As the crypto industry is constantly changing and we are still in the early days of development, people interested in cryptocurrencies continue to educate themselves on this asset class. The crypto landscape is always emerging. But what exactly is cryptocurrency? They are a payment method that can be exchanged for goods, services, and other goods. Unlike fiat money like the Rupee, it is completely different. Its main purpose, however, is to function as a one-sided electronic financial system.
The term “cryptocurrency” is a combination of cryptography and money. It simply means that cryptocurrency makes extensive use of cryptographic strategies to protect transactions. It is based on the simple concept of Blockchain, which is quite old.
The blockchain contains information in packets called “blocks” and is connected to a chain. While banks keep a centralized book, the blockchain book is fragmented and based on peer-to-peer technology. This series of blocks, which can be edited or modified, makes the ledger extremely secure and eliminates the need for a clean eraser.
Cryptocurrencies were intended for use as a currency only, and Bitcoin is an old example. However, modern blockchains like Ethereum allow developers to run smart contracts (code) on an open network. These blockchains are based on tokens, which serve as digital receipts.
how to invest in cryptocurrency in India for beginners?
According to CoinMarketCap, there are currently more than 10,000 cryptocurrencies in 384 tradings. Bitcoin, the independent, controls the market with more than $ 700 billion. However, most of these coins are new, useless, or experimental. The most effective are multi-cap coins such as Ethereum, Ripple (XRP), Dogecoin, Polygon, and more. You can buy or sell by Cryptocurrency exchange. These are platforms that sell cryptocurrency transactions on other assets, including digital currency and fiat. They are independent and function well as an international stock exchange. WazirX is the most reliable cryptocurrency trading platform in India, and Rupee trading in cryptocurrency is easily possible. It is a medium-sized exchange, which is why its operations are handled by a registered company. Add a layer of loyalty as an anonymous business is not a commercial.
Here is how to trade crypto for WazirX Download the app or log into the WazirX website.
Fill all details and complete KYC. This allows you to set up an account and add funds via INR (rupee). Once you have deposited money into the account, you can start purchasing cryptocurrencies on the “Exchange” tab. There is a whole range of cryptocurrencies available in WazirX trading. Select the number of cryptos you want to import and enter ‘Buy’.
After purchase, coins can be viewed in the “Finance” option. To purchase, you can use Indian Rupee (INR), Tether (USDT), WazirX (WRX), and more. The top ten cryptocurrencies on the platform are Bitcoin (BTC), Ethereum (ETH), MATIC, Dogecoin (DOGE), Shiba Inu (SHIB), Ripple (XRP), and Bitcoin Cash (BCH), Litecoin (LTC), and Tron (TRX).
How to download & configure step by step process:-
Step 1: Find the right crypto platform
With no established cryptocurrency trading structure yet, crypto exchanges are a platform where people can buy and sell their digital assets. In India, other popular trades are WazirX, CoinDCX, and CoinSwitch Kuber.
Step 2: Choose Mobile application or Website
Select the right platform where you want to trade, mobile application and website both are good and user friendly.
Step 3: Create an account
After selecting the crypto exchange trading, create your account on the platform. After you create an account, select the amount you plan to invest, what you want to invest. Read all forum policies carefully. The court will request the submission of documents as evidence to prevent any fraudulent activities.
Step 3: Set up an account to trade
One needs to have money in the account before buying cryptocurrencies. Money can be transferred from a personal bank account to a specific exchange account. When transferring funds, make sure both accounts are connected.
Step 4: Investing
Once the accounts are linked and the crypto exchange account has money, one needs to choose which currency they want to invest in. The largest and most popular cryptocurrency in the world is Bitcoin, followed by ethereum with a market cap. Other leading currencies include tether, dogecoin, XRP, Cardano, Binance coin. After the purchase, make sure you keep the codes in the account, to protect it from risks such as hacking. Experts advise keeping coins purchased in a crypto wallet.