Investing in crypto is a trend now, I am using crypto as an asset to invest as well as trade. I usually take the trades on weekends or after office hours.
Q1: Investing in Crypto is illegal
Definitely, this is one of the biggest confusion and myth in India and few other countries. People are afraid to start investing in crypto just because it is illegal. Let me break you the suspense, it’s not illegal in India you can freely trade or invest in various platforms like Wazirx, Coindcx and a lot more.
There is no rule from RBI’s to banning crypto trading or investing. That means you can start trading in crypto like Bitcoin, Eth, Dogecoin etc.
Q2: There are only a few cryptos available!
That’s not true, I know as a beginner you might have come across only a few popular cryptos like Bitcoin, Eth and Doge maybe because of the hype in the market.
There are 2500+ Crypto and still a lot more to come. But not all crypto is good for trading. Any asset will work for trade only when the volume is available. Dogecoin was also a simple underrated crypto coin but because of Elon Musk tweet, people started to buy a lot more.
When there are more buyers and seller obvious that volumes will increase and the price will shoot up. So whenever you take up any crypto first check the volume.
You can refer to this amazing website to check the detailed information of any crypto: https://coinmarketcap.com/
Q3: How much money do I need to invest or trade in Crypto?
Many people don’t know that Bitcoin can be purchase infractions also. In the stock market, you have to purchase the entire shares in quantity and when it comes to options and futures then you have purchase in multiple lots.
Crypto investing can be started from min of 100 Rs or less and max at any amount. Always start with a small amount so that you will learn things on your own.
Q4: Only Tech people can purchase or have crypto?
Defiantly not, anyone can own crypto. If you want to learn about blockchain and related stuff you can learn from the internet. If you want to start as an investor or trader in the crypto world, you just have to know about trading terminals or some basic knowledge of profit and loss.
Anyone with access to the internet can invest in crypto.
Start your crypto investment journey now, open free wazirx account: Click here
Q5: Trading Hours in crypto?
The crypto market doesn’t have any fixed time. NSE trading time for stocks and commodities will be open for a particular time in a day. You can trade 24/7 any day of the week. The market remains open all day because f that it will be high volatility market. Personally, I am trading on weekends and after work hours. It’s fun and you earn some extra income.
Q6: Difference Between Bitcoin and Ethereum.
So at first when it comes to cryptocurrencies there are two names that stand out the most: bitcoins and Ethereum. Bitcoin is the 1st and biggest cryptocurrency in the world whereas Ethereum has recently given Bitcoin a run for its money.
So Bitcoin is the first working cryptocurrency in the world. It was created by a developer called Satoshi Nakamoto in 2009. Bitcoin has already seen a growth of 500% in 2020 when it comes to Ethereum is the second-largest cryptocurrency in the market it was created by a Russian Canadian developer named Vitalik Buterin was created to improve various aspects of Bitcoin and Ethereum is already given 1600% in the last year.
The biggest and most important difference between Bitcoin and Ethereum are smart contracts. This smart contract is the computer program that is executed automatically when a predefined set of conditions are met. The ability to create a smart contract in the Ethereum blockchain makes it more usable and feasible in the cryptocurrency market.
Bitcoin is a cryptocurrency whereas Ethereum is a token-based Ethereum blockchain. Bitcoin can only be used as a medium of value transfer whereas Ethereum blockchain on the other hand gives more apps as well Ethereum blockchain will support as storage for computers. Ethereum provides other cryptos like BATE.
So when it comes to transaction speed there is a big difference between Bitcoin and Ethereum the Bitcoin transaction requires around 10 to 15 minutes to verify and make an entry in the ledger whereas Ethereum transaction is much faster and it will take a couple of seconds to accomplish the task and it will complete the ledger entries.
From its existence, Bitcoin is already grown up so much and the 2nd way we can consider Ethereum as a one of the biggest cryptocurrencies which are emerging in the market.
What do you prefer to purchase Bitcoin versus Ethereum?
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