Everyone is talking about buying cryptocurrency, ‘Are bhai tere pas crypto nahi hai?’ Yes, having crypto coin is new cool in the society. Now there are more than 10 crore Indians who own cryptocurrency, this number is highest in the world followed by US and Russia. So before you buy your first coin, have a look at the basics of cryptocurrency.
Cryptocurrency is a form of payment. You can exchange it online for goods and services. This work using a technology called blockchain. It is a decentralized technology that manages and records transactions.
A blockchain is a public digital ledger of transactions. This records information in a way that makes it difficult to hack or alter. The technology allows a secure way for individuals to deal directly with each other. It doesn’t need an intermediary like a government, bank or other third party.
The growing list of records, called blocks, is linked together using cryptography. Each transaction is independently verified by peer-to-peer computer networks, time-stamped and added to a growing chain of data.
More than 10,000 crypto currencies traded publicly.
Cryptocurrency is one of the riskier investment choice. But it is one of the hottest investment commodity. Returns are good, so you can take a chance. But never buy more than you can afford to lose.
To buy cryptocurrencies, you’ll need a “wallet,” an online app that can hold your currency. You can buy your first coin on Coinswitch Kuber. You need to setup your account there. They will ask few details for setup.
Do not invest in only one coin. Spread it in different available coins.