Cryptocurrencies have been performing well in many countries. It continues to attract many people tempting them to invest more. If you are new to this term, you may not be aware of how to go about investing in them. It might be confusing and there have been more currencies apart from bitcoin that are worth looking at. Here is a simple guide for you to understand more about the different types of cryptocurrencies in India and investing in them.
Bitcoin is undoubtedly one of the most popular cryptocurrencies that have been invented. It was not until 2013 that people started taking notice even though it has been around since 2009. Fast Forward to 2020, Bitcoin is not the only cryptocurrency. There have been many others such as Ethereum, Litecoin and Ripple. The best part is that all of these have performed very well over the years. So let’s look into the details,
If you are new to this, then you might assume that the term bitcoin is synonymous with cryptocurrency. There was a time when bitcoin was the only type that was available. Even today, it holds about 40% of the market share and that is definitely huge. If you are deciding to invest in cryptocurrency, then bitcoins may be the right place to start. The price of bitcoins keeps fluctuating every single day. So, you should stay up-to-date on the news in order to be able to invest in it and withdraw at the right time. Bitcoins are now available as Bitcoin Cash as well. If you are not sure where to Buy Bitcoin in India, Coinswitch is a good place to start. They offer a wide range of options for you to choose from - you can buy, sell or trade more than 300 types of cryptocurrencies, tokens, altcoins with the click of a button.
Ethereum was launched in 2015 and is the second most selling type of cryptocurrency after bitcoin. Unlike the latter, ETH is not just a digital currency, it is a much more advanced block-chain method. You can use ethereum platform to build your own cryptocurrency. Ethereum had a glitch in 2016 when it was hacked and many people lost money. Since then, the developers have been extra careful and improved their technology to its current level and its fast closing in on bitcoins.
Ripple is a payment system. It is a network of real-time transfers across the globe that offers timely and low-cost international payments. Ever since its launch in 2012, it is making ripples in the banking industry by providing real-time transfers across boundaries at the lowest possible cost. The price of one ripple is a lot lower than that of one bitcoin. So if you are looking for a lower risk category, then you should Buy Ripple in India and start making profits.
Litecoin was launched in 2011 and was the first few types of cryptocurrencies that emerged following the path of bitcoins. It was also referred to as ‘Silver’ behind Bitcoin ‘Gold’ as it was slowly gaining popularity. It is the 5th largest cryptocurrency in the market. It can complete a transfer 4 times the speed of a similar bitcoin transfer. The lightning network transaction that can transfer within seconds is a feather in the cap of litecoin!
If you are planning to go for investment in cryptocurrency, first chalk out clear investment goals and plans to achieve them. Taking a cautious first step is always advisable.