Don’t be surprised if your close friend rallies for cryptocurrencies. Their exponential growth within a short period of time is the biggest factor drawing people to invest in cryptocurrencies hoping to earn massive returns as quickly as possible. In fact, no investment option has been able to provide such lucrative and impressive returns. Perhaps, many people in the recent times are jumping on to the cryptocurrency bandwagon considering it to a great investment option.
But hold back! All that’s glossy is not bereft of flaws. There are certain little-known facts about cryptocurrencies that makes you rethink their authenticity and legality.
1. Highly volatile
Cryptocurrencies witnessed both a sharp increase in a drastic decrease in their prices very recently. Since there is no regulation or a regulatory authority or enough information built around them it is very difficult for investment analysts to study them as an investment option. But when more and more people start investing it is quite natural for the prices to soar. The analysts fear that it may eventually burst as a bubble leading to huge losses. However, online rummy gaming which is based on your skills is dependent on how well you play your cards and not based on some obscure information which may not be authentic too.
2. Unclear status – currency or commodity
It is very unclear whether to categorize cryptocurrency like Bitcoin either as a currency or a commodity. It is not a currency as it is not printed by any government. On the other hand, the proponents of cryptocurrencies do not wish them to be considered as a commodity too. From business perceptive, it is highly risky to trade with something which is neither a currency nor a commodity. But, online Indian rummy rules says it is recognized as a game of skill and completely legal to play both free games and for stakes too.
3. No regulatory authority
Cryptocurrencies owe their origin to eliminate any regulatory authority, bank or government and be democratic in their approach. In the event of a grievance or any issue, the absence of a regulatory authority could jeopardize investors from getting their issues settled. Swing past to online Indian rummy. All rummy websites have to be registered with the concerned government authorities and obtain the necessary licenses. In case of any legal issues, rummy players can take the notified legal route for settling their issues.
4. Legal status
While the government or any legal authority like the Reserve Bank of India does not consider cryptocurrencies as legal, they have also not declared them illegal too. This puts potential investors in a fix as the RBI has reiterated that investors, traders, dealers or anyone dealing in cryptocurrencies would be doing it at their own risk. In such a scenario, online rummy’s clear legal status as outlined by the Supreme Court of India is a welcome respite. Skill games like online rummy game is legal as you play online. Playing them online for stakes too is absolutely legal as it requires player’s mental skills in order to win and is not dependent on the chance factor.
The next time you hear about the sky-rocketing cryptocurrency prices, just hold back and remember these facts and act wisely.