Cryptocurrency is a volatile digital currency and highly encrypted, and these prime reasons drag investors to trade in Cryptocurrency. However, this platform has several routes, and before investing in Cryptocurrency, you must be familiar with all the routes so that you can safely trade Cryptocurrency and can get good returns. So, in this article, you will get to know every aspect of Cryptocurrency that will help you in trading.
Cryptocurrency-At A Glimpse
Cryptocurrency is a digital currency that works on blockchain technology and is secured by cryptography that restricts the double-spend of money. Here, one term is mentioned, i.e., Blockchain, and it is the chain of blocks that consists of data of ledgers and keeps a record of every transaction of ledgers. More interestingly, Cryptocurrency is stored in the Blockchain that the users can access through a unique passcode. Read more about top blockchain courses on AttainU.
If you want to learn about Cryptocurrency briefly, you must have good knowledge of computer science; for that, you can knock on the door of AttainU. It offers comprehensive knowledge of the programs, coding, and languages associated with the computer. Learn more about the best computer programming on AttainU.
Reasons Why You Should Invest In Cryptocurrency
Currently, various investment options such as stock, real estate, and many more are available. But in the last decade, it has been noticed that the value of Cryptocurrency is sky-rocketed and given huge returns to investors. For instance, in January 2022, the price of 1 Bitcoin was $40,000, and at the end of April same year, the value reached $65,000. This volatile nature of Cryptocurrency is lurking many investors to trade the same. Read more about the bitcoin price alerts on AttainU.
Cryptocurrency is decentralized, meaning there is no central authority to regulate the same. It runs through a series of computers, and peer-to-peer exchange is done, which prohibits intermediaries.
Since Cryptocurrency is the future and long-term investment, it is the ideal choice among investors. Moreover, the world is facing an economic crunch; as a result, the growth of many leading sectors has been hampered. So, to fight against future inflation, you must have some assets which can be virtual in the form of Cryptocurrency.
What To Know Before Buying Cryptocurrency?
If you are a newbie scratching your head to get the answer to the question ‘what to know before investing in cryptocurrency,’ this article is for you. Here you will learn about the essential investing factors related to Cryptocurrency, including market scenario, trade timing, and others. So, let’s discuss these factors which will help you in investing in Cryptocurrency.
Understand The Crypto World
Financial experts suggest that before investing in the market, a person must have sound knowledge of the same and the respected domain. In the case of Cryptocurrency, this logic also matters a lot, and if you want to invest in the same, then you must be familiar with the crypto world, its working process, security features, trading process, and many more.
Additionally, there is a hidden gateway to get the Cryptocurrency without any charges, i.e., solving cryptographic equations. If you have good knowledge of coding, then you can easily get Bitcoin free of cost. On the off chance, if you are in an intermediate zone of coding, you can rush to AttainU to upgrade your computer skills as this academy offers various computer courses, from foundation to master level.
Moreover, Cryptocurrency works on blockchain technology, and knowledge of the same is a must because Blockchain is the pivotal point of Cryptocurrency. So, to understand this concept, you must be good at computer science as well as at coding, and the courses offered by AttainU will help you in the same.
Crypto Trade Timing
In any market, whether it’s a stock or crypto, timing plays a crucial role, and if you hold or buy the stock or crypto at the right time, you will be in profit. Moreover, it is also advised that crypto must be bought when the price falls, so you will have to wait for that time and constantly monitor the cryptocurrency graphs. There are around 6000 virtual currencies in Cryptocurrency, but the most demanding are Bitcoin, Ethereum, Litecoin, Shiba Inu, and Dogecoin.
Bitcoin is the most demanding Cryptocurrency, and it has also crossed the market cap of $1 trillion, which means there is a huge scope in this virtual currency, but if you play well with the timing, you will gain a huge profit.
Hunt For Best Crypto Exchanges
Crypto exchanges are the platform where you can buy or sell cryptocurrencies as it enables you to trade the virtual currency, and in return, they charge some fee. Moreover, some crypto exchanges offer rewards for the trading of Cryptocurrency.
Before investing in Cryptocurrency, your job is to hunt for the best crypto exchanges, and for that, you must look for some factors, such as commission rate, transaction duration, reliability of exchange, security, and many more. You can also read the review of the exchanges to get a better result.
Don’t Get Trapped Into Ponzi Schemes
Nowadays, many cases have been reported against the Ponzi schemes, resulting in people losing their money. In the physical as well as in the virtual world, scammers are very much active, and they give lucrative offers through various digital platforms to attract investors. So, if you are investing in Cryptocurrency, you must be aware of scammers and never get trapped in their Ponzi schemes and lucrative offers.
Analyze Cryptocurrency White Papers
Every project has white papers which contain comprehensive information about the respective project, including features, significant highlights, pros & cons, and many more. So, if you are investing in cryptocurrency projects, you must go through each and every element of white papers. Furthermore, you must analyze deeply and check the project’s impact on the market, future scenarios, and legalities.
Kick-Off The Market Fear
Many investors rush to the market to buy Cryptocurrency irrespective of knowing the future value, and the course of action is done because of the market followers. But you must step out of the crowd and think wisely about all the aspects of Cryptocurrency, which include future value, demand, global economic conditions, and many more. Once you are satisfied, trade the Cryptocurrency, and in this field, you must analyze the market, never follow them blindly, and kick out the market fear.
Is Investing In Cryptocurrency Safe In India?
In Feb 2022, the Supreme Court of India asked the Central Government about the legality of Cryptocurrency, which means should the virtual currency be treated as legal tender or not. The Finance Minister in the Union Budget said that the Cryptocurrency Regulation Bill is under process. However, the Government has imposed a 30% tax on the trade of Cryptocurrency, NFT, and other virtual assets. This new tax, called the Crypto tax, came into the limelight in this budgetary session.
So far, the regulation bill has not passed in Parliament, so you can trade virtual currency. But, make sure the tax rate is quite high, which means you have to give 30% of your trade value to the Government, and can retain only 70%. If you are good with this deal, then go ahead and start investing in Cryptocurrency.
Questions To Ask Before Investing In Cryptocurrency
Cryptocurrency is a broad subject as it contains various elements, so definitely many questions will arise in the mind of investors; also, if there is a matter of money, then people usually think twice before spending. So, here some questions related to investing in Cryptocurrency are provided below.
Is It Good To Start With Bitcoin?
Over the years, Bitcoin gained splendid hype because it gave a good return to investors. Currently, at the time of writing, the value of 1 Bitcoin is $20,340.40, and if you have a good bank balance, you can go with bitcoin.
On the off chance, that you don’t have that much money, but want to buy Bitcoin, then you can go with the Bitcoin fraction. For instance, if you want to invest only $10 to buy Bitcoin, you will get a 0.0004916324 fraction of Bitcoin.
Is Crypto Wallet Safe?
In the past few years, many cryptocurrency crimes have been recorded where the users’ accounts were hacked, so it is true that some criminals surround us. They always look for ways to breach financial reports, including crypto wallets. But to deal with them, the crypto exchanges are equipped with advanced security technologies and geeks to offer comprehensive security to the users. So, you can trade Cryptocurrency without fear, but choose the ideal crypto exchange that offers advanced security features.
Is Cryptocurrency Legal?
Cryptocurrency is a decentralized system, which means it is not under any central authority or Government’s control. So, every country has made some laws related to buying and selling Cryptocurrency, and if you want to trade the same, then you must look for the legal rules in your country.
The entire article is worthy of Cryptocurrency investing for beginners and also for professional investors. Here, most of the things have been covered related to investing in Cryptocurrency. Hence, go thoroughly with this article and make money using the future currency, i.e., Cryptocurrency. For more information sign in on AttainU.
What is bitcoin?
By acting as money and a means of payment independent of any single person, group, or entity, a cryptocurrency like bitcoin eliminates the need for third parties to get involved in financial transactions. It may be acquired on a number of exchanges and is paid out to blockchain miners for their efforts in verifying transactions.
Which cryptocurrency frauds are most prevalent?
The most common cryptocurrency frauds to be on the lookout for are listed below:
- Bitcoin investment plans- Scammers approach participants in bitcoin investment schemes under the illusion of being seasoned “investment managers.”
- In rug pull schemes, fraudsters “pump up” a new business, nonfungible token (NFT), or coin to attract investors.
- Despite being old, phishing scams are still widely used. To obtain personal information, such as the password to a bitcoin wallet, scammers send an email with harmful links to a phony websites.
Cybercriminals can mine cryptocurrencies by using other people’s equipment (such as computers, smartphones, tablets, or even servers) without their permission. This practice is known as “cryptojacking.” Profit is the motivation, as it is in many other forms of cybercrime, but unlike most threats, this one is made to remain fully hidden from the target.
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