What is the first word that comes to mind when you hear the term ‘cryptocurrency’? Most people would say – Bitcoin. This crypto is famous worldwide for the fast growth and exponential returns that it offers its buyers. In the early days of 2021, the refresh button became the favorite of the investors of bitcoin as every time they clicked on it, the prices just seemed to increase. Soon, this crypto drew more users than any other asset on the global scale. Even novices began to explore this sector owing to the massive success bitcoin showed in its initial days. Some researchers and experts even went on to say that bitcoin has not only become an interest but an obsession among enthusiastic investors.
Bitcoin: part of your identity – The cultural and global appeal around bitcoin is one of the primary reasons why it is so widely adopted among age-old investors and even the youth. The popularity of cryptocurrency in India also rose due to the growth of bitcoin. The psychology behind bitcoin becoming a part of the identities of individuals is also subject to peer pressure and the need to fit in this culture. Being an active part of using the jargon and acronyms associated with this field gives a sense of belonging and combats the FOMO. People not only buy bitcoins, but they purchase the whole shebang surrounding it. And this sets in as a part of the identity.
Bitcoin and social media – The culture these days revolve highly around social media and approval from people. Additionally, celebrities and influencers on platforms like Twitter, Reddit, and Instagram also play a huge role in luring people towards investing in bitcoins and other cryptocurrencies. These platforms act as a driving force for certain behaviors even with respect to financial decision-making. In talking about certain investments on these platforms and having your points validated, there is an added sense of confidence that leads to more risk-taking and, eventually, higher investments. Another psychological aspect could be the volatility behind the prices – this can be exciting for many investors.
Bitcoin and its practical value – Logically and practically as well, there are several reasons that the users found appealing and therefore began investing their money in the first place. There are multiple aspects to this:
- Bitcoin is not backed by government authorities or banks. This means that it is a highly decentralized method of conducting financial transactions. The independent nodes are responsible for approving any form of transactions conducted on this network.
- Since there is no official regulatory body, the users are the sole owners of the currency and the complete amount. This means that they have full power and autonomy over how their money is spent in this system.
- Each and every transaction is recorded on an online ledger using the blockchain system. No external party can hack or change the data – this guarantees the safety of the system.
- Looking at the previous trends that the bitcoin price has followed, it seems likely that the rates are only going to surge. This is also backed by the fact that there are limited bitcoins that can exist. Only 21 billion BTCs can be in circulation at any given moment. As the coins become scarce, the prices are predicted to rise. The investors might be seen clamoring for a piece of this profitable venture before the supply diminishes.
Buying and trading bitcoins – Understanding the value of this crypto is one thing, however, getting an insight into the purchase and trade is another. The overall procedure to invest in bitcoins and any other cryptocurrency remains the same on a global level. If you are a new investor or someone looking to make their way into this sector these are the steps you can consider:
- Find out about the different mediums wherein bitcoin trading can take place. One of the most widely used trading platforms is CoinSwitch. With more than 3 million users globally, it is considered one of the most authentic and trusted platforms to purchase different cryptos. It would be important to find and register on a platform that offers safe and secure transactions along with a user-friendly interface.
- Many platforms are now available to register for Indian users that provide transactions for bitcoins and several other cryptos. Recognizing that India is largely a mobile-first market, the developers have created these platforms in a manner such that they can be used on smartphones as well as laptops.
- Once the medium via which you would like to conduct your transactions has been decided, you can begin the process of registration. Ensure that this platform conducts a KYC verification. This would ensure that the users registering on the platform are genuine, thus keeping your money safe from cheats and scam artists. Following the KYC verification procedure, you would need to fill out your details like – identification proof, bank details, etc.
- Once you have registered on the platform successfully, you can start looking at the trends and the patterns of the cryptocurrencies currently existing in the market or search for best crypto signals in telegram, then decide on the ones you would like to trade. Some platforms offer to begin trading with an amount as low as 100 INR.
- Create a wallet and receive the public key to the wallet. As and when you begin trading and purchasing certain cryptos, you will receive a private key that will allow the amount to be accessed by you and no one else. This is an added feature to ensure the safety of the platform.
Bitcoin’s increasing fame has led to a surge of investors and profits; grab the opportunity before the coins go out of circulation. Recognize the volatility and demands of the market and enter this field with caution and care.
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