There are people all around the world who have invested enough money and time to understand cryptos. Those who are closely following the updates on this technology know that it is not in its best shape right now. However, it doesn’t that investment in crypto will bear no fruit in future. According to most of the experts, bitcoin is going through a downtrend which would be over soon. After that, all the investors would be able to exploit the value of this technology.
Having said that, it is also important for you to be careful and play safe when investing in this particular instrument. Currently, it is going through the bearish trend and it may soon turn into bullish. The market capitalization is changing very swiftly and it is essential that you remain cautious before even making a tiny move. The total value of cryptocurrency market is currently pegged at $114.05 billion and this number is more likely to go upwards in the next few years.
So what do you need to keep in mind when buying, selling or storing in 2019?
Considering that you have enough knowledge about this technology and the market around it, lets get ahead.
You need to gets your basics clear first of all, this includes knowing the process of buying, selling and storing cryptos with security. There are various things that have been inducted into the industry since the beginning. There are new kinds of wallets that enable you to do much more.
Read More: What is the future of cryptocurrency in India?
What is the right way to buy and sell cryptos?
Before actually making the purchase, you need to be sure about what you need to buy. Today, there are hundreds of cryptocurrencies that are circulating in the market. It is being considered the right time to get into the buying and selling of cryptos.
There are some projects which are truly promising and their chances are being success are also increasing. There is also a huge influx of exchanges and wallets that is rendering the crypto trade very easy. Let us go through some of ways you can use for buying:
Peer-to-Peer Exchange
This particular exchange allows you to buy cryptos with your local currency and you can also get them a very reasonable price. It gives an inlet to the communities of crypto enthusiasts to join and kickstart the trade. There are some websites like Bitcoins.com which have made the buying experience very easy for the entire crypto community. There are some indispensable advantages that you can get through these exchanges. They generally offer coins with better speed, no maximum limit and minimum friction. It is also recommended for its security aspects which are much better than the other methods.
Centralized Exchanges
This is known to be the more common way of buying crytos where you can approach exchanges like Coinbase. Biggest benefit of using them is that they come with a crypto wallet which makes buying very easy with an intuitive interface. And it is also very easy to buy from them, the process starts with KYC and culminates with transfer of fiat equivalent to the account. The transactions takes place instantly but it takes nearly 24 hours for the fiat to be appearing in the wallet. It is probably the simplest method to buy crypto but takes a little longer.
ATM
That’s true, they have started installing Automated Teller Machines that dispense bitcoin. And it is as easy as drawing fiat out of these machines, you simply need to deposit the cash and get crypto transferred into your wallet. Buying cryptos using this way is easy as cake but it comes hefty charges.
Decentralized Exchanges
As you may expect, this is probably the safest way of buying cryptos because the mechanism is not designed to keep the information of customers. They functionality of this platform also makes it quite unique, it allows orders to be executed among the users with no hassles. With its trustless model, this particular method has gained massive popularity. It maintains anonymity at its best and offer highest level of security without any delays.
Software Wallets or Hot Wallets
These wallets enable you to store coins in connectivity with the internet. It means that you will be able to actively transact your coins using this wallet while allowing you store the coins as well. It has been advised by the experts to use a mobile wallet or desktop wallet for many reasons. However, there are some security concerns if you use this particular wallet because it is always connected to internet. There have been many incidents of hackers get through this and stealing the digital assets. You can use private keys to ensure the security on this wallet.
Hardware Wallet or Cold Wallet
These wallets are also used for storing cryptos but unlike their software counterparts, they also remain offline. In order to use them at the time of transferring cryptos into it, you need to connect them with the computer. Their initial configuration might be a little complex but they office a greater degree of security as compared to the other wallets. Trezor and Ledger Nano are two most widely used hardware wallets by the users.
Paper Wallet
As the term suggests, this method of storing cryptos involve no hardware or software usage. You need to just print the private key on a piece of paper and put it in your bank locker. Every time you need to transfer the coins, you have to scan the key to get it done. The paper wallet is definitely considered secure but it hasn’t been used by many token holders.
Upshot
Before you start buying, selling or storing the coins, you need to prioritize the security. And if you want to get a robust cryptocurrency wallet, you can contact Coin Developer India and we can help you in doing that. We have been providing superior quality of crypto-based products to our clients across the globe. Contact us today to get the ensure the best product and service.
