Has Cryptocurrency Become Every Indian’s Dream Investment?

The Sovereign Individual ~ by James Dale Davidson and William Rees Morgue

The Sovereign Individual is one of those books that forever changes the way you see the world. It was published in 1997, but the extent to which it predicts the impact of blockchain technology will give you chills. We are entering the fourth stage of human society, moving from the industrial to the information age. You need to read this book to understand the scope and scale of how things will change.

As it becomes easier to live comfortably and earn an income anywhere, we now know that those who will truly thrive in the new information age will be location-independent workers who are not tied to one job or career . The drive to choose where to live based on savings is already more appealing, but this goes beyond digital nomadism and freelance gigs; the foundations of democracy, government and money are shifting.

The authors predicted Black Tuesday and the collapse of the Soviet Union, and here they predict that the increasing power of individuals will coincide with decentralized technology eating away at the power of governments. The death toll for nation-states, they predicted with extraordinary foresight, would be private, digital money. When that happens, the dynamic of governments as immovable bandits robbing hard-working citizens of taxes will change. If you have become a person who can solve problems for people all over the world, then you are about to enter the new cognitive elite. Don’t miss this one.

Choice quote: “When technology is mobile and transactions take place in cyberspace, as they increasingly will, governments will no longer be able to charge more for their services than they are worth to the people who pay for them.”

Sapiens: A Brief History of Humanity ~ by Yuval Noah Harari

Whenever I want to impress upon someone how good this book is, I ask, “Do you want to know the fundamental difference between humans and monkeys? A monkey can jump up and down on a rock and wave a stick around and shout to its friends that it has seen a threat coming towards them. “Danger! Danger! A lion!” A monkey can lie too. She can jump up and down the cliff and wave a stick around and yell about a lion when there really isn’t a lion. He’s just going crazy. But what a monkey can’t do is jump up and down and wave a stick around and yell, “Danger! Danger! A dragon!”

Why is that? Because dragons aren’t real. As Harari explains, the human imagination, our ability to believe and talk about things we’ve never seen or touched, is what has elevated the species to cooperate in large numbers with strangers. There are no gods, no nations, no money, no human rights, no laws, no religions, and no justice in the universe beyond the collective imagination of human beings. We are the ones who make them so.

It’s all a pretty magnificent preamble to where we are today. After the Cognitive Revolution and the Agricultural Revolution, Harari points you to the Scientific Revolution, which began only 500 years ago and which could usher in something completely different for humanity. However, the money will remain. Read this book to learn that money is the greatest story ever told, and that trust is the raw material from which all kinds of money are forged.

Choice quote: “In contrast, Sapiens live in a three-layered reality. Besides trees, rivers, fears and desires, the world of Sapiens also contains stories of money, gods, nations and corporations.”

The Internet of Money ~ by Andreas M. Antonopoulos

If the two books mentioned above help us understand the historical context in which Bitcoin first appeared, this book expands on the “why” question with infectious enthusiasm. Andreas Antonopolous is perhaps the most respected voice in the crypto space. He has been traveling the world as a Bitcoin evangelist since 2010 and this book is a compilation of the talks he gave on the chain between 2013 and 2016, all prepared for publication.

His first book, Mastering Bitcoin, is a deep technical dive into the technology aimed specifically at developers, engineers, and software and systems architects. But this book uses some choice metaphors to explain why you can’t ban Bitcoin or shut it down, how the scaling debate doesn’t really matter, and why Bitcoin needs the help of designers to lock in mass adoption.

“When you first drive your brand new car in a city,” he writes, “you are driving on roads used by horses, with infrastructure designed and used for horses. There are no light signals. There are no traffic rules. There are no paved roads. And what happened? Cars got stuck because they lacked balance and four legs.” But fast-forward a hundred years, and cars that were once ridiculed are the absolute norm. If you want to dive into the philosophical, social, and historical implications of Bitcoin, this is your starting point.

Choice quote: “Bitcoin isn’t just money for the internet. Yes, this is the perfect money for the internet. They’re instant, they’re safe, they’re free. Yes, it’s internet money, but it’s so much more. Bitcoin is the internet of money. Currency is just the first application. If you understand that, you can look beyond price, you can look beyond volatility, you can look beyond fashion. At its core, Bitcoin is a revolutionary technology that will change the world forever. Come join.”

2021 has become a boom year for DeFi. The DeFi market is growing so fast and it’s hard to even keep track of all the changes.

Why is DeFi so special? The crypto market gives a great chance to earn more money in many ways: decentralized exchanges, yield aggregators, credit services and even insurance – you can deposit your tokens in all these projects and get a reward.

But the hottest money-making trend has its tricks. New DeFi projects are launched every day, interest rates change all the time, some of the pools cease to exist – and it’s a big headache to keep track of them, but you have to.

Well, the solution is here. We have created a ranking service of DeFi income growing projects that will help you find a reliable project with the highest interest rates for your safe cryptocurrency and token investment.

Crypto Mining Ranking Aggregator DeFiEarns.com Launches August 1, 2021

It supports 56 projects – DEX (PancakeSwap, MDEX), yield farms, yield aggregators/optimizers (PancakeBunny, Beefy Finance, AutoFarm), lending platforms (Venus, Annex Finance) and even leveraged farming projects like Alpaca and Alpha Home are listed there.

DeFiEarns.com only supports 3 networks yet – Ethereum Mainnet, Binance Smart Chain and Polygon. But after 2 months it will be completed with other most popular networks.

Clear interface and easy filters make everything easy. DeFiEarns.com users can keep up with interest rates for both a token and a token pair in multi-token pools where 3 or even 4 tokens can be deposited. Investors can also track the history of ranking changes and Total Locked Value (TVL) across different pools and across farms.

Don’t Miss Out on Profits by Just Storing Your Tokens Idle – Multiply Your Crypto at DeFiErans.com

But keep in mind that investing in DeFi is risky: constant losses, hacking of projects, Oracle bugs and high volatility of cryptocurrencies – these are the problems that DeFi farmers face all the time.

How defieearns.com works

Just follow the DeFiEarns.com link and enter the name of the token you have in the search box – then choose the best interest rate, but remember to check the TVL first. The higher the TVL rating, the more reliable the project.

At DeFiEarns.com you can also find out which company has audited the project.

What does defearns.com mean

We keep everything simple and pursue only one idea – to enable every DeFi enthusiast to choose the best interest rates in all projects.

If you intend to put money into cryptocurrency for the first time, we recommend that you get at least a basic understanding of the industry. In this article, we will give you 5 tips and tricks that will help you become a better investor. Keeping these tips in mind will make it easier for you to succeed as a beginner.

1. Look for reputable news sources

You will find different opinions about the cryptocurrency world. According to some people, cryptocurrency is nothing but a fad, while others think that it is a great investment, especially if you want to invest your money for the long term.

If you are sure that you can benefit from Crypto, you should follow reliable sources and not listen to non-believers. To be successful as an investor, you need to keep some facts in mind and then proceed to invest your money wisely.

2. Prepare for volatility

Unlike regular currencies, cryptocurrency is not as stable. A few months ago the value of one of the most popular cryptocurrencies called Bitcoin was around $40,000. But now it has fallen back to $30,000. So what you need to do is make your decision wisely. If you get greedy, you may suffer huge losses.

Even if you ask expert crypto traders, they will say that even they do not master the art. So you have to be careful when it comes to investing in crypto as cryptocurrencies are quite volatile.

3. Consider other altcoins

When it comes to cryptocurrency, you are not limited to Bitcoin. So it’s not a good idea to put all your eggs in one basket. In other words, you should invest your money in other types of cryptocurrency as well.

So what you need to do is do your homework and find out which ones are doing well. In other words, you should choose the top 5 cryptocurrencies and invest your money in them.

4. Learn about hot and cold wallets

Even though crypto is a digital currency, you can still store them online in your hot wallets. But if you are just starting out, you might want to go for offline wallets as they are quite useful and flexible.

On the other hand, it is true that cold wallets offer protection against hackers. So if you want to diversify your assets, we suggest you familiarize yourself with both hot and cold wallets.

5. Be vigilant

Although cryptocurrencies have higher safety standards than conventional currency, we recommend that you follow precautions. So, what you need to do is to be careful when it comes to investing a large amount of money in a digital currency of this type.

You should discover different methods of processing your transactions and see how you can effectively manage your cryptocurrency in a responsible manner.

Conclusion

In short, you may want to follow these 5 tips and tricks if you want to be successful as a cryptocurrency trader or investor.

When it comes to cryptocurrency trading, you have to speculate whether the market you have chosen will go up or down in value. And the interesting thing is that you never own the digital asset. In fact, trading is done with derivative products such as CFDs. Let’s take a look at the benefits of trading cryptocurrencies. Read on to learn more.

Volatility

Although cryptocurrency is a new market, it is quite volatile due to short-term speculative interest. Bitcoin price fell to $5,851 from $19,378 in 2018 in just one year. However, the value of other digital currencies is quite stable, which is good news.

What makes this world so exciting is the volatility of cryptocurrency value. Price movements offer many opportunities for traders. However, this is also associated with great risk. Therefore, if you decide to research the market, just make sure you do your research and put together a risk management strategy.

Work time

The market is usually open for trading 24/7 as it is not regulated by any government. In addition, transactions take place between buyers and sellers around the world. There may be brief outages when infrastructure updates are performed.

Improved liquidity

Liquidity refers to how quickly a digital currency can be sold for money. This feature is important as it enables faster transactions, better accuracy and better pricing. In general, the market is somewhat liquid, as financial transactions take place on different exchanges. Therefore, small trades can lead to large price changes.

Leverage exposure

As CFD trading is considered a leveraged product, you can open a position on what we call ‘margin’. In this case, the value of the deposit is part of the trade value. So you can enjoy great market performance without investing much money.

The loss or gain will reflect the value of the position at the time it was closed. Therefore, if you trade on margin, you can earn huge profits by investing a small amount of money. However, it also increases losses that may exceed your deposit on a trade. So make sure you consider the total value of the position before investing in CFDs.

It is also important to ensure that you follow a solid risk management strategy, which should include appropriate limits and stops.

Fast account opening

If you want to buy crypto currencies, make sure you do it through an exchange. All you have to do is register an exchange account and keep the currency in your wallet. Note that this process can be restrictive and take a lot of time and effort. However, once the account is created, the rest of the process will be quite smooth and hassle-free.

In short, these are some of the most notable advantages of cryptocurrency trading here and now. We hope you find this article quite useful.

If we look at the most impactful development in recent times, the first thing that comes to mind without a doubt is cryptocurrency. People have made huge profits by investing in cryptocurrencies like Bitcoin and others at the right time. Many people have also been able to prosper by simply providing a cryptocurrency exchange platform to investors to trade cryptocurrencies.

Setting up an exchange is pretty easy. but you should know a few basic things before starting your own exchange.

Let’s take a look at them –

Do you have a target audience in mind?

One of the most important things to consider before creating any business platform is to understand your target audience. It’s the same case here.

When you plan to create a Bitcoin exchange platform, the first thing you need to analyze and understand is the audience you will be targeting.

For example, in the case of bitcoins, you can target both local and global audiences. So you need to understand who your target audience is and then plan your development process. Why is this important? Well, you will learn about it in the following sections.

Do you understand the legal terms?

The second thing to consider is the legal terms you will have to follow.

There is a huge buzz surrounding the legal aspects related to cryptocurrency, but you may be surprised to know that there are 96 countries where Bitcoin transactions are still unrestricted.

So creating a cryptocurrency exchange platform targeting these countries might turn out to be the best idea.

Remember to always thoroughly review the legal guidelines in effect in the area you plan to operate from.

Do you have a partner bank?

Another thing to remember here is that you will need a partner bank. The simple reason behind this is that you will be dealing with financial transactions.

To ensure that financial transactions run smoothly and seamlessly, you need to ensure that you have the right support in the form of a partner bank.

Therefore, you should contact several banking institutions to see if they can help you and understand their terms and conditions.

Do you have the right platform development partner?

The most important step in the process is to find the right specialist who can help you develop a secure platform. The reason why we specifically mentioned the term secure is because the huge popularity of cryptocurrency has made these exchanges the first target for hackers.

To ensure that your reputation doesn’t take a hit due to something untoward, you should focus on creating a secure platform. You can easily achieve this by hiring an experienced developer who knows all the ins and outs of the industry.

For example, they can test the platform by mimicking a malware attack and see how your cryptocurrency exchange platform stands up to it.

Conclusion

This last point summarizes the main things you should keep in mind when planning to build a cryptocurrency exchange platform for yourself. Once these questions are answered, you can easily proceed with development and profit.

But be sure to take all the necessary legal, compliance and security measures if you want to be in this game for the long haul.

So are you ready?

Well, as with almost anything else in life – if not everything – you have to buy it before you can invest in it. Investing in Bitcoin can be very challenging and that is if you don’t have a step set in front of you.

First you need to know that Bitcoin is a type of cryptocurrency, one of the first digital currencies that was invented, designed and developed by Satoshi Nakamoto and released to the public in 2009.

And from there, updates as well as improvements are made by a network of very experienced developers and the platform is partially funded by the Bitcoin Foundation.

Since bitcoins have become a hot topic of interest and many people are investing in them, there is nothing wrong if you also get a little digital wealth. It is interesting to note that in 2012, Bitcoin firms only managed to raise $2.2 million.

Despite falling prices this year, the cryptocurrency continues to see growth among both consumers and merchants who accept it as payment.

So how can you be a part of the action? Investing in Bitcoin can be easy for the average Joe if he just buys straight.

Buying it today is made easy with many businesses in the United States and everywhere involved in the business of buying and selling.

For US investors, the easiest solution is Coin Base, which is a company that sells BTC to people at a premium, which is usually about 1% above the current market price.

If you want a traditional exchange, Bit Stamp might be a better option as you will be trading users not only with the company but also with the users.

The company acts only as an intermediary. Liquidity is higher and you can almost always find another person to take the other side of your trade.

Fees start at 0.5% and go up to 0.2% if you’ve traded over $150,000 in the last 30 days. All of them are already investment vehicles in their own way, because the more BTC you buy, the more profit you will accumulate if you decide to store them or resell them to other traditional buyers at a higher price than what you bought with real companies.

You can also buy bitcoins in another way other than an exchange. One of the most popular routes to so much offline is Local Bitcoins, which is a website that connects you with potential buyers and sellers. Upon purchase, the coins are locked by the seller in escrow, from where they can only be released to buyers.

But buying bitcoins offline should be done with some extra precautions that are always common, just like you would when meeting a stranger. Meet during the day in a public place and if possible bring a friend.

Bitcoin is the hottest thing online right now. Investors and venture capital firms are betting it’s here to stay. There are many ways for the average Joe to invest and buy Bitcoins.

In the US, the most popular avenues are Coin Base, Bit Stamp and Local Bitcoins. Each has its advantages and disadvantages, so do your research to find the one that’s right for you.

Rich rewards often come with big risks, and the same is true of the highly volatile cryptocurrency market. Uncertainty in 2020 globally has led to increased interest of the masses and large institutional investors in cryptocurrency trading, a new age asset class. Increasing digitization, a flexible regulatory framework and the lifting of the Supreme Court’s ban on banks working with crypto-based companies have parked investments of more than 10 million Indians in the past year. Several major global cryptocurrency exchanges have been actively exploring the Indian crypto market, which has seen a sustained surge in daily trading volume over the past year amid a major price decline as many investors looked to buy value. As the cryptocurrency craze continues, many new cryptocurrency exchanges have sprung up in the country that enable buying, selling and trading by offering functionality through user-friendly apps. WazirX, India’s largest cryptocurrency trading platform, doubled its users from one million to two million between January and March 2021.

What is driving the world’s largest crypto exchanges to the Indian market?

In 2019, Binance, the world’s largest cryptocurrency exchange by trading volume, acquired the Indian trading platform WazirX. Another crypto startup, Coin DCX has secured investment from Seychelles-based BitMEX and San Francisco-based giant Coinbase. Crypto and blockchain startups in India have attracted investments of US$ 99.7 million till June 15, 2021, which amount to about US$ 95.4 million in 2020. In the last five years, global investments in the Indian crypto market have increased by as much as 1487%.

Despite India’s unclear policies, global investors are placing huge bets on the country’s digital coin ecosystem due to various factors such as

• Tech-savvy Indian population

The overwhelming population of 1.39 billion is young (average age between 28 and 29) and tech-savvy. While the older generation still prefers to invest in gold, real estate, patents or stocks, the newer ones are embracing high-risk cryptocurrency exchanges as they are more adaptable to them. India ranks 11th in Chainalysis’ 2020 Global Crypto Adoption Report list, indicating the excitement for crypto among the Indian population. Neither the government’s friendly attitude toward crypto nor the rumors swirling around crypto can shake the confidence of the young population in the digital coin market.

India offers the cheapest internet in the world, where one gigabyte of mobile data costs around $0.26, while the global average is $8.53. So, almost half a billion users benefit from affordable internet access, increasing India’s potential to become one of the largest crypto economies in the world. According to SimilarWeb, the country is the second largest source of web traffic to peer-to-peer bitcoin trading platform, Paxful. While the mainstream economy is still struggling with the “pandemic effect”, cryptocurrency is gaining momentum in the country as it provides the young generation with a new and fast way to earn money.

It is safe to say that cryptocurrency can become to the Indian millennium what gold is to their parents!

• Rise of fintech startups

The cryptocurrency craze has led to the emergence of numerous trading platforms such as WazirX, CoinSwitch, CoinDCX, ZebPay, Unocoin and many more. These cryptocurrency exchanges are highly secure, cross-platform accessible, and allow instant transactions, providing a friendly interface for crypto enthusiasts to buy, sell, or trade unlimited digital assets. Many of these platforms accept INR for purchases and trade fees as low as 0.1%, so the simple, fast and secure platforms represent a lucrative opportunity for both first-time investors and local traders.

WazirX is one of the leading cryptocurrency exchange platforms with over 900,000 users that provides customers with peer-to-peer transaction capabilities. CoinSwitch Kuber provides the best cryptocurrency exchange platform for Indians and is perfect for both beginners and everyday people. Unocoin is one of the oldest cryptocurrency exchange platforms in India, representing over one million traders through mobile applications. CoinDCX provides users with 100+ cryptocurrencies as an option to exchange and even provides investors with insurance to cover losses in the event of a security breach. So, global investors are looking at the plethora of cryptocurrency exchange platforms in India to take advantage of the emerging market.

• Mixed government response

A legislative bill regarding the ban against virtual currency, which would criminalize anyone involved in the possession, issuance, mining, trading and transfer of crypto-assets, may become law. However, Finance and Corporate Affairs Minister Nirmala Sitharaman eased the concerns of some investors by saying that the government had no plans to completely ban the use of cryptocurrency. In a statement made to a leading English newspaper Deccan Herald, the finance minister said, “On our part, we are very clear that we are not closing all options. We’re going to allow people to do certain windows to experiment with blockchain, bitcoin, or cryptocurrency.” It’s clear that the government is still carefully examining the national security risks posed by cryptocurrencies before deciding to impose an outright ban.

In March 2020, the Supreme Court overturned the central bank’s decision to ban financial institutions from trading in cryptocurrencies, prompting investors to flock to the cryptocurrency market. Despite the continued fear of a ban, transaction volumes continued to grow, and user registrations and cash flows on the local crypto exchange became 30 times more than a year ago. One of the oldest exchanges in India, Unocoin added 20,000 users in January and February 2021. Zebpay’s total volume per day from February 2021 became equivalent to the volume generated in the entire month of February 2020. Turning to the scenario with cryptocurrency in india, Finance The minister said in an interview with CNBC-TV18: “I can only give you this idea that we are not closing our minds, we are looking for ways in which experiments can happen in the digital world and cryptocurrency.”

Instead of standing on the sidelines, investors and stakeholders want to make the most of the proliferation of the digital coin ecosystem until the government implements the ban on “private” cryptocurrency and declares a sovereign digital currency.

Is India Moving Towards Financial Inclusion With Cryptocurrency?

Once considered a “boys club” due to the overwhelming involvement of the male population in the cryptocurrency market, the ever-increasing number of female investors and traders has led to greater gender neutrality in the new and digital form of investment methods. Earlier, women used to stick to traditional investments, but now they are starting to take risks and venture into the crypto space in India. After the Supreme Court clarified the legality of the “virtual currency”, the Indian cryptocurrency platform, CoinSwitch witnessed an exponential increase of 1000% in female users. Although women investors still constitute a small percentage of the crypto community, they are creating fierce competition in the Indian market. Women tend to save much more than their male counterparts, and more savings means more investment diversity, such as high-return assets like cryptocurrencies. Also, women are more analytical and better at assessing risks before making the right investment choice, so they are more successful investors.

Increasing mainstream institutional adoption of cryptocurrencies

The uncertainty and panic caused by SARS-Covid 19 led to a liquidity crisis even before the economic crisis began. Many investors turned their holdings into cash to protect their finances, causing Bitcoin and altcoin prices to crash. But even though crypto suffered a major crash, it still managed to be the best performing asset class of 2020. With the increased vulnerability of the system and the loss of confidence in central bank policies and money in its current design, people have an increased appetite to digital currencies, which led to a resurgence of cryptocurrency. Due to the cryptocurrency’s stellar performance in the midst of the global financial crisis, the upward trend has boosted interest in the virtual currency market in Asia and the rest of the world.

In addition, to fuel society’s demand for convenient and reliable transaction solutions, digital payment gateways such as PayPal have also shown their support for cryptocurrencies that can allow users to hold, buy or sell with virtual assets. Recently, Tesla CEO Elon Musk announced a USD 1.5 billion investment in the cryptocurrency market and that the electric company will accept Bitcoin from buyers, which caused the international price of Bitcoin to jump from USD 40,000 to USD 48,000 in within two days. Two of the largest payment platforms in the world, Visa and Mastercard, also support cryptocurrencies by presenting them as a means of making transactions. While Visa has already announced that it will allow stablecoin transactions on the Ethereum blockchain, Mastercard will begin crypto transactions sometime in 2021.

What does the future hold for the cryptocurrency market in India?

The Indian cryptocurrency market is not immune to the horrific crypto crashes. Despite huge investments from global partners, local investors are still keeping their distance from crypto investments due to uncertainty about the legality of India’s digital coin ecosystem as well as high market volatility. Although the cryptocurrency market has been booming since last year, Indians own less than 1% of the world’s bitcoins, creating a strategic disadvantage for the Indian economy. The Indian government plans to appoint a new panel to look into the possibility of regulating digital currencies in the country, as well as focus on blockchain technology and suggest it for technological improvements.

Blockchain technology’s ability to provide a secure and immutable infrastructure has been realized by various industries to bring transparency to transactions. For a country with over 15 million crypto adherents, the new recommendation from the committee could be of great value in determining the future of cryptocurrency in India. However, stakeholders believe that technical and economic power will make India a key player in the crypto and blockchain market. Cryptocurrency is gradually gaining mainstream acceptance, which may lead to greater adoption of digital currency.

According to another TechSci Research report on “Cryptocurrency Market in India By Supply (Hardware & Software), By Process (Mining & Transactions), By Type (Bitcoin, Etgereum, Bitcoin Cash, Ripple, Dashcoin, Litecoin, Others), By End User (Banking, Real Estate, Stock Market & Virtual Currency) , By Region, Forecast and Opportunities, 2026″, Indian cryptocurrency is expected to grow at a significant CAGR due to increasing demands for transparency and reduction in transaction costs. Additionally, growing adoption of digital currency and growing blockchain technology are fueling the cryptocurrency market in India.

One of the primary mandates of blockchain technology is to provide users with unwavering privacy. Bitcoin as the first ever decentralized cryptocurrency relied on this premise to market itself to a wider audience that then needed a virtual currency that was free from government interference.

Unfortunately, along the way, Bitcoin has been riddled with several weaknesses, including a lack of scalability and a volatile blockchain. All transactions and addresses are recorded on the blockchain, making it easy for anyone to connect the dots and reveal users’ personal data based on their existing records. Some government and non-government agencies are already using blockchain analytics to read data into the Bitcoin platform.

Such shortcomings have led to developers looking for alternative blockchain technologies with improved security and speed. One of these projects is Monero, commonly represented by the XMR ticker.

What is Monero?

Monero is a privacy-oriented cryptocurrency project whose main goal is to provide better privacy compared to other blockchain ecosystems. This technology protects users’ information through hidden addresses and Ring signatures.

A stealth address refers to creating a single address for a solo transaction. No two addresses can be attached to one transaction. The resulting coins go to a completely different address, making the whole process unclear to an outside observer.

Ring signature, on the other hand, refers to mixing account keys with public keys, thus creating a “ring” of multiple signers. This means that a monitoring agent cannot associate a signature with a specific account. Unlike cryptography (a mathematical method for securing crypto projects), ring signature is not a new kid on the block. Its principles were researched and recorded in a 2001 report by the Weizmann Institute and MIT.

Cryptography has certainly won the hearts of many blockchain developers and fans, but the truth is that it is still a nascent tool with a handful of applications. Since Monero uses Ring’s already tested signature technology, it stands out as a legitimate project worth adopting.

Things you need to know before you start trading Monero

The Monero Market

The Monero market is similar to that of other cryptocurrencies. If you want to buy it then Kraken, Poloniex and Bitfinex are some of the exchanges you should visit. Poloniex was the first to adopt it, followed by Bitfinex and finally Kraken.

This virtual currency most often seems to be pegged to the dollar or against other cryptocurrencies. Some of the available pairs include XMR/USD, XMR/BTC, XMR/EUR, XMR/XBT and many more. The trading volume and liquidity of this currency record very good statistics.

One of the good things about XMR is that anyone can participate in mining either as an individual or by joining a mining pool. Any computer with significantly good processing power can mine Monero blocks with a few hiccups. Don’t bother choosing ASICS (Application Specific Integrated Circuits) which are currently mandatory for Bitcoin mining.

Price volatility

While it’s a great cryptocurrency network, it’s not that special when it comes to volatility. Virtually all altcoins are extremely volatile. This should not worry any keen trader as this factor is what makes them profitable in the first place – you buy when prices are falling and sell when they are in an uptrend.

In January 2015, XMR was trading at $0.25, then made a notable jog to $60 in May 2017 and is currently hovering above the $300 mark. Monero coin recorded its ATH (all-time high) of $475 on January 7, before starting to fall along with other cryptocurrencies to $300. At the time of writing, virtually all decentralized currencies are in a price correction phase, with Bitcoin hovering between $10-11k from its glorious ATH of $19,000.

Substitutability and adoption

Due to its ability to offer reliable privacy, XMR has been adopted by many people who make their coins easily exchangeable for other currencies. In simple words, Monero can easily be exchanged for something else.

All bitcoins on the bitcoin blockchain are recorded, and therefore when an incident such as a theft occurs, every coin involved will be decommissioned, making them irreplaceable. With monero, you cannot tell one coin from another. Therefore, no seller can reject any of them because it is related to a bad incident.

Currently, the Monero blockchain is one of the trendiest cryptocurrencies with a significant following. Like most other blockchain projects, its future looks great despite looming government crackdowns. As an investor, you should do your due diligence and research before trading any cryptocurrency. Whenever possible, seek help from financial experts to get you on the right track.

Investing in the cryptocurrency market space is often complicated, especially for traditional investors. This is because investing directly in cryptocurrency requires the use of new technologies, tools and the adoption of some new concepts.

If you decide to dip your toes into the world of CryptoCurrency, you will need to have a clear idea of ​​what to do and what to expect.

Whether it’s Bitcoin, Litecoin, Ethereum, or any of the 1,300 tokens, buying and selling cryptocurrencies requires choosing an exchange that trades the products you want.

Being the most famous decentralized cryptocurrency, Bitcoin leads the crypto space so dominantly that the terms crypto and Bitcoin are sometimes used interchangeably. However, the fact is that there are other cryptocurrencies that can be relied upon to make crypto investments.

Litecoin

Litecoin, also called “silver to Bitcoin’s gold”, is an open-source decentralized payment network that operates without the involvement of an intermediary.

How does Litecoin differ from Bitcoin? Well, both are similar in many ways, but Litecoin’s block generation is much faster than Bitcoin’s. This makes investors around the world open to accepting Litecoin.

Charlie Lee, a former engineer at Google, founded Litecoin in 2011. Although Litecoin lacks the anonymity technology of Bitcoin, recent reports suggest that Litecoin is preferred after bitcoin due to its stability. Another factor favoring Litecoin is the Bitcoin SegWit technology, which means secure peer-to-peer trading of currencies without involving participation in an exchange.

Ethereum

Launched in 2015, Ethereum is a decentralized software platform that allows distributed applications and smart contracts to function without the intervention of third parties. The currency is ether, which is like an accelerator in the ethereum platform. In the leading cryptocurrency space, Ethereum. is the second most preferred choice after Bitcoin.

Zcash

Zcash gained attention in the second half of 2016 and focused on solving the problem of anonymous transactions. To understand the currency, let’s think of it as “if Bitcoin is like HTTP for money, Zcash is HTTPS”.

The currency offers a secure transaction option to maintain transaction transparency, privacy and security. This means that investors can transfer data in the form of an encrypted code.

A dash

Originally known as darkcoin, Dash is a more selective version of bitcoin. It was launched in January 2014 by Evan Duffield under the name Xcoin. It is also known as Decentralized Autonomous Organization or simply DAO. The coin was intended to remove all the prevailing restrictions of Bitcoin. Currently, Bitcoin has gained a significant position in the cryptocurrency space.

The alternative to virtual currency, which promises secure and anonymous transactions through peer-to-peer networks, is cryptocurrency. The key to making a lot of money is making the right investment at the right time. Compared to making everyday money, cryptocurrency models function without the involvement of an intermediary as a decentralized digital mechanism. In this distributed cryptocurrency mechanism, continuous activity is issued, managed and approved by the community’s peer network. Cryptocurrency is known for its fast transactions through any other mode like digital wallets and other mediums.

In addition to the above discussed, other top cryptocurrencies include Monero (XMR), Bitcoin Cash (BCH). EOS and Ripple (XRP).

Although Bitcoin is setting the trend and leading the race, other currencies are also taking a significant position and growing in preference every day. Given the trend, other cryptocurrencies will have a long way to go and may soon give Bitcoin a really tough time to maintain its position.

If you have decided to make a speculative investment in this disruptive technology and want to have all current and future recommendations, contact “The Top Coins”.

There are different types of cryptocurrency wallets that allow users to store and access their digital currencies in different ways. The question that is relevant in this context is how secure these wallets are. Before looking at the security aspect, it is helpful to understand the different types or varieties of cryptocurrency wallets that exist today.

Cryptocurrency Wallet: Types and Varieties

These wallets can be broadly classified into 3 categories:

• Software wallets
• Hardware wallets and
• Paper wallets

Cryptocurrency software wallets can again be subdivided into desktop, online, and mobile wallets.

• Desktop Software Wallets: These wallets are designed to be downloaded and installed on desktops and laptops. This particular variety offers the highest level of security, although their availability is limited only to the computer on which they are installed. Also, in case the computer is hacked or infected with a virus, there is a possibility that one will lose all their money.
• Online Software Wallets: This range of cryptocurrency wallets runs on the cloud. Thus, they can be easily accessed from any computing device and from any geographical location. Apart from the convenience of accessibility, this type of digital wallet stores the private keys online. The keys are even controlled by third parties; this makes them easily vulnerable to hacking and theft.
• Mobile Software Wallets: Unlike the other two varieties, mobile software wallets operate on smartphones via an app. They can easily be used anywhere, including shops and malls. This range of wallets is usually much simpler and smaller compared to normal desktops to accommodate the very limited space of mobile phones.

Difference between hardware and software wallets

Hardware digital wallets differ from software wallets in terms of storing the user’s private keys. Hardware wallets store user keys on a hardware device (e.g. USB). Thus, since the keys are stored offline, these wallets offer additional security. Additionally, hardware wallets are easily compatible with many online interfaces and can also handle different currencies. This variety of cryptocurrency wallets is also easy to transact. As a user, you simply need to plug the device into any computer that is connected to the network before entering the PIN, transferring the currency and simply confirming the transaction. Your digital currency is maintained offline by the hardware wallets and thus the risk factor or security concern is also much less.

Paper Digital Wallets: This range of digital wallets is also user-friendly and ensures a high level of security. The term “paper wallet” refers only to the paper printout of the user’s public and private keys. However, given the cases, this can also apply to a software application designed to securely generate the keys before printing.

Sweeping with paper wallets

Using paper wallets is relatively easier. To transfer any cryptocurrency to your paper wallet, simply transfer the funds from the software wallet to the public address displayed on your paper wallet. Similarly, when you want to spend or withdraw your money, simply transfer the funds from the paper wallet to your software wallet. This procedure is popularly called “sweeping”.

Clearing can be done manually by entering the private keys or scanning the QR code on a paper wallet.

How secure are cryptocurrency wallets?

Different varieties of digital wallets offer different levels of security. The security aspect mainly depends on two factors:

• The type of wallet you use – hardware, paper, online, desktop or mobile
• Selected service provider

Needless to mention, it is much safer to store currencies in an offline environment compared to online. There is simply no way you can ignore security measures regardless of the wallet you choose. If you lose your private keys, all the money stored in the wallet will disappear from your hands. On the other hand, if the wallet is hacked or you transfer funds to a fraudster, it will not be possible to reverse the transaction, nor to get that money back.

Investing in cryptocurrency is a smart business idea and for that, using a suitable wallet is inevitable. You just need to be a little cautious to ensure the safety and security of your money transfers and transactions.