Beginner’s Guide: Introduction in Cryptocurrencies

Introduction: Cryptocurrency Investing

The first cryptocurrency to appear is Bitcoin, which is based on blockchain technology, and it appears to have been introduced by the mysterious Satoshi Nakamoto in 2009. At the time of this writing, 17 million bitcoins have been mined and it is believed that a total of 21 million bitcoins could be mined. Other popular cryptocurrencies are Ethereum, Litecoin, Ripple, Golem, Civic, and Bitcoin hard forks like Bitcoin Cash and Bitcoin Gold.

Users are advised not to invest all their money in cryptocurrency and not to invest at the peak of the cryptocurrency bubble. It has been observed that the price drops suddenly when it is at the top of the cryptocurrency bubble. Since cryptocurrencies are a volatile market, they are decentralized cryptocurrencies, and since the government does not control cryptocurrencies, users must invest as much as they can afford to lose.

Apple co-founder Steve Wozniak predicts that Bitcoin is real gold and that in the future it will dominate all currencies such as USD, EUR, INR and ASD and will become a global currency in the next few years.

Why and why not invest in cryptocurrencies?

Bitcoin was the first cryptocurrency to hit the market, and since then more than 1600 cryptocurrencies have been launched, each with its own unique features.

Some of the reasons I want to experience and share are cryptocurrencies created on decentralized platforms. A bank must transfer money from one target account to another. Cryptocurrencies are based on very secure blockchain technology and there is little chance of hacking or stealing cryptocurrencies until you do not disclose sensitive information.

Cryptocurrency for focus

In 2014, Bitcoin accounted for 90% of the market and the rest of the cryptocurrencies accounted for the remaining 10%. In 2017, Bitcoin still dominated the cryptocurrency market, but its share fell sharply from 90% to 38%, while altcoins such as Litecoin, Ethereum, and Ripple grew rapidly and dominated most of the market.

Bitcoin still dominates the cryptocurrency market, but it is not the only cryptocurrency to consider when investing in cryptocurrency. Key cryptocurrencies to consider:

  • bitcoin
  • doit
  • ripple
  • ether
  • Trono
  • citizenship
  • Golem
  • Monero

Where and how can I buy cryptocurrency?

Buying cryptocurrency was not easy a few years ago, but there are many platforms available today.

As of 2015, there are two major Bitcoin platforms in India: Unocoin Wallet and Zebpay Wallet, where users can only buy and sell Bitcoin. Users simply need to purchase bitcoins from their wallet and not from anyone else. There is a price difference in the trade ratio, and users have to pay a small fee to complete the trade.

In 2017, the cryptocurrency industry grew rapidly and the Bitcoin price rose spontaneously, especially in the last six months of 2017, as users sought Bitcoin alternatives and crossed the $14 million mark in the Indian market.

This is because Unodax and Zebpay are the two largest platforms in India that dominate the market with 90% market share and only handle Bitcoin. This has given other organizations the opportunity to grow alongside other altcoins, and has encouraged Unocoin and even others to add more currencies to the platform.

Unocoin, one of India’s leading cryptocurrency and blockchain companies, has launched the exclusive UnoDAX Exchange platform that allows users to trade multiple cryptocurrencies alongside Bitcoin transactions on Unocoin. The difference between the two platforms is – Unocion only offers instant purchase and sale of Bitcoin, whereas UnoDAX allows users to order any available cryptocurrency and the order is executed when a match is made to the recipient.

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

Users need to open an account on each exchange by registering with their email ID and submitting their KYC details. As soon as your account is verified, you can start trading with any coin you want.

Users should do their research before investing in a coin and avoid falling into the trap of a cryptocurrency bubble. Users should investigate the reliability, transparency, and security features of the stock

All exchanges charge a small fee for each transaction. There are two types of fees: maker fees and taker fees. In addition to transaction fees, there are transfer fees that you must pay if you wish to transfer cryptocurrencies to another exchange or personal wallet. Fees are different for different coins and exchanges as the price module for transferring coins is different.

Important altcoins other than bitcoin

As mentioned above, Bitcoin dominates the market with a market share of 38%, followed by Ripple, Ethereum, Litecoin, and Bitcoin Cash. Many other coins are listed on exchanges like UnoDAX, Bitfinex, Kraken, Bitstamp, Golem, Civic, Raiden Network, Kyber Network, Basic Attention, 0X, Augur, Monero, Tron, etc. If there is a coin that fits your portfolio, this is it.

However, since the cryptocurrency market is very volatile and not controlled by the government, you should invest your money in a market where you can lose.

When to buy

There are no strict and fast rules about when to buy your favorite cryptocurrency. However, we need to study the stability of the market. But not when the cryptocurrency bubble is peaking or the price is steadily falling. It is always best to consider when the price has been relatively stable from a low level over a period of time.

How to store cryptocurrency

Before you buy cryptocurrencies, you need to understand how to keep them safe.