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For most people when they think of cryptocurrency, the word “complicated” often comes to their mind. Although the concept has been around over the decade, still many don’t completely understand the concept- but who can blame them?
Bitcoin was introduced to the world back in 2009, it garnered so much attention from the tech and finance industries. In the beginning, people didn’t seem to care – until it peaked and started to cost around $19,783 apiece in 2017. One can say that this was the peak of the hype surrounding cryptocurrencies in India, and suddenly people started paying it more attention.
Some of them are Ethereum, Litecoin, Ripple, and many more, all of them have become stable and, this might sound a little overwhelming. However, worry not, as we are here to provide you with some tricks and tips that will help you maneuver through the jungle. Some of them are:
It is easy to find opposing opinions related to cryptocurrencies on the internet, as well as from the people who own them. Several people think that it is just a fad, but if you are convinced that this might benefit you then just stick to the reliable source and avoid the noise of non-believers. If you want to buy Bitcoin in India or any other altcoin, try to stick with facts.
2. Be ready for volatility
It is of no surprise that cryptocurrency in India is still not as stable as fiat currencies, just remember the inflation of Bitcoin when it reached $20,000 apiece a few years back. Make sure to be agile with your decision and think about what is the best for the current amount of assets that you currently have. Even traders who have a plethora of experience still at times can’t predict the trends of these digital currencies. So not be disheartened if you find yourself in the same boat.
3. Explore other altcoins
Bitcoins are just one part of the story when talking about cryptocurrencies in India. Try not to place all your eggs in one basket, as you may end up losing more than gaining. Do thorough research and see which are some of the coins that are thriving currently. What you will use your cryptos for is completely up to you- so pick them wisely.
4. Learn how to use hot and cold wallets
We know that crypto exists digitally but you can still store them both online and offline via hot and cold wallets. If you just started, then the smoothness hot wallet offers will prove to be more useful and versatile. On the other hand, cold wallets offer more protection from hackers and other miscreants. As a part of the journey into diversifying your assets, it is advisable to learn how to use both types of crypto wallets.
5. Be more vigilant
Although cryptocurrencies have higher safety ratings compared to money, it won’t harm to be more alert. If you aim to trade or to own larger amounts of cryptocurrencies in India, then be ready to fight against the risks that you are opening yourself to.
Acing the world of cryptocurrencies in India might take a while but never pressurize yourself into becoming a whiz in just one day. Just like any other skill, practice and constant learning will teach you how to maximize your vital digital coins. Be it for trading or just daily transactions, it is completely up to you.