Cryptocurrencies are turning out as new ways to trade in. Although it took a while for this currency to come up under people’s importance. Before investing in cryptocurrencies, it is important to understand the working system to make the best of your crypto trade.
How did Cryptocurrencies come into existence?
There are many cryptocurrencies out there but before Bitcoin came into existence the market for peer to peer was very little. The owner of Bitcoins also known as BTC, Satoshi Nakamoto, made a digital currency system controlled by an electronic algorithm.
Cryptocurrencies are considered as digital currency in which encryption techniques are used to regulate the generation. The unit of currency is verified before transferring funds and operates independently without support from the central bank.
After the success of Bitcoin, many other cryptocurrencies emerged which are not controlled by the central bank and work under the local financial system. With a large audience buying tickets to the bitcoin trade world. It is now accepted as a medium of trade against goods in many parts of the world. Like in Japan one can purchase new houses or electronic products from bitcoin.
What to do with cryptocurrencies?
The three most important things one can do with cryptocurrencies are Pay for goods, Trade for money allotted by the central bank or to get other cryptocurrencies or you can Hold on to it for investment.
Now that in many parts of the world cryptocurrencies are now considered as a medium of transaction for legal tenders. You can use them to work buying properties not just in your own country but in other countries as well. As it is a digital currency and works on peer to peer mode there is no fee of money change. This makes it a more suitable way to trade and an easy medium to exchange.
You can always Trade in Bitcoin to INR and other forms. Though there was a hold on trade for cryptocurrencies in India recently the ban was uplifted by Supreme Court and doors for trade were reopened with INR.
Before You began to trade there are few things that need some attention
How do cryptocurrencies work?
Cryptocurrencies are not a regular type of money we use for transactions. As already said, it is digital money and unlike traditional money, it works independently. There is no single institution handling or regulating these currencies. The system works on a self-regulated decentralized P2P (peer-to-peer) system.
In order to deal with cryptocurrencies, one must have an account on a cryptocurrency exchange. There are many organizations dealing in cryptocurrencies and it is easy for almost everyone to get a Bitcoin price prediction. In these organizations, there are many functions for users like sending, receiving, and investing in many cryptocurrencies.
One of these organizations is FlitPay. FlitPay is one of the most trusted dealers in India for trade in cryptocurrencies. With the growing demand for trade in cryptocurrencies after the uplift of its status, reach for its demand is increasing day by day. The system works independently and once the amount of your transitions enters your wallet no one can steal it from you and hence is a safe way to deal in bitcoin.
How to check the Value, Tracking, and Accountability?
In the traditional system of trade and investment such as rupees, we are always accountable to the central system about all our transactions. In cryptocurrencies, we are only accountable to the internet, and it works on the blockchain. The technology works on most cryptocurrency is based on public and private encryption. These public and private keys are used to encrypt and decrypt transactions. Only the transactions from chain custody for every coin purchased. All the transactions linked to the keys are deleted from the ledger.
To check the value of your BTC in INR, you just have to multiply the current price of BTC by the number of coins in your wallet. But most of the platforms give away an option to know your value of cryptocurrencies in rupees.
As the work of cryptocurrencies especially bitcoin is independent it is very important to know about your dealer first and then invest in Bitcoin. One must look and care for their investment. After you know the value of your coins. You can always go to the organization to track your investment.
If you are trading for the very first time, you can always get connected to an organization and purchase cryptocurrencies through UPI, Net Banking, or via debit or credit card. It requires a very small amount of charge in form of fees while trading. The fee varies from exchange to exchange.
FlitPay is one such organization. The organization for exchange is the safest platform and tends to take the least amount of fee per transaction. Though the cost of the transaction gets revised from time to time. Flitpay accepts all kinds of payment gateway such as Paytm or Net banking for both purchase and redemption of coins. To trade in cryptocurrencies, it is important to get your KYC completed.
How to choose the right platform?
All kinds of investment have some pros and cons. The range of risk can vary but the more you want the more risk one needs. Trading in bitcoin needs one basic step and that is to select the mode or platform to begin trade with. Here are some keen points one must consider.
Security: How would you feel after you invest a huge amount of your savings and suddenly all your funds got stolen? Due to the digital system of working there are many specialists who can hack these organizations. To make sure that your investment is safely signed in a safe organization. We at Flitpay make sure about all security matters. There is a two-way process of deposit and withdrawal and all the steps require authentication for the members and this makes it more secure than all other organizations.
Legality: Legality is always watched out from the area you belong to. Flitpay checks the region you live in and then gives away the approval of the transaction. It is advisable for all to initially check local law.
Transparency: It is an important thing to check before you sign in for an organization. Get the organization check from local authorities or you can read terms and policies to know more about the organization. You can check about the Flitpay on our page.
Fees: Most organizations charge a very less fee for transactions. The charge is in accordance with the percentage of your exchange. Make sure you are aware of the fees applicable to various exchanges.
There are many things to know about cryptocurrencies which are hidden just like its creator. But is known as a good medium to invest your money into. Flitpay has been seen as the most secure and user friendly crypto trading organization platform in India.