Getting Started With Crypto Currency
Investing in the crypto currency market space is often complex especially for traditional investors. This is because investing directly in Cryptocurrency requires the use of new technologies, tools and adopting some new concepts. If you decide to dip your toes in the Crypto Currency world, you will need to have a clear picture of what to do and what to expect.
Be it Bitcoin, Litecoin, Ethereum, or any of the 1300 tokens, buying and selling cryptocurrencies require you to choose an Exchange that deals in the products you want. Being the most famous decentralized cryptocurrency, Bitcoin leads the crypto space so dominantly that the terms crypto and bitcoin are sometimes used interchangeably. However, the matter of fact is that there are other cryptocurrencies as well that can be relied upon for making crypto investments.
Litecoin, also referred to as ‘silver to Bitcoin’s gold is an open-source decentralized payment network that functions without involving an intermediary.
How does Litecoin vary from Bitcoin? Well, both are similar in many ways, however, the block generation of Litecoin is much faster than that of Bitcoin. This is making the investors around the world open to accept Litecoin.
Charlie Lee, a former engineer at Google founded Litecoin in 2011. Though Litecoin does not have the anonymity technology of Bitcoin, recent reports have shown that Litecoin is preferred after bitcoin because of its persistence. Another factor that favors Litecoin is the Bitcoin SegWit technology that means secure peer-to-peer trading of currencies without involving exchange participation.
Launched in the year 2015, Ethereum is a decentralized software platform that enables distributed applications and smart contracts to function without third-party interference. The currency is the ether that is like an accelerator within the ethereum platform. In the leading cryptocurrencies space, Ethereum. is the second most preferred choice after Bitcoin.
Zcash gained attention in the latter part of 2016 and focuses on solving the problem of anonymous transactions. To understand the currency, let’s take it as “if bitcoin is like HTTP for money, Zcash is HTTPS”.
The currency offers the choice of the shielded transaction to maintain the transparency, privacy, and security of transactions. This means the investors can transfer data in the form of encrypted code.
Originally known as darkcoin, Dash is a more selective version of bitcoin. It was launched in January 2014 by Evan Duffield with the name Xcoin. It is also known as the Decentralized Autonomous Organization or simply DAO. The coin was meant to eradicate all the prevailing limitations of Bitcoin. Currently, Bitcoin has earned a substantial position in the space of cryptocurrencies.
The alternative to virtual currency that promises secured and anonymous transactions through peer-to-peer networking is crypto currency. The key to making a lot of money is to make the right investment at the right moment. In comparison to making everyday money, cryptocurrency models function without involving any middle man as a decentralized digital mechanism. In this distributed crypto currency mechanism, continuous activity is issued, managed, and endorsed by the community peer network. The cryptocurrency is known for its speedy transactions over any other mode such as digital wallets and other mediums.
In addition to the above discussed, other top cryptocurrencies include Monero (XMR), Bitcoin Cash (BCH). EOS and Ripple (XRP).
Although bitcoin is the trendsetter and is leading the race, other currencies have also made their significant position and are growing in preference each day. Considering the trend, the other cryptos will have a long way to stay and might soon give Bitcoin a real tough time to maintain its position.
If you have decided to make a speculative investment in this disruptive technology, and want to have all current and future recommendations, connect with “The Top Coins”.
6 Benefits of Investing in Cryptocurrencies
The birth of bitcoin in 2009 opened doors to investment opportunities in an entirely new kind of asset class – cryptocurrency. Lots entered the space way early. Intrigued by the immense potential of these fledgling but promising assets, they bought cryptos at cheap prices. Consequently, the bull run of 2017 saw them become millionaires/ billionaires. Even those who didn’t stake much reaped decent profits.
Three years later cryptocurrencies still remain profitable, and the market is here to stay. You may already be an investor/trader or maybe contemplating trying your luck. In both cases, it makes sense to know the benefits of investing in cryptocurrencies.
Cryptocurrency Has a Bright Future
According to a report titled Imagine 2030, published by Deutsche Bank, credit and debit cards will become obsolete. Smartphones and other electronic devices will replace them. Cryptocurrencies will no longer be seen as outcasts but alternatives to existing monetary systems. Their benefits, such as security, speed, minimal transaction fees, ease of storage, and relevance in the digital era, will be recognized.
Concrete regulatory guidelines would popularize cryptocurrencies, and boost their adoption. The report forecasts that there will be 200 million cryptocurrency wallet users by 2030, and almost 350 million by the year 2035.
Opportunity to be part of a Growing Community
WazirX’s #IndiaWantsCrypto campaign recently completed 600 days. It has become a massive movement supporting the adoption of cryptocurrencies and blockchain in India. Also, the recent Supreme Court judgment nullifying RBI’s crypto banking ban from 2018 has instilled a new rush of confidence amongst Indian bitcoin and cryptocurrency investors.
The 2020 Edelman Trust Barometer Report also points out peoples’ rising faith in cryptocurrencies and blockchain technology. As per the findings, 73% of Indians trust cryptocurrencies and blockchain technology. 60% say that the impact of cryptocurrency/blockchain will be positive. By being a cryptocurrency investor, you stand to be a part of a thriving and rapidly growing community.
Increased Profit Potential
Diversification is an essential investment thumb rule. Especially, during these times when the majority of the assets have incurred heavy losses due to economic hardships spurred by the COVID-19 pandemic.
While investment in bitcoin has given 26% returns from the starting of the year to date, gold has returned 16%. Many other cryptocurrencies have registered three-digit ROI. Stock markets as we all know have posted dismal performances. Crude oil prices notoriously crashed below 0 in the month of April.
Including bitcoin or any other cryptocurrencies in your portfolio would protect your fund’s value in such uncertain global market situations. This fact was also impressed upon by billionaire macro hedge fund manager Paul Tudor Jones when a month back he announced plans to invest in Bitcoin.
Cryptocurrency Markets Are On 24X7X365
As opposed to usual markets, cryptocurrency markets operate round the clock, all days in a year without fatigue. That’s because digital currency systems are essentially designed using pieces of software code that are secured by cryptography.
The operational blueprint doesn’t involve human interference. So, you are free to trade crypto or invest in digital assets whenever you want to. That’s a great benefit! Cryptocurrency markets are very efficient that way.
E.g., Bitcoin has successfully processed transactions with 99.98% uptime since its inception in 2009.
No Paperwork or Formality Required
You can invest in bitcoin or any other cryptocurrency anywhere and anytime without any unnecessary terms and conditions. Unlike conventional investment options, where an absurdly high amount of documentation is required to prove yourself as an ‘accredited investor’, crypto-investment is free for all. In fact, that was the intended goal behind the inception of cryptocurrencies. The democratization of finance/money.
For buying any cryptocurrency on WazirX, you need to open an account for which you just need to provide some basic details including your bank account information. Once they are verified, within a few hours, you are good to go.
Sole Ownership in Investment
When you buy bitcoin or any other cryptocurrency, you become the sole owner of that particular digital asset. The transaction happens in a peer-to-peer arrangement. Unlike bonds, mutual funds, stockbrokers, no third party ‘manages your investment’ for you. You call the buying and selling shots, whenever you want to. User autonomy is the biggest benefit of cryptocurrency systems that provides incredible opportunities to invest and build a corpus on your principal capital ‘independently’.
These were some of the benefits of investing in cryptocurrencies. We hope you find them useful and convincing enough to kickstart your crypto investment journey.
How To Make Your Own Cryptocurrency In 4 Easy Steps
Okay, so cryptocurrency this, bitcoin that! Enough, there has been so much hullabaloo about the boom created by the virtual currencies that the internet has been overloaded with information on how you could earn more money by investing in these currencies. But did you ever think how cool it would be if you could create your own cryptocurrency?
Never thought about it, right? It’s time to think because in this post we are going to provide you a four-step guide on creating your own cryptocurrency. Read through the post, and then see whether you can do it for yourself or not!
Step 1 – Community
No, you don’t have to build a community like you do when you plan to rule social media. The game is a little different here. You need to find a community of people that you think would buy your currency.
Once you identify a community, it becomes easier for you to cater to their needs and therefore you can work towards building a stable crypto currency rather than going haywire with what you want to achieve.
Remember, you are not here to be a part of the spectator sport – you are in it to win it. And, having a community of people who would want to invest in your currency is the best way to do it!
Step 2 – Code
The second important step is to code. You don’t necessarily have to be a master coder to create your own cryptocurrency. There are plenty of open-source codes available out there which you can use.
You can even go ahead and hire professionals who can do the job for you. But when coding, do remember one thing – blatant copying is not going to lead you anywhere.
You need to bring some uniqueness to your currency to distinguish it from the ones that already exist. It has to be innovative enough to create ripples in the market. This is the reason that just copying the code is not enough to be on top of the cryptocurrency game.
Step 3 – Miners
The third, and the most important step in the process is to get some miners on board who will actually mine your cryptocurrency. What this means is that you need to have a certain set of people associated with you who can actually spread the word about your currency in the market. You need to have people who can raise awareness about your currency.
This will give you a head start. And, as they say – well begun is half done; miners can eventually lay the foundation of a successful voyage for your cryptocurrency in the ever-growing competition.
Step 4 – Marketing
Last thing you need to do as part of the job here is to connect with merchants who will eventually trade the virtual coins that you have built. In simpler words, you need to market these coins in the battleground where real people would actually be interested to invest in them. And, this by no means is an easy feat.
You need to win their confidence by letting them know that you have something worthy to offer.
How can you begin with it? The best way to market your coins initially is to identify the target audience who knows what cryptocurrency is. After all, there is no point in trying to market your stuff to people who don’t even know what cryptocurrency is.
So, you can see that building a successful cryptocurrency is more about having awareness about market trends, and less about being a hardcore techie or an avant-garde coder. If you have that awareness in you, then it is time to make a heyday while the sun shines in the crypto currency niche. Go ahead and plan to build your own cryptocurrency by following these simple steps and see how it turns out for you!