Beginner’s Guide: Introduction in Cryptocurrencies

Introduction: How to invest in cryptocurrency

Bitcoin was the first cryptocurrency that came to existence. It was created on Blockchain technology. It was likely launched by Satoshi Nakamoto in 2009. It was believed that 17 million bitcoin had been mined as of the date of this blog’s writing. Today, there are 21 million bitcoins mined. Other popular cryptocurrency are Ethereum, Ripple and Golem, Ripple and Civic, and hard forks like Bitcoin Cash or Bitcoin Gold.

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It is advised that users not put all their funds in one cryptocurrency. Additionally, it is advised to avoid investing at the time of the crypto market’s peak. If the cryptocurrency market is at its highest it is evident that prices drop suddenly. Since cryptocurrency is volatile investors should only put in only what they are able to risk losing. There is no central government control over cryptocurrency since it is not centralized.

Steve Wozniak was the co-founder of Apple. He predicted that Bitcoin will be the ultimate gold and would surpass all currencies like USD, EUR and INR in the near future. Bitcoin will also be an international currency in the future.

Why should you invest in cryptocurrency

Bitcoin was the very first cryptocurrency to be developed. Since then, more than 1600+ cryptocurrency have been introduced. Each coin comes with a distinctive characteristic.

One of the main reasons I’ve encountered and would like to share is that cryptocurrency were developed using a decentralized platform. Users do not have to transfer their cryptocurrency to different locations. This is contrary to fiat currencies, which require an intermediary like Bank to transfer funds between accounts. Blockchain technology utilized in the creation of cryptocurrency makes it nearly impossible for thieves and hackers to take your cryptocurrency.

You should always avoid buying cryptocurrencies at the high point of cryptocurrency-bubble. A lot of people purchase cryptocurrencies in the hopes of earn fast cash. But, they usually get caught up in the hype and end up losing their cash. It is essential to conduct thorough research prior to investing their money. It is always beneficial to invest in multiple cryptocurrency, instead of just one. This is due to the fact that it has been discovered that not all cryptocurrencies are growing in the same way, and certain cryptocurrency tend to be in the red.

Focus on Cryptocurrencies

Bitcoin was the only cryptocurrency to hold 90% of the market in 2014, while the other cryptocurrency market holds the remaining 10 percent. Although Bitcoin remains the dominant cryptocurrency market however, its share has decreased dramatically from 95 percent to 38% in 2017. Altcoins like Ripple, Ethereum, and Litecoin have seen rapid growth and have dominated the market.

Although Bitcoin remains the most popular cryptocurrency, it’s not the only cryptocurrency to be thinking about when you invest in cryptocurrency. Here are a few of the most significant cryptocurrency to think about:

Bitcoin

Litecoin

Ripple

Ethereum

Tron

Civic

Golem

Monero

How and where to purchase cryptocurrency

It was difficult to buy cryptocurrency in the past however, it’s today much simpler.

In 2015, India has two major bitcoin platforms Unocoin wallet and Zebpay wallet where users can buy and sell bitcoin only. Customers can only purchase bitcoin through their wallet and not through any other. The difference in price between selling and buying bitcoin was substantial. Customers also required a small fee to finish their transactions.

The market for Cryptocurrencies grew rapidly in 2017, and the Bitcoin price soared during the final half of 2017. This forced people to look for alternatives to Bitcoin and led to it reaching 14 lakhs on the Indian market.

As Unodax and Zebpay are the two major platforms in India who were dominating the market with 90% of market share – which was dealing in Bitcoin only. This gives other companies the chance to expand their business using altcoins and sometimes even force Unocoin to include other currencies on their platform.

Unocoin is the most well-known Indian blockchain and cryptocurrency company. They’ve created UnoDAX Exchange, a platform which allows users to trade different currencies, as well as Bitcoin. Unocion provided instant bitcoin purchase and sale, while UnoDAX lets users make orders for any cryptocurrency they want and when the recipient is compatible the criteria, the order will be fulfilled.

There are a variety of major exchanges that permit users to trade cryptocurrency in India including Coinsecure, Bitbns and WazirX.

To create an account on any exchange, customers need to sign up with an email address and provide the KYC information. Once their account has been verified and verified, they are able to trade any coins they want to.

Users have to research well before investing in any coins and not fall into the trap of cryptocurrency-bubble. It is crucial to investigate the reliability and safety of every exchange.

Each transaction will be subject to a small fee from all Exchanges. There are two kinds: the taker fee and the maker fee. You’ll need pay the fee for transfer if want to transfer your cryptocurrency to a different bank account or exchange. Since every exchange has its own cost module to transfer coins the fees are based on the exchange and coins.

The most important altcoins that aren’t Bitcoin

Bitcoin is the most popular cryptocurrency with 38% of the market and is then Ripple and Ethereum. Ripple, Ethereum is Litecoin, Bitcoin Cash, and many more. UnoDAX and Bitfinex have a variety of coins on their list which include Tron, Tron, Kraken, Bitstamp, Ripple, Ethereum, Litecoin, Kraken, Bitstamp, Basic Attention, Augur, Monero and Tron. You should buy any coins that are compatible with your portfolio.

It is essential to only invest money that you are able to afford losing. The market for cryptocurrency is extremely volatile and there is no control by the government.

When is the best moment to buy?

There is no standard guideline for when to purchase your preferred cryptocurrency. It is nevertheless important to study the stability of the market. It is not advisable to invest in crypto at the peak of a crypto bubble or when the price is constantly falling. It is recommended to invest when the price is stable and low for a long period of time.

Cryptocurrencies Storage Method

It is crucial to know how to safeguard your cryptocurrency prior to buying any cryptocurrency.

Every exchange offers a secure location to store your money. If you are using an exchange account You must not divulge your username, password, or 2FA.

There are a variety of ways to store your crypto The most popular are: paper wallet, hardware wallet, and software wallet.

Paper wallet: A wallet made of paper can be a cold, offline storage solution to store your crypto. The wallet prints your private key as well as your public key onto the piece. A QR code can also be printed. For future transactions, you need to scan the QR code. It’s safe! There is no reason to worry about hackers stealing your account or using malicious malware. Place your papers in a secure place and, if you can you can keep two or three sheets of paper in your wallet.

Hardware wallet: A physical item which protects your crypto. There are a variety of hardware wallets, however the most well-known is USB. Secure your crypto inside a wallet that is a hardware. If it gets lost, you won’t be able to recover it.

A notable incident occurred the time someone mined more than 7000 Bitcoin and deposited it into their wallet on a hardware. After that, he stored the hardware wallet and used a different wallet. He lost all of his bitcoin after accidentally throwing his wallet that was on the hardware, where he stored his bitcoin, and not the broken hardware.

What are the most popular cryptocurrency to purchase in India?

A lot of people believe that buying and selling cryptocurrency is for investment and to earn high returns in the near and long-term. Bitcoin users and influential people are convinced that Bitcoin will be the most popular fiat currency over the next years and will be recognised as a currency that is internationally accepted.

One of the largest e-commerce companies that accept bitcoin payments is Dell. Expedia and UNICEF offer additional examples.

Sapna Book Mall in India accepted bitcoin payments through Unocoin merchant services. BookMyShow was utilized to purchase tickets to movies and Unocoin platform to make mobile payments. According to reports, they’ve stopped the service, however, they plan to reinstate it in the near future.

Conclusion

One of the fastest-growing investment options is cryptocurrency. It has offered higher returns than stocks and gold, real estate and other investments in the past. It can be purchased and stored for long-term gains. You can also invest for a short-term investment to earn quick gains. We’ve seen cryptocurrency prices increase by more than 1000% over the last few years. The market for cryptocurrency is highly volatile and there isn’t any regulation by the government. It is best to be sure to only invest in crypto that you are able to afford losing.

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