You would have heard about cryptocurrencies (bitcoin) on high these days. Yes, you have heard right. Well in India the cryptocurrency market has taken a very large space in just a little matter of time and become one of the largest crypto markets in the world.
If you still haven't heard about crypto yet, let's begin with the questions.
What is cryptocurrency?
Cryptocurrency is a digital or virtual currency that is protected by encryption, making counterfeiting and double-spending practically impossible. Many cryptocurrencies are built on blockchain technology, which is a distributed ledger enforced by a distributed network of computers. The fact that cryptocurrencies are not issued by any central authority is a distinguishing aspect of them.
Is cryptocurrency volatile?
Yes, Cryptocurrency is highly volatile than the share market. Fluctuation in the prices of the currencies is very high. It's a matter to choose the right time to invest and withdraw but if you think it will make you a millionaire overnight then you are wrong, in that case, you should stay away from this, do not invest anything in it, you will lose all hard-earned money into it. It can make you a millionaire overnight but it can also bring you down the road if your greed increased. Good things take time, so invest a little and wait for the right time to sell.
Why everyone is investing money in cryptocurrency?
- Cryptocurrency gives high rates of return in a long time that is the one reason.
- Another reason is that In 2020 most people have lost their job because of the covid-19 virus, no one can go outside and work people needs something that can help them to earn.
- Most people want to invest their money, but investing in mutual funds gives low returns vice versa bitcoin gives a high return in a short time due to its increasing popularity.
Top Cryptocurrencies.
In many ways, Ethereum and bitcoin are similar: both are digital currencies that can be traded on internet exchanges and held in various types of cryptocurrency wallets. Both of these tokens are decentralized, which means they aren't issued or governed by a central bank or other governing body. Both make use of blockchain, a distributed ledger technology. However, there are a number of important distinctions to be made.
Mistakes that beginners do in the Cryptocurrency field?
- Investing in Meme Coins
- Instead of starting with paper trading, start with real money.
- Risking more than they can afford to lose
- Failed to maintain balance
- Using a high level of leverage
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