INTRODUCTION TO CRYPTOCURRENCY FOR BEGINNERS
• INTRODUCTION
• The first cryptocurrency that comes into existence was Bitcoin, built on Blockchain technology and was probably launched in 2009 by Snakamo Nakamoto.
• The other most popular cryptocurrencies are Ethereum, Litecoin, Ripple, Golem, Civic, and hard forks like Bitcoin Cash and Bitcoin Gold.
• It is advised to users not to put all money in one cryptocurrency and avoid investing at the peak of the cryptocurrency bubble.
• It has been observed that the price has been suddenly dropped down when it is at the peak of the crypto bubble.
• Steve Wozniak, Co-founder of Apple, predicted that Bitcoin is real gold and it will dominate all the currencies like USD, EUR, INR, and ASD in the future and become global currency in coming years.
• PROS OF CRYPTOCURRENCY
• Some of the reasons which I have experienced and would like to share, cryptocurrencies have been created on the decentralized platform – so users don’t require a third party to transfer cryptocurrency from one destination to another one, unlike fiat currency where a user need a platform like Bank to transfer money from one account to another.
• Bitcoin was the first cryptocurrency which came into existence and thereafter around 1600+ cryptocurrencies has been launched with some unique feature for each coin.
• Cryptocurrency built on very safe blockchain technology and almost nil chance to hack and steal your cryptocurrencies until you don’t share some critical information.
• CONS OF CRYPTOCURRENCY
• Many of us buy cryptocurrencies at their peak in the hope of making quick money and fall victim to the hype of the bubble and lose their money.
• You should always avoid buying cryptocurrencies at the high point of the cryptocurrency bubble.
• It is better for users to do a lot of research before investing the money.
• It is always good to put your money in multiple cryptocurrencies instead of one. It has been noticed that few cryptocurrencies grow more, some average if other cryptocurrencies go in the red zone.
• SOME MAJOR CRYPTOCURRENCIES
• Life coin
• Bitcoin
• Ripple
• Civic
• Monero
• Tron
• Golem
• Ethereum
• CORRECT TIME TO BUY CRYPTOCURRENCY
• There is no separate rule to buy your favorite cryptocurrency. But you must know about the market stability. You should not buy your cryptocurrency when the price is crashing continuously and at the peak of the cryptocurrency bubble.
• The best time to buy your cryptocurrency is when the price is stable relatively at a low level for some period of time.
• CRYPTOCURRENCIES TO BE DETAILED
• Bitcoin holds 90% market, and the rest of the cryptocurrencies holds 10% in 2014.
• In 2017, Bitcoin still dominating the crypto market, but its share fallen from 90% to 38%, and other cryptocurrencies like ripple, money, and life coin have grown rapidly and captured most of the market.
• CONCLUSION
• Cryptocurrency is one of the growing investment sectors, and it has given nice returns than real estate, gold, stock markets, etc., in the past. You can buy the cryptocurrency and hold it for the long term to get nice returns or go for the short-term for the quick profit as we have seen the growth of many coins in 1000%+ in the past. Since cryptocurrency is a volatile market and has no control of the government on the industry. One must invest the amount in any cryptocurrency which they can afford to lose.
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