I was not aware of the term cryptocurrencies & a cryptocurrency like Bitcoin existed until it started to make noise in 2017. I came to know about Bitcoin when its price started to rise at an alarming rate. I then started to research on Bitcoin & the term cryptocurrencies. Then realized that apart from Bitcoin, there are other currencies like Ethereum, Litecoin, Dash, Ripple, Monero too.
It’s a whole different world altogether where there are people who made a good amount of profits from Bitcoin when they had bought it in the early days of Bitcoin. The more I read about cryptocurrencies, the more I got fascinated. There’s a documentary on Bitcoin named “Banking on Bitcoin” & is streaming on Netflix. Do not miss it.
During this whole fascination, I did try to find out which of the cryptocurrency wallets & trading services are available & are reliable.
What is a cryptocurrency?
A cryptocurrency (or cryptocurrency) is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets. Cryptocurrencies are a type of digital currencies, alternative currencies, and virtual currencies. Cryptocurrencies use decentralized control as opposed to centralized electronic money and central banking systems. The decentralized control of each cryptocurrency works through a blockchain, which is a public transaction database, functioning as a distributed ledger.
Being in India, there are very fewer options available. Just to try out, I opened my account on Zebpay & my first investment in Bitcoin was for a very small amount. Since the Bitcoin price was booming, after 3 weeks of my purchase, I saw a decent amount of profit & I did cash in all of it. I am that someone who will not invest huge sum. I have known a few people who have invested big in cryptocurrencies & some have also taken personal loans to invest.
I came to know about WazirX, a new cryptocurrency wallet & exchange platform on which one can trade, buy & sell digital currencies.
It is from the maker of Crowdfire (Nischal Shetty), an app which helps you grow your social media audience. So its a known face & immediately the trust strengthens. Signing on WazirX was quick & after submitting my documents for KYC, my account was active. Apart from Bitcoin exchange, they also have other currencies like Litecoin, Dash, & Ripple. To try the seamlessness of the exchange, I did invest a little amount in Ripple & the experience was very fluent & user-friendly. Within few mins, I was able to deposit money via UPI & in seconds I did trade it for buying Ripple.
To my expectations, it has already raised its bar.
- It’s secured
- KYC process is quick
- Speedy transactions
- The platform is available on web, Android & iOS
- User-friendly interface
They also have a digital currency of their own, which is called WRX. If you wish to open an account on WazirX, do click this link.
Have you also invested in digital currencies? Or planning to invest in some? My advice is to start low. And don’t expect it to be profitable. Invest only the amount you are willing to lose. Do let me know.