Bitcoin was the first cryptocurrency to come into existence. It was built on Blockchain technology. It was probably launched by Satoshi Nakamoto in 2009. It was estimated that 17 million bitcoin had been mined at the time of writing this blog. There are currently 21 million bitcoin. Other popular cryptocurrencies include Ethereum, Ripple and Golem, Litecoin and Ripple. Users are advised not to invest all of their money in one cryptocurrency. Also, avoid investing during the cryptocurrency bubble. It has been observed that the price of cryptocurrency has dropped suddenly when it is at the peak of the crypto bubble.
Volatibility
Because cryptocurrency is volatile, users should only invest what they can afford to lose. There is no government control over cryptocurrency because it is decentralized. Steve Wozniak was the co-founder of Apple. He predicted that Bitcoin would be a true gold and will overtake all currencies such as USD, EUR, INR and ASD in the future. It will also become a global currency in the coming years. Why and how to invest in cryptocurrencies. I can share some of my experiences with cryptocurrencies.
Cryptocurrencies are created on a decentralized platform, so users don’t need a third party to transfer cryptocurrency to another destination. This is in contrast to fiat currencies, which require a platform like Bank to transfer money between accounts. The blockchain technology that is used to create cryptocurrency is very secure.
Hackers
There is almost no chance of hackers or thieves stealing your cryptocurrency if you don’t share any sensitive information. You should always avoid buying cryptocurrencies at the high point of cryptocurrency-bubble. Many people buy cryptocurrencies at the peak hoping to make quick cash. However, they often fall for the hype and lose their money. It is better to do extensive research before you invest your money. It is always a good idea to invest in multiple cryptocurrencies, rather than just one.
This is because it has been observed that cryptocurrencies tend to grow slower than others, and some cryptocurrencies can even go into the red zone. Bitcoin held the 90% market in 2014 while the rest of the cryptocurrencies held the remaining 10%. While Bitcoin still dominates the crypto market, its share has fallen sharply from 90% to 38%.
Altcoins
Altcoins such as Ripple, Ethereum, and Litecoin have grown rapidly and captured most of the market. While Bitcoin is still the dominant cryptocurrency, it is not the only one you should consider when investing in cryptocurrency. Where and how to buy Cryptocurrencies Although it was difficult to buy cryptocurrencies a few years ago, users now have many options. India has two major bitcoin wallets, Unocoin wallet wallet and Zebpay wallet. These platforms allow users to buy and sell bitcoins only. Users must only buy bitcoin from their wallet and not from anyone else.
There was a price difference between buying and selling and users had to pay a nominal fee to complete their transactions. The cryptocurrency market grew rapidly in 2017, and the price of Bitcoin rose spontaneously in the last six months of 2017. This forced users to search for other Bitcoins and it reached 14 lakhs in India. Zebpay and Unodax are the two largest platforms in India, with 90% market share. This was despite the fact that they only dealt in Bitcoin. It allows other organizations to grow with altcoins.
UnoDAX
Unocoin and other platforms were forced to add additional currencies to their platform. Unocoin, India’s largest cryptocurrency and blockchain company, launched the UnoDAX Exchange platform for its users. It allows them to trade multiple cryptocurrencies in addition to Bitcoin in Unocoin. Unocion offered instant buy and sale of bitcoin, whereas UnoDAX allows users to place orders of any cryptocurrency. If the order matches the recipient, it will be executed.
There are several other exchanges that allow you to trade cryptocurrency in India, including Coinsecure, Bitbns and WazirX. To open an account on any exchange, users must sign up with an email ID and submit the KYC details. Once verified, users can trade the coins they choose. Users have to research well before investing in any coins and not fall into the trap of cryptocurrency-bubble. Users should research the credibility, transparency, security features, and other aspects of the exchange. Each transaction incurs a nominal fee from all Exchanges.
Types
There are two types: the Taker fee and the Maker fee. You will need to pay the transfer fee if you wish to transfer your cryptocurrencies to another exchange or private wallet. The fees are dependent on the exchange and coins used to transfer the coins. Each exchange has a different price module. With a 38% market share, Bitcoin is the dominant currency. Ripple, Ethereum and Litecoin are close behind.
UnoDAX and Bitfinex have listed many coins such as Bitstamp, Kraken, Bitstamp, Ripple, Ethereum, Litecoin, Bitcoin Cash, Basic Attention, Basic Attention, 0X and Augur. You must purchase any coins that match your portfolio. You must only invest the money you can afford to lose, as the cryptocurrency market is highly volatile and there is no government control. There is no set rule about when you should buy your favorite cryptocurrency. However, it is important to research market stability.
It is best to not invest in cryptocurrency at the height of a crypto bubble or when it is falling continuously. It is best to buy cryptocurrency when the price remains stable and relatively low for a period of time. It is important to understand how to protect your cryptocurrency before you buy any cryptocurrency. All exchanges offer a safe place to store your coins.
Store Your Cryptocurrency
When you have cryptocurrency on exchanges, you must not share your password, user details, or 2FA. There are several ways to store your cryptocurrency. Paper wallet: This is an offline cold storage option for your cryptocurrency. It prints your private key and public key on a piece paper. The QR code is also printed. To make future transactions, one must simply scan the QR code. It is safe! There is no need to worry about your account being hacked or any malicious malware being spread. Keep your paper in a safe place. If possible, keep at least two to three pieces of paper in your wallet. Hardware wallet: A physical device that protects your cryptocurrency.
There are many types of hardware wallets, but the most popular is USB. Keep your cryptocurrency safe in a hardware wallet. You can’t retrieve it if it is lost. He lost all his bitcoin when he accidentally threw his hardware wallet, in which he kept his cryptocurrency. What are the best cryptocurrencies to buy in India? Most people believe that buying and selling cryptocurrencies is only for investment purposes and to get high returns in the short and long-term.
Final Note
Bitcoin investors and influencers believe that Bitcoin will become an international currency and will overtake all fiat currencies in the coming years. Dell is the largest e-commerce company that accepts bitcoin payments. Expedia and UNICEF provide other examples. Sapna Book Mall in India accepted bitcoin payments using Unocoin merchant services. People were using Unocoin platform to recharge their phones or book movie tickets through BookMyShow. According to the report, they have discontinued the service but plan to resume it in the near future. The growing investment sector of cryptocurrency has provided nice returns over stock-markets, real-estate, and gold in the past. The cryptocurrency market is volatile and there is no government oversight. You must only invest in cryptocurrency that you can afford to lose.