Beginner's Guide: Introduction in Cryptocurrencies

Introduction: To purchase Cryptocurrencies

The first cryptocurrency which comes into the existence was Bitcoin which was built on Blockchain technology and probably it had been launched in '09 2009 by way of a mysterious person Satoshi Nakamoto. At hamyarcrypto writing this blog, 17 million bitcoin had been mined in fact it is believed that total 21 million bitcoin could possibly be mined. The other most popular cryptocurrencies are Ethereum, Litecoin, Ripple, Golem, Civic and hard forks of Bitcoin like Bitcoin Cash and Bitcoin Gold.

It really is advised to users never to put all money in one cryptocurrency and stay away from investing at the peak of cryptocurrency bubble. It's been observed that price has been suddenly dropped down when it is on the peak of the crypto bubble. Since the cryptocurrency is really a volatile market so users must invest the total amount which they are able to lose as there is absolutely no control of any government on cryptocurrency as it is a decentralized cryptocurrency.

Steve Wozniak, Co-founder of Apple predicted that Bitcoin is a real gold and it'll dominate all of the currencies like USD, EUR, INR, and ASD in future and become global currency in coming years.

Why and just why Not Invest in Cryptocurrencies?

Bitcoin was the first cryptocurrency which had become and thereafter around 1600+ cryptocurrencies has been launched with some unique feature for each coin.

A number of the reasons which I have experienced and wish to share, cryptocurrencies have been created on the decentralized platform - so users do not require an authorized to transfer cryptocurrency from one destination to some other one, unlike fiat currency in which a user require a platform like Bank to transfer money from one account to another. Cryptocurrency built on a very safe blockchain technology and almost nil chance to hack and steal your cryptocurrencies and soon you don't share your some critical information.

It is best to avoid buying cryptocurrencies at the high point of cryptocurrency-bubble. A lot of us choose the cryptocurrencies at the peak in the hope to make quick money and fall victim to the hype of bubble and lose their money. It is best for users to do a lot of research before investing the amount of money. It is always good to put your cash in multiple cryptocurrencies instead of one as it has been pointed out that few cryptocurrencies grow more, some average if other cryptocurrencies go in the red zone.

Cryptocurrencies to Focus

In 2014, Bitcoin holds the 90% market and rest of the cryptocurrencies holds the remaining 10%. In 2017, Bitcoin continues to be dominating the crypto market but its share has sharply fallen from 90% to 38% and Altcoins like Litecoin, Ethereum, Ripple has grown rapidly and captured probably the most of the market.

Bitcoin continues to be dominating the cryptocurrency market but not the only cryptocurrency which you have to consider while buying cryptocurrency. Some of the major cryptocurrencies you must consider:

Bitcoin

Litecoin

Ripple

Ethereum

Tron

Civic

Golem

Monero

Where and How exactly to buy Cryptocurrencies?

While some years ago it was challenging to buy cryptocurrencies but now the users have many available platforms.

In 2015, India has two major bitcoin platforms Unocoin wallet and Zebpay wallet where users can purchase and sell bitcoin only. The users have to buy bitcoin from wallet only but not from another person. There was a cost difference in investing rate and users has to pay some nominal fee for completing their transactions.

In 2017, Cryptocurrency industry grew tremendously and the price tag on Bitcoin grown spontaneously, especially in last half a year of 2017 which forced users to search for alternatives of Bitcoin and crossed 14 lakhs in the Indian market.

As Unodax and Zebpay will be the two major platforms in India who have been dominating the marketplace with 90% of market share - that was dealing in Bitcoin only. It gives the opportunity to other organization to grow with other altcoins and even forced Unocoin among others to add more currencies with their platform.

Unocoin, among India's leading cryptocurrency and blockchain company launched an exclusive platform UnoDAX Exchange because of their users to trade multiple cryptocurrencies apart from trading of Bitcoin in Unocoin. The difference between both platforms was - Unocion was providing instant buy and sell of bitcoin only whereas on UnoDAX, users can place an order of any available cryptocurrency and if it matches with the recipient, the order will undoubtedly be executed.

Other major exchanges available to trade cryptocurrencies in India are Koinex, Coinsecure, Bitbns, WazirX.

Users need to open an account in virtually any of the exchange with signing-up with email id and submitting the KYC details. Once their account gets verified, you can start trading of coins of their choice.

Users have to research well before buying any coins and not fall into the trap of cryptocurrency-bubble. Users must research the exchange credibility, transparency, security features and more.

All Exchanges charge some nominal fee on each transaction. You can find two types of charges - Maker fee and Taker fee. In addition to the transaction fee, you have to cover the transfer fee, to be able to transfer your cryptocurrencies in other exchange or your private wallet. The charges solely depend on the coins and exchange because the different exchange has difference price module for transferring the coins.

Major Altcoins other than Bitcoin

As stated above, Bitcoin is dominating the market with a 38% market share followed by Ripple, Ethereum, Litecoin, Bitcoin Cash. Exchanges like UnoDAX, Bitfinex, Kraken, Bitstamp have listed many other coins like Golem, Civic, Raiden Network, Kyber Network, Basic Attention, 0X, Augur, Monero, Tron and more. If the coins match your portfolio then you must buy it.

But, you must put the money on the market which you can afford to lose as cryptocurrency market is very volatile and no government has control over it.

Visit the website to Buy?

There is no hard rule when to purchase your favorite cryptocurrency. But one must research the market stability. You ought not but at the peak of a cryptocurrency bubble or once the price is crashing continuously. Always best time is considered when the price is stable relatively at a low level for some time.

Cryptocurrencies Storage Method

Before buying any cryptocurrency one must understand how to keep your cryptocurrency safe.

Generally, all the exchanges supply the storing facility where one can keep your coins safely. One must not share their user details, password, 2FA when you hold cryptocurrency on exchanges.

Paper Wallet, Hardware wallet, Software wallet are a number of the channels where one can store their cryptocurrency.

Paper Wallet: Paper wallet is an offline cold storage solution to keep your cryptocurrency. It prints your private and public key on a piece of a paper where QR code is also printed. One has to just scan the QR code because of their future transactions. Exactly why is it safe? You don't need to worry about the hack of one's account or attack of any malicious malware. You just have to keep your piece of the paper safe in a locker and if possible keep two to three pieces of paper wallet all in your complete control.

Hardware Wallet: Hardware wallet is a physical device where you retain cryptocurrency safe. There are plenty of types of hardware wallet but commonly used hardware wallet is USB. When you keep your cryptocurrency in hardware wallet you merely need to keep in that mind that you ought to not lose your hardware wallet as once it really is lost you can not retrieve your cryptocurrency.

One famous incident, where a person as mined 7000+ bitcoin and stores within their hardware wallet and kept it with another hardware wallet. One day he threw the hardware wallet in which he stored his cryptocurrency rather than damaged hardware and he lost all his bitcoin.

What can obtain cryptocurrencies in India?

Most of the people assume that investing of any cryptocurrencies are just for the investment and getting the high returns on a long and short-term. Influencers and bitcoin investors are believing that in coming years Bitcoin will dominate all of the fiat currencies and will be accepted as International currency.

hamyar crypto is among the largest e-commerce business accepting bitcoin as payment. Expedia and UNICEF are other examples.


In India, Sapna Book Mall was accepting bitcoin as payment using Unocoin merchant service. People were booking movie tickets through BookMyShow or recharging their mobile using Unocoin platform. According to the report, they have stopped the service but planning to start again in near future.

Cryptocurrency is probably the growing investment sectors and contains given nice returns than real-estate, gold, stock-markets, etc before. You can buy the cryptocurrency and hold for long-term to obtain nice returns or go for the short-term for the quick profit once we have seen the growth of several coins in 1000%+ in past. Because the cryptocurrency is a volatile market no control of government on the. One must invest the amount in any cryptocurrency which they can afford to reduce.

It is possible to store your cryptocurrency in hardware wallet, paper wallet, software wallet unless you wish to hold in the exchange from what your location is trading.

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Pub: 09 Mar 2024 12:05 UTC
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