Tag: Crypto

What First-Time Crypto Investors Need To Know

Three focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and Technology. Despite its volatility and many critics, many people will still enter the crypto markets. There are many aspects of it that are necessary to know. The following contributed post is entitled, What First-Time Crypto Investors Need To Know.

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As the popularity of cryptocurrency continues to grow, so does the number of people looking to invest in it. According to a survey by Fundstrat in October, about one-third of respondents planned to buy crypto as an alternative investment in response to the recent market dips. However, for many new investors, this can be a risky proposition. That’s because cryptocurrency has its fair share of risks and challenges for first-time investors. But that doesn’t mean you shouldn’t invest in it. In fact, now is a great time to get involved with cryptocurrency if you have the capital and are willing to take a risk. We’ll take you through everything you need to know before investing in cryptocurrency for the first time.

Research Before You Invest

Before you put any money into crypto, you need to understand why and how it works – and that means research. Crypto is a complex asset with a long history and many terminologies that can confuse new investors. This can increase the risk of investing without the proper knowledge, leading to poor decision-making. Before you jump in, it’s essential to understand: What is cryptocurrency? How does it work? You also need to get your head around the terminology used in the space. Once you’ve done that, you can start researching potential investment opportunities and figure out how to get started.

Exchange Platforms

You can purchase cryptocurrency on a digital exchange, so it’s essential to understand the difference between centralized and decentralized exchanges (or DEXs). The difference is in who owns and operates the exchange. Centralized exchanges are owned and operated by one company that holds their customers’ funds, whereas decentralized exchanges are owned and operated by the general public. Centralized exchanges are more convenient, but decentralized exchanges are more secure. Most centralized exchanges will hold your funds in the form of a cryptocurrency. This is what we call a “hot wallet.” Only a tiny amount of your funds will be held in a “cold wallet.” If a centralized exchange is hacked, your funds will also likely be stolen. DEXs, on the other hand, are virtually untouchable because there is no “central’ server to hack or shut down. Make sure you know the bitcoin motion algorithm if you choose to use this platform.

Initial Coin Offering (ICO)

One of the most common ways to get into cryptocurrency is by participating in an ICO. This stands for “initial coin offering,” and it’s a fundraising process in which early adopters purchase a company’s digital tokens in exchange for cryptocurrencies like Bitcoin or Ethereum. ICOs happen all the time, and they’re a great way to get in on the ground floor of a new cryptocurrency. But before you fork over any money, you need to be careful. It’s estimated that as many as 80% of ICOs are scams. You’ll want to make sure you do your research so you don’t lose your money. Here are a few things you should look out for: – Is the company well-established and reputable? – Is there a clear-cut explanation of the company’s business model and plans? – Is there a working prototype or product available? – Is there a clear and detailed roadmap? – Is there proof of concept? – Is there a strong team behind the project? – Is there a clear and concise whitepaper?

Summing up

Cryptocurrency is a complicated investment, and it’s essential to understand the challenges and risks involved before you invest. Before you invest, make sure you do your research and know how it works. Once you’re confident in your investment, it’s important to remember to stay calm and avoid rash decisions. It’s also important to set realistic expectations and be prepared to hold your investment for the long term.

Should You Pay Any Attention To Cryptocurrency

A key focus of my blog is Money/Financial Literacy. Talk of Cryptocurrency has risen like a tidal wave. If you’re financially savvy, it may be something you want to pay attention to in 2021. The following contributed post is entitled, Should You Pay Any Attention To Cryptocurrency.

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Cryptocurrency has been on the market for many years now, and has proven to be one of the most profitable investment opportunities. Many people choose to invest in cryptocurrency because it easily beats the profits from conventional stocks and commodities. If you’re wondering whether you should be looking at cryptocurrency in 2021, the answer is a resounding yes. This will likely be your most profitable option; the market has over 500 types of cryptocurrency, though, so it can make it difficult for newbies to make up their minds.

Bitcoin – Not Your Only Option
Bitcoin has been among the more widely discussed choices. However, that doesn’t mean it’s the only good one to make! Other options include Litecoin, BAT, and Ethereum. Many new investors are even looking into Masternodes as a viable option – Masternode coins are cryptocurrencies that implement masternodes into their protocol. Learn more about cryptocurrency and what you should be thinking about this year below:

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Bitcoin to Close 2021 Above $30,000
Many experts believe that Bitcoin will close 2021 above $30,000. This might look like a somewhat conservative number in the eyes of many cryptocurrency enthusiasts, but if we look at the runup that occurred at the end of 2020, it makes sense. Prices don’t go up forever. Recent price trends support this prediction. Bitcoin isn’t the only cryptocurrency with theories surrounding it – many believe that Stablecoins is set to lead the way. While many experts still focus their efforts on Bitcoin prices and trading volume, it’s worth noting that Stablecoins are a leading entrypoint for wider adoption.

CBDCs Launching Soon – Which Nation Will Be The First?
The rise of CBDCs has been no secret, and it is set to launch soon. The exact timing of the launch is yet to be revealed, but efforts are underway across the planet – which nation will deploy this cryptocurrency first? It’s a mystery. There’s a lot we don’t know, but we do know that these concerns around privacy and security hint at exciting times ahead.

Blockchain To Expand Beyond Financial Services
You may have also heard that Blockchain is going to expand far beyond financial services. Some people are surprised by this information, but Blockchain is moving into the mainstream in 2021. Healthcare, transportation, and logistics are just a few of the areas that may benefit from wider blockchain adoption and implementation, thanks to the unparalleled security features and fraud-proof process.

An Exciting Future For Cryptocurrency and Blockchain Ahead
No-one can predict the future to the letter, and attempting to do so is a little risky. However, we can look at past cryptocurrency trends and get a fairly good idea of what is waiting for us. We can safely predict, however, that 2021 will continue the breakout trends for crypto assets and blockchain technology. You should absolutely pay attention to cryptocurrency in 2021 if you haven’t been thus far. This year is set to be exciting and dynamic, and the future is certainly looking bright for continued growth of cryptocurrency and Blockchain.

Advice When Investing In Cryptocurrencies

Two focuses of my blog are Financial Literacy/Money. For years now, cryptocurrencies have been regularly discussed in the investing world. While they may be the wave of the future, and while some have profited from them thus far, they are still speculative. The following contributed post is entitled, Advice When Investing In Cryptocurrencies.

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Cryptocurrencies are something that are still being understood on the financial market, and digital currency is something that not everyone is convinced will be successful. However, before you dismiss the opportunities and financial gain it could present to you, here’s some advice when investing in cryptocurrencies.

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Do Your Research

Firstly, like any investment, it’s worth doing some research into how it all works. It might not be something you’re very familiar with at all, and so it’s good to develop your knowledge of what it is and how it works as an investment. You may already know some information, but there’s probably a lot that you’re still needing to understand in terms of the process. So with that in mind, try to do some digging into how it works and who you might want to speak to who may already be involved in the realm of cryptocurrency and can explain it all a little better to you. Some people find it easy to learn from just reading, while others like to put it into practice and learn that way. From Genesis Mining Review to forums on digital currency, it’s all worth exploring.

Keep Your Coins In Wallets

The coins you make need to go somewhere and so they are good to put into a digital wallet. There are different wallet options and these are often defined between hot and cold wallets. It’s worth doing your research on which are best and whether you might wish to opt to use more than one. Consider your options and most importantly, you want your currency to be secure as some wallets can be easily hackable if you’re not careful. Cold wallets are suited for more long-term investors who don’t require their access to coins for months if not, years.

Take Note Of Any Risks

Like any investment, there’s always going to be risks, and it’s worth knowing what these are. As far as digital currency goes, it’s still not so commonly accepted as a legitimate currency, but there is progress in it being recognized a lot more now than before. Make sure you know what you’re signing for and that you are aware of the risks that are involved with this type of investment. You might invest in something for it only to lose terribly within the space of twenty-four hours. Be aware of how volatile this market can be and don’t put all your eggs in one basket.

Be Prepared For A Bumpy Ride

It’s good to be prepared for all eventualities, and one thing to know about cryptocurrency is that it can be a bumpy ride. You want to ensure you’re prepared for what could happen and what might not happen. Diversifying your investment portfolio is important and something you should definitely consider doing. You shouldn’t be investing on the hype and noise that comes from other people and what is the best option for you.

Use these tips to invest in cryptocurrency wisely and knowingly of the risks that are involved.

Taiwan is Becoming a Blockchain Island, and Jason Hsu is behind it

Three key focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and Technology. Blockchain Technology is a technology that will impact numerous sectors is an area that’s worth keeping an eye for those the financial and technology sectors. In the first Blockchain Technology piece on my blog, I gave a comprehensive overview of the technology. The following guest post comes courtesy of Techwarn. It discusses plans to implement and grow the technology on the island of Taiwan and is entitled, Taiwan is Becoming a Blockchain Island, and Jason Hsu is behind it.

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Image from pixabay.com

The world’s digital infrastructure, internet usage, and connectivity are changing rapidly. This is all thanks to the emergence of technologies such as Artificial Intelligence (AI), the Internet of Things (IoT), and Blockchain. Blockchain — the technology behind cryptocurrencies such as Bitcoin, Ethereum, Ripple, etc. — in particular, is a very powerful idea. Just like the internet did in the 1990s, Blockchain has the potential to revolutionize our lives.

Although it was originally developed for financial transactions, blockchain technology can be used to record just about any type of data or transaction. This revolutionary technology allows the distribution of digital information without copying thereby creating a new kind of internet that seems incorruptible. The use cases of blockchain extend beyond cryptocurrencies, and many countries are still on the fence on whether to advance its adoption, with the exception of Taiwan.

Serious About Innovation

The east Asian island nation-state of Taiwan is serious about innovation in the fintech. The country is pumping millions of dollars into advancing the adoption of cryptocurrency and blockchain technology. Jason Hsu, a congressman in the Taiwanese parliament is working tirelessly to integrate blockchain on a national level and steer the state towards the use of blockchain technology for more than just cryptocurrencies. His goal is to help Taiwan become a blockchain island.

In an interview with Jason Hsu, ExpressVPN asked the popular Taiwanese parliamentarian how exactly he plans to transform the small island nation-state into a crypto and blockchain hub. According to Jason Hsu, the law is a major impediment to innovation in the country. The congressman wants to use his legislative powers to help create an environment that nurtures and cultivates blockchain and financial technology and attract more start-ups to the island.

Who’s Jason Hsu?

Jason Hsu is a former Silicon Valley entrepreneur who wants to turn Taiwan into a haven for people working on different applications for blockchain technology. Hsu moved back to the island in 2009 and started working with the government as the advisor to the prime minister on matters innovation and technology. He joined politics in 2016 after being nominated to the Taiwanese parliament as a legislator-at-large. In his role as a congressman, Jason Hsu focuses on technology broadly and does not represent any singular district.

Since he became a congressman, Jason Hsu has worked on legislation relating to autonomous vehicles, cybersecurity, and the digital economy. Currently, the man christened “the Crypto Congressman” by Ethereum’s Vitalik Buterin is on a mission to transform Taiwan into a blockchain island and cryptocurrency hub. Jason Hsu is working tirelessly to deal with any issues between public policy approach and technology. The ‘Crypto Congressman’ hopes to remove legal barriers to technology innovation in the island.

How Has Jason Hsu Changed Taiwan?

The blockchain landscape in the world remains highly uncertain. Countries such as Singapore and Switzerland have taken a proactive approach and have cultivated favorable environments for the advancement of cryptocurrency and blockchain technology. These nations are the pioneers of the current digital currency regulatory frameworks in favor of cryptocurrencies and blockchain technology. Taiwan wants to join the ranks of Singapore and Switzerland and become a blockchain island. Jason Hsu is leading transformation efforts.

As neighbors China and South Korea issue blanket ban on ICOs and ICO activity, Taiwan is moving in a different direction. Lawmakers in the island are passing legislation intended to encourage cryptocurrency and blockchain innovation in the island. Congressman Jason Hsu has played a pivotal role in the drafting and passing of legislation designed to advance blockchain and financial technology in the country. For instance, the legislator helped draft and pass Taiwan’s Regulatory Sandbox Bill.

The Financial Technology Experimentation and Innovation Act

Taiwan’s Financial Technology Experimentation and Innovation Act, popularly known as the Regulatory Sandbox Bill, is historical regulatory legislation designed to overhaul the island’s fintech and usher in a new era for the sector. The Regulatory Sandbox Bill allowed selected start-ups to launch new products and services with some immunity from existing regulation for up to one year. The bill was passed on 29th December 2017 and was a response to the decision by the Chinese government to block ICOs.

In September 2017, two months before the Financial Technology Experimentation and Innovation Act was signed into law, Chinese authorities banned Initial Coin Offerings (ICOs) by cryptocurrency websites in mainland China. Congressman Jason Hsu came up with the idea to draft the Regulatory Sandbox Bill to ‘capitalize on this chance to introduce friendly legislation that nurtures and cultivates blockchain technology and attract more start-ups to Taiwan.’ This move earned Jason Hsu the nickname ‘Crypto Congressman.’

According to Congressman Jason Hsu, the goal of the Taiwan authorities is to create a fair regulatory environment that encourages innovation and protects the rights of the consumer. The ‘crypto congressman’ believes that Taiwan’s large pool of talent can pilot and pioneer projects that can build actual applications for the blockchain and transform Taiwan into a blockchain island. Compared to Silicon Valley, Hsu notes that the island nation has a supply of cheaper engineers who are just as good — if not better — than their counterparts in Silicon Valley.

What About Taiwan That Makes It Ripe for Blockchain and Technology Development?

In addition to his contribution in the drafting and passing of the Regulatory Sandbox Bill, the congressman has drafted numerous policy recommendations to make Taiwan more friendly to blockchain and cryptocurrency start-ups. The ‘Crypto Congressman’ has helped create a bipartisan alliance designed to help support the blockchain industry. The parliamentary coalition is currently working on implementing a number of crypto and blockchain legislation in his quest to transform the tiny nation-state into a blockchain island.

So far, Congressman Jason Hsu says he has introduced 25 projects across different government departments to address the implementation of blockchain technology in areas such as drug testing and supply chain management. Authorities in Taiwan understand that blockchain has great economic potential and are doing their best to advance the adoption of cryptocurrency and blockchain technology. The positivity of Taiwanese authorities towards innovation in cryptocurrency and blockchain technology indicates that the island is ripe for blockchain and fintech development.

Invest In Crypto The Right Way

Three focuses of my blog are Financial Literacy and Money, Business/Entrepreneurship and STEM (Science, Technology, Engineering and Mathematics) . Cryptocurrencies are a new technology that are impacting global markets in terms of conducting business transactions and serving as investments themselves. The following contributed post is thus entitled, Invest In Crypto The Right Way.

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If you are keen to make whatever money you can in whatever way you can, you’re probably thinking about cryptocurrency at least some of the time. This relatively new kind of currency is all the rage at the moment, and as such it has been developing something of a spike in many of its markets as well. The truth is that if you want to get in crypto trading, now is a good time to start – or at least a better time than next week or next year. But you need to know what you are doing first to make sure that you are actually going to get it right, and that is what we are going to look at today. Here are some of the things you should consider if you are to invest in cryptos in the right way.

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Choose Your Wallet

First of all, you will want to think about getting hold of a wallet which you can store your crypto coin in. A lot of newcomers find this part of the process particularly bewildering, but the truth is that it is not that hard to wrap your head around once you get going with it. There are a few different kinds of wallets, but the most secure ones are those which allow you to use two-factor authentication to gain access to them. By utilising and making the most of this kind of security, you can be sure that your wallet is going to be perfectly safe, which will help if you have any anxiety about getting started with the crypto world. Then it’s just a matter of choosing a wallet that seems good for you personally. It’s a good idea to go for one that gains you interest for BTC, so that you can make even more of your coin.

Buy Your Coin

Then you will need to go out and buy the coin that you want to buy. There are now several ways to do this. The best and safest is to go and find a crypto ATM, which are now cropping up in many major cities around the globe. With these machines, you merely purchase crypto with cash or card as you would anything else, and have the coin deposited into your wallet straight away – owing to the usual checks. Or you can consider using an online exchange which set you up with someone who you buy from via bank transfer. In either case, you can be sure that these are two of the safest ways to get hold of your crypto coin.

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Get Trading

In order to really make the most of your crypto, you need to make sure that you are trading it in the right way. The easiest way to do this is to use an approved app which does the actual trading for you, as this way you can be sure that you are going to be able to get it right. Or you can do the research, and make those decisions yourself – which can be less safe, but is much more satisfying when you get it right.

A Cryptocurrency App Case Study

The following guest post comes courtesy of Al Hill, Co-Founder of www.Tradingsim.com. It focuses on a case study for Cryptocurrency Apps – a topic related to my posts which discussed both Bitcoin and Blockchain Technology. While this post discusses Apps for financial transactions using Cryptocurrencies, it worth noting that the Big Words Blog Site is not involved in giving personal financial advice to readers and is not liable for any financial decisions made by readers. This post contains several infographics. Click on the images to enlarge them.

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Why do a case study on cryptocurrency apps? Well, it wasn’t up to me. There is just too much demand according to the number of searches from Google.

There are a lot of case studies on the web related to bitcoin and cryptocurrencies apps, so we wanted to do things slightly differently by defining a methodology to remove any inherit bias from the equation.

The study focused on 4 main factors on a normalized exponential scale of 1 to 100.

• Social Power- Social power is a custom ranking metric we created by weighting the numbers of followers across social networks: Facebook (45%), Twitter  (35%), and LinkedIn (20%)

• Total Number of Installs (provided only by the Google Play App Store)
• Total Number of Reviews
• Rating on the Google Play App Store (the IOS App Store only provides “4+”)

So, after inputting these data points into our algorithm, what did we come up with? An awesome top 10 list for you to explore!

The top graph depicts the overall rating based on our methodology. Now, if you are a true data geek like me, please have a look at the supporting numbers in the table below.

As you can see, the methodology did create some separation between the best in breed.

Blockchain is the clear technology leader providing a framework solving many business challenges, one of which is the cryptocurrency market, so the 100 rating was not a shocker.

Some of the other apps are news outlets or provide the ability to track the value of currencies, which won’t measure up in terms of value add against apps that allow you to buy cryptos or use them as a form of payment.

But what makes Coinbase so popular?

The real story with Coinbase is the large number of reviews for their app.

With the largest count of over 600k reviews, this was not by chance. Coinbase has a clear growth strategy focused on 4 pillars:

1. Create a simple retail exchange that allow consumers to invest in digital currency
2. Enable professional traders and institutions to trade digital currencies
3. Create an interface for people to make payments with digital currencies and developers to build applications that utilize this payment network
4. Simplify the development process and even invest in some partners that have awesome ideas

This approach creates evangelists that not only use Coinbase’s products, but also scream about them from the rooftops.

You of course will need to determine which app works best for your needs, but how people are sharing and using the application is likely a great measure.

To access the full case study, please visit: https://tradingsim.com/blog/crypto-apps-study/

Al Hill
Co-Founder, Tradingsim.com

The Best Apps for Crypto Investment

I am pleased to present my first guest post for the Big Words Blog Site. It comes courtesy of Michael Kordvani, the Head of Search Engine Optimization (SEO) of the App development agency Fueled, and it discusses the best Apps for ‘Cryptocurrency’ (Crypto) Investment – a topic related to two of my posts which discussed both Bitcoin and Blockchain Technology. While this post recommends the best Apps for financial transactions using cryptocurrencies, it is worth noting that the Big Words Blog Site is not involved in rendering personal financial advice to readers and is thus not liable for any financial decisions made by readers.

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There are now loads of different cryptocurrencies to invest in, but how do you keep track of all your investments, and the changes in the market?

No doubt you’ll want to use your smartphone to manage your crypto investments. While we’re not always in front of our PC, we’ve usually got our smartphone to hand, and when it comes to cryptocurrencies, things can change fast. Being able to access your investment data quickly, any time you like, wherever you are, is pretty much vital.

Blockchain development has been highly concentrated in the area of crypto investment apps, so you have plenty of choice when it comes to apps to use. Here’s our pick of some of the best apps for managing your crypto investments…

Coinbase

If you’re new to crypto investment, then Coinbase is a good choice as it’s very easy to use. Setting it up and then making sense of the information displayed is very simple. It’s very popular at the moment with more than 10 million customers using their system.

Gemini

Gemini is another popular choice, and currently benefits from slightly lower fees than Coinbase. This is an intuitive app with lots of reporting capabilities and some great graphs to help you make sense of all the information it presents.

Blockfolio

Blockfolio is particularly useful for anyone with a diverse portfolio. It’s a powerful tool that can seem complicated at first, but it’s well worth spending the time getting to grips with it if you’re dealing with a wide range of investments across several cryptocurrencies. Blockfolio tracks more than 800 different cryptocurrencies and sends push notifications to your smartphone when levels reach your predetermined threshold.

Investing.com Cryptocurrency

If you tend to trust apps from long established companies, then take a look at Investing.com Cryptocurrency. This company has been giving us investment advice for over 10 years now so it’s no surprise they’ve moved into the cryptocurrency market too. Through their app you can track 1300 different cryptocurrencies in real time, and you have the advantage of seeing historical data too. This app will also allow you to set alerts for when your goal price has been reached.

Bitcoin Wallet from BTC

This app from BTC is easy to use and is nicely designed to be simple yet efficient. It’s very secure and has reasonable transfer fees. It offers a good backup system, so you’ll never lose your data, and you can also transfer Bitcoin via QR reader. This app only deals with Bitcoin though, so if you’re investing in other altcoins, then you will probably want to look at our other recommended apps rather than this one.

Xapo Wallet

If security is top of your priority list when choosing a crypto investment app, then they don’t come much more secure than Xapo Wallet. The Wall Street Journal described their security as ‘the Fort Knox of cryptocurrency storage’. It gives you three layers of security and it’s also very easy to use with a smooth interface.

BitTrade Scalping Terminal

BitTrade Scalping Terminal is ideal for those of you who want to make big profits on the small price movements that are so common in the cryptocurrency trading world. It is a cryptocurrency scalping tool that boasts a clean interface, demo trading option for those of you who are new to the process to learn the ropes with, and best of all, it’s browser-based so you don’t even need to download it.