What is cryptocurrency?
Cryptocurrency is a form of digital currency that is facilitated by blockchain technology. It works through a network of computers spread across the globe, each of which maintains a copy of the distributed ledger of the blockchain. Invented in the year 2008 by the pseudonymous Satoshi Nakamoto, bitcoin was the first cryptocurrency to come into existence. Thousands of altcoins have cropped up in the decade following the invention of bitcoin, such as Ethereum, Litecoin, XRP, Dogecoin etc.
Differences between crypto and fiat currencies:
Fiat currencies across the globe such as USD, AUD, INR, SGD, GBP are controlled by the government through a central banking authority, in all aspects such as their printing, circulation, valuation and devaluation etc. Furthermore, all the money in a personal bank account is also controlled by the bank to a great extent. Cryptocurrency, on the other hand, is a direct peer-to-peer (P2P) system of finance that exists on the web and holds global validity. It is a form of decentralized currency for no one person or group of people exert a disproportionately high level of influence over it; it is the blockchain technology that keeps the system running through the network of nodes that collectively control it. This is how technology substitutes middlemen in this advanced system of money. Therefore, cryptocurrency is a decentralized ledger that has offered a truly direct way of financial transactions.
Benefits of investing in Cryptocurrency
Emerging as a popular investment vehicle in the past few years, cryptocurrency has thrown open a world of opportunities for all types of investors. Besides the opportunity to diversify one’s portfolio beyond stocks, bonds and real estate, it is a better investment than all of these asset classes in more ways than one.
The decentralized blockchain that cryptocurrency is backed by makes it averse to the fluctuations of market forces. It can, therefore, wisely be used by conservative investors to balance their risk. Those that like higher stakes, though, will also get opportunities to fulfil their ambitions in the btc market. Take the bitcoin boom and following the crash of 2017, for instance. Crypto-to-crypto trade and the varying prices of altcoins on different exchanges offer profitable arbitrage opportunities that can be cleverly used by seasoned traders.
Cryptocurrency, like gold, is a highly liquid asset that can be directly exchanged for goods and services. Its non-inflationary nature makes it more stable than fiat currency, too.
What makes CoinDCX the best Bitcoin exchange?
It is fairly simple to understand the basics of cryptocurrency trading, for it is very similar to how trading takes place on a stock market. The first step, of course, is to choose the right platform to start trading on. The host of benefits that CoinDCX offers to its users make this choice fairly simple, though.
An all-inclusive trading platform and often considered the best btc exchange, it is a no-brainer why CoinDCX enjoys a loyal base of 57000+ monthly active traders. An extensive marketplace of 200+ coins and 500+ markets, it brings you inexhaustible liquidity from world’s largest exchanges, namely Binance, Huobi, and HitBTC. Users can, hence, rest assured that they will get the most competitive prices for their crypto assets. A single platform for smooth order execution, arbitrage opportunities and instant spot trading, CoinDCX offers you an immense variety to strategize your portfolio based on your needs.
CoinDCX has the most powerful wallet, so you can trade on spot, margin, future, and lend using a single wallet. In addition to impenetrable security measures such as cold wallet storage, withdrawal confirmations and 2-Factor authentication, complete fund safety is insured by BitGO making CoinDCX, the safest crypto exchange.
If you are a novice to the crypto space, CoinDCX has got you! With their new launch of the CoinDCX app, they aim to ease and simplify your journey to trade your first crypto.
With a bouquet of industry-first products, CoinDCX is a one-stop shop for the entire trading community. The products are designed for all types of traders keeping their trading experience, risk tolerance, and trading frequency in mind.
Here is a list of CoinDCX’s products:
- Margin — Trade across 250+ markets with 6X leverage
- Insta — Fastest FIAT On Ramp Off Ramp with zero trading fee. Buy 40+ cryptocurrencies with INR in less than a minute
- Spot — Trade limitlessly with massive liquidity on crypto and INR pairs/order books
- Lend — Earn up to 20% annual interest through Lending
- Futures — Maximize trading potential with leverage up to 20x
- Convert– Easy real-time crypto price converter for
- Stake – Stake and earn passive income on your cryptocurrencies
Head over to CoinDCX and sign up today!
Steps to register and start trading cryptocurrencies
Visit the CoinDCX webpage here and sign up to register as a new user. You will be prompted to create an account using some basic personal details, as shown in the screenshot.
Following an OTP verification via a mobile phone SMS, you will be logged into your account and a dashboard will appear. Notice the 4-step procedure to start trading in the screenshot below.
As you would have already noticed, there are two important verifications required: KYC and bank account verification. And it’s okay if all this seems overwhelming at first. For your convenience, CoinDCX has a step-by-step guide to help you out every step of the way.
Convinced about taking the crypto leap? Start today with CoinDCX!