Investing In Cryptocurrency: Right Or Wrong! - Sourajit Saha

Friday, 28 July 2017

Investing In Cryptocurrency: Right Or Wrong!

 Cryptocurrency is unlike a conventional term to people. But as the days are gone, people are showing more and more interest in cryptocurrency. Even cryptocurrency investment is now a good alternative to buying stock. I heard about a person (a Norwegian investor) who sells all his stocks to buy bitcoin, in this consequence, let me tell that Bitcoin is the most popular cryptocurrency, and I will say more about this later. I have bought some bitcoins, and I have posted about this on my blog. So some people keep asking me how to invest in cryptocurrency, which cryptocurrency is the best option to invest, how to do, how much they can profit from it, is investment in cryptocurrency risky or not and more.  So I am writing this guide, and I will try to cover almost all the points regarding cryptocurrency.
Investing In Cryptocurrency:
Before explaining about cryptocurrency investment, I will tell you why you should invest as simply as possible. People are showing interest to invest cryptocurrency; the main reason is it is growing hugely. If you bought $100 of Bitcoin seven years ago, you would be the owner of  $75 million now. A man bought $27 of Bitcoin; then he forgot that he had purchased and later finds that they are now worth $886,000... buys himself a luxury apartment. About was now that pretty good? But who knew?

But at that time only very people were aware of Bitcoin. The simple truth is, when the number of users is growing, we can expect the growth of its value as exponential. So the formula is very simple, when you can find any network growing steadily at the very beginning, then put money on it, have patience, wait for at least 2-3 years and you can definitely see profit in it. So now the question is there are so many cryptocurrencies, then why Bitcoin. Well, because it is the same kind of network and growing rapidly. Now show the statistics.


2010-> 10 thousand users
2012-> 100 thousand users
2014-> 1 million users
2016->10 million users

What is the benefit of bitcoin?
  • No taxes (Japan announced that there would be no Bitcoin tax, but if you are from India, I am 200% sure that you have to pay taxes once it is fully legalized)
  • Free to open an account (there will be no charge to create an account)
  • Low transaction fee  (which is called miner fee, it may get higher if you set the transfer period higher)
  • Predictable and transparent clearing. You can always check that through blockchain official site.
  • The transaction can not be rolled back.
  • No need to disclose your personal information. Where as you have to say your name, your bank name, your bank account number, IFSC number, etc. 
  • Nobody can block your account. But be careful. Coindesk is very sensitive if they found something suspicious. Like weapon selling, or drug dealing, they may block your account, so use this carefully. 
  • No limits. You can put very small amount of money in your bitcoin wallet, and you can put a huge amount of money also. 
Investing in blockchain is the best investing opportunity since the start of the internet. 2017 is the best year ever for Bitcoin as two most popular cryptocurrencies Bitcoin and Ethereum up 400% and 5000% respectively. Now you have some money, and you get some information about what cryptocurrency is and how it works. So if you want to invest the money in cryptocurrency, at least I will support your decision. But remember, don't put all your eggs in the same basket. There are many cryptocurrencies in the market like Bitcoin, Ethereum, Litecoin, Monero, Ripple, Dogecoin, Dash, and definitely, Bitcoin gets more priority cause people see it's last 8-9 year's statistics where as others are less traditional and less aged. 
Bitcoin Price Chart
Bitcoin Price Chart (Today)
Now comes to investing in cryptocurrency. There is a way to mine Bitcoin. You can easily do that with your pc if you have a decent quality graphics card. But I will not recommend that cause it won't be profitable. The persons who mine Bitcoin are using Application-specific integrated circuit chips (ASICs), which are called are Bitcoin mining hardware. Some people create a mini hub with some of Bitcoin mining machine and mine them. So if you want to start this, that needs a lot of planning and investing. The 2nd thing that we do is buy bitcoins from any exchange.  Best Bitcoin investment sites are Coin desk, Poloniex, Zebpay, Unocoin, etc. I have an account on Zebpay, and I had to verify my pan card and bank account to purchase some bitcoins from them. 
When you have purchased Bitcoin, I will suggest you not to keep them in your exchange wallet cause, there is a chance of theft. So it's better to store them some other else. There is two type of storage like cold storage and hard storage. Above I have provided a video, where Sandeep Goenka (CEO of Zebpay) clearly explained what the Bitcoin is, why we use them, what will be short and everything in detail.

There are few types of bitcoins which I mentioned you; now you may ask which is the best cryptocurrency to invest? Then I will suggest you, go for Bitcoin. Don't be a rush. There is a simple strategy of trading, not only cryptocurrency but everything. But when the price falls and sell when the price will be high. According to Coindesk, each Bitcoin's value equals to $2777.34 and today's date is 28th July; on March 24th, it was $936. So bitcoin is too much volatile. Now you may think, if the price goes down totally, then what it will be. So I just want to share some predictions by top level investors. Before investment, you need some information around the world like what can be the price of  Bitcoin in 2020, same for other currencies. Check these-

Wall Street Strategist Sees Bitcoin at $55,000 by 2022

The first investor in Snapchat thinks Bitcoin could realistically be worth $500,000 by 2030
 
Bitcoin Will Hit $1 Million in 5-10 Years, Says PayPal Director

Bitcoin could hit $100,000 in 10 years, says the analyst who correctly called its $2,000 price


The best idea is not to purchase the only Bitcoin with all your budgets. Spread it among others. The second option is Ethereum. It has been grown approximate 40 times more than it was two years ago. Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference. Remember one thing, this type of decentralized economy has a great feature, no one can control this; no one can shut down this. Just like the internet. A particular site can be down due to the server problem or deleted by its owner. But the connection, the internet can not be downed, never.

Plus, regularly follow cryptocurrency price and news about it. I won't say that don't invest in other cryptocurrencies, but Bitcoin and Ethereum are in the leading position. You have seen their graphs since last few years. So you can have at least slight idea about that. But another cryptocurrency, who came on the market just a few months ago, you can not fully trust them, until you get some more statistics about them. I will suggest three of them- Bitcoin, Ethereum, and ripple.

Now if you read all the articles, or just see the title, you can understand that you can't neglect the power of Bitcoin. Bitcoin comes here to stay. But, nothing is 100% predictable, same for Bitcoin. It will be grown up within few years, that's expected. But if you invest a lot of money and Bitcoin's market goes down totally, then I'm not responsible for it. Whenever you invest in bitcoins, just remember- always spend that amount of money, which you can bear to lose.  Well, no more today. If you have any doubt or question, feel free to contact me here. Just do drop a comment below. If you really really like this post then please do share it with your friends via social networks like Google Plus, Twitter, Facebook, LinkedIn, StumbleUpon, etc. if you want to get all the latest updates of this blog, you can like my Facebook page, follow on Twitter or subscribe my blog feed. Take care. Have a beautiful day.

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Sourajit_Saha
Hi, I’m Sourajit Saha, An Online Marketer From Kolkata, India. I Have Been Blogging Since Last Quarter Of 2010. I Started Blogging As A Hobby, And Soon It Turned Into Passion And Later Profession. Click Here To Know More About Me!

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