For most of us, we heard of cryptocurrency only a few years ago. But do you know that digital currency has been in existence for more than 2 decades? The first cryptocurrency ever developed was in 1983 by David Chaum, an American cryptographer. The currency was called ecash. Since then, this concept of intangible money has undergone several changes and has been subjected to multiple regulations. After all these years, today we stand at a time in history where we have more information and accessibility to various forms of digital currency and today we help you start your cryptocurrency journey.
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What exactly is a cryptocurrency and why is it called so?
In simple terms, cryptocurrency is virtual money and it exists only in digital forms. It’s important to note that there is a major difference between virtual money and cashless transactions. Cryptocurrency does not rely on the banking system. As for your money related to cashless transactions which include debit and net banking transactions, the banking system is heavily involved in these processes.
There is nothing to worry about the safety of your cryptocurrencies since in place of a bank acting as a safe-guarding unit, your virtual money transactions are secured using cryptography, and the currency is saved in digital wallets.
Here is a list of the top 5 most popular and wide-used cryptocurrencies across many nations:
1- Bitcoin: You have probably heard of Bitcoin. Maybe not in its entirety but a light comment or just the word itself. Rightly so, because it is the first major cryptocurrency ever developed.
2- Ethereum: It is also one of the most recognized coins in the virtual money platform. One of the breakthrough features of the Ethereum app is its smart contract segment.
3- XRP: In 2012, it was known as Ripple and is mostly useful in several cross-border transactions. For payments, it uses trust-less mechanisms
4- Dogecoin: The name is not an easy one to forget. It takes its inspiration from an internet meme that featured a dog called Shiba Inu.
5- Solano: Although launched in 2020, the cryptocurrency is gaining popularity at a fast rate. Its speed of completing transactions is the most attractive feature of the trading platform.
Are cryptocurrencies legally recognized?
The cryptocurrency market is no longer hidden. The industry has managed to reach the homes of millions of people across the globe and it has managed to create a name for itself. Regional governments have been forced to at least acknowledge the virtual money business but the regulations surrounding its use still remain largely non-standardized. The legal status of cryptocurrencies varies from one jurisdiction to another. It would be safe to say that although the transactions may not be entirely illegal there is no standard policy that regulates the use of cryptocurrencies.
Each nation has its own views and regulatory measures that determine the viability of using cryptocurrencies in everyday transactions.
For instance, in Europe: Although there is no concrete legislation that determines the status of Bitcoin, the region does not charge VAT or GST on transactions that occur using Bitcoin
Another example to consider is India where the government does not allow or prohibit investments in the cryptocurrency market and as of 2021, the RBI is expected to create a state-backed digital currency instead of private cryptocurrencies.
The big question! What’s the best way to start the cryptocurrency journey?
Like any other financial transaction, the safest way to start trading in cryptocurrencies is to first take the help of experienced professionals. Given the huge potential of the industry, the internet is filled with several web-based platforms that provide a secure playground to people who are invested in learning, trading, or investing in cryptocurrencies.
These platforms, also known as cryptocurrency exchanges, are similar to online brokerage. They can be considered as an online marketplace for undertaking cryptocurrency-based transactions.
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One of the most user-friendly and secure Bitcoin-trading platforms available to all digital money enthusiasts who prefer trading in Bitcoin. The platform is highly secure and easy to start with, which works best for beginners. It is also vastly comprehensive and hence suits the needs of people who have been in the game for a longer time.
With this, we come to the end of helping you start your journey in cryptocurrency. We will only recommend you do research and understand the regional dynamics of trading or investing in any form of cryptocurrency. If you do plan to go ahead, ensure to learn as much as you can about the trading platform that you choose to invest in.