A Starter’s Guide to Cryptocurrencies

Back in the days when Barter system was prevalent, no one thought of the idea to centralize the trading mechanism such that it would be simple, effective and yet powerful enough to support the global trade. Then came the era of Cash flow, Banca Monte dei Paschi di Siena, the first ever bank situated in Siena, Italy, which has been operating continuously since 1472 is the prime example of what is called as progress.

Then in 1971, on ARPANET, the first digital transaction (cashless) was used to purchase some pot *chuckles* but that is when the shape of the entire global trade market shaped drastically. 47 years later i.e today, we are in a position to send and receive money in any part of the globe and the security is unimaginable. But, the question that arises that is there something that can be introduced now to decentralize the currency? To make something more powerful than the “$” the answer is CRYTPOCURRENCY

WHAT IS CRYPTOCURRENCY?

According to Google dictionary “a 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”

In normal terms it is like a reward system for using your resources such as CPU/GPU Power Supply. Just like any other currency, this has its own merits and demerits but it is considered to be one of the most secure means of currency exchange that cannot be stolen physically and nor can it be altered or tampered with. In simple word, crypto currencies are databases in a table whose values cannot be altered until and unless a valid transaction takes place between buyer and receiver.

Let‘s look at how a complex mechanism is ruling the databases of crypto currencies. A crypto currency (Doge Coin, Uno Coin, Bit Coin) consists of a network of peers. Every peer has a record of the complete history of all transactions and thus of the balance of every account.

A transaction is nothing but a simple file that says, “Pritam gives X Bitcoin to Kunal and is signed by Pritam‘s private key. It‘s basic public key cryptography, nothing special at all. After signed, a transaction is broadcasted in the network, sent from one peer to every other peer. This is basic p2p-technology [peer to peer].

BUYING AND SELLING

Now it is as simple as stock market, that every Bitcoin has its value which varies in the global market. To put it in lay man’s terms, if today 1 Bitcoin = 1000 $ then tomorrow it might be 1100 $ or can deplete to 990 $, it is certainly uncertain to predict a fluid growth of the strength of the bit coin but the trends suggest there will be stagnant flux of its value.

Bit Coins are not traded directly, of course there are websites that cash in your bit coin [After deducting some charges] and pay you the money but it is certainly not the most beneficial idea. Following are some ways you can Invest and grow your wallet:

1. B’COIN CONTRACT FOR DIFFERENCE: A bit coin CFD is nothing but “Contracts that are cash settled”. Now by this, it is meant that a specific credit value will be accounted in a specific wallet where in you can reinvest that bit coin to trade into other crypto currencies.

This is ought to be a safer option than direct selling the bit coin as there are fraudulent entities who might take advantage of the LACK OF KNOWLEDGE in this field and since it is Decentralized currency, there cannot be any trace of evidence left behind, nor can any criminal proceeding be instantiated by the owner against the fraud.

2. TRANSFERRING B’COINS B’W WALLETS: Another way to successfully and safely earn some profits from bit coins is to transfer it in wallets that sometimes offer lucrative deals for your bit coin. So if you are dicey about your expenditure in the bit coin field, the most safe and preferred medium is to put it in the wallet and earn by small trading or expenditure.

3. CEX.IO + PAYPAL: Now if the above two options are involving too much work and you’re certainly not the type of guy who reads the terms and conditions and just wants to en cash the bit coin into your credit/debit cards funds, paypal will be just the guy for you.

Go to CEX.IO and create an account there, now wire the bit coins in there from any wallet that you’d be using to store the bit coins in the first place and convert them into USD on the “BUY/SELL” page. Here after the road is simple ahead just log into your pay-pal account [If you have already] or create a new one. Go to “Withdraw funds” and that’s it. You’ve successfully done a transaction.
 CEX: https://cex.io/

PAYPAL: https://www.paypal.com/in/home

WEBSITES TO BUY BITCOINS + BEST WALLETS FOR BITCOINS

As the saying goes, little knowledge is a dangerous thing, the same way the field of trading bit coins is tricky, so to ease that up here is a list of a few wallets that help you Buy Bitcoins as well as keep them as well:

1. COINBASE: Coinbase is one of the easiest ways to buy, sell and hold cryptocurrencies. Coinbase is mostly compatible with all the US banks and it makes it easier to transact in dollars. Further, these dollars can be also used to sell in or buy new bit coins. It’s not just Bitcoin, Coinbase currently supports Bitcoin Cash, Ethereum and Litecoin as well which makes it outperform others.

The ease of use gives thumbs up to this wallet but security is still a little concern for the wallet. An incident that happened when Mt. Gox lost around 50 million in user currency due to security issues, Coinbase provides regular updates and protection for its users to be safe online and their money to be secured.

COINBASE: https://www.coinbase.com/

2. TREZOR: Trezer is a simple storage platform for your Bitcoins but it’s not a full fledged selling and buying module like coinbase. Trezer is simply a physical device like Pendrive that attaches with your laptop, Phones, Computers to hold the bit coins. Multiple currencies are supported by Trezer wallet and to add to its credibility, it works as a password manager, two-factor authentication device and other useful features.

No doubt this device provides some assistance in securing and retrieving a lost password but that does not guarantee the harm that could have been already done. The entire point of this digital Bitcoin wallet is to keep others from stealing your Bitcoin.
 TREZOR: https://trezor.io/

3. ROBINHOOD: Robinhood took off in the beginnings as a free stock trading platform and has recently expanded into the domain of support for options and other investments which readily include crypto currencies like Bitcoin, Ethereum etc. Robinhood can be said as a replica of coinbase in terms of its working, like it is a wallet as well as a trading platform all in one. The advantage is that it is a mobile-first platform and above all it has not even rolled out the Web version of itself to all the stock trading players in the market.

So if everything is same, why go for Robinhood, well the answer for this is very simple, “It’s Free”. There’s absolutely ZERO commission in trading Bitcoins, just like stocks on the platform if you want to compare. There might be some arguments regarding its security but it is well secured for the transactions.
 ROBINHOOD: https://robinhood.com/

HOW TO TRADE BIT COINS IN INDIA

1 BTC = 4,62,373 Rs.
 
 ZEBPAY Exchange is a great way to exchange Bitcoins in India. It has both IOS and Android app support that lets you create a quick online account.
 Buying Bitcoins is simple, all you ned to do is that you have to make a payment to Zebpay’s account and you’ll get a worth of Bitcoin. Alternatively there’s another way where money can be withdrawn from your bank account and that could be tracked for evaluation in country as to how much worth is it. There is a simple KYC [Know Your Customer] requirement that could be easily done using a PAN card. You need to upload its image.
 ZEBPAY: https://www.zebpay.com/

UNOCOIN is another India-based exchange that lets you trade Bitcoins. They provide an ease of use to sell store and invest Bitcoins in a safe manner. The company’s outreach is over 1,50,000 customer base in India.

Digital Cryptocurrency has caught a glaring attention of many Indians as even the Prime Minister Sh. Narendra Modi-led government has endeavoured to make India a cashless economy post demonetisation, leading Bitcoin exchanges in India witnessed a massive and exponential rise in user base by up to 250 per cent in just one year. Sathvik Vishwanath, CEO of popular Bitcoin wallet Unocoin, told that post demonetisation the Indian subcontinent has shown a steep demand in Bitcoin investment and it is the right time to capitalize that market.
 UNOCOIN: https://www.unocoin.com/

MORCRYP provide individuals and businesses a world class experience to buy and sell pioneering cryptocurrencies and digital tokens. MorCryp is based out of Isle of Man and is Registered as a DNFPB for AML/CFT oversight with the Isle of Man Financial Services Authority (IOMFSA). MorCryp is the go-to-abode for beginners and traders who demand fast and secure trade executions, stable wallets and Industry-best security practices.

Morcryp’s platform is simply outstanding and second to none; capped with excellent customer service, absolute attention to detail and a 100% satisfaction guarantee.

When you sign up with MorCryp:

· You are able to buy and store your crypto assets in your digital wallets which can be accessed in your account area.

· You are able to transact directly from your account wallets.

· You are able to withdraw crypto to fiat and also buy crypto using fiat currency.

· You are able to trade live in the trade page with six of our aforementioned cryptocurrencies

· You are issued Prepaid Debit Cards (at a fee) to be used for making Payments (at POS or online shopping) and withdrawing from the Cash Machines. — This facility is not yet available and will update all users when ready.

MORCRYP: https://morcryp.com

Sandeep Goenka, CEO of Zebpay, one of the largest Bitcoin exchanges in the country added that, “Indians are enquiring about Bitcoins as an alternative and safe investment option. They are downloading Zebpay as they want to experiment with digital currencies. There has been a 50% increase in Zebpay downloads.”

Raghuram Rajan, Ex-Governer of RBI has told “Bitcoin is a decentralized mode of transaction with no authenticity of the source, hence this might be under scrutiny as to where the funds are being sent to, without that, implementing it into a huge economy might be devastating” No matter his concerns regarding national safety were valid but at the same time India is a rich market, ready for a trade in, into the Crypto. Right now there are no CRIMINAL screenings on Bitcoin trade but it’s is still kept as a low priority trading option. Future is bright let’s hope for the best.