Are you thinking about the future of cryptocurrency and how to invest money to get double returns? If yes, then you have landed at the right place. In this article, you will learn how to get double profit on your money and which is the best app to buy and sell Bitcoin, Ethereum, Ripple, TUSD, Litecoin and other popular cryptocurrencies.
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| How to invest money in Bitcoin or other cryptocurrencies |
Before investing your hard-earned bucks, you should know about cryptocurrency and other digital assets.
What is cryptocurrency?
A cryptocurrency is a digital form of currency, like traditional paper money. But Paper money you can touch, feel, see and hold in your hand where Bitcoin you can't touch and hold in your hand, only you can store digitally.
These coins are widely used for trading, transaction and buying commodities over the world.
Neither these currencies have a physical form nor have any central authority. These are the decentralized form of money, meaning, these will never be regulated by any government body.
Like Bitcoin, many cryptocurrencies are works based on blockchain technology. It is like a public ledger where every new transaction adds as a new block with previous blocks.
And all blocks are interconnected with each other. And Experts believe that this technology couldn't be hacked by hackers.
In this process, involved "mining" word. In cryptocurrency mining means the process of transaction verification.
Miners used the power of their computers to verify the transaction by solving complex mathematical equations.
What is cryptography?
Almost all cryptocurrencies mainly work on the principle of cryptography. Here "crypt" means "hidden" and "graphy" stands for writing. Meaning, all the transactions write securely with end to end encryption, that's why it is impossible to hack.
Some of the popular cryptocurrencies are Bitcoin (BTC), Ethereum (ETH), Litecoin, BitcoinCash etc.
What is Bitcoin?
Bitcoin was the first decentralized, successful cryptocurrency. Launched by an unknown person Satoshi Nakamoto in early 2009.
It has the largest cryptocurrency market capitalization, and all data securely stores on blockchain-networks.
Bitcoin software is freely available for all. Anyone can store the copy of transportation on their computer or drive.
21 million Bitcoins will ever be created and currently, around 18.5 million bitcoins have been mined.
Every 10 minutes, new coins are mined by Bitcoin miners, who help to maintain the transactions records by adding new transaction data on the blockchain network.
Why Bitcoins created?
For a better understanding, we should know it's a brief history. In 2008, the financial crisis had come globally.
In this crisis, people faced money inflammation due to government faults and the traditional banking system.
One year later, in 2009, Satoshi Nakamoto, has developed blockchain technology and, first digital currency Bitcoin. But a fun fact that who is Satoshi Nakamoto no one yet identified.
How to buy and sell bitcoin in India?
To buying, bitcoin from anywhere in the world you should open a digital wallet that allows you to store cryptocurrency.
Before opening a wallet, you should know wallets related to some important aspects, else you could lose your money.
First of all, security whether it scams or not. You can easily identify by seeing app reviews, and social media channels, other investors, what said about it.
Secondly, usability and fees - what's their transaction or membership fees.
If those two factors satisfied you then definitely you can use an app.
Some widely used BTC trading apps in India are - WazirX, ZebPay, Coinswitch, block chain.com, and Coinbase.
I am personally using Binance, Zebpay and CoinSwitch. Both apps have a simple interface and easy to use.
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ZebPay allows you to buy and sell Bitcoin and other cryptocurrencies with a minimal fee, on the other hand, CoinSwitch offers you to trade with zero fees.
So, keep reading with me for detailed reviews and my personal experiences about those two trading apps on the next post.
Best time to buy and sell Bitcoin
Bitcoin is known for its volatility, a double-edged sword that has turned some investors into millionaires very quickly while burning others along the way.
So, understanding the best time to purchase and sell we should understand the law of demand and supply.
Any assets mainly works on Law of demand and supply. If more and more people buy then the price increases, similarly if more and more people sell then the price decreases.
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| Bitcoin Price Chart From 2015 to 2020 |
If someone purchased a coin in November 2015 then as on date they will gain 8,072 % return i.e approx 80 times of the original value. And if someone purchased in March 2020 then in December 2020 they will gain 359% return i.e 3.5 times of actual value.
I hope you understand the concept of buying cryptocurrency. So simply, I want to say “Buy when everyone else is selling and hold until everyone else is buying.” This is the best way to buy bitcoin.
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Conclusion
It is almost impossible to predict the accurate time to trading, because many factors influence the rise and fall of the Bitcoin price. So, if you decide to trade, act quickly.
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