INFORMATION ABOUT CRYPTOCURRENCIES

INFORMATION ABOUT CRYPTOCURRENCIES

Introduction: To invest in cryptocurrency

The first cryptocurrency which comes into existence was Bitcoin which was created on Blockchain technology and probably it was introduced in 2009 by an unknown figure named Satoshi Nakamoto. At the time writing this blog there were 17 million bitcoin that had been mined. It is believed that total 21 million bitcoin is possible to mine. The other cryptocurrencies with the highest popularity include Ethereum, Litecoin, Ripple, Golem, Civic and hard forks of Bitcoin like Bitcoin Cash and Bitcoin Gold.

It is recommended to investors not to invest all their money into one currency and to stay clear of investing during the height of cryptocurrency bubble. It has been observed that the price has suddenly decreased when it’s at the top of the cryptocurrency bubble. Because cryptocurrency is a volatile market therefore investors must only invest the amount Best crypto insurance company which they can afford to lose because there isn’t any control by any authority on cryptocurrency since it is a decentralized crypto.

Steve Wozniak, Co-founder of Apple predicted that Bitcoin is a real gold that will be the dominant currency of all the currencies like USD, EUR, INR and ASD in future and become the world’s currency in the coming years.

Why and What’s the Reason to Do you want to invest in cryptocurrencies?

Bitcoin became the first crypto which came into existence. Throughout the years, 1600+ cryptocurrencies has been introduced with a unique characteristics for each one.

Some of the reasons which I’ve had the pleasure of experiencing and I’d like to share, cryptocurrencies have been created through a decentralized platform which means that users don’t need an intermediary to transfer money from one account to the next one, in contrast to fiat currencies where a user need the assistance of a platform like Bank to transfer money between accounts. another. Cryptocurrency is built on secure blockchain technology that has virtually no chance of hacking and get your cryptocurrency stolen if you don’t share your some vital details.

You should always avoid buying cryptocurrencies at the high point of cryptocurrency-bubble. Many of us buy the cryptocurrencies at the peak in hopes of making rapid money only to succumb to the hype surrounding bubbles and lose their funds. It is better for users to conduct a thorough study prior to investing in the funds. It is always beneficial to invest your money in many different cryptocurrencies, rather than just one since it has been observed that a few cryptocurrency grow faster than others, while other cryptocurrencies go in the red zone.

Bitcoin and Cryptocurrencies in Focus

In 2014, Bitcoin holds the 90% market and rest of the cryptocurrencies holds the remaining 10 percent. In 2017, Bitcoin has continued to be the most dominant crypto market but its share has dropped sharply from 90 percent to 38%. Altcoins like Litecoin, Ethereum, Ripple have grown quickly and captured the majority of the market.

Bitcoin remains the leader in the market for cryptocurrency, but it’s not the only cryptocurrency that you need to consider while investing in crypto. The most important cryptocurrencies that you should consider are:

Bitcoin

Litecoin

Ripple

Ethereum

Tron

Civic

Golem

Monero

Where and How to buy Cryptocurrencies?

When it was a few years ago, it was not easy to buy cryptocurrencies but now the users can choose from a wide range of platforms.

The year 2015 is the first time India includes two of the largest bitcoin platforms: The Unocoin wallet as well as Zebpay wallet, which allows users to buy and sell bitcoins exclusively. Users have to purchase bitcoin only from their wallet and not from someone else. There was a cost distinction between the buying and selling rates and buyers have to pay a nominal amount for completing their transactions.

In 2017, Cryptocurrency industry has grown tremendously, and the value of Bitcoin grown spontaneously, especially during the last six months of 2017 . This caused users to search for alternatives to Bitcoin and even crossed 14 lakhs on the Indian market.

The two platforms Unodax and Zebpay are the two main platforms in India who were dominating the market with over 90% of market share – which was dealing in Bitcoin only. It gives the chance to another organization to grow by using other altcoins . They even compelled Unocoin and other companies to add more currencies on their platform.

Unocoin one of India’s top blockchain and cryptocurrency companies, established an exclusive platform UnoDAX Exchange for their users to trade multiple currencies apart from trading Bitcoin with Unocoin. The difference between both platforms was – Unocion was providing the ability to buy and sell instantly bitcoin only whereas on UnoDAX users can make an order of any available cryptocurrency and if it matches with the recipient, then the order will be processed.

Other major exchanges available to trade cryptocurrencies in India include Koinex, Coinsecure, Bitbns, WazirX.

Customers must create an account in one of the exchanges by joining with an email id and submitting the KYC details. After the account is verified, they can begin trading of coins that they prefer.

Users have to research well before investing in any coins and not fall into the trap of cryptocurrency-bubble. It is essential to research the exchange’s credibility and transparency, security features, and more.

All Exchanges charge some nominal fee for each transaction. There are two types of charges – Maker fee and Taker fee. Beyond the transaction cost one must also pay the transfer fee, in case you intend to transfer coins to an exchange other than your private wallet. The costs are dependent on the currency and the exchange as each exchange uses a difference price module for transferring the coins.

Major altcoins other than Bitcoin

As previously mentioned, Bitcoin is dominating the market with 38% market share . It is followed by Ripple, Ethereum, Litecoin, Bitcoin Cash. Exchanges like UnoDAX, Bitfinex, Kraken, Bitstamp have listed many different coins, including Golem, Civic, Raiden Network, Kyber Network, Basic Attention, 0X, Augur, Monero, Tron and numerous others. If any of the coins is in your portfolio, you should purchase it.

However, you should invest the money in a market you are able to lose since the trading in cryptocurrency is extremely volatile and no government has any control over it.

What is the best time to buy?

There is no set rule for when to purchase your favorite cryptocurrency. But one must research the market stability. Don’t invest when the market is at the top of a crypto bubble or when the price is crashing repeatedly. It is best to consider investing when the price has remained stabilized at a moderate value for a period of time.

Cryptocurrencies Storage Method

Before investing in any cryptocurrency, you must know how to safeguard your cryptocurrency.

Most exchanges offer a storage facility that allows you to keep your coins safely. It is not recommended to share login details, passwords, or 2FA, or account details when holding the cryptocurrency in exchanges.

Paper Wallet, Hardware wallet, Software wallet are some of the channels where one can save their currency.

Paper Wallet: Paper wallet is an online cold storage system to keep your cryptocurrency. It prints your public and private key onto a piece of a paper where QR codes are also printed. One needs to use the QR codes for their future transactions. What is the reason it’s safe? It is not necessary to be worried about the security of your account or being attacked by any malicious malware. All you need to do is keep your bit of paper safe in a locker and, if possible, keep two or three pieces of paper wallet completely under control.

Hardware Wallet: A hardware wallet is a device that helps you safeguard your cryptocurrency. There are a variety of hardware wallets, but the most commonly employed is USB. If you store your cryptocurrency in a hardware wallet, you must keep in your mind that you shouldn’t lose your hardware wallet because when it’s lost, it is impossible to find your cryptocurrency.

One famous incident, where an individual mined 7000+ bitcoin and stored it the bitcoin in their wallets that they have built and kept it in another hardware wallet. One day , he destroyed the wallet that he stored his cryptocurrency instead of the damaged hardware, and he lost all his bitcoin.

What are the best cryptocurrencies to buy in India?

Most of the people assume that buying and selling of any cryptocurrency is just to invest and get the high returns on both a short-term and long-term. Influencers and bitcoin investors are predicting that in the next years Bitcoin will take over all fiat currencies, and will soon be recognized as an International currency.

Dell is among the largest online stores that accept bitcoin for payment. Expedia and UNICEF are two more examples.

In India, Sapna Book Mall accepted bitcoin as a payment using Unocoin merchant program. People were booking movie tickets through BookMyShow or charging their mobiles via the Unocoin platform. According to reports, they’ve stopped the service but plan to start again in near the future.

Conclusion:

Cryptocurrency is among the fastest-growing investment fields and has provided better gains over gold, real estate, stock-markets, etc at times. It is possible to buy cryptocurrency and hold it over the long term to reap great returns, or opt for the short-term to make a quick profit, as we have seen the rise of many coins in 1000%or more in the past. Because cryptocurrency is an unstable market, there is no control of government on the market. It is essential to invest that they are able to afford losing.

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