A Beginner’s Guide to Owning Bitcoin Cryptocurrency

Bitcoin cryptocurrency is buzzing all over the world, whether you are on the internet or any medium. It’s one of the most exciting and craziest things to happen in just the last few years. More importantly, you can earn great returns by trading bitcoins or you can hold it for the long term.

You may hear about stocks, commodities, Forex, and now a new currency called Bitcoin trading that is greatly affecting our lives. In this beginner’s guide to the Bitcoin cryptocurrency, you will learn the ABCs of Bitcoin.

About Bitcoin cryptocurrency

The emergence of Bitcoin is still unknown, but in October 2008, a paper was published under the pseudonym Satoshi Nakamoto from Japan. His identity is still unknown and he is believed to have around 1 million bitcoins worth more than $6 billion as of September 2017.

Bitcoin is a digital currency popularly known as cryptocurrency and is free from any geographical boundaries. It is not regulated by any government and all you need is an internet connection. As a beginner, Bitcoin technology might confuse you and it is a bit difficult to know about it. However, I will help you delve deeper and how you can easily do your first bitcoin trading.

Bitcoin cryptocurrency works on blockchain technology which is a digital public ledger shared by everyone in the world. This is where you will find your transactions whenever you trade Bitcoin and anyone can use the ledger to check it. The completed transaction will be completely transparent and verified by the blockchain. Bitcoin and other cryptocurrencies are parts of the blockchain and are a great technology that only works on the internet.

Key terms related to the Bitcoin cryptocurrency

Before you are ready to own your first Bitcoin, it is better to know the key terms related to Bitcoins. It is also called BTC which is part of bitcoin and 1 bitcoin is equal to 1 million bits. With the advent of bitcoin, some other alternative cryptocurrencies have also developed. They are popularly called Altcoins and include Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Monero (XMR) and many others.

XBT and BTC are the same thing and commonly abbreviated to bitcoin. Mining is another term that is often used and it is actually a process performed by computer hardware for Bitcoin networks.

Things you can do with Bitcoin

You will be able to trade, transact, accept and store bitcoin. You can send it to friends, request it from friends and store it in your digital wallet. Even, now you can directly recharge your mobile/DTH by paying through bitcoin.

Transaction costs are low compared to PayPal, credit cards and other online intermediaries. In addition, it also protects your privacy which can be leaked online while using credit cards. It is extremely secure and no one can confiscate or steal the coins. Due to its transparency in the system, it is also not possible to manipulate because of the shared public ledger. You can confirm the transaction from anywhere and at any time.

Demand is likely to grow as the total production of bitcoins will be limited to only 21 million. Japan has already legalized it, and other countries may soon follow suit, and the price may rise further.

In the coming days I will cover more about Bitcoins where you will learn great things about Bitcoin trading. You can comment your views and ask anything relevant to bitcoins.

If you found this beginner’s guide to Bitcoin cryptocurrency useful, please share and like it on social media.

Practical tips on how to trade cryptocurrencies

I have been closely following the performance of cryptocurrencies for some time to get a sense of where the market is going. The routine my primary school teacher taught me – where you wake up, pray, brush your teeth and eat breakfast has shifted a bit to wake up, pray and then go online (starting with coinmarketcap) just to know what crypto assets are out there in red.

The start of 2018 has not been pretty for altcoins and related assets. Their performance was crippled by frequent bankers’ opinions that the crypto bubble was about to burst. Regardless, ardent followers of cryptocurrencies are still “guarding” and truth be told, they are reaping big.

Recently Bitcoin bounced back to almost $5000; Bitcoin Cash came close to $500, while Ethereum found peace at $300. Almost every coin was hit, except for newcomers who were still in the excitement phase. As of this writing, Bitcoin is back on track and is trading at $8,900. Many other cryptocurrencies have doubled since the uptrend began, with a market cap of $400 billion, up from a recent $250 billion.

If you are slowly warming up to cryptocurrencies and want to become a successful trader, the tips below will help you.

Practical tips on how to trade cryptocurrencies

• Start modestly

You’ve heard that cryptocurrency prices are skyrocketing. You probably also got word that this uptrend may not last long. Some proponents, mostly respected bankers and economists, tend to call them get-rich-quick schemes without a stable foundation.

Such news can make you invest in haste and fail to apply moderation. A little analysis of market trends and currencies worth investing in can guarantee you good returns. Whatever you do, don’t put all your hard earned money into this property.

• Understand how stock markets work

I recently saw a friend of mine post a feed on Facebook about one of his friends who continued to trade in the stock market and he had no idea how it worked. This is a dangerous move. Always review the site you intend to use before registering, or at least before you start trading. If they give you a fake account to play with, take that opportunity to learn what the dashboard looks like.

• Don’t insist on trading everything

There are over 1400 cryptocurrencies to trade, but it is impossible to handle them all. Spreading your portfolio to a huge number of cryptocurrencies than you can effectively manage will minimize your profits. Just pick a few of them, read more about them and how to get their trading signals.

• Keep your composure

Cryptocurrencies are volatile. This is their downfall and their boon. As a trader, you must understand that wild price swings are inevitable. Uncertainty about when to make a move makes one an ineffective trader. Use hard data and other research methods to know when to trade.

Successful traders belong to various online forums where cryptocurrencies are discussed in relation to market trends and signals. Of course, your knowledge may be enough, but you have to rely on other traders for more relevant data.

• Diversify meaningfully

Almost everyone will tell you to expand your portfolio, but no one will remind you to deal with currencies that are used in the real world. There are some bad coins to deal with for quick cash, but the best cryptos to deal with are those that solve existing problems. Coins used in the real world tend to be less volatile.

Don’t diversify too early or too late. And before you decide to buy any crypto asset, make sure you know its market capitalization, price changes, and daily trading volumes. Maintaining a healthy portfolio is the way to reap great benefits from these digital assets.

Has cryptocurrency become every Indian’s dream investment?

Rich rewards often come with great risks, and the same is true of the highly volatile cryptocurrency market. Uncertainties in 2020 globally have led to increased interest of the masses and large institutional investors in trading cryptocurrencies, a new age asset class.
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Increased digitization, a flexible regulatory framework and the lifting of the Supreme Court’s ban on banks dealing with cryptocurrency-based companies have stopped investments by more than 10 million Indians in the past year. Several major global cryptocurrency exchanges are actively exploring the Indian cryptocurrency market, which has seen a steady increase in daily trading volume over the past year amid a steep price decline as many investors looked to buy value. As the cryptocurrency craze continues, many new cryptocurrency exchanges have emerged in the country that enable buying, selling and trading by offering functionality through user-friendly applications. WazirX, India’s largest cryptocurrency trading platform, doubled its users from one million to two million between January and March 2021.
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What is driving the world’s largest crypto exchanges to the Indian market?

In 2019, the world’s largest cryptocurrency exchange by trading volume, Binance acquired the Indian trading platform WazirX. Another crypto start-up, Coin DCX has secured investment from Seychelles-based BitMEX and San-Francisco giant Coinbase. Crypto and blockchain start-ups in India attracted investments of USD 99.7 million till June 15, 2021, which totaled around USD 95.4 million in 2020. In the last five years, global investments in the Indian crypto market have increased by an incredible 1487%.

Despite India’s unclear policies, global investors are placing big bets on the country’s digital coin ecosystem due to a number of factors such as
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• India’s tech-savvy population

The overwhelming population of 1.39 billion is young (median age between 28 and 29) and tech-savvy. While the older generation still prefers to invest in gold, real estate, patents or stocks, the newer ones embrace high-risk cryptocurrency exchanges because they are more adaptable. India is ranked 11th in Chainalysis’ 2020 Global Cryptocurrency Adoption Report, which shows the excitement around cryptocurrencies among the Indian population. Neither the less than friendly attitude of the government towards cryptocurrencies or the rumors swirling around cryptocurrencies can shake the confidence of the youth in the digital coin market.
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India offers the cheapest internet in the world, where one gigabyte of mobile data costs around $0.26, while the global average is $8.53. Thus, nearly half a billion users are taking advantage of affordable internet access, increasing India’s potential to become one of the largest crypto economies in the world. According to SimilarWeb, the country is the second largest source of web traffic to the peer-to-peer bitcoin trading platform, Paxful. While the mainstream economy is still struggling with the “pandemic effect”, cryptocurrency is gaining momentum in the country as it provides young generations with a new and fast way to earn money.
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It’s safe to say that cryptocurrency could become to Indian millennials what gold is to their parents!

• Rise of Fintech start ups

The cryptocurrency craze has led to the emergence of multiple trading platforms such as WazirX, CoinSwitch, CoinDCX, ZebPay, Unocoin and many more. These cryptocurrency exchanges are highly secure, cross-platform, and enable instant transactions, providing a friendly interface for crypto enthusiasts to buy, sell, or trade digital assets unlimitedly. Many of these platforms accept INR for purchases and trading fees as low as 0.1% so the simple, fast and secure platforms present a lucrative opportunity for both first-time investors and local traders.
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WazirX is one of the leading cryptocurrency exchange platforms with more than 900,000 users that provides users with peer-to-peer transactions. CoinSwitch Kuber provides the best cryptocurrency exchange platform for Indians and is ideal for beginners as well as those who work daily. Unocoin is one of the oldest cryptocurrency exchange platforms in India with over 1 million mobile app traders. CoinDCX provides users with more than 100 cryptocurrencies as an exchange option and even provides investors with insurance to cover losses in the event of a security breach. So, global investors are looking at the plethora of cryptocurrency exchange platforms in India to take advantage of the emerging market.
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• Mixed response from the Government

A legislative proposal to ban virtual currency that would criminalize anyone who owns, issues, mines, trades and transfers crypto assets could be passed into law. However, Finance and Corporate Affairs Minister Nirmala Sitharaman allayed the concerns of some investors by saying that the government had no plans to completely ban the use of cryptocurrencies. In a statement given to a leading English newspaper, the Deccan Herald, the finance minister said, “On our part, we are very clear that we are not closing all options. We will allow certain windows for people to do experiments on blockchain, bitcoins or cryptocurrencies.” It is clear that the government is still examining the national security risks posed by cryptocurrencies before deciding on an outright ban.
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In March 2020, the Supreme Court overturned the central bank’s decision to ban financial institutions from dealing in cryptocurrencies, prompting investors to flock to the cryptocurrency market. Despite the constant fear of a ban, the volume of transactions continued to grow, and user registration and money flow on the local crypto-exchange increased 30 times compared to a year earlier. One of India’s oldest exchanges, Unocoin added 20,000 users in January and February 2021. Zebpay’s total volume per day in February 2021 is equivalent to the volume generated in the whole of February 2020. Addressing the cryptocurrency scenario in India, the Finance Minister in an interview with CNBC-TV18 said: “I can only give you a hint that we are not closing our minds, but looking for ways experiments can happen in the digital world and cryptocurrency.”
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Instead of sitting on the sidelines, investors and stakeholders want to make the most of the expanding digital coin ecosystem until the government bans “private” cryptocurrency and announces a sovereign digital currency.
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Is India moving towards financial inclusion with cryptocurrencies?

Once considered a “boy’s club” due to the male-dominated involvement of the cryptocurrency market, the ever-growing number of female investors and traders has led to more gender neutrality in the new and digital form of investment methods. Earlier, women used to stick to traditional investments, but now they are becoming more risky and entering the crypto space in India. After the Supreme Court clarified the legality of “virtual currency”, India’s cryptocurrency platform, CoinSwitch witnessed an exponential increase of 1000% in female users. Although women investors still constitute a small percentage of the crypto community, they are creating fierce competition in the Indian market. Women tend to save much more than their male counterparts, and more savings means more diversity in investments such as high-yield assets like cryptocurrencies. Also, women are more analytical and better assess risks before making the right investment choice, so they are more successful investors.
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Increasing mainstream institutional adoption of cryptocurrencies

The uncertainty and panic caused by SARS-Covid 19 led to a liquidity crisis even before the economic crisis broke out. Many investors turned their investments into cash to protect their finances, resulting in a drop in bitcoin and altcoin prices. But even though cryptocurrency suffered a major crash, it still managed to be the best-performing asset class in 2020. With the increased vulnerability of the system and the loss of trust in central bank policies and money in its current design, people have an increased appetite for digital currencies which has resulted in the return of cryptocurrency. Due to the great performance of the cryptocurrency in the midst of the global financial crisis, the upward trend has strengthened the interest in the virtual currency market in Asia and the rest of the world.
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Furthermore, to fuel society’s demand for convenient and reliable transaction solutions, digital payment gateways such as PayPal have also shown their support for cryptocurrencies that can allow consumers to hold, buy or sell virtual assets. Recently, Tesla CEO Elon Musk announced a $1.5 billion investment in the cryptocurrency market, and that the electric company will accept bitcoin from customers, causing the international price of bitcoin to jump from $40,000 to $48,000 within two days. . Two of the largest payment platforms worldwide, Visa and Mastercard, also support cryptocurrencies by introducing them as a medium for conducting transactions. While Visa has already announced that it will allow stablecoin transactions on the Ethereum blockchain, Mastercard will begin cryptocurrency transactions sometime in 2021.
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What does the future hold for the cryptocurrency market in India?

The Indian cryptocurrency market is not immune to the dire cryptocurrency crashes. Despite huge investments from global partners, local investors are still staying away from crypto investments due to uncertainty surrounding the legality of the digital coin ecosystem in India, as well as high market volatility. Although the cryptocurrency market has been booming since last year, Indians own less than 1% of the world’s bitcoins, creating a strategic disadvantage for the Indian economy. The Indian government plans to appoint a new panel to study the possibility of regulating digital currencies in the country, as well as focus on blockchain technology and suggest it for technological improvements.
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Blockchain technology’s ability to provide a secure and immutable infrastructure has been realized by various industries to instill transparency in transactions. For a country with more than 15 million cryptocurrency users, the board’s new recommendation could be of great value in determining the future of cryptocurrency in India. However, stakeholders believe that technical and economic power will make India a key player in the crypto and blockchain market. Gradually, cryptocurrency is gaining acceptance, which could lead to greater adoption of digital currency.
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According to the second TechSci Research’s report on “India’s Cryptocurrency Market By Offering (Hardware & Software), By Process (Mining & Transactions), By Type (Bitcoin, Etgereum, Bitcoin Cash, Ripple, Dashcoin, Litecoin, Others), By End User (Banking, Real Estate, Stock Exchange & Virtual Currency) , By regions, forecasts and opportunities, 2026″, Indian cryptocurrency is expected to grow at a significant CAGR due to increasing demand for transparency and reduction in transaction costs. Additionally, increasing adoption of digital currency and growing blockchain technology is fueling the Indian cryptocurrency market.

A Brief Introduction to Blockchain – For Normal People

Crypto-what?

If you’ve tried to dive into this mysterious thing called blockchain, you’d be forgiven for recoiling in horror at the sheer opacity of the technical jargon often used to frame it. So before we get into what cryptocurrency is and how blockchain technology could change the world, let’s discuss what blockchain actually is.

In its simplest terms, blockchain is a digital ledger of transactions, unlike the ledgers we’ve used for hundreds of years to record sales and purchases. The function of this digital ledger is, in fact, quite identical to a traditional ledger in that it records debts and credits between people. That’s the basic concept behind blockchain; the difference is who keeps the ledger and who verifies the transactions.

In traditional transactions, a payment from one person to another involves some sort of intermediary to facilitate the transaction. Let’s say Rob wants to transfer £20 to Melanie. He can give her cash in the form of a £20 note or he can use some sort of banking app to transfer the money directly to her bank account. In both cases, the bank is the intermediary that verifies the transaction: The slave’s funds are verified when he withdraws money from the ATM, or verified by the application when he makes a digital transfer. The bank decides whether the transaction will continue. The Bank also keeps a record of all transactions made by the Slave and is solely responsible for updating whenever the Slave pays someone or receives money into their account. In other words, the bank holds and controls the ledger, and everything flows through the bank.

It’s a big responsibility, so it’s important that Rob feels he can trust his bank or he wouldn’t be risking his money with them. He needs to be sure that the bank will not cheat him, that he will not lose money, that he will not be robbed and that he will not disappear overnight. This need for trust has underpinned almost every major behavior and aspect of the monolithic financial industry, to the point that even when banks were found to be irresponsible with our money during the 2008 financial crisis, the government (the second intermediary) chose to bail them out instead rather than risk destroying the final fragments of trust by letting them crumble.

Blockchains work differently in one key respect: they are completely decentralized. There is no central clearinghouse like a bank, nor is there a central ledger maintained by a single entity. Instead, the book is distributed through a vast network of computers, called nodes, each holding a copy of the entire book on their hard drives. These nodes are connected to each other through software called a peer-to-peer (P2P) client, which synchronizes data across the network of nodes and ensures that everyone has the same version of the book at any given time.

When a new transaction is entered into the blockchain, it is first encrypted using state-of-the-art cryptographic technology. Once encrypted, the transaction is turned into something called a block, which is basically a term used for an encrypted group of new transactions. That block is then sent (or broadcast) to a network of computer nodes, where the nodes verify it and, once verified, it is passed through the network so that the block can be added to the end of the ledger on everyone’s computer, below the list of all previous blocks. This is called a chain, hence the technology is called blockchain.

Once approved and recorded in the ledger, the transaction can be completed. This is how cryptocurrencies like Bitcoin work.

Liability and removal of trust

What are the advantages of this system compared to the banking or central clearing system? Why would Rob use Bitcoin instead of normal currency?

The answer is trust. As mentioned above, it is critical to the banking system that Rob trusts his bank to protect his money and handle it properly. For this to happen, there are huge regulatory systems that verify the actions of banks and ensure that they are fit for purpose. Governments then regulate regulators, creating a kind of multi-tiered system of checks whose sole purpose is to help prevent mistakes and misconduct. In other words, organizations like the Financial Services Authority exist precisely because banks cannot be trusted on their own. And banks often make mistakes and behave badly, which we have seen too many times. When you have only one source of authority, power is often misused or abused. The trust relationship between people and banks is awkward and precarious: we don’t really trust them, but we don’t feel there’s much of an alternative.

Blockchain systems, on the other hand, don’t need you to trust them at all. All transactions (or blocks) in the blockchain are verified by nodes in the network before being added to the ledger, meaning there is no single point of failure and no single approval channel. If a hacker wanted to successfully break into a ledger on the blockchain, he would have to hack millions of computers at the same time, which is almost impossible. A hacker would also not be able to crash the blockchain network, because, again, they would have to be able to shut down every single computer in a network of computers distributed around the world.

The encryption process itself is also a key factor. Blockchains like Bitcoin use deliberately difficult processes for their verification procedure. In the case of Bitcoin, blocks are verified by nodes that perform a deliberately processor- and time-intensive series of calculations, often in the form of puzzles or complex mathematical problems, meaning that verification is neither instantaneous nor available. Nodes that establish block verification resources are rewarded with a transaction fee and an abundance of newly created Bitcoins. This has the function of both encouraging people to become nodes (since processing such blocks requires quite powerful computers and a lot of electricity), while also managing the process of generating – or minting – units of currency. This is called mining because it involves a considerable amount of effort (in this case computers) to produce new goods. It also means that transactions are verified in the most independent way possible, more independent of a government-regulated organization like the FSA.

This decentralized, democratic and highly secure nature of blockchains means that they can function without the need for regulation (they are self-regulating), government or other opaque intermediary. They work because people don’t trust each other, not in spite of it.

Let the significance of that sink in for a while and the hype around blockchain starts to make sense.

Smart contracts

Where things get really interesting is the application of blockchain beyond cryptocurrencies like Bitcoin. Given that one of the core principles of blockchain systems is secure, independent transaction verification, it’s easy to imagine other ways in which this type of process can be valuable. Not surprisingly, many such applications are already in use or in development. Some of the best are:

  • Smart Contracts (Ethereum): Arguably the most exciting blockchain development after Bitcoin, smart contracts are blocks that contain code that must be executed in order for the contract to be fulfilled. The code can be anything, as long as a computer can execute it, but in simple terms this means that you can use blockchain technology (with its independent verification, trustless architecture and security) to create a kind of escrow system for any kind of transaction. For example, if you’re a web designer, you can create a contract that checks whether or not a new client’s website is up and then automatically releases funds to you once it is. No more chasing or invoicing. Smart contracts are also used to prove ownership of assets such as property or art. The potential to reduce fraud with this approach is huge.
  • Cloud Storage (Storj): Cloud computing revolutionized the web and led to the emergence of big data, which in turn launched a new AI revolution. But most cloud-based systems run on servers stored in server farms in a single location, owned by a single entity (Amazon, Rackspace, Google, etc.). This presents all the same problems as the banking system, as your data is controlled by a single, opaque organization that represents a single point of failure. Distributing data on the blockchain completely removes the trust issue and also promises to increase reliability as it is much harder to crash the blockchain network.
  • Digital identification (ShoCard): two of the biggest problems of our time are identity theft and data protection. With huge centralized services like Facebook holding so much data about us, and efforts by various governments in the developed world to store digital information about their citizens in a central database, the potential for misuse of our personal data is terrifying. Blockchain technology offers a potential solution to this by wrapping your key data in an encrypted block that the blockchain network can check whenever you need to prove your identity. Applications of this range from the obvious replacement of passports and ID cards to other areas such as password replacement. It could be huge.
  • Digital voting: very topical in light of the investigation into Russia’s influence on the recent US election, digital voting has long been suspected to be unreliable and highly vulnerable to tampering. Blockchain technology offers a way to verify whether a voter’s vote was successfully sent while maintaining their anonymity. It promises not only to reduce electoral fraud, but also to increase overall voter turnout as people will be able to vote on their mobile phones.

Blockchain technology is still in its infancy and most applications are far from general use. Even Bitcoin, the most trusted blockchain platform, is subject to massive volatility indicative of its relatively new status. However, blockchain’s potential to solve some of the major problems we face today makes it an extremely exciting and seductive technology to pursue. I’ll definitely keep an eye out.

How cryptocurrency works

Put simply, cryptocurrency is digital money, which is designed to be secure and anonymous in some cases. It is closely related to the Internet which uses cryptography, which is basically a process where readable information is converted into an uncrackable code to record all transfers and purchases made.
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Cryptography has a history dating back to World War II, when there was a need to communicate in the most secure way. Since that time, the same evolution has taken place and today it has become digital where various elements of computer science and mathematical theory are used for the purpose of securing communications, money and information on the Internet.

The first cryptocurrency

The first cryptocurrency was introduced in 2009 and is still well known throughout the world. Many more cryptocurrencies have been introduced in the past few years and you can find them online today.

How they work

This type of digital currency uses technology that is decentralized to allow different users to make secure payments and also store money without necessarily using a name or even going through a financial institution. They are mostly run on blockchain. Blockchain is a public ledger that is distributed publicly.
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Units of cryptocurrency are usually created using a process called mining. This usually involves the use of computing power. In this way, mathematical problems that can be very complex in coin generation are solved. Users are only allowed to buy currencies from brokers and then store them in crypto wallets where they can spend them with great ease.

Cryptocurrencies and the application of blockchain technology are still in their infancy when thinking about them in financial terms. More uses may appear in the future because you never know what else will be invented. The future of transactions in stocks, bonds and other types of financial assets could very well be traded using cryptocurrency and blockchain technology in the future.

Why use cryptocurrency?

One of the main features of these currencies is the fact that they are secure and offer a level of anonymity that you may not get anywhere else. There is no way a transaction can be reversed or faked. This is by far the biggest reason why you should consider using them.

The fees charged for this type of currency are also quite low, making it a very reliable option compared to conventional currency. Since they are decentralized in nature, they can be accessed by anyone, unlike banks where accounts can only be opened with authorization.

Cryptocurrency markets offer a whole new form of cash and sometimes the rewards can be great. You can make a very small investment only to find that it has grown into something big in a very short period of time. However, it is still important to note that the market can also be volatile, and there are risks associated with buying.

Beginner’s Guide: An Introduction to Cryptocurrencies

Introduction: Investing in cryptocurrencies

The first cryptocurrency to emerge was Bitcoin which was built on Blockchain technology and was probably launched in 2009 by the mysterious person Satoshi Nakamoto. At the time of writing this blog, 17 million bitcoins have been mined, and it is believed that a total of 21 million bitcoins could be mined. Other most popular cryptocurrencies are Ethereum, Litecoin, Ripple, Golem, Civic and hard forks of Bitcoin such as Bitcoin Cash and Bitcoin Gold.

Users are advised not to put all their money in one cryptocurrency and try to avoid investing at the peak of the cryptocurrency bubble. It was observed that the price dropped sharply when it was at the peak of the crypto bubble. Since cryptocurrency is a volatile market, users must invest an amount that they can afford to lose because there is no government control over cryptocurrency as it is a decentralized cryptocurrency.

Steve Wozniak, the co-founder of Apple predicted that Bitcoin is the real gold and will dominate all currencies like USD, EUR, INR and ASD in the future and become a global currency in the coming years.

Why and why not to invest in cryptocurrencies?

Bitcoin was the first cryptocurrency to be created and after that around 1600+ cryptocurrencies were launched with some unique features for each coin.

Some of the reasons I have experienced and would like to share, cryptocurrencies are created on a decentralized platform – so users do not require a third party to transfer cryptocurrency from one destination to another, unlike fiat currency where the user needs a platform like a Bank to transfer money from one account on the other. Cryptocurrency built on very secure blockchain technology and almost no chance to hack and steal your cryptocurrencies until you share some critical information.

You should always avoid buying cryptocurrencies at the peak of a cryptocurrency bubble. Many of us buy cryptocurrencies at the peak hoping to make a quick buck and fall victim to the hype bubble and lose our money. It is better for users to do a lot of research before investing money. It is always good to put your money in multiple cryptocurrencies instead of one as several cryptocurrencies have been observed to rise higher, some on average if other cryptocurrencies go into the red zone.

Cryptocurrencies to focus on

In 2014, Bitcoin holds 90% of the market and other cryptocurrencies hold the remaining 10%. In 2017, Bitcoin still dominates the crypto market, but its share has dropped sharply from 90% to 38%, and Altcoins like Litecoin, Ethereum, Ripple have grown rapidly and captured most of the market.

Bitcoin still dominates the cryptocurrency market, but it’s not the only cryptocurrency you should consider when investing in cryptocurrencies. Some of the main cryptocurrencies to consider:

Bitcoin

Litecoin

Ripple

Ethereum

The throne

Civic

Huge

Monero

Where and how to buy cryptocurrencies?

Although it was not easy to buy cryptocurrencies a few years ago, now users have many platforms available.

In 2015, India has two major bitcoin platforms Unocoin wallet and Zebpay wallet where users can buy and sell only bitcoin. Users have to buy bitcoin only from the wallet and not from another person. There was a price difference in the buying and selling rate and users have to pay some nominal fee to complete their transactions.

In the year 2017, the cryptocurrency industry grew tremendously and the price of Bitcoin rose spontaneously, especially in the last six months of 2017, which made users look for alternatives to Bitcoin and crossed 14 lakhs in the Indian market.

As Unodax and Zebpay are the two major platforms in India that dominated the market with 90% market share – which only dealt in Bitcoin. This gives other organizations the opportunity to grow with other altcoins and has even forced Unocoin and others to add more currencies to their platform.

Unocoin, one of India’s leading cryptocurrency and blockchain companies, has launched an exclusive UnoDAX Exchange platform for its users to trade multiple cryptocurrencies apart from trading Bitcoin to Unocoin. The difference between both platforms was – Unocion provided instant buying and selling of Bitcoins only while on UnoDAX users can order any available cryptocurrency and if it matches the recipient, the order will be executed.

Other major exchanges available for cryptocurrency trading in India are Koinex, Coinsecure, Bitbns, WazirX.

Users have to open account in any exchange by login with email id and submit KYC details. Once their account is verified, you can start trading coins of your choice.

Users must do their research before investing in any coin and avoid falling into the cryptocurrency bubble trap. Users need to research the exchange’s credibility, transparency, security features and more.

All exchanges charge some nominal fee for each transaction. There are two types of fees – Maker fees and Taker fees. In addition to the transaction fee, there is also a transfer fee to be paid if you want to transfer your cryptocurrencies to another exchange or your private wallet. Fees depend solely on the coins and the exchange, as different exchanges have a price difference module for transferring coins.

Major Altcoins Apart from Bitcoin

As mentioned above, Bitcoin dominates the market with 38% market share, followed by Ripple, Ethereum, Litecoin, Bitcoin Cash. Exchanges like UnoDAX, Bitfinex, Kraken, Bitstamp have listed many other coins like Golem, Civic, Raiden Network, Kyber Network, Basic Attention, 0X, Augur, Monero, Tron and many others. If any of the coins fit your portfolio, you must buy it.

But, you have to put money in the market that you can afford to lose because the cryptocurrency market is very volatile and no government has control over it.

When to buy?

There is no hard and fast rule when to buy your favorite cryptocurrency. But the stability of the market should be investigated. You shouldn’t except at the peak of a cryptocurrency bubble or when the price is continuously falling. Always the best time is considered when the price is stable at a relatively low level for some time.

Cryptocurrency storage method

Before buying any cryptocurrency you need to understand how to keep your cryptocurrency safe.

Generally, all exchanges provide a storage facility where you can store your coins safely. You must not share your user details, password, 2FA when you hold cryptocurrency on exchanges.

Paper wallet, Hardware wallet, Software wallet are some of the channels where you can store your cryptocurrency.

Paper Wallet: A paper wallet is an offline cold storage method for storing your cryptocurrency. It prints your private and public key on a piece of paper where the QR code is also printed. You only need to scan the QR code for your future transactions. Why is it safe? You don’t have to worry about your account being hacked or being attacked by any malicious malware. You just need to keep your piece of paper safe in a locker and if possible keep two to three pieces of paper in your wallet under complete control.

Hardware wallet: A hardware wallet is a physical device where you keep your cryptocurrencies safe. There are many forms of hardware wallet, but the most commonly used hardware wallet is USB. When you keep your cryptocurrency in a hardware wallet, you just need to keep in mind that you should not lose your hardware wallet because once you lose it, you cannot get your cryptocurrency back.

One famous incident, where a person mined 7000+ bitcoins and stored in his hardware wallet and kept it in another hardware wallet. One day he dropped the hardware wallet he stored his cryptocurrency in instead of the damaged hardware and lost all his bitcoin.

What can be bought from cryptocurrencies in India?

Most people assume that buying and selling any cryptocurrency is just for investing and getting high returns in the long and short term. Influencers and bitcoin investors believe that in the coming years, Bitcoin will dominate all fiat currencies and will be accepted as an international currency.

Dell is one of the largest e-commerce companies that accepts bitcoin as payment. Expedia and UNICEF are other examples.

In India, Sapna Book Mall accepted bitcoin as payment using the Unocoin merchant service. People booked movie tickets through BookMyShow or recharged their mobile phones using the Unocoin platform. According to the report, they have discontinued the service but plan to relaunch it in the near future.

conclusion:

Cryptocurrency is one of the growing investment sectors and has given good returns from real estate, gold, stock markets, etc. in the past. You can buy crypto and hold long term to get good returns or go short term for quick profit as we have seen many coins grow 1000%+ in the past. Since cryptocurrency is a volatile market and there is no government control over the industry. One has to invest an amount in any cryptocurrency that one can afford to lose.

You can store your cryptocurrency in a hardware wallet, paper wallet, software wallet if you don’t want to keep it on the exchange you trade from.