The purpose of HTML0 is to invest in cryptocurrencies
The first cryptocurrency that came into the existence was Bitcoin which was created on Blockchain technology. It was created in 2009 by an unknown person Satoshi Nakamoto. As of the time I wrote this blog the Bitcoin blockchain had already 17 million bitcoin been mined. It is believed that a total of 21 million bitcoin can be extracted. The other most popular cryptocurrencies include Ethereum, Litecoin, Ripple, Golem, Civic and hard forks of Bitcoin such as Bitcoin Cash and Bitcoin Gold.
It is recommended not to invest all their funds in one crypto and to stay clear of investing during the peak of cryptocurrency bubble. It has been noticed that prices have abruptly dropping when it’s at the top of the cryptocurrency bubble. Since the cryptocurrency market is volatile, it is essential that investors invest only the amount they can afford to Best crypto insurance company lose as there isn’t any control by any government over cryptocurrency because it is a decentralized crypto.
Steve Wozniak, Co-founder of Apple predicted that Bitcoin is real gold and it will dominate all currencies, including USD, EUR, INR and ASD in the future and eventually become a the world’s currency in the coming years.
Why and why not To Invest in Cryptocurrencies?
Bitcoin is the very first digital currency that came into existence. Since then, around 16000+ cryptocurrency have been introduced with a unique features for each of them.
Some of the reasons which I’ve experienced and want to share are that cryptocurrency has been developed on the decentralized platform – to ensure that users don’t require a third party to transfer money from one account to the next one, unlike fiat currency where a user need the assistance of a platform like Bank to transfer funds from one account to another. Cryptocurrency is built on secure blockchain technology that has virtually nil chance to hack and take your cryptocurrency until you’ve shared your important information.
You should always avoid buying cryptocurrencies at the high point of cryptocurrency-bubble. Many of us purchase cryptocurrency at the top of the market hoping to make fast money, only to fall victim to the hype surrounding bubbles and lose their funds. It is best for investors to do a lot of research prior to investing their money. It is always good to put your money in several cryptocurrencies rather than one as it has been noticed that some cryptocurrencies are growing faster than others, while other cryptocurrency’s go to an area of red.
Cryptocurrencies to Focus
As of 2014, Bitcoin has the majority of the 90 percent market share, and the rest of cryptocurrency holds the remaining 10%. In 2017, Bitcoin continues to dominate the market of cryptos, however its share has drastically decreased from 90 percent to 38%. Altcoins like Litecoin, Ethereum, Ripple have grown quickly and captured the majority portion of market.
Bitcoin is still the most popular market for cryptocurrency but it’s not the only cryptocurrency is worth considering when investing in crypto. Some of the major cryptocurrencies that you should consider are:
Where and How to purchase Cryptocurrencies?
It was difficult to purchase cryptocurrencies but now the users have many available platforms.
As of 2015 India is home to two bitcoin platforms There are two major bitcoin platforms: Unocoin wallet , and Zebpay wallet where users can buy and sell bitcoins exclusively. Users must purchase bitcoin using their wallet, and not from a third party. There was a slight different between buying and selling rate . Users have to pay a small fee to complete their transactions.
The Cryptocurrency market was booming and the value of Bitcoin increased rapidly, particularly during the final half of 2017 that forced users to look for alternatives to Bitcoin and reached 14 lakh in the Indian market.
As Unodax and Zebpay are the two main platforms in India which dominated the market, with 90 percent market share that was based on Bitcoin only. It gives the chance to other organizations to expand their reach by partnering with other altcoins and even forced Unocoin and others to include more currencies on their platform.
Unocoin, one of India’s top cryptocurrency and blockchain company created an exclusive platform called UnoDAX Exchange for their users to trade multiple cryptocurrencies apart from trading of Bitcoin in Unocoin. The main difference between the two platforms was that Unocion was providing immediate buy and sell of bitcoin, while on UnoDAX, users can place an order of any available cryptocurrency, and if it is compatible with the recipient, the purchase is executed.
Other major exchanges available to trade cryptocurrencies India are Koinex, Coinsecure, Bitbns, WazirX.
Users must open an account at any of the exchange with signing-up with email id and submitting KYC details. Once their account gets verified, they are able to 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. Users must research the exchange credibility in terms of transparency, security features and many more.
All Exchanges have a small cost for each transaction. There are two kinds of charges : Taker fee and Maker fee. In addition to the transaction fee one must also pay the transfer fee, in case you want to transfer your coins to an exchange other than your private wallet. The charges solely depend on the exchange and coins since each exchange has a an exchange rate difference module to transfer the coins.
Major Altcoins Other Than Bitcoin
Like we said, Bitcoin is dominating the market, with a 38% market share . It is followed by Ripple, Ethereum, Litecoin, Bitcoin Cash. Exchanges such as UnoDAX, Bitfinex, Kraken, Bitstamp have listed many other coins such as Golem, Civic, Raiden Network, Kyber Network, Basic Attention, 0X, Augur, Monero, Tron and numerous others. If any of these coins match your portfolio then you should purchase it.
But, it is important to put your money in the market which you can afford to lose since the cryptocurrency markets are extremely unstable and there is no government control over it.
When should I buy?
There isn’t a set of rules about when to purchase your favorite cryptocurrency. But one must research the market stability. You should not but in the midst of a cryptocurrency bubble or when the price is crashing constantly. The ideal time to invest in cryptocurrency is when the price has remained steady at a lower amount for a while.
Cryptocurrencies Storage Method
Before investing in any cryptocurrency, you must be aware of how to ensure the security of your cryptocurrency.
Generally, all the exchanges provide the storing facility where you can keep your money in a safe place. You should not divulge your login details, passwords, or 2FA details, etc. when holding cryptocurrency on exchanges.
Paper Wallet, Hardware wallet, Software wallet are a few of the ways to store their crypto.
Paper Wallet: A paper wallet is an offline cold storage method for keeping your cryptocurrency. It prints your personal and public key on a piece of paper. The it also prints a QR code. It is necessary to scan the QR code to verify their future transactions. What is the reason it’s safe? No need to worry about hacking into your account or attack of any malware or virus. You just need to keep your piece of the paper safe in a locker and, if possible, keep two to three pieces of paper wallet under your total control.
Hardware Wallet: A hardware wallet is a tangible device in which you can keep your cryptocurrency safe. There are many forms of hardware wallets however the most commonly used is USB. When you keep your cryptocurrency in hardware wallet you just have to keep in the mind that you should never lose your hardware wallet as after it’s gone, it will be impossible to retrieve your cryptocurrency.
An incident that is famous, in which one person had mined over 7000 bitcoin and stored it in their hardware wallet , and kept it in another hardware wallet. Then one day, he threw away the hardware wallet in which his bitcoin was kept instead of damaged hardware and was able to lose all of his bitcoin.
What can you buy using cryptocurrencies in India?
Many people think that buying and selling any cryptocurrency is just for the investment and getting the high returns on the short and long-term. Bitcoin investors and influencers are believing that in coming years Bitcoin will dominate all the fiat currencies and become an accepted International currency.
Dell is one of the largest online stores that accept bitcoin payments. Expedia and UNICEF are two other examples.
For India, Sapna Book Mall was accepting bitcoin as payment through the Unocoin merchant services. Customers were able to book tickets for movies via BookMyShow or charging their mobiles by using the Unocoin platform. According to the report, they’ve stopped the service, however they are planning to restart it in the near the future.
Cryptocurrency is one of the most popular investment areas and has yielded better yields than gold, real estate stocks, and other markets at times. You can purchase the cryptocurrency and then hold it for a long time for a nice return or choose to invest it in the short term to reap quick profits as we’ve seen the growth of many coins in 1000%or more in the past. As cryptocurrencies are unsteady and there is no oversight by the government is allowed in the business. It is essential to invest in any cryptocurrency which they can afford to lose.