9 Frequently Asked Questions For Crypto Players
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1. Question: How can you buy cryptocurrency?
Answer: You can buy Cryptocurrencies on the Indodax, Tokocrypto, Binance exchanges for rupiah and on Coinbase for US dollars (USD). You must create an account and enter your account number. Here you can also trade coins listed on Indodax and withdraw the profits to your account.
We are also in the midst of releasing a comprehensive guide on how to start investing/trading in cryptocurrencies, as we understand that the crypto world can be intimidating, especially for beginners. Always visit this website to learn and find out more about cryptocurrencies, as well as the latest news about the crypto world.
2. Question: Is it possible to invest in cryptocurrency in Indonesia?
Answer: The beauty of cryptocurrencies and their underlying technology is that anyone from anywhere around the world can take part, due to their decentralized nature. So you can start by opening a bitcoin account in Indonesia.
Especially now in a more modern era and the internet in Indonesia is quite fast so it supports you to play cryptocurrency. In playing cryptocurrency, you need a smartphone or laptop, internet and capital.
Buying Bitcoins using your domestic currency is the first step. If you want to buy other alternative coins like Ethereum, you can open another Crypto exchange account like Binance, where you can buy other high potential coins using Bitcoin or Ethereum.
3. Question: Do we need to worry about Cryptocurrency prices being unstable – fluctuating?
Answer: Crypto is very volatile, and the challenging part is that they are highly correlated with each other, making it very difficult to predict the price of Crypto in the crypto world. But understanding their basics as well as technical analysis (candlestick reading) can protect you from negative BTC/ETH swings.
If you want to learn fundamental analysis, you should read the whitepaper of the coin you want to invest in. It will explain all the details regarding the coin, its purpose and how it works. As a warning, the whitepaper is highly technical in nature and will generally be difficult for the layperson to understand.
As part of assessing market sentiment and understanding the fundamentals, you can install reddit on your phone and join the crypto subreddit. Apart from that, you can also join bitcoin and telegram forums to understand the coin and market conditions.
4. Question: Crypto world is very difficult to understand. Is it possible for an ordinary person to understand all these things?
Answer: Everything in this world must have a name 'the first time', and it is very good to invest knowledge in yourself because this will make you more money than buying things that are not useful.
The whole purpose why we created this website is to build a community where everyone can understand and invest in the complicated world of cryptocurrencies. Cryptocurrency is a virtual representation of any value, be it money or an asset, and the underlying technology is called Blockchain. There are hundreds of coins that solve certain problems or make our life better.
The exciting part about this revolutionary technology is that it will likely have an impact on how we do things in the future, which is why it has so much potential. Especially if you are interested in investing. The returns you may generate are far more significant than any Investment alternative out there.
5. Question: Which exchange would you recommend for security? Which ones to avoid? How to distinguish the good and the bad?
Answer: The rule of thumb is that no exchange is completely secure. Exchanges can be closed in an instant and you can lose all the coins you have. The best way to protect your coins is to store them in a special wallet that only you can control.
In terms of the best exchanges, we recommend Indodax, Binance and Coinbase as they have the greatest liquidity (better price finding) and a clean and simple user interface. However, they are prone to lag and there is some concern over the founders' lack of transparency.
For Indonesia, we only have Indodax, Tokocrypto as a coin exchange between fiat and cryptocurrency. If you want to exchange to other Altcoins like Neo, you can go to Binance.
In terms of which exchanges are good and bad, you can read the reviews online and decide which option is better and suitable for you, because the industry is quite new so there is always the possibility of lack of regulation and fraud.
6. Question: I would like some opinions from you guys for the following altcoins Omisego, Ripple, and Neo . I see definitely potential in those projects. What do you think? My long term with ETH.
Answer: It cannot be denied that the Altcoins above have very good prospects, but nothing is certain in the Crypto world. Bitcoin can also be a trash coin the next day, but the price can also soar to match the price of gold. No one can predict it.
The proof is January 2018 the price of 1BTC: USD $ 1000, but in December the price was USD $ 20,000. The conclusion is that no one can say for sure whether an Altcoin is good or not. As an investor, you should study their white paper.
In 2021, 1 BTC reached USD$67 thousand and in December 2022, BTC was only USD$17,000.
7. Question: Can anyone explain Binance? And how to register it?
Answer: read “What is Binance and How to Use It”
8. Question: Anyone have any thoughts on Ethereum Classic (ETC) vs Ethereum (ETH)? Both as a platform and investment opportunity?
Answer: Ethereum started as a single Blockchain (think of it as a single Lego tower stacking up over and over again). There are various applications that can be built on top of Ethereum, and one such application is a decentralized enterprise called a DAO (Decentralized Autonomous Organization).
DAOs operate like hedge funds, essentially raising funds to invest in the development of other applications. Unfortunately, the DAO was hacked and over 50 million dollars were stolen.
At this point, core developers have 2 options:
- Allowing the continuation of the chain, because the nature of Blockchain is that it cannot be changed.
- Reverse transactions to prevent hackers from stealing profits from stolen funds.
It was unanimously agreed by the developing team as well as the majority of participants in the system to choose the second option. Now to implement the second option, a hard fork is needed. The hard fork is the split of the original Blockchain into 2 chains: the original chain and the new chain.
Ethereum Classic (ETC) is the original chain and Ethereum (ETH) is the new chain. The core developers including the founder went ahead and developed the new chain and now when someone talks about Ethereum they are referring to the new chain. Those attached to the original chain (ETC) – a small community, ideologically opposed to any changes imposed on the Blockchain as they argue that nature should be immutable (not volatile).
Is there a real difference?
In terms of functionality, the two chains are the same as they come from the same chain. This is more of an ideological difference. But it is important to note that in terms of progress, the new chain will be better equipped with the latest updates and continuous upgrades of the system as the core developers are working on ETH, the new chain.
From a user point of view, it is very important to use a platform that has constant monitoring and improvement from a growing team. From a trader's perspective, both coins can benefit from.
9. Question: Tell me a thing or two about Ethereum. Is Indodax a good place to create an account and start trading?
Answer: Ethereum is a platform that allows anyone to create decentralized applications (Dapps) or other types of tokens and coins on the Blockchain. Bitcoin is very good and the best at everything, which is to facilitate a safe and transparent transfer of value.
However, Ethereum's goal is to expand the use of Blockchain technology, not only limiting it to transferring value, but also encouraging the development of applications and other technologies.
A simple analogy is that Bitcoin is like an app on your phone, while Ethereum is an app marketplace, which allows developers to create any app. As for the Indodax exchange, it is a good exchange for you to get Bitcoin or Ethereum. It is seen as a safe and legally-compliant exchange.
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