Did you know cryptocurrency has seen a surge of the interest by the people . The interest upon arrival she is increasing day by day . As we are growing economically day by day more and more people are gaining interest upon the cryptocurrency day by day . Now what is the reason that cryptocurrency is so popular amongst the people . There are so many questions only cryptocurrency amongst the people. No, as we all know that cryptocurrency is a digital currency which can be used to buy goods or services online and it works through Block chain technology .
Cryptocurrencies are without a doubt one of the most talked-about issues at the moment. Since March 2020, when Bitcoin, Ethereum, and block-chain began a tremendous bull run (meaning values have continued to rise), more and more people are becoming familiar with terms like “Bitcoin,” “Ethereum,” and “block-chain.”
More importantly, many people have heard how cryptocurrencies have produced a few billionaires and, understandably, want to try their hand at becoming wealthy. However, there are a few typical misconceptions and queries that I’m sure many new investors have.
Let’s try to answer the majority of those queries today. I’ll also leave some pointers along the way to help you become a better investor. But first, make sure you’ve read and comprehended our preceding post so you don’t get lost in the jargon!
So in this article I have taken the most googled questions about cryptocurrency and I’ll try to explain all of them to my ears of experience and knowledge up on the crypto currency and how it works .
- What is Cryptocurrency ?
Cryptocurrency is basically a complete digital and decentralized currency which can be used to purchase goods and services online , it is Becoming a medium of exchange . Bitcoins, etherum, dogecoin is the most famous and common type of cryptocurrency. It uses a blockchain technology which enables a peer to peer connection.
- What is Block Chain?
Whenever someone’s buy sell or trade in cryptocurrencies but transaction is recorded . The transaction is recorded in a Ledger which is decentralized known as block-chain . A block chain isn’t permanent record of all the transactions off everyone sees which is very hard to fake and it is very hard who make any changes on it . So basically block-chain is Highly secured form of Ledger. Bitcoin is a type of cryptocurrency which is having the largest market capitalization followed by ethereum.
- Which Cryptocurrency should I Invest in ?
There are thousands of cryptocurrencies that has been made by the people but the most famous and the Most famous cryptocurrency by market capitalization is Bitcoin and ethereum . These two cryptocurrencies are very volatile in nature and their trade volume is also very high , but they are little less risky than the other two currencies that are available in the market .
- Is Cryptocurrency and block-chain same?
The answer is no , cryptocurrency and block-chain are not same . Block-chain is a type of technology which works in back end which allows the crypto currency to function properly. Block-chain is a type of online Ledger which records the trade , by and sell of any crypto currency .
- How many types of determinant seas are there and why are there so many ?
There are thousands type of crypto currencies in the market available . The reason why there are so many type of filter galaxies is that cryptocurrency can be made through when software it does not require any hard coding ( However , you can hire some experts who can Code for you)
- What is the time to trade in crypto market ?
You can trade anytime in crypto market . Man most of the cryptocurrencies read 24 hours a day ,7 days a week and 365 days a year.
- Is it possible for me to be hacked? What happens if I’m hacked?
Unfortunately, exchanges and online wallets have been hacked in the past. This is one of the most important reasons to do your homework before trading cryptocurrencies and storing your digital assets. There is no FDIC insurance or anything equivalent if you are hacked. Individual crypto insurance can be purchased if you have a substantial position. In the case of a breach, many exchanges also fund their own insurance plans. There is still a danger of loss because insurance coverage is often capped and not guaranteed.
- What is Crypto Wallet?
Just like any other wallet, a crypto wallet is a place which stores your digital currency securely.
- Is bitcoin a real coin?
Hell No, Bitcoin is an digital currency that is intangible ( it cannot be touched). Many people shows a big coin which is designed same as virtual bitcoin, which is totally fake.
- Do I need a lot of money to Invest in Bitcoin?
Not at all, you don’t need a lot of money to invest in bitcoin.Though it is worth $47,900 as of december 2021, you can also invest in a small part of the bitcoin. For example , you can also invest in fraction like 0.1 or 0.01 also.
- Which is the best time to invest in Crypto?
Nobody can predict future of the markets whether it is crypto market or stock market. There is no best time to invest in cryptocurrency, however you can try a dollar cost average strategy. Buy a little amount of crypto now and if the price drop down, buy more. This is the best strategy you can use.
- How to buy Cryptocurrency?
Cryptocurrencies can be bought in a number of different ways. However, the best and safest way to do so is to use a cryptocurrency exchange that is verified and licensed in your area.
For example, Luno in Malaysia, Binance in Singapore, and PDAX in the Philippines are all examples of cryptocurrency exchanges (among others).
Make sure the exchange you’re using to buy crypto is licensed by your country’s appropriate authorities!
That’s all for this article. I hope that you have got the answers of all the questions.