Beginners guide: introduction in cryptocurrencies for $15
To Invest in Cryptocurrencies (Introduction)Bitcoin was the first cryptocurrency to be created, and it was based on Blockchain technology. It was most likely launched in 2009 by a mysterious figure known as Satoshi Nakamoto. At the time of writing, 17 million bitcoins had been mined, with a total of 21 million bitcoins expected to be mined. Ethereum, Litecoin, Ripple, Golem, Civic, and hard forks of Bitcoin including Bitcoin Cash and Bitcoin Gold are among the most popular cryptocurrencies.Users are urged not to put all of their money into one cryptocurrency and to avoid investing during the pinnacle of the cryptocurrency bubble.Users are urged not to put all of their money into one cryptocurrency and to avoid investing during the pinnacle of the cryptocurrency bubble. It has been noted that when the crypto bubble is at its pinnacle, the price drops dramatically. Because cryptocurrency is a volatile market, users should only invest the amount they can afford to lose. Because cryptocurrency is decentralised, it is not under the control of any government.Steve Wozniak, Apple’s co-founder, projected that Bitcoin will become a worldwide currency in the next years, dominating all other currencies such as the USD, EUR, INR, and ASD.Why Invest in Cryptocurrencies and Why Not?Bitcoin was the first cryptocurrency to be created, and since then, over 1600 cryptocurrencies have been released, each with its own set of features.Some of the reasons I’ve encountered and would like to share are that cryptocurrencies were created on a decentralised platform, which means that users don’t need a third party to transfer cryptocurrency from one location to another, unlike fiat currency, which requires a platform such as a bank to transfer money from one account to another. Cryptocurrency is based on the extremely secure blockchain technology, with nearly little danger of being hacked and having your coins stolen unless you provide some essential information.Buying cryptocurrencies during the peak of the bitcoin bubble is always a bad idea. Many of us acquire cryptocurrencies at their peak in the hopes of making rapid money, only to be duped by the bubble hype and lose our money. It is preferable for users to conduct extensive study before to making a financial investment. It is usually a good idea to invest in numerous cryptocurrencies rather than just one, as it has been seen that some cryptocurrencies increase faster than others, while others fall into the red zone.At the top of crypto-currency-bubble you should always avoid buying cryptocurrencies. Many of us buy cryptocurrencies at the highest point in an attempt to make fast money and lose their money and hype. Before investing the money it is better for users to research a lot. It is always good to put your money in multiple cryptocurrencies instead of one, as few cryptocurrencies grow more, if other cryptocurrencies go to the red area, it is average.Focus on cryptocurrenciesIn 2014, Bitcoin holds the 90% market and the remaining 10% of cryptocurrencies. In 2017, Bitcoin continues to dominate the crypto market, but its share has dropped sharply from 90% to 38% and Altcoins such as Litecoin, Ethereum, have rapidly expanded and captured most of the markets.Bitcoin still dominates the cryptocurrency market but is not the only cryptocurrency that you should take into account when investing in cryptocurrency. You must consider some of the most important cryptocurrencies:BitcoinLitecoinRippleEthereumTronCivicGolemMoneroWhere and how can I purchase Cryptocurrencies?Although cryptocurrencies were not easily bought some years ago, the users now have many platforms.India has two major Unocoin wallet and Zebpay wallet platforms for 2015, with users only able to buy and sell bitcoin. Bitcoin must not be bought from another person, but only from the wallet. There was a difference in the price of purchases and sales and users must pay a nominal fee for completing their transactions.In 2017, Bitcoin’s price increased enormously and spontaneously, especially in the last six months of 2017, obliging users to find alternatives to Bitcoin and crossing the India market with 14 lakhs.As Unodax and Zebpay are India’s two major platforms with 90% market share – which was only Bitcoin dominating. It gives others the chance to grow with other altcoins, and even forced Unocoin and others to add additional currencies.Unocoin, a leading cryptocurrency company in India, has launched a unique UnoDAX Excharge platform for its customers in order to exchange multiple cryptocurrencies in addition to Unocoin’s Bitcoin trading. The difference between the two was that Unocion provided Bitcoin for instant buy and sale only whereas UnoDAX allows users to order any available cryptocurrency and if it’s availableThe order will be executed and matches with the recipient.Koinex, Coinsecure, Bitbns, WazirX are also important exchanges for trade cryptocurrencies in India.Users are required to open an account with an email id in any exchange and to provide KYC details. You can start trading the coins of your choice once your account is verified.Other than Bitcoin Major AltcoinsAs already mentioned, Bitcoin dominates with a market share of 38 percent followed by Bitcoin Cash, Ripple and Ethereum. Many other coins such as Golem, Civic, Raider, Kyber, Kyber Network, Basic Attention, 0.x, Augur, Monero, tron, etc… have been listed in exchanges like UnoDAX, Bitfinex, Kraken, Bitstamp. You must buy one of the coins that match your portfolio.However, the money you can afford to lose is to be put on the market because of the volatility of the cryptocurrency market and no government control over that.When is it to be purchased?When buying your favourite cryptocurrency, there is no difficult rule. But market stability must be investigated. You should not but be at the peak of a bubble or if the price continually collapses. When the price is stable at a relatively low level for some time, best time is always considered.Method of storage of cryptocurrenciesYou must understand how to safeguard your cryptocurrency before buying any cryptocurrency.All the exchanges generally provide the storage facility for your coins. If you exchange cryptocurrency you must not share their user details, the password, 2FA.Paper wallet, hardware wallet and software wallet are some of the channels where your cryptocurrency can be stored.Conclusion:Cryptocurrency is a growing sector of investment, with good returns than real property, gold, stock markets etc. You can purchase the cryptocurrency and hold on to long-term returns or short-term profits as we saw many coins grow by 1000 percent + in the past. Because the cryptocurrency is a volatile market and no government control over the industry. You have to invest the amount to lose in any cryptocurrency.If you don’t wish to take the exchange from where you traded, you can store your cryptocurrency in your hardware wallet, paper wallet.
By: Lovisha | Category: Article Writing | Viewed: 28