While every household has heard of the term ‘cryptocurrency’ in today’s modern times, there may be a few individuals who lack an understanding of what it exactly entails. This could be because cryptocurrencies are still fairly new and many of the finer details of this market are largely untapped. Additionally, this market witnesses constant fluctuations, maybe even daily. Not only about prices but also in terms of rules and regulations, newer cryptos, current events, etc. If you are looking to get into cryptocurrency, understand the basics, or simply brush up on some key concepts, you are at the right place.
About cryptocurrency – The first cryptocurrency, bitcoin, was launched in 2009 and was vaguely deemed as a digital currency that would be used to purchase goods and services online. In other words, you could call it the ‘digital version of money’. The reason for its appeal was that it did not depend on any interference from the government or institutes. This means that the complete control of the money would be in the hands of the people. These currencies use a technology called blockchain that keeps a record of all the transactions and is safe. When purchasing this form of currency, it is important to check for the liquidity of the asset. If you are unsure of what is liquidity, you can understand it in terms of how easily any asset (like land or crypto coins) can be converted into cash.
Cryptocurrencies that are liquid and are predicted to be profitable – The importance of asset liquidity should not be neglected. So, while you will be looking out for other aspects like price, trends, patterns, etc, also keep an eye out for the liquidity index of the cryptocurrency in the current market scenario.
- Bitcoin – Being the first and the most popular crypto, it has constant support from several large business institutes and celebrities. Countries and companies are looking to adopt bitcoins into their mainstream payment chains. Since bitcoins are renowned and the prices keep reaching high points, they are available on most exchange platforms and are highly liquid
- Ethereum - The highest and most dominant Altcoin had to be on this list of liquid cryptocurrencies that reap high returns. Ethereum is highly popular in countries all over the world as it consists of a good blockchain network along with being a cryptocurrency. Converting the price of ETH to INR should give you an estimate of its price today and the tremendous growth it has seen.
- Polkadot – With a market cap of over 28 billion dollars, Polkadot is emerging as another popular cryptocurrency as it aims to integrate a network that would seamlessly connect different blockchains.
- Tether – USDT, or Tether, comprises more than 68 billion dollars regarding the market cap. It is a ‘stablecoin’ which means that the value is attached to and backed by fiat currencies like USD, INR, Euro, etc. This lowers the volatility of the crypto thus making it desirable and liquid.
Purchasing cryptocurrencies – This is not a tough job in today’s world with high-speed internet and ease of access to information. All you would have to do is find a suitable exchange platform that would allow you to be able to participate in the buying, selling, and holding of these various currencies. Choosing a platform that hosts a large number of coins, with the best prices, lower transfer fees, and provides a safe portal for its users would be ideal. Trusted exchange platforms like CoinSwitch Kuber that has more than 20 million users and a large trading volume would be best. Register, provide all the details, transfer money into the online wallet and you are good to go.
Remember to follow the advice of experts in the field if you are new to this. Additionally, having a diverse portfolio would provide you with more growth opportunities.
