogecoin from its prominent position, hence the name. It is also looking for expansion in the Metaverse. It will soon introduce virtual real estate called Shiba Land.

  • Akita Inu- Ethereum network chain

Akita can be your answer if you are looking for good meme coins other than Dogecoin. Built by the Ethereum community, Akita aims to utilise the broad chain network interoperability provided by Ethereum co-founder Vitalik Buterin and Uniswap. 

Overall, what is the future of meme coins?

Meme coins are trendy and are here to stay. The operation of top meme coins peaked in May 2021, declined in December 2021, and increased again in April 2022, making it highly unpredictable. Its value depends on the supply and demand chain and its popularity. Like other crypto assets, meme coins are also non-regularised in India and numerous countries. Still, some countries have taken steps to regulate them in a central position. El Salvador became the first country to use bitcoin as a sanctioned currency. In the future, it will be used for more than just online payments and trading; it may even be used to replace paper currencies.

When looking for a meme coin, take the following precautions: conduct your research, reach out to financial advisors before choosing any coin, and compare the value of meme coins on trading websites like Unocoin.

Unocoin:

The world’s first and most secure bitcoin & other cryptocurrency trading platform, Unocoin offers users the ability to buy, sell and accept cryptocurrency in real-time. With a variety of cryptocurrency options available on this platform, users can easily invest in their favourite coins with ease.

Please find the list of authentic Unocoin accounts for all your queries below:

Disclaimer:
Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).

Unocoin Exclusively Introduces Toncoin Officially On Its Platform

New Delhi, India, 11, July 2022; Unocoin, India’s first Bitcoin platform, intends to reward its users with exclusive access to Toncoin, the native token of TON, a fully decentralized layer-1 blockchain designed by Telegram. Giving impetus to its flexible architecture of offering trade through more than 80+ coins, the Bengaluru-based startup aims to become the pioneer in making Toncoin the most valuable stake in the web3 economies. 

This newly listed coin on Unocoin boasts speedy transactions, low costs, user-friendly interfaces, and environmental friendliness. TON can be scaled, shared and equipped to adapt to the market requirements. The architecture enables it to expand without suffering any significant performance loss. It solves various exchange needs and is used for transaction fees, network development, blockchain security through staking, and payment settlement. Its mainnet is fully operational and supports economical, swift, and environmentally friendly transactions.

Commenting on the development, Mr Sathvik Vishwanth, Co-Founder & CEO of Unocoin, said, “We are the platform committed to providing a plethora of opportunities for Unocoiners to trade on the platform. We are always introducing innovative and trendy solutions to become a one-stop solution for all crypto exchange requirements. Toncoin stands from other layer-1 blockchains with various distinctive features and is equipped to fulfil multiple transaction needs. With this inclusion, we look forward to ultra-fast transaction onboarding more users on the platform”.

TON, Solana, and Ethereum 2.0 are a few instances of blockchains that use Proof of Stake. But crucial design and implementation variations mean TON outperforms performance, adaptability, and design. 

How to buy Toncoin in India?

As of now, Unocoin is the only crypto exchange in India to list Toncoin on its platform. The Toncoin can be traded at Unocoin either on iOS, Android, or web versions. A trader must download the application/visit the website, create a free account, complete the KYC process, and be a verified Unocoin user.

About UnocoinStarting in 2013, Unocoin is a Bangalore-based technology startup and is India’s first entrant into the bitcoin industry. The company operates India’s most significant (in Indian customer base) BTC-INR trading platform, enabling Indians to buy, sell, store, use and accept bitcoin. At its peak, Unocoin processed transactions worth more than INR 2B per month for its 2,300,000+ customers. The startup has been featured among the Top 20 companies in The Fintech20: India list and has won prestigious titles like ‘The Golden SABRE award’ in financial communications for the project, ‘Bit-by-Bit: Building Bitcoin in India’ and ‘TECH30′ award from YourStory.