How Does Cryptocurrency Work

By now you’ve probably heard of Bitcoin – there are stories of people making thousands of dollars overnight with this and other cryptocurrencies.

Like any new speculative investment, there is an element of risk. That’s why starting with free $10 Bitcoin is a good way to try it out and start learning how it all works. I myself am still new to all this and came across this process during my research. It helped me so I thought I’d share it with you.

The first things you need to know about buying Bitcoin is that there are a few basic ways to buy it and it’s not that complicated to do.

The main two ways to buy bitcoins are through a broker or through an exchange. Check out the Coinbase exchange – they are one of the largest exchanges, have a clean and easy to understand interface, are accessible from apps on various mobile and desktop platforms, and offer you $10 in free bitcoins to get you started. There are other exchanges I’ve tried that work well – BTCMarkets and Coinspot to name a few that are good – but only Coinbase has a $10 starting bonus.

Additional benefits of Coinbase are that it works locally in multiple currencies – if you’re in Australia, for example, all your data will be displayed in Australian dollars, so you don’t have to be on the lookout for exchange rates and the like.

It’s also worth mentioning that Bitcoin isn’t the only cryptocurrency that Coinbase works with – you can also buy Etherium (ETH), Bitcoin Cash (BCH) or LiteCoin (LTC) – whatever currency you decide to use, yet you can get $10 of free bitcoins.

Without further ado, here it is – how you get your free $10 Bitcoins:

1) Sign up with Coinbase (the link at the bottom of this article will make you eligible for the $10 bonus)

2) Complete the account setup process, including verifying your email address, phone number and uploading proof of your identity (driver’s license, passport or other photo ID – this can be done by taking a photo with your phone)

3) Enter your credit card details and verify the card by reviewing the transactions that Coinbase will add to your internet banking statement (this is instant and you are not charged)

4) Place an order for $100 worth of Bitcoin, Ethereum – whatever – in your already activated account. If your local currency is not USD, you will need to ensure that you have ordered the equivalent of US$100

*** IMPORTANT TO NOTE: All Bitcoin purchases incur a fee and Coinbase is no different. At mostthe fee for your initial purchase of $100 should be around $4 ***

5) That’s it! In a few days, $10 worth of Bitcoins will show up in your Coinbase account – even when you deduct the purchase fee, you’ll still be ahead.

So if you’re curious about Bitcoin, want to dip your toes risk-free, and want to get some free cash (!) in the process, give this a try. The Bitcoin bonus will more than cover your fees for that first deposit and can help you learn what it’s all about.

Do they sound good?

Some final notes:

• This process will only work if you are a new Coinbase customer. If you already have an account, you will not receive the free credit

• You can get the free $10 only if you sign up using the link below.

• The above offer is limited in time – once you create your account via the link, you have 180 days where you can make a US$100 Bitcoin, Litecoin or Ethereum purchase and still get a $10 credit.

I hope you have a prosperous and happy future with Bitcoin and take advantage of the free $10. Free money doesn’t come along every day, and at the rate Bitcoin has been growing lately, $10 can multiply pretty quickly! My plan is to just sit at $110 dollars for a while, see what happens and feel the ups and downs of Bitcoin. Let’s see how we go.

Well, it’s been a crazy 10 years for Bitcoin. In fact, it has been more than 10 years since Bitcoin was first created by Satoshi Nakamoto. Whoever he, she, or they was, they had a profound effect on the world. They no doubt anticipated this, which is why they chose to disappear from the limelight.

So more than a decade later, Bitcoin is still alive and stronger than ever. Thousands of other crypto coins emerged as everyone tried to imitate the king of crypto. All have failed and will continue to fail. Bitcoin is one type. Something that cannot be repeated. If you don’t know why, let me explain.

If you don’t know what Bitcoin is, I’ll just give you a few quick key points:

• Bitcoin is an online cryptocurrency

• It has a maximum supply of 21 million

• It cannot be tampered with

• Not all coins are in circulation yet

• It is completely decentralized with no one controlling it

• It cannot be censored

• This is money from an affiliate network

• Anyone can use it

• Bitcoin has a fixed supply that decreases every 4 years

What Makes Bitcoin Different?

So what makes Bitcoin different from all the thousands of other coins that have been invented since then?

When Bitcoin was first invented, it began to spread slowly among a small group of people. It grows organically. As people began to see the benefits of Bitcoin and how the price would increase due to its fixed supply, it began to grow faster.

The Bitcoin blockchain is now spread across hundreds of thousands of computers around the world. It spread beyond the control of any government. Its creator has disappeared and now operates autonomously.

Developers can upgrade and improve the bitcoin network, but this should be done in my opinion across the entire bitcoin network. No one person can control Bitcoin. This makes Bitcoin unique and impossible to copy.

There are thousands of other cryptocurrencies available right now, but as an example of what makes Bitcoin different, I’ll use Ethereum as an example. It is one of the biggest altcoins right now and has been since it was invented in 2015 by Vitalik Buterin.

Vitalik controls the Ethereum blockchain and essentially has the final say on every development that happens on Ethereum.

Censorship and government interference

For this example, let’s imagine that Iran sends billions of dollars to North Korea to fund its new nuclear weapons program. This is not a good situation, but it should show you how your money is safer in Bitcoin!

Anyway.. first example. Iran uses the standard banking system and transfers this money to North Korea in US dollars. The US government says wait a minute, we need to freeze these transactions and confiscate the money… Easy. They do it right away and problem solved.

Second example. The same thing happens again, but this time Iran uses the Ethereum blockchain to send the money to North Korea. The US government sees what’s going on. A phone call is in progress.

“Get Vitalik Buterin in here NOW”

The US government is “putting some pressure” on Vitalik, and they’re getting him to roll back the blockchain and cancel Iran’s transactions. (The Ethereum blockchain was actually rolled back when a hacker stole a significant amount of funds).

Problem solved. Unfortunately, the trust in Ethereum will be ruined along with its price.

Ethereum is just an example, but it is true for any other cryptocurrency.

Bitcoin cannot be stopped

So the same thing happens again. This time, Iran is using Bitcoin as a payment method. The US government sees this and is powerless to stop it.

I have no one to call. There is no one to pressure. Bitcoin is uncensored.

Every other cryptocurrency out there is created by someone or some company and that will always be the point of failure. They are still centralized.

Another example would be if Vitalik’s family were taken hostage. Bitcoin is beyond all that and that is why it is the safest investment on the planet.

Learn how to use Bitcoin

Everyone should own some bitcoins. Not without that it is dangerous. If you are new to Bitcoin, then you should learn as much as you can before investing money. Owning Bitcoin comes with many responsibilities. Learn how to use Bitcoin safely.

Whether it’s the very idea of ​​cryptocurrencies or diversifying their portfolio, people from all walks of life are investing in digital currencies. If you’re unfamiliar with the concept and wondering what’s going on, here are some basic concepts and considerations for investing in cryptocurrencies.

What cryptocurrencies are available and how do I buy them?

With a market capitalization of around $278 billion, Bitcoin is the most established cryptocurrency. Ethereum is second with a market capitalization of over $74 billion. Besides these two currencies, there are a number of other options including Ripple ($28B), Litecoin ($17B) and MIOTA ($13B).

Being first to market, there are many Bitcoin trading exchanges around the world. BitStamp and Coinbase are two well-known US-based exchanges. Bitcoin.de is an established European exchange. If you are interested in trading other digital currencies along with Bitcoin, then the crypto market is where you will find all digital currencies in one place. Here is a list of exchanges according to their 24-hour trading volume.

What options do I have to store my money?

Another important consideration is the storage of the coins. One option, of course, is to store it on the exchange you buy them from. However, you will need to be careful when choosing an exchange. The popularity of digital currencies has led to the emergence of many new, unfamiliar exchanges everywhere. Take the time to do your due diligence to avoid scammers.

Another option you have with cryptocurrencies is being able to store them yourself. One of the most secure options for storing your investments are hardware wallets. Companies like Ledger allow you to store Bitcoins and several other digital currencies.

What is the market and how can I learn more about it?

The cryptocurrency market fluctuates a lot. The volatile nature of the market makes it more suitable for long-term play.

There are many established news sites that report on digital currencies, including Coindesk, Business Insider, Coin Telegraph, and Cryptocoin News. In addition to these sites, there are also many Twitter accounts that tweet about digital currencies, including @BitcoinRTs and @AltCoinCalendar.

Digital currencies aim to disrupt traditional currency and commodity markets. While these currencies still have a long way to go, the success of Bitcoin and Ethereum has proven that there is real interest in the concept. Understanding the basics of cryptocurrency investing will help you head in the right direction.

The news this week is that several banks in the US and UK have banned the use of credit cards to purchase cryptocurrencies (CC). The reasons given are unbelievable – as an attempt to curb money laundering, gambling and to protect the retail investor from excessive risk. Interestingly, banks will allow debit card purchases, making it clear that the only risks that are protected are their own.

With a credit card you can bet in a casino, buy guns, drugs, alcohol, pornography, anything and everything you want, but some banks and credit card companies want to ban you from using their facilities to buy crypto currencies? There must be some plausible reasons and they are NOT the reasons stated.

One thing banks fear is how difficult it would be to seize the CC’s holdings when the credit card holder defaults on payment. It would be much more difficult than repossessing a house or car. The private keys of a crypto wallet can be placed on memory or a piece of paper and easily taken out of the country, with little or no trace of its whereabouts. There may be a high value in some crypto wallets and the credit card debt may never be paid off, leading to bankruptcy and a significant loss to the bank. The wallet still contains the cryptocurrency and the owner can later access the private keys and use a local CC Exchange in a foreign country to convert and withdraw the money. A truly ugly scenario.

We certainly don’t support this kind of illegal behavior, but the banks are aware of the possibility and some of them want to shut it down. This can’t happen with debit cards because the banks are never out of your pocket – the money comes out of your account instantly and only if there’s enough money there to begin with. We struggle to find any honesty in the bank’s history of curbing gambling and risk-taking. Interestingly, Canadian banks are not jumping on this bandwagon, perhaps realizing that the reasons given for doing so are bogus. The result of these actions is that investors and consumers are now aware that credit card companies and banks do have the ability to limit what you can purchase with their credit card. This is not how they advertise their cards and is probably a surprise to most consumers who are used to deciding for themselves what to buy, especially from CC Exchanges and any other merchants who have established commercial agreements with these banks. The stock markets have done nothing wrong – and neither have you – but fear and greed in the banking industry is causing strange things to happen. This further illustrates the extent to which the banking industry feels threatened by cryptocurrencies.

At this point there is little cooperation, trust or understanding between the fiat world and the CC world. The CC world has no central control body where regulations can be enforced everywhere, and that leaves every country in the world trying to figure out what to do. China has decided to ban CCs, Singapore and Japan are accepting them, and many other countries are still scratching their heads. What they have in common is that they want to collect taxes on profits from CC investments. This is not very different from the early days of digital music, with the Internet facilitating the unlimited distribution and distribution of unlicensed music. Digital music licensing schemes were eventually developed and accepted because listeners were OK with paying a little for their music instead of endless piracy, and the music industry (artists, producers, record companies) was OK with reasonable licensing fees instead of nothing . Could there be a compromise in the future of fiat and digital currencies? As people around the world are fed up with unheard of bank profits and bank overreach in their lives, there is hope that consumers will be treated with respect and not forever burdened with high costs and unjustified restrictions.

Cryptocurrencies and Blockchain technology are increasing the pressure around the world to reach a reasonable compromise – this is a game changer.

Stay on the line!

Litecoins are a form of cryptocurrency that has grown in popularity in response to the demand for alternative currency options from consumers around the world. This currency works much like standard world currencies. Traders and investors have realized the great potential this currency has to offer and it is being traded heavily by both novice and experienced investors. The best way to get the most out of Litecoin trading is to use the services of a Litecoin broker. There are many Litecoin brokers available that have excellent reputations for providing their clients with superior service. These brokers will be able to help traders make sound decisions about their investments.

When you hire a good Litecoin broker, they will have plenty of tools and resources at their disposal to ensure your trades go smoothly. Perhaps the most used tool by these brokers is the Litecoin News Widget. This widget can be fully customized to meet your specific needs. It will provide continuous updates on cryptocurrency news and other relevant information so that you are aware of the latest news when it hits the wires. The following will give an idea of ​​exactly what this cryptocurrency is and how it can be used and earned in addition to trading it.

What are Litecoins?

Litecoins are a form of virtual currency that can be obtained and used to buy and sell various services and products such as jewelry, clothing, food, and electronics. Since this currency is only used online, its value is determined by the demand on the currency trading websites. This cryptocurrency can be traded or it can be mined. When mining for the currency, the process can be a difficult task. Computers solved mathematical equations and were rewarded as a result. Almost any good computer can mine for the currency, but statistically the chances of success are low and it can take days just to earn a few coins.

The difference between Litecoin and Bitcoin

The main difference is that Litecoins can be purchased much faster than Bitcoins and their limit is set at 84 million, while Bitcoin’s limit is only 21 million in comparison. Bitcoins are accepted in more online stores, but Litecoin’s popularity is increasing day by day. The currency is decentralized, so this is a big advantage for traders. The price is projected to be lower than the price of Bitcoin as the cryptocurrency becomes more widely known.

If we look at the most impactful development in recent times, the first thing that comes to mind without a doubt is cryptocurrency. People have made huge profits by investing in cryptocurrencies like Bitcoin and others at the right time. Many people have also been able to prosper by simply providing a cryptocurrency exchange platform to investors to trade cryptocurrencies.

Setting up an exchange is pretty easy. but you should know a few basic things before starting your own exchange.

Let’s take a look at them –

Do you have a target audience in mind?

One of the most important things to consider before creating any business platform is to understand your target audience. It’s the same case here.

When you plan to create a Bitcoin exchange platform, the first thing you need to analyze and understand is the audience you will be targeting.

For example, in the case of bitcoins, you can target both local and global audiences. So you need to understand who your target audience is and then plan your development process. Why is this important? Well, you will learn about it in the following sections.

Do you understand the legal terms?

The second thing to consider is the legal terms you will have to follow.

There is a huge buzz surrounding the legal aspects related to cryptocurrency, but you may be surprised to know that there are 96 countries where Bitcoin transactions are still unrestricted.

So creating a cryptocurrency exchange platform targeting these countries might turn out to be the best idea.

Remember to always thoroughly review the legal guidelines in effect in the area you plan to operate from.

Do you have a partner bank?

Another thing to remember here is that you will need a partner bank. The simple reason behind this is that you will be dealing with financial transactions.

To ensure that financial transactions run smoothly and seamlessly, you need to ensure that you have the right support in the form of a partner bank.

Therefore, you should contact several banking institutions to see if they can help you and understand their terms and conditions.

Do you have the right platform development partner?

The most important step in the process is to find the right specialist who can help you develop a secure platform. The reason why we specifically mentioned the term secure is because the huge popularity of cryptocurrency has made these exchanges the first target for hackers.

To ensure that your reputation doesn’t take a hit due to something untoward, you should focus on creating a secure platform. You can easily achieve this by hiring an experienced developer who knows all the ins and outs of the industry.

For example, they can test the platform by mimicking a malware attack and see how your cryptocurrency exchange platform stands up to it.

Conclusion

This last point summarizes the main things you should keep in mind when planning to build a cryptocurrency exchange platform for yourself. Once these questions are answered, you can easily proceed with development and profit.

But be sure to take all necessary legal, compliance and security measures if you want to be in this game for the long haul.

So are you ready?

Cryptocurrency is a digital alternative to using credit cards or cash to make everyday payments in a variety of situations. It continues to develop as a viable alternative to traditional payment methods, but it still needs to become more stable before it is fully accepted by ordinary people. Let’s take a look at some of the many benefits of using cryptocurrency:

Fraud – Any issue of fraud is minimized as cryptocurrency is digital which can prevent reverse or counterfeit payment. This type of action can be a problem with other traditional payment options such as credit card due to chargebacks.

Identity Theft – You don’t need to give out personal information that could lead to identity theft when using cryptocurrency. If you use a credit card, the store receives a lot of information related to your credit line, even for a very small transaction. Also, credit card payment relies on a withdrawal transaction where a specific amount is required from an account. When paying in cryptocurrency, the transaction is push-based, giving the account holder the option to send only the exact amount due without any additional information.

Versatile use – a cryptocurrency payment can easily be made to meet certain conditions. A digital contract can be created to make a payment that is executory at a future date, to refer to external facts, or to obtain approval from a third party. Even with a special contract, this type of payment is very fast and efficient.

Ease of access – the use of cryptocurrency is widely available to anyone with access to the Internet. It is becoming very popular in some parts of the world, such as Kenya, where nearly 1/3 of the population uses a digital wallet through the local microfinance service.

Low Fees – It is possible to complete a cryptocurrency transaction without having to pay any additional fees or charges. However, if a digital wallet or third-party service is used to hold the cryptocurrency, there will likely be a small fee.

International trade – this type of payment is not subject to country-specific levies, transaction fees, interest rates or exchange rates, making it possible to make cross-border transfers with relative ease.

Adaptability – with nearly 1,200 unique types of cryptocurrency on the global market, there are many options for using a payment method that fits specific needs. While there are many uses for the coins for everyday use, there are also those designed for a specific use or in a certain industry.

Introduction to Bitcoin

Bitcoin is an advanced form of currency that is used to buy things through online transactions. Bitcoin is not tangible, it is completely controlled and made electronically. One should be careful when contributing to Bitcoin as its price is constantly changing. Bitcoin is used for various currency exchanges, services and products. Transactions are done through a computerized wallet, so transactions are processed quickly. All such transactions have always been irreversible as the identity of the customer is not revealed. This factor makes it a bit difficult to decide on transactions through Bitcoin.

Features of Bitcoin

Bitcoin is faster: Bitcoin has the ability to arrange installments faster than any other mode. Usually, when transferring cash from one side of the world to the other, it takes a bank a few days to complete the transaction, but in the case of Bitcoin, it only takes a few minutes. This is one of the reasons why people use bitcoins for various online transactions.

Bitcoin is easy to set up: Bitcoin transactions are done through an address that each customer owns. This address can be set easily without going through any of the procedures the bank takes while creating a record. Address creation can be done without any changes or credit checks or inquiries. However, any customer who wants to consider contributing should always check the current price of Bitcoins.

Bitcoin is anonymous: Unlike banks, which keep a complete record of their customers’ transactions, Bitcoin does not. It does not monitor customers’ financial records, contact details or other relevant information. A Bitcoin wallet usually does not require significant data to operate. This feature raises two points of view: first, people think it’s a good way to keep their data away from a third party, and second, people think it can trigger dangerous activity.

Bitcoin cannot be rejected: When someone sends bitcoins to someone, there is usually no way to get the bitcoins back unless the recipient feels the need to return them. This feature ensures that the transaction will be completed, meaning that the beneficiary cannot claim that they never received the money.

Bitcoin is decentralized: One of the main characteristics of Bitcoin is that it is not under the control of a specific administrative expert. It is administered in such a way that every business, individual and machine involved in exchange verification and mining is part of the system. Even if part of the system goes down, money transfers continue.

Bitcoin is transparent: Although only an address is used to make transactions, every Bitcoin exchange is recorded on the blockchain. That way, if someone’s address has ever been used, they can tell how much money is in the wallet through Blockchain records. There are ways one can increase the security of their wallets.

Rich rewards often come with big risks, and the same is true of the highly volatile cryptocurrency market. Uncertainty in 2020 globally has led to increased interest of the masses and large institutional investors in cryptocurrency trading, a new age asset class. Increasing digitization, a flexible regulatory framework and the lifting of the Supreme Court’s ban on banks working with crypto-based companies have parked investments of more than 10 million Indians in the past year. Several major global cryptocurrency exchanges have been actively exploring the Indian crypto market, which has seen a sustained surge in daily trading volume over the past year amid a major price decline as many investors looked to buy value. As the cryptocurrency craze continues, many new cryptocurrency exchanges have sprung up in the country that enable buying, selling and trading by offering functionality through user-friendly apps. WazirX, India’s largest cryptocurrency trading platform, doubled its users from one million to two million between January and March 2021.

What is driving the world’s largest crypto exchanges to the Indian market?

In 2019, Binance, the world’s largest cryptocurrency exchange by trading volume, acquired the Indian trading platform WazirX. Another crypto startup, Coin DCX has secured investment from Seychelles-based BitMEX and San Francisco-based giant Coinbase. Crypto and blockchain startups in India have attracted investments of US$ 99.7 million till June 15, 2021, which amount to about US$ 95.4 million in 2020. In the last five years, global investments in the Indian crypto market have increased by as much as 1487%.

Despite India’s unclear policies, global investors are placing huge bets on the country’s digital coin ecosystem due to various factors such as

• Tech-savvy Indian population

The overwhelming population of 1.39 billion is young (average age between 28 and 29) and tech-savvy. While the older generation still prefers to invest in gold, real estate, patents or stocks, the newer ones are embracing high-risk cryptocurrency exchanges as they are more adaptable to them. India ranks 11th in Chainalysis’ 2020 Global Crypto Adoption Report list, indicating the excitement for crypto among the Indian population. Neither the government’s friendly attitude toward crypto nor the rumors swirling around crypto can shake the confidence of the young population in the digital coin market.

India offers the cheapest internet in the world, where one gigabyte of mobile data costs around $0.26, while the global average is $8.53. So, almost half a billion users benefit from affordable internet access, increasing India’s potential to become one of the largest crypto economies in the world. According to SimilarWeb, the country is the second largest source of web traffic to peer-to-peer bitcoin trading platform, Paxful. While the mainstream economy is still struggling with the “pandemic effect”, cryptocurrency is gaining momentum in the country as it provides the young generation with a new and fast way to earn money.

It is safe to say that cryptocurrency can become to the Indian millennium what gold is to their parents!

• Rise of fintech startups

The cryptocurrency craze has led to the emergence of numerous trading platforms such as WazirX, CoinSwitch, CoinDCX, ZebPay, Unocoin and many more. These cryptocurrency exchanges are highly secure, cross-platform accessible, and allow instant transactions, providing a friendly interface for crypto enthusiasts to buy, sell, or trade unlimited digital assets. Many of these platforms accept INR for purchases and trade fees as low as 0.1%, so the simple, fast and secure platforms represent a lucrative opportunity for both first-time investors and local traders.

WazirX is one of the leading cryptocurrency exchange platforms with over 900,000 users that provides customers with peer-to-peer transaction capabilities. CoinSwitch Kuber provides the best cryptocurrency exchange platform for Indians and is perfect for both beginners and everyday people. Unocoin is one of the oldest cryptocurrency exchange platforms in India, representing over one million traders through mobile applications. CoinDCX provides users with 100+ cryptocurrencies as an option to exchange and even provides investors with insurance to cover losses in the event of a security breach. So, global investors are looking at the plethora of cryptocurrency exchange platforms in India to take advantage of the emerging market.

• Mixed government response

A legislative bill regarding the ban against virtual currency, which would criminalize anyone involved in the possession, issuance, mining, trading and transfer of crypto-assets, may become law. However, Finance and Corporate Affairs Minister Nirmala Sitharaman eased the concerns of some investors by saying that the government had no plans to completely ban the use of cryptocurrency. In a statement made to a leading English newspaper Deccan Herald, the finance minister said, “On our part, we are very clear that we are not closing all options. We’re going to allow people to do certain windows to experiment with blockchain, bitcoin, or cryptocurrency.” It’s clear that the government is still carefully examining the national security risks posed by cryptocurrencies before deciding to impose an outright ban.

In March 2020, the Supreme Court overturned the central bank’s decision to ban financial institutions from trading in cryptocurrencies, prompting investors to flock to the cryptocurrency market. Despite the continued fear of a ban, transaction volumes continued to grow, and user registrations and cash flows on the local crypto exchange became 30 times more than a year ago. One of the oldest exchanges in India, Unocoin added 20,000 users in January and February 2021. Zebpay’s total volume per day from February 2021 became equivalent to the volume generated in the entire month of February 2020. Turning to the scenario with cryptocurrency in india, Finance The minister said in an interview with CNBC-TV18: “I can only give you this idea that we are not closing our minds, we are looking for ways in which experiments can happen in the digital world and cryptocurrency.”

Instead of standing on the sidelines, investors and stakeholders want to make the most of the proliferation of the digital coin ecosystem until the government implements the ban on “private” cryptocurrency and declares a sovereign digital currency.

Is India Moving Towards Financial Inclusion With Cryptocurrency?

Once considered a “boys club” due to the overwhelming involvement of the male population in the cryptocurrency market, the ever-increasing number of female investors and traders has led to greater gender neutrality in the new and digital form of investment methods. Earlier, women used to stick to traditional investments, but now they are starting to take risks and venture into the crypto space in India. After the Supreme Court clarified the legality of the “virtual currency”, the Indian cryptocurrency platform, CoinSwitch witnessed an exponential increase of 1000% in female users. Although women investors still constitute a small percentage of the crypto community, they are creating fierce competition in the Indian market. Women tend to save much more than their male counterparts, and more savings means more investment diversity, such as high-return assets like cryptocurrencies. Also, women are more analytical and better at assessing risks before making the right investment choice, so they are more successful investors.

Increasing mainstream institutional adoption of cryptocurrencies

The uncertainty and panic caused by SARS-Covid 19 led to a liquidity crisis even before the economic crisis began. Many investors turned their holdings into cash to protect their finances, causing Bitcoin and altcoin prices to crash. But even though crypto suffered a major crash, it still managed to be the best performing asset class of 2020. With the increased vulnerability of the system and the loss of confidence in central bank policies and money in its current design, people have an increased appetite to digital currencies, which led to a resurgence of cryptocurrency. Due to the cryptocurrency’s stellar performance in the midst of the global financial crisis, the upward trend has boosted interest in the virtual currency market in Asia and the rest of the world.

In addition, to fuel society’s demand for convenient and reliable transaction solutions, digital payment gateways such as PayPal have also shown their support for cryptocurrencies that can allow users to hold, buy or sell with virtual assets. Recently, Tesla CEO Elon Musk announced a USD 1.5 billion investment in the cryptocurrency market and that the electric company will accept Bitcoin from buyers, which caused the international price of Bitcoin to jump from USD 40,000 to USD 48,000 in within two days. Two of the largest payment platforms in the world, Visa and Mastercard, also support cryptocurrencies by presenting them as a means of making transactions. While Visa has already announced that it will allow stablecoin transactions on the Ethereum blockchain, Mastercard will begin crypto transactions sometime in 2021.

What does the future hold for the cryptocurrency market in India?

The Indian cryptocurrency market is not immune to the horrific crypto crashes. Despite huge investments from global partners, local investors are still keeping their distance from crypto investments due to uncertainty about the legality of India’s digital coin ecosystem as well as high market volatility. Although the cryptocurrency market has been booming since last year, Indians own less than 1% of the world’s bitcoins, creating a strategic disadvantage for the Indian economy. The Indian government plans to appoint a new panel to look into the possibility of regulating digital currencies in the country, as well as focus on blockchain technology and suggest it for technological improvements.

Blockchain technology’s ability to provide a secure and immutable infrastructure has been realized by various industries to bring transparency to transactions. For a country with over 15 million crypto adherents, the new recommendation from the committee could be of great value in determining the future of cryptocurrency in India. However, stakeholders believe that technical and economic power will make India a key player in the crypto and blockchain market. Cryptocurrency is gradually gaining mainstream acceptance, which may lead to greater adoption of digital currency.

According to another TechSci Research report on “Cryptocurrency Market in India By Supply (Hardware & Software), By Process (Mining & Transactions), By Type (Bitcoin, Etgereum, Bitcoin Cash, Ripple, Dashcoin, Litecoin, Others), By End User (Banking, Real Estate, Stock Market & Virtual Currency) , By Region, Forecast and Opportunities, 2026″, Indian cryptocurrency is expected to grow at a significant CAGR due to increasing demands for transparency and reduction in transaction costs. Additionally, growing adoption of digital currency and growing blockchain technology are fueling the cryptocurrency market in India.

This year, the value of Bitcoin has soared, even above one ounce of gold. There are also new cryptocurrencies in the market, which is even more surprising, increasing the value of cryptocurrencies to more than a hundred billion. On the other hand, the long-term outlook for cryptocurrency is somewhat clouded. There is controversy about the lack of progress among the core developers, which makes it less attractive as a long-term investment and as a payment system.
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Bitcoin

Still the most popular, Bitcoin is the cryptocurrency that started it all. It is currently the largest market cap of around $41 billion and has been around for the past 8 years. All over the world, Bitcoin is widely used and so far there is no exploitable weakness in the way it works. As both a payment system and a store of value, Bitcoin allows users to easily receive and send Bitcoins. The blockchain concept is the foundation upon which Bitcoin is based. It is necessary to understand the concept of blockchain to get an idea of ​​what cryptocurrencies are.
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Simply put, blockchain is a database distribution that stores each network transaction as a piece of data called a “block”. Every user has blockchain copies, so when Alice sends 1 Bitcoin to Mark, every person on the network knows it.

Litecoin

An alternative to Bitcoin, Litecoin attempts to solve many of the problems holding Bitcoin back. It is not as stable as Ethereum, with its value mostly due to solid user adoption. It’s worth noting that Charlie Lee, a former Google employee, runs Litecoin. He also practices transparency with what he does with Litecoin and is quite active on Twitter.
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Litecoin was second fiddle to Bitcoin for quite some time, but things started to change in early 2017. First, Litecoin was accepted by Coinbase along with Ethereum and Bitcoin. Litecoin then fixed Bitcoin’s problem by adopting Segregated Witness technology. This enabled him to lower transaction fees and do more. However, the deciding factor was when Charlie Lee decided to focus solely on Litecoin and even left Coinbase, where he was the Director of Engineering, just for Litecoin. Because of this, the price of Litecoin has risen in the last few months, the strongest factor being the fact that it can be a real alternative to Bitcoin.
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Ethereum

Vitalik Buterin, a superstar programmer, invented Ethereum, which can do everything Bitcoin can do. However, its main purpose is to be a platform for building decentralized applications. Blockchains are where the differences between the two lie. Basically, the Bitcoin blockchain records a type of contract that indicates whether funds have been moved from one digital address to another. However, there is significant expansion with Ethereum as it has a more advanced scripting language and has a more complex, wider range of applications.
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Projects began to spring up on Ethereum as developers began to notice its better qualities. Through token sales, some have even raised millions of dollars and this is still an ongoing trend even today. The fact that you can create wonderful things on the Ethereum platform makes it almost like the Internet itself. This caused the price to skyrocket so that if you bought a hundred dollars worth of Ethereum at the beginning of this year, it would not be valued at almost $3000.
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Monero

Monero aims to solve the problem of anonymous transactions. Even if this currency is perceived as a money laundering method, Monero aims to change that. Basically, the difference between Monero and Bitcoin is that Bitcoin has a transparent blockchain, with every transaction being public and recorded. With Bitcoin, anyone can see how and where money has been moved. However, there is a somewhat imperfect anonymity of bitcoins. In contrast, Monero has an opaque rather than a transparent transaction method. No one is completely sold on this method, but since some people love privacy for any purpose, Monero is here to stay.
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Zcash

Unlike Monero, Zcash also aims to solve the problems that Bitcoin has. The difference is that instead of being completely transparent, Monero is only partially public in its blockchain style. Zcash also aims to solve the problem of anonymous transactions. After all, not everyone likes to show how much money they actually spent on Star Wars memorabilia. Thus, the conclusion is that this type of cryptocurrency does have an audience and a demand, although it is difficult to say which cryptocurrency that focuses on privacy will ultimately come out on top of the heap.
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Bancor

Also known as a “smart token”, Bancor is a new generation cryptocurrency standard that can support more than one token in reserve. Basically, Bancor tries to facilitate the trading, management and creation of tokens by increasing their level of liquidity and allowing them to have a market price that is automated. Bancor currently has a front-end product that includes a wallet and smart token creation.
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There are also community features such as statistics, profiles and discussions. In short, the Bancor protocol enables the discovery of an embedded price as well as a liquidity mechanism for smart contract tokens through an innovative reserve mechanism. Through a smart contract, you can instantly liquidate or purchase any of the tokens in Bancor’s reserve. With Bancor, you can create new cryptocurrencies with ease. Who wouldn’t want that?
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EOS

Another Ethereum competitor, EOS promises to solve Ethereum’s scaling problem by providing a set of tools that are more robust for launching and building applications on the platform.
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Tezos

An alternative to Ethereum, Tezos can be consensually upgraded without much effort. This new blockchain is decentralized in the sense that it is self-governing by creating a true digital community. It facilitates a mathematical technique called formal verification and has features to enhance the security of the most financially sensitive smart contract. Definitely a great investment in the coming months.
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Judgment

It is extremely difficult to predict which Bitcoin on the list will become the next superstar. However, user acceptance has always been a key success factor when it comes to cryptocurrencies. Both Ethereum and Bitcoin have this, and even if there is great support from early adopters of each cryptocurrency on the list, some have yet to prove their durability. However, these are the ones to invest in and watch out for in the coming months.
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