The entire world is going mad over cryptocurrencies and the craze has gone up even more when BitCoin hit 17,531.48 USD on December 12. BitCoin which was sold between 0.0008 USD to 0.08 in 2010 has now grown so big that the surge in BitCoin price has made all of us give a second thought about investing in them. JP Morgan CEO Jamie Dimon who had called Bitcoin a fraud in September 2017 now regrets saying that. And it is not just him, all of us are. But it is never too late, in this article I will discuss various other opportunities that the cryptocurrency market has created for us and BitCoin is just part of those opportunities. There are many more opportunities in the market which you would like to miss.
People in India have been really confused about cryptocurrencies and it is not just people but the government too. There has been no clear communication made by the government on BitCoin and other cryptocurrencies. The finance minister Arun Jaitley has said that BitCoin and other cryptocurrencies are not legal tenders and people trading in them are doing that at their own risk.
But, Mr. Jaitley is it really a risk? Cryptocurrencies are digital assets that use cryptography to secure its transactions and create new units of currency. The current government aims at building a cashless and transparent economy and BitCoins can help us achieve that. With so many countries legalizing cryptocurrencies, India is already late and I am sure that there will be a government notification legalizing cryptocurrencies sooner or later. The confusion around cryptocurrencies will soon end as the cryptocurrency world keeps growing and there is more awareness raised about it. But, we as consumers and as an aspiring businessman can we afford to lose another opportunity to make big money?
No. We cannot. Neither we can wait for any notification nor we can lose any money. Let’s make the full use of the cryptocurrency market and make a lot of money. Given below are some questions and answers related to Bitcoins and how can new businesses come up around cryptocurrencies in India.
Where can I buy and sell BitCoins in India?
This is the most asked question and the answer to this is that you can buy BitCoins and other cryptocurrencies from any popular exchange. We will be discussing various exchanges below that exist in India and also how these exchanges work. We are maintaining a list of cryptocurrency exchanges that work in India on this link make sure you check that.
Which are the most popular cryptocurrencies? (top 5)
The most popular cryptocurrencies are BitCoin, Ethereum, Ripple, BitCoin Cash and LiteCoin.
What is a cryptocurrency wallet?
Just like your normal wallet, a cryptocurrency wallet in which something which you can keep your cryptocurrency stored. You can even send and receive cryptocurrency coins or tokens from other people in your wallet. A wallet is more of a user interface that interacts and transacts with the blockchain through a GUI.
What is a cryptocurrency exchange?
As you might have already guessed, a cryptocurrency exchange is a website where you can exchange between different cryptocurrencies or even exchange between a fiat currency and a cryptocurrency. All popular cryptocurrency exchanges have their own wallet for each currency and you can send and receive different cryptocurrencies to your wallet and trade between them. Some cryptocurrencies also have a single administrator wallet which you can wallet for each deposit and then you can trade with the deposit.
Where can I trade cryptocurrencies?
You can trade cryptocurrencies (Buy/Sell) on various cryptocurrency exchanges by using your own strategies and make loads of money.
How can I make money mining cryptocurrencies?
The concept of mining cryptocurrencies is all about using your computer’s computation power to verify transactions in the blockchain and getting paid a small fee for each transaction that you verify. New Bitcoins are also generated as a reward for miners. This is a great way of making money through BitCoins but, you need to have the required hardware and you also need to make sure that your electricity bill does not exceed your earnings.
How can I create my own cryptocurrency?
Yes, you can. Creating your own cryptocurrency requires lots of technical and financial knowledge.
There are two ways to do that:
Creating your own Coin – To set up your own coin you’ll need a perfect technical team backing your project and you’ll also have to make sure you keep all the security aspect in mind. You’ll have to make sure that your coin is not just a currency but you’ll also need to offer it in exchange for some commodity initially and it should represent something that has a substantial market share. When you’ll set up your own coin, you’ll need your technical team to also set up things like blockchain explorer and a cryptocurrency mining pool. Make sure you’re wise enough to choose a perfect team for development of your own coin.
Creating your own Token – A token has similar functionalities to that of a coin but it rides on top of a pre-existing blockchain network so our transactions are mined inside that pre-existing blockchain network and we don’t have to set up blockchain explorers and mining pools of our own. These tokens are created using a Smart Contract and are deployed on the Ethereum network.
Call now on +919999855517 to get the best team and help to create your own cryptocurrency.
How can I set up my own cryptocurrency exchange?
Well, to set up your own cryptocurrency exchange, you’ll need a lot of things. A good server, lots of things to manage, lots of transactions to deal with and most importantly security. There are many exchanges on the internet but there is still a need for lot many of them on the internet because the number of investors in the cryptocurrency market is increasing day by day and these people are coming from different parts of the world. To be able to provide them with a platform to easily trade their fiat currency and various cryptocurrencies no matter from where they are is a big challenge and to also realize the true potential of the blockchain technology by making it reach everyone. It is really a great opportunity for all businessmen to set up their own cryptocurrency exchange with the right team. Setting up of a good cryptocurrency exchange requires a lot of technicalities and great knowledge of the financial ecosystem around cryptocurrencies. You’ll be holding lots of people’s fortunes on your platform so you cannot compromise with security too.
Call now on +91-9999855517 to get the best team and help to create your own cryptocurrency.
I hope you found this article informative and you will surely want to get started with making money from the cryptocurrency world by trading, mining or setting up your own business. Need help? Call on our 24/7 Cryptocurrency Helpline: +91-9999855517.