Cryptocurrency for Beginners

  • Cryptocurrency Analysis

Cryptocurrency is any type of digital or virtual currency that employs encryption to safeguard transactions. Cryptocurrencies operate without a central issuing or regulating body, instead of relying on a decentralized system to track transactions and create new units.

With the sanctions being imposed on Russia which hardens the acquisition of Dollars and Pounds as a result of the Russia-Ukraine war, some are even saying that Cryptocurrencies will be used for trading. You may scan your recipient's QR code or manually input their wallet address to send money from your wallet.

Cryptocurrencies are based on the blockchain, a distributed public database that keeps track of all transactions and is updated by currency holders. You don't possess anything concrete if you hold bitcoin. What you possess is a key that enables you to transfer a record or a unit of measurement from one person to another without the involvement of a trustworthy third party.

People dealing in Cryptocurrency either deal with Crypto Mining or Crypto Trading.

Crypto Mining in simpler terms is associated with the creation of Cryptocurrency. Mining is done with high-tech apparatus that solves a very difficult computational arithmetic problem. The process is restarted when the first machine solves the puzzle and obtains the next block of bitcoins. A blockchain is a collection of linked blocks or an online database. Each block comprises a collection of transactions that each network member has independently validated. With the involvement of the “high-tech apparatus” increases the advancement of the target audience of mining reduces.

But the market for Cryptocurrency Trading is huge. You can step into trading with money as low as 10 Rs and thus reach a larger audience. The worldwide cryptocurrency industry is anticipated to reach $2.73 billion by 2025.

The end of the year 2021 saw a lot of speculation regarding the ban of cryptocurrency in India which created fear in hearts of people, but Union Budget 2022 focused on regulating the Cryptocurrency. In this scenario, crypto trading is again gaining popularity.

Now, as the tension between Russia-Ukraine increased the Stock Market and Crypto Market crashed making it a perfect time to enter the market.

Some financial gurus advise against investing in crypto since it is a highly speculative investment with the potential for large price swings. The variation in cryptocurrency is too volatile which increases the risk as well as the price associated with the risk. This is the reason that Stock Market investors who are dependent on stability are afraid to enter the crypto market.

There are Peer-to-peer networks and cryptocurrency exchanges like Coinbase (NASDAQ: COIN ) and Bitfinex are where you can buy cryptocurrencies. Various crypto trading platforms like WazirX, Coinswitch, and CoinDCX have also come up in the market along with the market leader Binance.

Well now you will be curious about which Cryptocurrencies you should invest in, so here is a list to make your job easier

  1. Shiba INU
  2. Matic
  3. XRP
  4. WINk
  5. Siacoin

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