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Getting Started with Blockchain Technology

Updated on April 12, 2022 08:39 am
Blockchain Technology

The two best ways to invest in cryptocurrency are: 1.) Use the tokens for your purposes or 2.) Hold onto them as long as you can, since, in time, your tokens will be invaluable.

Most people, intrigued by the blockchain and caught up in the frenzy to get some of the coins, rush to buy for low and sell for fiat (money) when its value climbs. This is no different than the "pump and dump" scams illegalized in the 1980s, that only harm its investors and others. Not only are people who trade bitcoin for fiat gaining very little in return, but they're also losing their chance for profiting from the cryptocurrencies. Here's why:

Your money is valueless

Regular money was backed first by gold, then silver, until 1971, when President Nixon removed its value and called it legal tender.
According to the U.S. Department of the Treasury: "Federal Reserve notes are not redeemable in gold, silver or any other commodity, and receive no backing by anything? The notes have no value for themselves, but for what they will buy."
Bitcoin, in contrast, is backed by mining that comes from humongous amounts of electricity.

According to VICE Motherboard, one Bitcoin transaction requires the same amount of electricity as powering 1,018,762 American homes for one day, where each home is 2700 square feet. And this estimation was done in 2015, where Bitcoin only processed seven transactions a second! Cryptocurrency is, also, scarce. Paper money can be printed ad infinitum. The Fed simply rolls more off its printing press whenever it wants to. Mining blocks, on the other hand, get less sustainable as their electric sources diminish. The number of bitcoins created in each Bitcoin update are halved every 4 years. By 2140, when mining stops, this number will round down to zero. All you have is the 21 million bitcoins in circulation. The scarceness of this resource give your digital coin even more value.

Given inflation, political uncertainties like Brexit, the current administration, and economic crises such as India's 2016 demonetization, crypto-enthusiasts are convinced that Bitcoin (or cryptocurrency, in general) is the future of the monetary system. It shields your earnings from inflation, from political and economic turmoil, and from government instability. Since the Blockchain was started to get you away from fiat, why would someone trade it for fiat? There is a time - and crypto-enthusiasts are convinced of that - when the monetary system will implode and Bitcoin is the way of the future. Since Bitcoin is scarce, each and every bitcoin you have is going to be trillions, if not mega-zillions, more than what it is at the moment.

Five things to look for when for reviewing a company

  1. The company's white paper - This should describe the details of its blockchain. It should be clear, specific, and contain all details.
  2. Roadmap - Where the company is going and what it plans to achieve each quarter.
  3. Marketing team - How many people are marketing that company and its cryptocurrency, and what are their results? Some team members can be anonymous, but it's best if names and descriptions are added.
  4. Twitter (and other social media) - An ongoing twitter stream with company news is a good sign. It shows that the company is reaching out and building its followers. Similar, a maintenance and attractive social media and website represent the same accomplishments - so look at these too. Publicity builds the start-up's brand, which, in turn, bodes well for your investment.
  5. GitHub - The open source code. Check how many people use the platform, how often they do so, and how are they using its code.

Bottom Line

Do you know enough about the cryptocurrency to invest in it? If not, spend time familiarizing yourself with the start-up, before dipping a toe in the water and, then, tread very carefully. Check out the company yourself: Its whitepaper, roadmap, marketing team, social media, website, Github, Twitter. And most important: Hold onto your cryptocurrency. Never sell for fiat (unless you're really, really strapped for money).

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These platforms help investors get a sense of the property landscape, understand current pricing, and locate exclusive offers.Seek Local ExpertiseConsulting with a trusted real estate agent or consultant can be invaluable. They can help NRIs assess whether a deal is truly beneficial, offer insights into upcoming projects, and clarify the documentation process. This is especially important for remote buyers who cannot easily visit the site.Money Transfer Tips for NRIs Investing in Indian Real EstateChoosing the Right Money Transfer Service is KeyTransferring large sums for property purchases requires a reliable money transfer service to minimize currency conversion losses and avoid high fees. Opting for the best money transfer rates to India ensures that NRIs get the most value out of their transaction, especially when large amounts are involved.Using CompareRemit to Find the Best Money Transfer RatesCompareRemit makes it easy for NRIs to find competitive rates and compare providers. By using CompareRemit, NRIs can confidently choose a service that fits their needs, ensuring they get the best value when sending money to India. CompareRemit also offers in-depth guides to many major money transfer companies, making it easier for users to find trustworthy and affordable solutions.Tips for Sending Money for Real Estate InvestmentSend in Bulk: For property investments, larger transactions are often required. Using bulk or wire transfer options may offer favorable rates.Monitor Currency Rates: Timing can make a difference when it comes to exchange rates. Monitoring currency fluctuations can help NRIs transfer money at a rate that maximizes their purchasing power.Advantages of Using CompareRemit for Money Transfers for Real EstateAccess to Multiple Money Transfer OptionsUsing a comparison platform like CompareRemit gives NRIs access to various money transfer providers, enabling them to pick a service that meets their transaction speed, security, and pricing needs.Competitive Rates and Lower FeesCompareRemit helps NRIs find the best money transfer rates and minimizes high fees that can add up during large transactions. By comparing providers, NRIs can save significantly when moving funds for property investments.Helpful Guides on Transfer ProvidersCompareRemit offers user-friendly guides on popular money transfer companies, providing NRIs with the information needed to choose the best service for their specific investment needs.Additional Tips for NRIs Planning to Invest During DiwaliVerify Property and Builder LegitimacyEnsuring that the builder and property have clear titles and regulatory approvals is crucial. This extra step reduces the risk of future legal issues and provides peace of mind for overseas buyers.Consider All Costs InvolvedReal estate investment goes beyond the property price. 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By carefully selecting the right property, verifying all associated costs, and using a secure and cost-effective money transfer solution like CompareRemit, NRIs can make the most of their investment during this auspicious season.For NRIs looking to invest in property back home, Diwali presents the perfect opportunity to make a secure and culturally significant investment with the potential for excellent returns.FAQs: Frequently Asked Questions About Sending Money Home for DiwaliWhat types of Diwali offers are available for NRIs investing in real estate in India?During Diwali, developers often provide special discounts, reduced property rates, and waived registration fees. NRIs may also find flexible payment options and unique financing deals that make real estate investment more accessible and affordable.How can NRIs find the best money transfer service for real estate transactions?NRIs can use platforms like CompareRemit to find the best rates, compare services, and reduce transfer fees. By checking multiple providers on CompareRemit, NRIs ensure they get maximum value when transferring funds for property investments.Is investing in Indian property during Diwali profitable in the long term?Yes, Diwali investments in high-demand areas like Mumbai, Bengaluru, and Delhi-NCR often yield long-term returns. With increasing property values and rental demand in these areas, NRIs can see significant appreciation over time.What documents do NRIs need for property investment in India?NRIs typically need their passport, PAN card, address proof, and a power of attorney if they’re purchasing through a representative. It’s also recommended to confirm property titles and builder credentials to ensure a secure transaction.Are there any hidden costs in real estate investments for NRIs?In addition to the property price, NRIs should consider maintenance fees, property tax, registration costs, and conversion charges for money transfers. Understanding these costs helps NRIs make a more informed financial decision.

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