The year 2020 has been the year of cryptocurrencies. Even Though crypto was there for a while, it got its boom when the world was under isolation. In India also, the investments of crypto have grown nearly up to $200 billion. The number of new people in the crypto market increases every day, taking crypto to new heights.The leader of this adventure has been Bitcoin.
What is cryptocurrency?
Cryptocurrency is a digital currency. The security to this is provided by cryptography. It is used as payment to exchange goods and services.
These cryptocurrencies are created using blockchain technology. The technology is decentralized over different currencies, and it is spread across many computers.
There are many types of cryptocurrencies present in the digital market. More than 10,000 of them are traded actively in the digital market. But some of the prominent cryptocurrencies that are famous globally are Bitcoin, Dogecoin, Ethereum, Tether, and Cardano. Among all these, Bitcoin is the most popular one. Everybody, who does not even know about cryptocurrencies, has heard the name Bitcoin.
Once you join the trading platform, you buy bitcoin and sell it when it earns a profit. The price of Bitcoin mostly depends on its supply, Popularity, and integration. The current supply of bitcoin is 21 million. Experts say that Bitcoin will be exhausted by the year 2140. When some news about Bitcoin’s security spreads, the value decreases. Along with these, when changes that are made in the regulation by the government affect its value.
To succeed in bitcoin trading, one has to get good skills in analyzing the market and know all tips and tricks of trading.
Is it safe?
Bitcoin or any other cryptocurrencies are created with the help of blockchain technology. The cryptographic system is used such that the transactions become irreversible. Once the block is created in the blockchain, it becomes permanent and can not be modified. Hence it is very safe to trade Bitcoin. Click here if you want to start bitcoin trading.
Another aspect that makes trading of bitcoin safe is that the blockchain of the cryptocurrency is public. It may not sound safe, but it is actually safe. Apart from the user’s anonymity, everything is public; hence it is very difficult to cheat the system and hack it. It does not mean that it is completely hack proof, but it is not easy to do that task.
Where can we trade Bitcoin?
To trade cryptocurrency, a cryptocurrency exchange platform is used. They are online services that work similarly to stockbrokers. They provide tools to buy and sell cryptocurrencies. The best platforms will provide good features with strong security,
How to open a Bitcoin trading account?
If you are inspired to trade bitcoin, there are many applications to help you do so. Here is the procedure to open a Bitcoin trading account in 2021.
- Choose the application in which you want to trade Bitcoin. The apps are available in the Play Store in Android and App store in IOS.
- Download the app and sign up.
- To sign up, the application will ask for an email id and password. Provide the details, and a new account will be created for you.
- Confirm the email id by the email sent to you by the app.
- Once you create the account, the app will allow you to choose the security options that you can apply for the protection of the account.
- After successfully creating the account, you have to complete the KYC to start trading Bitcoin.
- To complete KYC, provide your basic details like Name, Date of Birth, address, and a copy of identity proof. If you are Indian, you can upload an Aadhaar card or Pan card picture.
- After some days, you are back for confirmation, and after that, your account is ready to start the trade.
- After that, upload funds to your account by using UPI, which is used as an exchange for Bitcoin, or we can say it is used to purchase Bitcoin.
- The minimum amount one can deposit varies with the platform of trading. Many platforms allow funds as minimum as 10 rupees also.
- Buy bitcoin with that money and start trading.
Tips for choosing the right Bitcoin trading platform
- When you choose the app, make sure that it follows all the government’s rules made for cryptocurrency trading.
- Know the security options given by the app and make sure that it provides high-level security.
- Go through the charges of the app and choose the app which charges a reasonable amount.
- Select the app with a higher reputation and where all cryptocurrencies are accepted.
Bitcoin trading tips for beginners:
If you are a beginner in the trading community, these tips are for you.
- Do not put all the money into trading when you have just started it. Start with a small amount and get positive results. You should start investing large amounts only once you have had some experience.
- Do not buy others’ decisions. You have to do what is right for you. It is crucial that when you experience loss, you should be able to own your decision and learn from it. Following others’ decisions is not good for trading as the circumstances differ from person to person.
- Learn a strategy for trading. This will help you gain profit at the early stages of trading.
- Do a proper analysis of the market before investing. An analysis is the best way to get to the right decisions. To get the best analysis of your venture visit this site.
- Select a safe platform for trading so that you do not have to face problems during the process.
Bitcoin trading is not a cakewalk. But choosing the right platform for crypto exchange and learning continuously will help the most. Understand every aspect of it before you start investing. If you are starting now, start with bitcoin investment and then go for other cryptocurrencies. This ever-changing crypto market will provide a good opportunity for young Indian traders to build a career and thrive. Make your bitcoin trading account following the steps we have suggested and start earning from today.