My Cryptocurrency Story In India.
Hi All,
My Cryptocurrency Story In India
My Cryptocurrency Journey:
I was too late to enter into the Cryptocurrency world. I am one of the small traders who do trading in the Indian Stock Market for the last 4 years. I come to know about cryptocurrency 3 years ago and I brought some amount of my first coin which is Bitcoin.
Today, I am a technical person and can look at any market as per the technical point of view. But, it was my learning phase when I come to know about cryptocurrency and brought some amount of Bitcoin.
Zebpay is an Indian exchange for Cryptocurrency wherein I did my first transaction of Bitcoin and hold for a long time.
Zebpay has a very simple view and easy to understand its wallet, fast transactions, and takes low fees.
Later on, I come to know that there is not only the Bitcoin in cryptocurrency but other coins also available which are in leading and affordable to buy with their current price and hold for some time.
However, with this information, I also come to know that we can mine these cryptocurrencies and sell it into the exchanges. I found some mining sites to mine the cryptocurrency, I was mining Dogecoin, Bitcoin. This was a bad experience as due to insufficient information about those free mining sites I got trapped and almost lost most of my bitcoin that I have brought. Then I was just concentrating on the Indian Stock Market, but I kept my eyes on the Cryptocurrency market.
When I gain some but good knowledge on the technical chart to understand the market movement and I know that the Bitcoin kept going down.
Don't know if anyone has observed this, but because of some technical knowledge that I have gained, I see in the month of February 2020 and March 2020 when the Bitcoin price was continually going down like an arrow, I have predicted and was waiting for a bottom level which was made in last year, finally, I see the price is now at my level.
I don't know what happening globally, but by looking at the chart I was pretty sure that now(March 2020) it may go up as a technical chart the history can repeat, so previously it went from the same level, in few next days it happened exactly same, but due to some reason I was not able to take this opportunity to buy a coin at this level in march 2020, also entire market was collapsing due to Covid-19 effect.
So this is how I see to the cryptocurrency, currently its completely based on the technical chart. Till the time my trading platform was the same Zebpay, but I can see now there are multiple platforms we have for trading cryptocurrencies we just need to make sure what coins they support in their trading platform.
I heard and see binance is a good platform for trading cryptocurrencies as it supports many coins.
What Next Come In My Cryptocurrency Story?
When I missed an opportunity in March 2020, I have taken mining seriously and was researching updated information on it.
As an Internet surfer, I like to do research on any topic on the Internet to find updated information. I almost got all information about how to do mining, how to set up a mining rig, what is hardware requirements.
During this research, I come to know about STEEM Cryptocurrency and Steemit. So completely based on my research I reach to Steemit and STEEM Cryptocurrency.
I like the concept of the STEEM Cryptocurrency that it is based on social networking wherein users get rewarded with STEEM, STEEM Power, and SBD, I don't know the actual full form of SBD, but it might be the STEEM Based Dollar.
When I was entered into the cryptocurrency I always heard about Blockchain, my understanding was about Blockchain is like it may be some backend system that worked on our wallet that we have created on a particular Blockchain and it do backend transaction for us.
After joining on Steemit and checked many posts related to cryptocurrency, Blockchain, so I was curious to know what exactly Blockchain as Steem also a social blockchain so to work on Steem and Steemit I should have knowledge about the blockchain concept. Now after spending a month and continuously reading Steemit FAQ, here my research moves to know about Blockchain.
My Understanding On Blockchain.
I found the information and seems to understand now about Blockchain. As per my knowledge, Blockchain is a concept where we can do end to end transaction. If we separate the word Blockchain, it is a Block and Chain.
What was happening before Blockchain.
When we want to do an electronic fund transfer from one country to another country, this process requires a mediator as a guaranteed person in between this transaction which normally Banks comes into the picture. We need to do a transaction in this third party way wherein we need to pay some transaction cost which is actually big.
In the Blockchain concept, we do not require any mediator and transactions can be done directly in between source and destination. Under the Blockchain, there is a Block get creates for every single transaction and this block has a unique Hash value that can not be trace, track, or hack, even if there is a chance to happen such thing happen then Hash value gets changed and the transaction did not proceed so there is no way for cheating into the transaction.
As I mentioned I was looking to do mining, here I actually understand what miners do. Miners are actually creating new blocks into the Blockchain by solving some maths with the help of coding and specially designed mining software. Because of miners creating blocks and spending their efforts, electricity, upgrading hardware when creating a block successfully they get rewarded with the coin which is their earning from mining.
The main thing in Blockchain, you don't need to pay any huge transaction fees as there will no any mediator require in this transaction.
| Recently with the help of challenge Challenge to Sow Your SUN, I got a chance to find and learn about SUN token and come to know about Sun mining by stacking TRX tokens, this is new I come to know from the self study. I am planning to do SUN mining by stacking TRX and will reinvest the SUN coin that is mined and hold for a long time. |
What Is Happening In India About Cryptocurrency?
When I feel that I have a require knowledge about Cryptocurrency and Blockchain, I was trying to find more comfortable mining way which I can afford, in this research I come to know about the Cryptocurrencies news in India and good that I come to about this before doing a huge investment.
As per the information that I found about Cryptocurrency status in India, so currently India planing on a new law to ban on cryptocurrency trading.
In 2018 the Indian bank head office which known as RBI has file a case against Bitcoin and Cryptocurrency trading due to which many growing Indian crypto exchanges like Zebpay are apparently closed after this order. As my first crypto wallet was created in zebpay which was also got freezed.
The final decision is not yet declared as the case is still running into the High Court and Indian Crypto community trying their best to allow the Cryptocurrency trading in India as many countries have accepted cryptocurrency and Blockchain features which alternative way for currency.
The Indian banking sector thinks that once this feature comes it will affect on the banking sector.
At this moment we can trade into the Cryptocurrency and exchanges like Zebpay are also resumed but have limited country support.
My account in Zebpay is currently not supporting Buy/Sell for this country.
But I can see, we have some other new exchanges in India which currently supporting Cryptocurrency and many coins, below if one of the new exchange sites, I have created my new account but the fund not added yet.
Still when I feel to buy any Cryptocurrency coin, I will use my technical study, and according to that I will try to find the best opportunity time to buy any coin, technical study can use any trading market however they are not 100% accurate but help not to get big losses.
| This is all about my Cryptocurrency Story to till date, this is how I reach to STEEM and Steemit, how I come to know about Blockchain and Mining after involving myself in the Steemit, what happening in India about Cryptocurrency trading. All this information linked one by one in my knowledge. All mentioned information in this post is experienced by me and it is completely on self study. |
Thank You.
@stream4u
Many people lost in a similar way including ponzi scheme like MMM Global.
Just for their greed people put their money in MMMGlobal to double it up each month. And eventually lost the seed money as well. Had they kept it in their wallet, they would have made more than 50x with the epic rise of Bitcoin.
What I can see is that in March Bitcoin formed a double bottom which is a bullish sign it is comfortably above 6500-7000 band. Not a financially advice though, but I see a bullish Bitcoin going into 2021/22
Have a great day.
Steem on.
#onepercent #india #affable
Yes, it was a double bottom which is one of the Strong bullish signs.
Have a great day you too.
#onepercent
#india
#affable
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Thank You.
When it comes to cryptocurrency, every crypto gurus are once a newbie and each and every have their own side of the story. Cryptocurrency today is a libertarian paradise, if you send money to the wrong place it's gone. If you send it to a merchant and don't receive the goods, you have no recourse. This is cash so we got to treat it as such.
Right.