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Introduction: To purchase Cryptocurrencies

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

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

Steve Wozniak, Co-founder of Apple predicted that Bitcoin is a real gold and it will dominate all 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 every coin.

A number of the reasons which I have observed 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 another one, unlike fiat currency where a user require a platform like Bank to transfer money in one account to another. Cryptocurrency built on an extremely safe blockchain technology and almost nil possiblity to hack and steal your cryptocurrencies and soon you don’t share your some critical information.

You should always avoid buying cryptocurrencies at the high point of cryptocurrency-bubble. A lot of us buy 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 accomplish a lot of research before investing the amount of money. It is always good to put your cash in multiple cryptocurrencies rather than one since it has been pointed out that few cryptocurrencies grow more, some average if other cryptocurrencies go in debt zone.

Cryptocurrencies to Focus

In 2014, Bitcoin holds the 90% market and rest of the cryptocurrencies holds the remaining 10%. In 2017, Bitcoin is still 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 the most of the market.

Bitcoin continues to be dominating the cryptocurrency market however, not the only cryptocurrency that you need to consider while buying cryptocurrency. A number 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 however now the users have many available platforms.

In 2015, India has two major bitcoin platforms Unocoin wallet and Zebpay wallet where users can buy and sell bitcoin only. The users need to buy bitcoin from wallet only but not from another person. There was a price 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 watch out for alternatives of Bitcoin and crossed 14 lakhs in the Indian market.

As Unodax and Zebpay are the two major platforms in India who were dominating the market with 90% of market share – which was dealing in Bitcoin only. It gives the chance to other organization to grow with other altcoins and also 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 aside from trading of Bitcoin in Unocoin. The difference between both platforms was – Unocion was providing instant trade 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 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, one can start trading of coins of their choice.

Users have to research well before investing in any coins rather than belong to 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. There are two forms of charges – Maker fee and Taker fee. Apart from the transaction fee, you have to pay the transfer fee, if you need 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 apart from Bitcoin

As stated above, Bitcoin is dominating the marketplace 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 many more. If the coins match your portfolio then you must buy it.

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

When to Buy?

There is absolutely no hard rule when to buy your favorite cryptocurrency. But one must research the marketplace stability. You ought not but at the peak of a cryptocurrency bubble or when 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 learn how to keep your cryptocurrency safe.

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

Paper Wallet, Hardware wallet, Software wallet are some of the channels to 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 can be printed. You have to just scan the QR code for their future transactions. Exactly why is it safe? No need to worry about the hack of your account or attack of any malicious malware. You merely have to keep your piece of the paper safe in a locker and when possible keep 2-3 bits of paper wallet all in your complete control.

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

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

What can obtain cryptocurrencies in India?

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

Dell is probably 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. Individuals were booking movie tickets through BookMyShow or recharging their mobile using Unocoin platform. According to the report, they will have stopped the service but likely to start again in near future.

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

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