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Essentially, any digital image can be purchased as an NFT. But there are a few things to consider when buying one, especially if you're a newbie. You'll need to decide what marketplace to buy from, what type of digital wallet is required to store it and what kind of cryptocurrency you'll need to complete the sale. But be wary of fees. Some marketplaces charge a "gas" fee, which is the energy required to complete the transaction on the blockchain. Other fees can include the costs for converting dollars into ethereum (the currency most commonly used to buy NFTs) and closing expenses.
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Non-fungible tokens, or NFTs, are pieces of digital content linked to the blockchain, the digital database underpinning cryptocurrencies such as bitcoin and ethereum. Unlike NFTs, those assets are fungible, meaning they can be replaced or exchanged with another identical one of the same value, much like a dollar bill. NFTs, on the other hand, are unique and not mutually interchangeable, which means no two NFTs are the same.

Think of Pokémon cards, rare coins or a limited-edition pair of Jordans: NFTs create scarcity among otherwise infinitely available assets — and there's even a certificate of authenticity to prove it. NFTs are typically used to buy and sell digital artwork and can take the form of GIFs, tweets, virtual trading cards, images of physical objects, video game skins, virtual real estate and more.
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Like the stock markets, the crypto market also has bluechips, mid-caps and penny coins. Don’t get tempted into buying obscure coins just because you can get a lot of them at a low price. Bigger coins may be costlier but are more stable. In any case, you can buy in fractions so don’t worry about the price. Bitcoin is the bluechip of the crypto space and drives the overall market sentiment. “Focus on the bluechip coins like Bitcoin and Ethereum, with some of your money in emerging counters like Dogecoin and Matic,” says Gaurav Garg, Head of Research, Capital Via. Widely held coins with large market capitalisation are less likely to be manipulated than coins that are closely held by a few people, points out Nanda of Globalise.
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4. Don’t act on tips without verifying
The crypto space suffers from a severe lack of credible information. Investors are dependent largely on unverified information on social media. Self-styled crypto analysts create whatsapp groups packed with their accomplices who vouch for their accuracy. These analysts trap gullible investors, first by charging a fee for the tips and then using them for their pump-and-dump operations. “As a rule, you should verify the information before you invest,” says Raj Khosla, Managing Director, MyMoneyMantra.com. “Check the market cap and trading volumes of the coin. A low market cap and insignificant daily volumes are obvious red flags,” he says.
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Happy New Year from the family 🎉🍾
May 2022 be filled with crypto, crypto, and more crypto!
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Investing in cryptocurrencies is the best way to learn about them. But it is a high-risk high-reward game and you must be able to digest very high volatility. As the May crash showed, an overnight fall of 70-80% is also a possibility. Keep in mind that even a bluechip like bitcoin is down 48% from its April high of Rs 50 lakh. “Enter this market only if you can stomach extreme variations and the implications of an investment going wrong,” says Prableen Bajpai, Founder, FinFix Research and Analytics.
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The phenomenal returns given by some cryptos in the past one year are mouth watering. “Invest only what you are willing to lose,” says Vineet Nanda, Co-Founder of Globalise. Even if you have a high risk appetite, start trading with small amounts. “Don’t put more than 2% of your overall portfolio in cryptos,” advises Vikram Subburaj, CEO, Giottus Cryptocurrency Exchange. After you get familiar with the arena, read up about various coins and understand their value and prospects, before you allocate more.
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Beetoom wishes you a very merry Christmas and happy holidays! 🐝

To carry out a transaction you need two things: a wallet, which is basically an address, and a private key. A private key is a string of random numbers, but unlike the address, the private key must be kept secret. Your private key gives you the power to digitally sign and authorize different actions on behalf of this digital identity when used with your public key.
When you're dealing with cryptocurencies, keeping your private key private and secure should be your priority. If this key is lost or stolen, you won't have any recourse to recover it.
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A crypto wallet is a secure digital wallet used to store, send, and receive digital currencies. Typically, it is composed of a string of numbers and letters. Most coins have an official wallet, but there are also lots of multi wallets which hold many different types of currencies in one place.
A crypto wallet usually uses its id as an identification method (same as a first name and last name would identify an individual), and its private key to authenticate and prove possession of the wallet by the owner.
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You’re a beginner and still unfamiliar with cryptocurrency terminologies?
Here’s a first: Blockchain!

Blockchain is a distributed, decentralized, public ledger. Simply put, blockchain is a database that is validated by a wider community, rather than a central authority.
Generally speaking, "the" blockchain refers to the bitcoin blockchain, which is made of the blocks mined and generates a new block every ten minutes approximately. But there are other blockchains used for different purposes (altcoins, managing business processes, etc).
By looking at Bitcoin’s blockchain, anyone around the world can get an accurate record of which transactions were made and when.
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It seems like everyone makes most of their purchases online nowadays, especially during The Holidays. Although it’s much more convenient than driving from store to store to find a specific item and makes window shopping a lot easier and more comfortable, concerns of fraud deter shoppers from making certain or as many purchases as they otherwise would.
Not only does the use of cryptocurrency reduce the risk of fraud for shoppers, but it does the same for vendors and sellers. Cryptocurrency transactions are permanent. In addition to the mitigation of risk, using cryptocurrency creates more opportunities for world-wide business.
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