Wednesday, June 21, 2017

Cryptocurrency - How to profit from digital revolution?

This article will be an informative topic and very interesting as the research done on this topic is more than 3 years. Let's start.

What is going on? What is cryptocurrency? How do you catch the wave?

This whole cryptocurrency thing is still new for many and lot of them are still skeptic about it, June 2017 the market cap for cryptocurrencies combined together is $100 billion in the market. 

What is Bitcoin? A type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.

How was it created? A software developer called Satoshi Nakamoto proposed bitcoin, which was an electronic payment system based on mathematical proof. The idea was to produce a currency independent of any central authority, transferable electronically, more or less instantly, with very low transaction fees.

Block Chain: A digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly.

But where is the money? This is interesting.

Bitcoin is one of the currencies that have been noticed by the industry leaders and have been discussing more and heavily about it. In order to catch the wave, there are underlying currencies which have been derivatives of Bitcoin. Bitcoin is hard to catch trending at close to $3000 a piece at the peaks. 

You still have ways to get in started. First, you have to understand where the trading happens, Coinbase is one of the platforms which lets u buy and sell. Open your account in few simple steps. this is my referral link to Coinbase. It's secure and operated by the US-based firm.

once the account is opened you will have to submit your details. Once confirmed you could transfer money from your bank account and transact.

once logged in you will see 3 options. Bitcoin, Ethereum, Litecoin. Ethereum was trading at $30 a month back now is at $315.00 went up till $400. Litecoin was at $10 last month now is at $40.

The good part of trading cryptocurrencies they are open 24 by 7. You are your own master skilled trader. You don't have to wait for exchanges to open or close.

how many cryptocurrencies are there? the answer is 1100+. 
where do I find them?  is one of the places you will find the list.

The whole concept is catching up and new, the information here is purely based on self-study and articles from the internet.

Best wishes
Jay Raghupathruni
Trend prediction is my hobby