Well!! Here is how you could own a Cryptocurrency!!
The current generation has heard a lot about the cryptocurrency. Earlier, when people came to know about it, many didn’t come forward to invest in it, and only a few were ready to spend on it.
Today, with the market value of this currency, people who had invested earlier are getting their returns in lakhs while the others are regretting not spending.
So, cryptocurrency being a digital asset earned has gained its market and is considered one of the significant investment areas just like any other share market.
It must be noted that the cryptocurrency circulation in a country is not regulated by the government. But, this doesn’t mean it is illegal.
Recently, the reserve bank of India has let out a statement that it is not entirely comfortable with the non-fiat bitcoin being circulated in the country as a market for investment.
A significant drawback of this bitcoin is that the transaction is irreversible. Once, the currency is sold, it stands sold, and you cannot retrieve the coin you have traded.
Pros & Cons of CryptoCurrency:
- Lower fees and quick payments is a highly considerable advantage about the cryptocurrencies.
- The access to such currency is effortless and made available to the public effortlessly.
- Your identity is secret. It serves as a significant advantage regarding bitcoin, but not for all cryptocurrencies. You remain anonymous in the blockchain, but people in this chain can see a part of your information.
- A fact in present day world is that many people aren’t aware of the cryptocurrency and the elements of it. There is lack of knowledge about it with the general public.
- The irreversibility of the payment is also another drawback.
- One of the critical disadvantages in the aspects of cryptocurrency is that people cannot easily understand it, and even if it is well understood, many people may not quickly come forward to invest in it for the reason of having no regulations.
The Process of Buying CryptoCurrency:
This is quite crucial as everyone must know the primary process behind purchase cryptocurrencies in today’s world.
Without this knowledge, there are higher chances of you being subjected to loss through fraudulent activities in the crypto market. So, the process is as follows:
The primary step involved in this process is to get a wallet. It is the place where the cryptocurrency is to be stored. Some of the types of the wallet are –
- Hardware wallet.
- Paper Wallet.
- Digital Wallet.
When the portfolio is ready, you could then go for trading with the exchanges. An exchange is a market where you purchase and sell your cryptocurrencies.
In this step, you have to be a little careful as there are chances of your history of trading hacked.
Therefore, it is advisable that you transfer the currency from your wallet to the exchange only when you have made up your mind to sell it in the market.
Once you have decided to buy or sell bitcoin, you could go to the exchange from your wallet and check for the current market rate of the cryptocurrency you wish to trade.
At present, bitcoins have higher market values, which mean that an ordinary man could buy only a particular portion of the bitcoin.
The process is similar to the selling of the currency. You can also buy crypto in India through the wallets mentioned below in the article.
The Process of Purchasing Crypto Currency –
- You have to register first to purchase the bitcoins. You can install the apps for this
- You need to submit your bank details and fill other details such as your Aadhar and PAN. You have to give your photo and signature.
- It is just like an e-wallet process where you can load your money. You are able to transfer your money into cryptocurrencies through fund transfer channels.
- A small amount is deducted to avail these services inform of commission. Some brokerages are charging for 2% fees for the transaction process.
Top 7 CryptoCurrencies To Invest in 2018 –
#1: Bitcoin :
If you have heard about cryptocurrencies then you have heard about Bitcoin. As it is the most popular yet the first crypto coin.
The coin has seen a huge growth at the end of 2017. Even there is a high chance that the coin will grow in the future as well.
Some of the experts have predicted Bitcoin to hit $50,000 by early 2019.
#2: Ethereum :
Ethereum is also another popular coin. The coin basically helps the developers to deploy decentralized apps.
Furthermore, the cryptocurrency is growing continuously and have a chance of offering good returns in the upcoming future.
#3: LiteCoin :
Litecoin is considered as Silver of the cryptocurrencies. This blockchain technology has some seen a huge growth at the end of 2017.
Also, there are quite a lot of experts who are hopeful that the coin would grow in 2018 as well. As per few media reports, it is expected to hit 150-180$ in 2018.
#4: Bitcoin Cash :
Bitcoin Cash is a cryptocurrency which is forked from Bitcoin’s source code. This coin was debuted in the market in August 2017. Also over the time, it is growing at a rapid speed.
It is one of the most underwhelmed coins but is regarded as a reason behind the drastic downfall of Bitcoin in early 2018. The founders expect its price to double by mid-2018.
#5: Ripple :
Ripple is not a cryptocurrency, but it acts like one. The coin has seen a huge growth in 2017, however lately the price fell quite a lot. But if we talk about some of the recent news, then the coin is expected to grow a lot in the upcoming months.
Forbes had termed it as a coin for the future; it had a backup in form of payments solution technology and is still said to be a long-term investing option.
Monero is one of the most secure ways to make transactions. According to its website, “Monero uses a special kind of cryptography to ensure that all of its transactions remain 100% unlinkable and untraceable”.
In other words, the crypto coin focuses on privacy. Also, the privacy is not limited to a single user, in the monero network each and everything is secure.
Even there is no chance for anyone to track down a user’s details. The coin is said to get down by 49.25 by the end of this year.
#7: Tron :
Tron is also one of the open source projects that decentralize the entertainment content sharing platform.
Furthermore, the coin helps the infrastructures to distribute and exchanges the digital exchanges.
According to the expers, the coin is said to grow by +256.63% within a year.
Top 5 Apps to Buy Crypto in India:
Here are the top 5 apps in the Indian market for purchasing the cryptocurrency
Pocket Bits – A platform that has the lowest service fee along with the live feed price updates.
This helps in doing real-time trading without losing much on either side of transactions.You can also buy altcoins from PocketBits
- ZebPay – The first platform in India to allowed trading in bitcoin. It has been recently accused of high transaction fees and also actual price difference when compared to international wallets.
- Local BitCoins – It is said to be the cheapest source of bitcoins in India regarding transaction fee. The platform isn’t much spoken about on public forums and can add up the danger of losing your collection.
- UnoCoin – It has now come into the limelight and is recommended by people across public platforms as the most trustable source as well as the cheapest source to buy bitcoins.
- CoinSecure – Another platform that has been in the limelight lately on public forums for its trust and low-cost transaction fee/time.
This article was about the currencies to invest in 2018 through the mode of the most relaible applications in India.
The guide is given on what and how to purchase crypto currency. If there is any application or currency that we have missed out, do let us know. Thanks for reading!