There are a plenty of speculation with Bitcoin since its price went through the roof and reached $12606.30 (at the moment), the world is still awestruck, and Indians are too. With the dollar price reaching INR 66, it’s becoming a costly budget for an average Indian to buy a couple of Bitcoins. Everybody wants to have their share of this cryptocurrency, but it’s not the only cryptocurrency out there in the world. For, cryptocurrency enthusiasts who are willing to invest in cryptocurrencies then there are over 1320 cryptocurrencies other than Bitcoin if the information provided by CoinMarketCap. These fiat currencies are incredibly cheap, but also the catch is, they may not ever become as popular as Ethereum, which is currently the second popular cryptocurrency in the world. To name a few cryptocurrencies other than Bitcoins, there are Ethereum, IOTA, Ripple, Dogecoin, Litecoin, and Monero you can look into. If you are in India or a cryptocurrency investor and enthusiast from India, then you have to be very careful before buying it. Here are some factors which would prove a gem if you stuck to it while purchasing fiat currencies because the world is dark and full of terrors.
The various factors you should keep in mind while selecting which cryptocurrency to buy:
The first thing to do is to check the authenticity of the currency you are planning to invest in. There are many fraud currencies as well on the internet that is fake, but they are presented in a way that would make you believe that it is for real so always examine their websites, scrutinize the profiles of the team members of that currency. And, also check if their portal is not a proxy. Once you are through with the verification, you can proceed to the next step.
2. The motive of that currency:
Before purchasing any money you should understand what is its goal? It’s important to ask yourself what you are going to buy with this currency that you have chosen or rather, where can you spend this money? If the coin or currency serves the same purpose which is also served by hundred others, then it’s not a great plan to invest in it.
Check the market capitalization of the currency. Always prefer the currency which has some significant market capitalization.
4. Exact value:
Before purchasing any currency you need to determine if the current value of the money is higher than the actual estimated value; If the money is only hyped and has no exact amount driven to it then don’t buy that currency at that point of time. A wiser move would be to wait for the moment when the currency’s price crashes and people began to sell more than buying it.
5.Funds raised by the currency and allocation of money:
This one is tough but before buying any cryptocurrency if you can get an idea of their finances including the investment they made in the currency and how will they designate it? It is essential that funds are enough to meet the projected goals set by coin’s management.
6 . Whitepaper:
Whitepaper is like a blueprint or skeleton of currency. Always read the white paper thoroughly and understand the pros and cons of the currency, acquiring a sound knowledge about how the currency will work, and it’s legal aspects.
Once you checked all these boxes then comes, the platform or the exchange from where you can buy the cryptocurrency of your choice. There’s one reliable way of obtaining Ethereum or any other cryptocurrency in India, which mainly involves in purchasing Bitcoin and then converting it to the cryptocurrency of your choice. For this, first, you need to buy Bitcoin in India and then turn it. We used this scheme to buy Litecoin in India, but it will work for practically all other cryptocurrencies.
- First, you need a wallet for the cryptocurrency of your preference. You can visit the official website for Ethereum or Litecoin or others to find a download link.
- Once you have downloaded this wallet on your PC or phone, you need to install it. This involves establishing up of two passcodes, one of which is a series of up to 24 words. Copy the received address for your cryptocurrency.
- Next, you need to go to a cryptocurrency converter.
- Select Bitcoin as the input currency, and the output currency is apparently the one you desire.
- The address you copied in step 3 above needs to be pasted into the Deposit Address field on the converter. It depends on the converter mainly, how secure it is and what is the information it requires.
- You can copy the received address from your Bitcoin wallet and paste it into the Bitcoin refund address field in the converter. In case the deal fails, the money will get refunded to your Bitcoin wallet quickly but go through all the terms and conditions before you do so.
- The converter will now give you a unique deposit address. Copy this address and go back to your Bitcoin wallet and send the Bitcoin amount to this address.
- Once the converter accepts the Bitcoin, it will immediately convert it to the cryptocurrency of your selection.
It’s also important to note that the converter or exchange charges around a small percent for conversion, and sending Bitcoins to the converter may also require a miner-fee associated with it, which is something you have to pay for every Bitcoin transaction. This being said, you can also go for international exchanges to buy the cryptocurrency of your desire.