Tim Draper: Bitcoin is So Much Bigger Than the Industrial Revolution
Millionaire, venture capital investor and blockchain enthusiast Tim Draper knows the Internet, money and cryptocurrency inside out. It's worth listening to what he has to say about what Bitcoin is all about.
Draper know what to invest in
Tim Draper and Overstock CEO Patrick Byrne held a discussion with Bitcoin opponents in a TV show in New York. Tim Draper claimed that Bitcoin was “bigger than the Iron Age or the Renaissance. It's bigger than the Industrial Revolution”.
In other words, the millionaire put Bitcoin before the epoch when humans discovered iron, before the Renaissance after the Dark Ages, even before the Industrial Revolution that rocked the world in the XIX c. It's a serious statement, but the millionaire has no second thoughts since his own experience in investing in Tesla, Hotmail and Skype projects allows him to make this conclusion.
At least, it's obvious Draper know very well what to invest in. All of the above three projects were a success.
Future lies in cryptocurrencies
When talking about investing in Tesla, Hotmail and Skype, Draper said Bitcoin was going to be bigger than these three projects combined. In his view, the Bitcoin technology has a potential that by far exceeds the scale of major technological advances in the human history.
In real life, at the mundane level, it's going to look like this: “In five years from now, when you try to buy a cup of coffee for fiat money, you'll be laughed at because you're not using cryptocurrency”. This is a prediction Draper has voiced on multiple occasions.
He also believes there will be a point when no one will want to own conventional currencies — everyone will prefer cryptocurrencies. Moreover, Bitcoin will cost 250,000 dollars. It's also been forecast by Draper. It's just a matter of time now.
Topic: SIGEN is a cryptocurrency trading platform. Exchange, P2P platform and exchanger - page 11. (Read 3440 times)
September 10, 2018, 02:27:24 PM
August 30, 2018, 03:34:14 PM
ETH/SPA has been substituted for SPA/ETH. Two trading pairs with DASH have been added!
Dear friends, we have two wonderful pieces of news for you:
Now you have even more earning opportunities. Enjoy your trading!
Best regards, SIGEN.pro Team
Dear friends, we have two wonderful pieces of news for you:
- For more convenient trading, ETH/SPA pair has been substituted for SPA/ETH.
- Two new trading pairs have been added. DASH/PZM and DASH/SPA.
Now you have even more earning opportunities. Enjoy your trading!
Best regards, SIGEN.pro Team
August 29, 2018, 05:28:52 PM
Learning Trading From Scratch
Can you learn how to trade if you're really out of subject? The answer is “yes”. Here's a more complicated question: how do you learn how to trade from scratch and do it the right way to get a good result?
Courses
Courses for traders are a fairly popular method of learning. You just need to select the right course without reservations. Finding a course by a really wealthy and successful trader is complicated since a pro would hardly share their knowledge — they have no time to do it, and they don't want more competitors.
However, there're courses by well-informed traders who operate in smaller amounts. These could be a good way to learn basics of trading and use of exchange tools.
Online webinars
Some traders, sometimes successful, can arrange webinars for newbies. They can be really useful to learn basics of trading — talking to a professional is good for a novice trader in itself. A guru might give you a few tips on how to avoid mistakes when trading on your own.
Self-education
Most traders learn how to trade independently: using books, articles and online video tutorials. It's best to start by studying the easy-to-understand and popular sources of knowledge.
Specialized resources for traders — forums or exchange chats — may become an invaluable source of knowledge. Naturally, novices are often sneered at on such resources, but most successful traders have walked this path having gained a lot in return. Feel free to ask questions. It may seem weird, but traders who refuse to share their knowledge for a price often do it for free while chatting on forums.
Posts by SIGEN.pro
Additionally, in our posts we always give tips to both novice and experienced traders to help them improve their knowledge and make more money. Subscribe to us and regularly read interesting information. We really hope our articles are useful.
Lastly, we'd like to note you don't have hurry into putting all your newly-gained knowledge into practice. You need to test it in real trading step by step while carefully analyzing each action; otherwise, there's a good chance you could fail. Be vigilant and careful!
Can you learn how to trade if you're really out of subject? The answer is “yes”. Here's a more complicated question: how do you learn how to trade from scratch and do it the right way to get a good result?
Courses
Courses for traders are a fairly popular method of learning. You just need to select the right course without reservations. Finding a course by a really wealthy and successful trader is complicated since a pro would hardly share their knowledge — they have no time to do it, and they don't want more competitors.
However, there're courses by well-informed traders who operate in smaller amounts. These could be a good way to learn basics of trading and use of exchange tools.
Online webinars
Some traders, sometimes successful, can arrange webinars for newbies. They can be really useful to learn basics of trading — talking to a professional is good for a novice trader in itself. A guru might give you a few tips on how to avoid mistakes when trading on your own.
Self-education
Most traders learn how to trade independently: using books, articles and online video tutorials. It's best to start by studying the easy-to-understand and popular sources of knowledge.
Specialized resources for traders — forums or exchange chats — may become an invaluable source of knowledge. Naturally, novices are often sneered at on such resources, but most successful traders have walked this path having gained a lot in return. Feel free to ask questions. It may seem weird, but traders who refuse to share their knowledge for a price often do it for free while chatting on forums.
Posts by SIGEN.pro
Additionally, in our posts we always give tips to both novice and experienced traders to help them improve their knowledge and make more money. Subscribe to us and regularly read interesting information. We really hope our articles are useful.
Lastly, we'd like to note you don't have hurry into putting all your newly-gained knowledge into practice. You need to test it in real trading step by step while carefully analyzing each action; otherwise, there's a good chance you could fail. Be vigilant and careful!
August 22, 2018, 09:24:52 AM
PRIZM trading has been resumed
Dear friends, all issues with the PRIZM (PZM) cryptocurrency have been fixed and it is available for trading again! You can start trading PZM right away!
Sincerely yours,
SIGEN.pro Team
Dear friends, all issues with the PRIZM (PZM) cryptocurrency have been fixed and it is available for trading again! You can start trading PZM right away!
Sincerely yours,
SIGEN.pro Team
August 17, 2018, 02:45:37 PM
Save on fees with SIGEN.pro
Different crypto exchanges charge different fees on transactions, deposit, and withdrawals. Most often the fees are pretty high. Is there a way to avoid high fees? Yes.
Fees are a headache for traders and investors.
When trading in crypto exchanges, the thing traders and investors complain about most is high fees. A fee is in the amount of some percentage of each transaction. Moreover, in some crypto exchanges only buyers are charged with a fee whereas in others both buyers and sellers have to pay a percentage.
A crypto exchange can also charge different fees on withdrawal to different payment systems. Sometimes, with the help of the amount of a fees, crypto exchanges give preference to a particular cryptocurrency. In other words, most of cryptocurrency exchanges use fees as a great possibility to manipulate users' behavior and make money on it. However, not all exchanges stick to this policy.
SIGEN.pro has no fees charged for cryptocurrency deposits/withdrawals while the transaction fee is just 0.1%.
The SIGEN.pro platform doesn't use fees as a means of pressure on traders. It has the lowest possible fees.
These conditions are attractive for all traders but they are most favorable for newbies who due to high fees on other platforms, can't make a big profit.
Low transaction fees and no fees applied to deposit and withdrawal allow traders including those trading with a small amount to trade with no losses. We follow this policy as we intend to make cryptocurrencies available for anyone.
Use the SIGEN.pro platform and take advantage of the lowest possible fees.
Different crypto exchanges charge different fees on transactions, deposit, and withdrawals. Most often the fees are pretty high. Is there a way to avoid high fees? Yes.
Fees are a headache for traders and investors.
When trading in crypto exchanges, the thing traders and investors complain about most is high fees. A fee is in the amount of some percentage of each transaction. Moreover, in some crypto exchanges only buyers are charged with a fee whereas in others both buyers and sellers have to pay a percentage.
A crypto exchange can also charge different fees on withdrawal to different payment systems. Sometimes, with the help of the amount of a fees, crypto exchanges give preference to a particular cryptocurrency. In other words, most of cryptocurrency exchanges use fees as a great possibility to manipulate users' behavior and make money on it. However, not all exchanges stick to this policy.
SIGEN.pro has no fees charged for cryptocurrency deposits/withdrawals while the transaction fee is just 0.1%.
The SIGEN.pro platform doesn't use fees as a means of pressure on traders. It has the lowest possible fees.
- No fees are applied to cryptocurrency deposits and withdrawals
- The fee for a transaction on P2P platform and exchange is charged both for the buyer and the seller, and equals to 0.1% from each party.
These conditions are attractive for all traders but they are most favorable for newbies who due to high fees on other platforms, can't make a big profit.
Low transaction fees and no fees applied to deposit and withdrawal allow traders including those trading with a small amount to trade with no losses. We follow this policy as we intend to make cryptocurrencies available for anyone.
Use the SIGEN.pro platform and take advantage of the lowest possible fees.
August 14, 2018, 05:10:46 PM
Using Exchange on SIGEN.pro Platform
The SIGEN.pro platform has its own cryptocurrency exchange with easy-to-use and convenient functionalities. You can use it to make profit on price fluctuations. Buy cryptocurrencies at one price and sell them at another price to make money.
How do I start trading?
First of all, fill up your exchange account. To do this:
After the transfer is completed, you can start trading on the exchange. Navigate to the Exchange section and create an order with the terms you want. To do this:
Please note: you can buy/sell cryptocurrency instantaneously if the Buy orders and Sell orders columns already include orders that comply with your terms. If currently there's no match, your order will need some time to work — you'll need to wait for other exchange users to respond.
An order may require one or multiple transactions to work, depending on the market demand. After each transaction, the appropriate amount will be displayed on your balance.
As you can see, using the SIGEN.pro exchange is really easy, and your profit may be quite large since cryptocurrencies are very volatile, and their price may change by hundreds of percent in a single day. All you need to do is understand how the exchange works and start trading.
We wish you successful trading and large profits!
The SIGEN.pro platform has its own cryptocurrency exchange with easy-to-use and convenient functionalities. You can use it to make profit on price fluctuations. Buy cryptocurrencies at one price and sell them at another price to make money.
How do I start trading?
First of all, fill up your exchange account. To do this:
- Click the profile icon in the upper right corner of the page to open the menu. In the Deposit/Withdrawal section, select the line with the appropriate cryptocurrency wallet and click it to see your one-time address to deposit funds (the address will automatically change after each deposit).
- Transfer funds to the indicated address and wait for the proper validation of the transaction in the blockchain for the transfer to be deposited on your account.
After the transfer is completed, you can start trading on the exchange. Navigate to the Exchange section and create an order with the terms you want. To do this:
- Select the cryptocurrency pair of your choice in the upper right corner of the page.
- Create a buy or sell order. Click the amount next to the Available label, and the system will automatically make a calculation for the entire amount based on the current market price. If you want to change the price and the amount, do so manually. You can also create multiple orders with varying terms.
Please note: you can buy/sell cryptocurrency instantaneously if the Buy orders and Sell orders columns already include orders that comply with your terms. If currently there's no match, your order will need some time to work — you'll need to wait for other exchange users to respond.
An order may require one or multiple transactions to work, depending on the market demand. After each transaction, the appropriate amount will be displayed on your balance.
As you can see, using the SIGEN.pro exchange is really easy, and your profit may be quite large since cryptocurrencies are very volatile, and their price may change by hundreds of percent in a single day. All you need to do is understand how the exchange works and start trading.
We wish you successful trading and large profits!
August 07, 2018, 05:01:04 PM
New Cryptocurrencies Added! BCH, ETC, DASH, ZEC
Dear friends, we have excellent news for you! New cryptocurrencies have been added to the three SIGEN.pro sub-platforms — exchange, P2P platform and auto-exchanger.
You can trade these cryptocurrencies for BTC.
They are popular TOP coins both traders and investors look out for. You will now have more opportunities for making profit. Start using them right now. Good luck!
Sincerely yours, SIGEN.pro Team
Dear friends, we have excellent news for you! New cryptocurrencies have been added to the three SIGEN.pro sub-platforms — exchange, P2P platform and auto-exchanger.
- Bitcoin Cash (BCH)
https://www.bitcoincash.org/ - Ethereum Classic (ETC)
https://ethereumclassic.org/ - DASH
https://www.dash.org/ - Zcash (ZEC)
https://z.cash/
You can trade these cryptocurrencies for BTC.
They are popular TOP coins both traders and investors look out for. You will now have more opportunities for making profit. Start using them right now. Good luck!
Sincerely yours, SIGEN.pro Team
August 04, 2018, 02:45:19 PM
Bitcoinomy
Let's go on talking about the key terms related to the Bitcoin network. Last time we talked about the terms related to the inner world of Bitcoin; now let's turn to the big world outside — the Bitcoin economy, or Bitcoinomy.
Altcoins
Altcoins are cryptocurrencies that were initially supposed to become an alternative to Bitcoin. The world now knows about 2,000 cryptocurrencies in total, wherein about 20 can be called top cryptocurrencies as they're well known to users and account for a significant share of the market. It should be noted that no cryptocurrency has become a full-scale alternative to Bitcoin even though a lot of altcoins have been and are still trying to do it.
ICO
Initial coin offering, or ICO is the initial offering of a cryptocurrency, i. e. a process of pre-selling the coin before it's listed on the exchanges. In other words, ICO is raising funds for developing a future coin, with investors getting the chance to buy the cryptocurrency at an attractive price at an initial stage.
When launching ICO, responsible developers must publish a plan for the allocation of funds received from the investors.
ICO may be public meaning anyone can take part in it or private meaning an investor can take part in it if they invest an amount “starting from…” in a particular currency.
It should be noted that the ICO market isn't regulated; therefore, it's often used by con artists. Before you make a decision to invest in an ICO, you should carefully analyze who, how and why has started it.
HODL
The term “HODL” originated in 2013 resulting from a typo on the Bitcointalk.org forum where a user wrote a post with the title “I AM HODLING”. The user actually meant “I am holding” in the sense that they were not going to sell Bitcoin, no matter what, and will hold it in their wallet. The community really liked this typo, and since then HODL has remained the main strategy for Bitcoin owners — they don't sell it regardless market conditions and just wait until it grows in value in the long term.
FUD
FUD stands for “Fear, Uncertainty and Doubt”. This is a piece of news that seems dubious, but since users cannot be certain it's fake they feel fear. As a rule, a FUD is launched and disseminated to make the community sell Bitcoin at a cheaper price to whoever is willing to buy. The person buying Bitcoin amid general fears might as well be the FUD's initiator or beneficiary.
SCAM
SCAM is a fraudulent project that often looks like a promising ICO, but it can also be any other Internet project. Authors of SCAM projects especially favor cryptocurrencies because this sector is underregulated and has few users who know the topic well and want to make profit.
Let's go on talking about the key terms related to the Bitcoin network. Last time we talked about the terms related to the inner world of Bitcoin; now let's turn to the big world outside — the Bitcoin economy, or Bitcoinomy.
Altcoins
Altcoins are cryptocurrencies that were initially supposed to become an alternative to Bitcoin. The world now knows about 2,000 cryptocurrencies in total, wherein about 20 can be called top cryptocurrencies as they're well known to users and account for a significant share of the market. It should be noted that no cryptocurrency has become a full-scale alternative to Bitcoin even though a lot of altcoins have been and are still trying to do it.
ICO
Initial coin offering, or ICO is the initial offering of a cryptocurrency, i. e. a process of pre-selling the coin before it's listed on the exchanges. In other words, ICO is raising funds for developing a future coin, with investors getting the chance to buy the cryptocurrency at an attractive price at an initial stage.
When launching ICO, responsible developers must publish a plan for the allocation of funds received from the investors.
ICO may be public meaning anyone can take part in it or private meaning an investor can take part in it if they invest an amount “starting from…” in a particular currency.
It should be noted that the ICO market isn't regulated; therefore, it's often used by con artists. Before you make a decision to invest in an ICO, you should carefully analyze who, how and why has started it.
HODL
The term “HODL” originated in 2013 resulting from a typo on the Bitcointalk.org forum where a user wrote a post with the title “I AM HODLING”. The user actually meant “I am holding” in the sense that they were not going to sell Bitcoin, no matter what, and will hold it in their wallet. The community really liked this typo, and since then HODL has remained the main strategy for Bitcoin owners — they don't sell it regardless market conditions and just wait until it grows in value in the long term.
FUD
FUD stands for “Fear, Uncertainty and Doubt”. This is a piece of news that seems dubious, but since users cannot be certain it's fake they feel fear. As a rule, a FUD is launched and disseminated to make the community sell Bitcoin at a cheaper price to whoever is willing to buy. The person buying Bitcoin amid general fears might as well be the FUD's initiator or beneficiary.
SCAM
SCAM is a fraudulent project that often looks like a promising ICO, but it can also be any other Internet project. Authors of SCAM projects especially favor cryptocurrencies because this sector is underregulated and has few users who know the topic well and want to make profit.
July 31, 2018, 03:57:41 PM
Key Concepts of the Bitcoin Network
Bitcoin is a whole virtual world. To find a way in this world, you need to know the key concepts. Today, we'll tell you all about blockchain, blocks, nodes and mining.
Block
Blocks in the Bitcoin blockchain are, in essence, registers that contain both information about each particular transaction (transfer) and information about all network transactions. Each block has a fixed size which imposes certain restrictions on the Bitcoin network operations.
Blockchain
This is the cornerstone of Bitcoin. One might as well say that it was not Bitcoin that created the blockchain — rather, it was the blockchain that created Bitcoin. All types and kinds of existing blockchains are based on the Bitcoin blockchain. Blockchain is, in essence, a linked chain of blocks, which one block following another chronologically. A block in the Bitcoin network is no more than 1 MB. Overall, the entire Bitcoin network is about 142.5 GB.
Mining
Mining is a process of supporting network operations and generating bitcoins. It involves solving mathematical problems — hashes — by making calculations. When the right answer is obtained, new blocks are created and new coins are generated. The process is automatic and uses special software. In the first few years of Bitcoin's existence, mining could be carried out using regular computers, but now it can only be done using specialized powerful equipment. Bitcoin is virtually not mined by separate users — it's a real industry: huge “farms” with maintenance costs amounting to the biggest part of mined coins.
Miner
Before traders and investors owning huge amounts of bitcoins appeared, miners were dominating the Bitcoin network. But even now the network's very existence depends on miners since their main functions is validating transactions, adding new blocks into the blockchain and generating new bitcoins which are then given to them as a reward after hash is calculated. The reward is large — 12.5 BTC per generated block. In addition, miners receive the fees paid by other network users for transaction validation.
Node
A node is any computer in the Bitcoin network (where mining is “enabled”). Miners use nodes to support network operations. Each node stores a copy of blockchain and verifies the block chain sequence against that stored by other nodes on a continuous basis. If a node finds a block that does not correspond to the block chain sequence in the network, this block is rejected and is not included into the blockchain. This principle explains the invulnerability of Blockchain that cannot be hacked and modified.
Bitcoin is a whole virtual world. To find a way in this world, you need to know the key concepts. Today, we'll tell you all about blockchain, blocks, nodes and mining.
Block
Blocks in the Bitcoin blockchain are, in essence, registers that contain both information about each particular transaction (transfer) and information about all network transactions. Each block has a fixed size which imposes certain restrictions on the Bitcoin network operations.
Blockchain
This is the cornerstone of Bitcoin. One might as well say that it was not Bitcoin that created the blockchain — rather, it was the blockchain that created Bitcoin. All types and kinds of existing blockchains are based on the Bitcoin blockchain. Blockchain is, in essence, a linked chain of blocks, which one block following another chronologically. A block in the Bitcoin network is no more than 1 MB. Overall, the entire Bitcoin network is about 142.5 GB.
Mining
Mining is a process of supporting network operations and generating bitcoins. It involves solving mathematical problems — hashes — by making calculations. When the right answer is obtained, new blocks are created and new coins are generated. The process is automatic and uses special software. In the first few years of Bitcoin's existence, mining could be carried out using regular computers, but now it can only be done using specialized powerful equipment. Bitcoin is virtually not mined by separate users — it's a real industry: huge “farms” with maintenance costs amounting to the biggest part of mined coins.
Miner
Before traders and investors owning huge amounts of bitcoins appeared, miners were dominating the Bitcoin network. But even now the network's very existence depends on miners since their main functions is validating transactions, adding new blocks into the blockchain and generating new bitcoins which are then given to them as a reward after hash is calculated. The reward is large — 12.5 BTC per generated block. In addition, miners receive the fees paid by other network users for transaction validation.
Node
A node is any computer in the Bitcoin network (where mining is “enabled”). Miners use nodes to support network operations. Each node stores a copy of blockchain and verifies the block chain sequence against that stored by other nodes on a continuous basis. If a node finds a block that does not correspond to the block chain sequence in the network, this block is rejected and is not included into the blockchain. This principle explains the invulnerability of Blockchain that cannot be hacked and modified.
July 29, 2018, 02:29:14 PM
Where is Bitcoin unwelcome?
The world has not quite made up its mind as to how it should treat cryptocurrencies. In some countries, Bitcoins and altcoins are viewed positively, and anyone who trades in them is safe. In other countries, trading in cryptocurrencies is not quite legal or is totally illegal.
Where is Bitcoin totally banned?
Countries where using cryptocurrencies would cost you a term in jail include: Nepal, Bolivia, Bangladesh, Algeria.
On a side note, countries like Nepal, Bolivia and Bangladesh are very poor, with a vague political system. They might not even know how cryptocurrencies could hurt them, but, most probably, it's about monopolizing the emission of currency. The local currency is so weak that Bitcoin could rapidly replace it as a means of payment which would endanger the very existence of the local authorities.
The cause of the negative attitude towards cryptocurrency in Algeria is not clear. It's a fairly big economy even though it's mostly based on oil and gas, and countries of this type usually lag behind those that are more developed in terms of technological progress.
It's quite possible that sooner or later the need for and benefits of using cryptocurrency will be figured out by the governments of these countries, too. We hope it's going to happen soon enough.
Where is Bitcoin partially banned?
Thailand has introduced a ban on investments, trading, creation of platforms, use of debit and credit cards to buy cryptocurrency. However, mining and use of cryptocurrency as a means of payment is allowed. It's something at least. However, it should be noted that Thailand is a rapidly developing country, and sooner or later cryptocurrency restrictions may be lifted. There's a heated debate here regarding legislative changes.
Iceland has also prohibited cryptocurrency buy/sell transactions. It's one of the smallest countries in the world that is not a part of big economic blocs; therefore, investors and traders may invest too much currency in BTC. If Bitcoin price slumps, it might actually cripple its economy. By the way, this country is currently researching whether cryptocurrency mining is possible, since calculations show that if everyone wishing to do so starts mining in Iceland, it may cause power outages.
Kyrgyzstan does not allow to buy or sell anything for cryptocurrency. In other words, they cannot use Bitcoin as a means of payment, but currently they are considering a possibility of altering the legislation.
Last autumn, China scared the entire cryptoworld by banning ICO, cryptocurrency exchanges and even promotional cryptocurrency projects. The reality though is not as bad as it sounded in the mass media. China has prohibited out-of-exchange trading; therefore, the Chinese actively trade in their local social media, on international P2P platforms, and the country is still a major cryptocurrency market.
Vietnam and Malaysia stick to a strict AML policy — the policy against laundering of fraudulent funds via cryptocurrencies to be used for terrorism and extremism purposes. In other words, each cryptocurrency transaction is closely investigated and regulated. At the same time, legal and regulated circulation of cryptocurrency is allowed. Legislation development is still under way.
Ecuador and Morocco have banned cryptocurrencies as a means of payment as well as buy/sell transactions; however, mining is allowed. As soon as these technically underdeveloped countries find a way to regulate taxation of cryptonomics actors, they are going to lift these bans.
The cryptocurrency situation in Indonesia is paradoxical. On the one hand, cryptocurrency as a means of payments and buy/sell transactions are banned; on the other hand, cryptocurrency projects have been developed with backing from the country's Central Bank. Moreover, cryptocurrency circulation is allowed in Bali where freelancers from cold and developed countries spend their winters — at least, Indonesians understand that cryptocurrency can generate real money for their economy.
The Indian conundrum
India has been shaken by cryptocurrency scandals since April when the Central Bank issued a circular note which was regarded by many as an actual ban. Members of the cryptocurrency market files a lawsuit against the Central Bank into the Supreme Court, but the Court supported the Bank's position.
However, multiple members of the cryptocurrency market note that there's no actual ban since the circular note only prohibits institutions subordinate to the Central Bank to provide services to cryptocurrency companies. Those who are not included in the Central Bank structure can do whatever they want. Therefore, the Indian cryptocurrency market continues to grow.
The world has not quite made up its mind as to how it should treat cryptocurrencies. In some countries, Bitcoins and altcoins are viewed positively, and anyone who trades in them is safe. In other countries, trading in cryptocurrencies is not quite legal or is totally illegal.
Where is Bitcoin totally banned?
Countries where using cryptocurrencies would cost you a term in jail include: Nepal, Bolivia, Bangladesh, Algeria.
On a side note, countries like Nepal, Bolivia and Bangladesh are very poor, with a vague political system. They might not even know how cryptocurrencies could hurt them, but, most probably, it's about monopolizing the emission of currency. The local currency is so weak that Bitcoin could rapidly replace it as a means of payment which would endanger the very existence of the local authorities.
The cause of the negative attitude towards cryptocurrency in Algeria is not clear. It's a fairly big economy even though it's mostly based on oil and gas, and countries of this type usually lag behind those that are more developed in terms of technological progress.
It's quite possible that sooner or later the need for and benefits of using cryptocurrency will be figured out by the governments of these countries, too. We hope it's going to happen soon enough.
Where is Bitcoin partially banned?
Thailand has introduced a ban on investments, trading, creation of platforms, use of debit and credit cards to buy cryptocurrency. However, mining and use of cryptocurrency as a means of payment is allowed. It's something at least. However, it should be noted that Thailand is a rapidly developing country, and sooner or later cryptocurrency restrictions may be lifted. There's a heated debate here regarding legislative changes.
Iceland has also prohibited cryptocurrency buy/sell transactions. It's one of the smallest countries in the world that is not a part of big economic blocs; therefore, investors and traders may invest too much currency in BTC. If Bitcoin price slumps, it might actually cripple its economy. By the way, this country is currently researching whether cryptocurrency mining is possible, since calculations show that if everyone wishing to do so starts mining in Iceland, it may cause power outages.
Kyrgyzstan does not allow to buy or sell anything for cryptocurrency. In other words, they cannot use Bitcoin as a means of payment, but currently they are considering a possibility of altering the legislation.
Last autumn, China scared the entire cryptoworld by banning ICO, cryptocurrency exchanges and even promotional cryptocurrency projects. The reality though is not as bad as it sounded in the mass media. China has prohibited out-of-exchange trading; therefore, the Chinese actively trade in their local social media, on international P2P platforms, and the country is still a major cryptocurrency market.
Vietnam and Malaysia stick to a strict AML policy — the policy against laundering of fraudulent funds via cryptocurrencies to be used for terrorism and extremism purposes. In other words, each cryptocurrency transaction is closely investigated and regulated. At the same time, legal and regulated circulation of cryptocurrency is allowed. Legislation development is still under way.
Ecuador and Morocco have banned cryptocurrencies as a means of payment as well as buy/sell transactions; however, mining is allowed. As soon as these technically underdeveloped countries find a way to regulate taxation of cryptonomics actors, they are going to lift these bans.
The cryptocurrency situation in Indonesia is paradoxical. On the one hand, cryptocurrency as a means of payments and buy/sell transactions are banned; on the other hand, cryptocurrency projects have been developed with backing from the country's Central Bank. Moreover, cryptocurrency circulation is allowed in Bali where freelancers from cold and developed countries spend their winters — at least, Indonesians understand that cryptocurrency can generate real money for their economy.
The Indian conundrum
India has been shaken by cryptocurrency scandals since April when the Central Bank issued a circular note which was regarded by many as an actual ban. Members of the cryptocurrency market files a lawsuit against the Central Bank into the Supreme Court, but the Court supported the Bank's position.
However, multiple members of the cryptocurrency market note that there's no actual ban since the circular note only prohibits institutions subordinate to the Central Bank to provide services to cryptocurrency companies. Those who are not included in the Central Bank structure can do whatever they want. Therefore, the Indian cryptocurrency market continues to grow.
July 22, 2018, 03:36:45 PM
Research by Analysts: Portrait of Today's Bitcoin Investor
Some time ago, the LendEDU analytical agency conducted a survey of Bitcoin users. The questions regarded investment into the first cryptocurrency, thus allowing the analysts to make a generalized portrait of an average Bitcoin investor.
Changing the world and making profit
Most American investors have invested in Bitcoin since they believe they can change the world. Naturally, many of them also count on making money from Bitcoin price growth. Few use Bitcoin as a means of payment as it's not profitable due to high price volatility and a long time of transaction processing.
Owning $3,000 in BTC and believing in growth
An average Bitcoin investor owns about 3,000 dollars in BTC which is neither a lot nor little. An average investor is not a millionaire due to the fact that early on few people invested in Bitcoin and missed their chance of becoming fabulously rich.
It was a technology that few understood, knew about and believed in. A lot of people started to buy Bitcoin and invest in it when its price began to grow rapidly and significantly. Investors count on the future growth of cryptocurrency.
Notorious holder
A lion's share of cryptocurrency investors are the so-called holders. They are users who are prepared to hold on to their cryptocurrency savings no matter what happens. Since they bought Bitcoin, they've never sold it and are not going to sell it, with this number accounting for 70 % of all Bitcoin users. The holder's strategy is based on the fact that Bitcoin price has been continuously rising since its inception in 2009 when one dollar cost 1,309.03 BTC. They are confident that Bitcoin growth in the future will remain just as spectacular.
Some time ago, the LendEDU analytical agency conducted a survey of Bitcoin users. The questions regarded investment into the first cryptocurrency, thus allowing the analysts to make a generalized portrait of an average Bitcoin investor.
Changing the world and making profit
Most American investors have invested in Bitcoin since they believe they can change the world. Naturally, many of them also count on making money from Bitcoin price growth. Few use Bitcoin as a means of payment as it's not profitable due to high price volatility and a long time of transaction processing.
Owning $3,000 in BTC and believing in growth
An average Bitcoin investor owns about 3,000 dollars in BTC which is neither a lot nor little. An average investor is not a millionaire due to the fact that early on few people invested in Bitcoin and missed their chance of becoming fabulously rich.
It was a technology that few understood, knew about and believed in. A lot of people started to buy Bitcoin and invest in it when its price began to grow rapidly and significantly. Investors count on the future growth of cryptocurrency.
Notorious holder
A lion's share of cryptocurrency investors are the so-called holders. They are users who are prepared to hold on to their cryptocurrency savings no matter what happens. Since they bought Bitcoin, they've never sold it and are not going to sell it, with this number accounting for 70 % of all Bitcoin users. The holder's strategy is based on the fact that Bitcoin price has been continuously rising since its inception in 2009 when one dollar cost 1,309.03 BTC. They are confident that Bitcoin growth in the future will remain just as spectacular.
July 17, 2018, 05:27:52 PM
Nassim Nicholas Taleb: Bitcoin is the First Organic Currency
An authoritative, globally renowned scholar, economist and trader — Nassim Nicholas Taleb — who authored the Black Swan theory has talked about Bitcoin. By the way, the Black Swan theory which talks about an unpredictable game-changing event has allowed some traders to earn over 1 bln dollars. So it's worth listening to what this scholar has got to say.
Global uprising
Nassim Taleb expressed his opinion of Bitcoin in the introduction to a book about cryptocurrency by Saifedean Ammous. In particular, Taleb believes that we're now witnessing a global uprising against conventional assets, against the centralized system of finance management, against the inefficient actions by the top financial elite. Bitcoin is the foundation of this macroeconomic uprising.
Organic currency with no country
Bitcoin has no single center of control; it belongs to a multitude of people and is developed by a group of enthusiasts. Taleb thinks that Bitcoin is undoubtedly a currency, even though without “its own country”. This is the first organic currency which is not controlled by central banks and governments and can be used by citizens from any country. Taleb feels that Bitcoin's technical problems will be overcome, and it will become truly public.
Bitcoin's uncontrollability, Taleb says, “provides us, the grassroots, with insurance against a future as pictured by George Orwell”, i. e. against turning community into totalitarian barracks.
An authoritative, globally renowned scholar, economist and trader — Nassim Nicholas Taleb — who authored the Black Swan theory has talked about Bitcoin. By the way, the Black Swan theory which talks about an unpredictable game-changing event has allowed some traders to earn over 1 bln dollars. So it's worth listening to what this scholar has got to say.
Global uprising
Nassim Taleb expressed his opinion of Bitcoin in the introduction to a book about cryptocurrency by Saifedean Ammous. In particular, Taleb believes that we're now witnessing a global uprising against conventional assets, against the centralized system of finance management, against the inefficient actions by the top financial elite. Bitcoin is the foundation of this macroeconomic uprising.
Organic currency with no country
Bitcoin has no single center of control; it belongs to a multitude of people and is developed by a group of enthusiasts. Taleb thinks that Bitcoin is undoubtedly a currency, even though without “its own country”. This is the first organic currency which is not controlled by central banks and governments and can be used by citizens from any country. Taleb feels that Bitcoin's technical problems will be overcome, and it will become truly public.
Bitcoin's uncontrollability, Taleb says, “provides us, the grassroots, with insurance against a future as pictured by George Orwell”, i. e. against turning community into totalitarian barracks.
July 14, 2018, 05:31:23 PM
Blockchain.info Popular Wallet: Brief Overview
The Blockchain.info cryptocurrency wallet that is often called Blockchain Wallet or simply Blockchain is today one of the most popular wallets. But why? Let's review its features in more detail.
Features of Blockchain.info
The Blockchain.info cryptocurrency wallet that is often called Blockchain Wallet or simply Blockchain is today one of the most popular wallets. But why? Let's review its features in more detail.
Features of Blockchain.info
- Users have downloaded this wallet over 15 mln times viewing it as the safest, most user-friendly and accessible. Using it is very convenient.
- The main version of this cryptocurrency wallet is a web version. Besides, Blockchain Wallet can be downloaded to a smartphone: both iOS and Android-based.
- To create a wallet, you need to register an account on the official Blockchain Info web-site and follow the provided instructions to activate it. Within the wallet, you can use three cryptocurrencies — Bitcoin, Ethereum and Bitcoin Cash.
- When you deposit Bitcoin and Bitcoin Cash, you wallet's address will change after each completed transaction. When, however, you deposit Ethereum, the address remains the same. You don't have to worry if you send BTC or BCH to your previous address — it's still reach your wallet.
- Among all web wallets, Blockchain.info is probably the safest. It allows you to copy private keys/mnemonic phrases so that you don't lose your coins even if you wallet stops operating. Wallet servers are also secured against all kinds of attacks. It has never been hacked in its entire history of operation.
- Additionally, Blockchain has got a built-in Security Center with various protective tools. Security of your personal wallet is ensured via three methods of authentication: verified e-mail, mobile phone linked to the account and Tor blocking requests that block IP addresses of the Tor network from accessing the account.
- The wallet calculates the transaction fee based on the network's activities and load. As a result, you are offered two options when making a transfer: for fast and for long validation. You can also set up the fee manually.
- You can now exchange and buy/sell cryptocurrencies directly in the wallet (though it's not available in all countries).
- One of the advantages is an incomplete set of functionalities. For instance, it takes a lot of effort to “sign a message” in the wallet to prove your right of ownership over a Bitcoin address. As an example, this action may be required for ICO. Some other functions that are in low demand are also not available, but it will hardly be notices by 99% of users.
July 13, 2018, 06:01:34 PM
Traders: Professionals and Amateurs
A trader is a person who trades in assets, such as cryptocurrencies, on their own initiative. They do this at their own risk and peril to make profit.
Trading is not an easy occupation; it's based on conducting trading transactions in order to make money. Traders deals with all kinds of assets: securities, precious metals, raw materials, options and futures, currency and cryptocurrency. They must be able to obtain and properly analyze incoming data, correctly respond to market changes and avoid falling into despair if their actions have been unsuccessful. Key traits for a trader are attention to detail and patience.
Types of traders
There are multiple trader classifications: in terms of strategy, behavior on the market and trading psychology. You already know some types of traders: bulls and bears, whales and hamsters. All traders may generally be divided into two big categories: professionals and amateurs.
What trader category do you think you are in?
A trader is a person who trades in assets, such as cryptocurrencies, on their own initiative. They do this at their own risk and peril to make profit.
Trading is not an easy occupation; it's based on conducting trading transactions in order to make money. Traders deals with all kinds of assets: securities, precious metals, raw materials, options and futures, currency and cryptocurrency. They must be able to obtain and properly analyze incoming data, correctly respond to market changes and avoid falling into despair if their actions have been unsuccessful. Key traits for a trader are attention to detail and patience.
Types of traders
There are multiple trader classifications: in terms of strategy, behavior on the market and trading psychology. You already know some types of traders: bulls and bears, whales and hamsters. All traders may generally be divided into two big categories: professionals and amateurs.
- For professional traders, trading is a job that generates an income for them. Most often they have economic or financial education, work in investment funds, brokerage firms or banks. They can also work independently. Their decisions are the most informed and educated; they rarely fail and know how to make profit regardless of market performance.
- An amateur is a trader with no specialized education who regards trading as an additional means of making money. An amateur trader may also be successful if they know how to follow their instinct and contain emotions. Ultimately, an amateur may become a professional.
What trader category do you think you are in?
July 09, 2018, 05:28:07 PM
What is a Node in a Cryptocurrency Network?
A node is, in essence, any computer connected to the blockchain network and using the P2P protocol. Nodes use this protocol to communicate with each other distributing information about transactions and blocks across the network. Strictly speaking, nodes are the key component of the blockchain network.
Nodes may be lightweight and full
A full node is any computer that is fully synced with the blockchain network. Each full node has a copy of all blockchain data — starting from the genesis block and ending with the last generated block — on its hard drive. After each new block is created, information is updated, i. e. it's always up-to-date.
A light node is also fully synced with the network, but it does not store all the information from the blockchain on its hard drive — it only services the network. Most nodes in the network are lightweight; however, full nodes form the backbone of the network.
What are nodes for?
All nodes support network operations: they automatically validate transactions and generate new blocks while protecting the network from fraudulent activities. In many networks, node owners (miners) are rewarded with new coins that are generated with new blocks.
A node is, in essence, any computer connected to the blockchain network and using the P2P protocol. Nodes use this protocol to communicate with each other distributing information about transactions and blocks across the network. Strictly speaking, nodes are the key component of the blockchain network.
Nodes may be lightweight and full
A full node is any computer that is fully synced with the blockchain network. Each full node has a copy of all blockchain data — starting from the genesis block and ending with the last generated block — on its hard drive. After each new block is created, information is updated, i. e. it's always up-to-date.
A light node is also fully synced with the network, but it does not store all the information from the blockchain on its hard drive — it only services the network. Most nodes in the network are lightweight; however, full nodes form the backbone of the network.
What are nodes for?
All nodes support network operations: they automatically validate transactions and generate new blocks while protecting the network from fraudulent activities. In many networks, node owners (miners) are rewarded with new coins that are generated with new blocks.
July 08, 2018, 05:37:06 PM
Scam or No Scam — This is the Question
All of you probably know that “scam” literally means con or fraud. However, in the online world, this term has a narrower meaning — raising funds for an allegedly promising project that will then disappear together with the investors' money.
Pre-Scam
Scam-projects usually spring up in hype industries, i. e. the fastest-growing sectors. Cryptocurrencies and Blockchain are a hype sector now; therefore, a lot of conmen find their investor victims in this area.
A scam project is very hard to identify initially. Since cryptoindustry grows very fast, no developers can be confident their project will be a success.
The difference between a scam and any other project is that scam has no success embedded in it — it's just about collecting money from the investors.
However, there's a range of characteristics that might prove a project is a scam.
Scam Characteristics
These are the key characteristics of scam projects. Each characteristic on its own may simply mean that a project is experiencing some growth difficulties. Together, however, these characteristics are a sign it's not safe and the project is, in all probability, a scam.
All of you probably know that “scam” literally means con or fraud. However, in the online world, this term has a narrower meaning — raising funds for an allegedly promising project that will then disappear together with the investors' money.
Pre-Scam
Scam-projects usually spring up in hype industries, i. e. the fastest-growing sectors. Cryptocurrencies and Blockchain are a hype sector now; therefore, a lot of conmen find their investor victims in this area.
A scam project is very hard to identify initially. Since cryptoindustry grows very fast, no developers can be confident their project will be a success.
The difference between a scam and any other project is that scam has no success embedded in it — it's just about collecting money from the investors.
However, there's a range of characteristics that might prove a project is a scam.
Scam Characteristics
- Regular technical issues on the project web-site, DDoS attacks and failures may indicated a project is a scam.
- An important scam characteristic is the low activity of the support service. No one answers your questions, no one responds to your comments or replies with trivialities.
- Despite the announced big plans, the project makes no headway and does not grow.
- Problems related to withdrawing or getting back your funds are probably the most obvious characteristic of scam. In the case of cryptocurrencies, it may be an issue related to selling the tokens. Unfortunately, if the investor reaches this stage, it's hardly possible to get back the invested funds.
- A lot of negative reviews are published online, there's a strong negative feeling around the project on professional forums — this is what you should look out for. Cryptocurrencies are still an area for the “advanced” investors who understand what they invest in — don't ignore their opinion.
These are the key characteristics of scam projects. Each characteristic on its own may simply mean that a project is experiencing some growth difficulties. Together, however, these characteristics are a sign it's not safe and the project is, in all probability, a scam.
July 01, 2018, 03:11:27 PM
Who are “Whales” and “Hamsters”?
In addition to bulls and bears, the crypto exchange is also inhabited with whales and hamsters. We have already discussed the former two inhabitants of the trading “kingdom”, and today we'll learn about whales and hamsters.
Whales
Being a whale is a dream of many successful traders or investors who gradually build up capital and grow their ability to affect market behavior. However, an investor who invests a huge one-time amount into trading can also become a whale.
A whale possesses a large amount of coins. By convention, a whale is seen as an owner of 1,000 BTC or more. Whales can cause cryptocurrency price fluctuations at least on a single exchange. At any rate, they are often accused of this by a lot of traders.
These allegations are most often voiced when cryptocurrency prices slumps. However, whales do not necessarily engage in large-scale sale or sell large amounts of coins deliberately. In any case, careless or provocative behavior by whales activates another type of trading animals — the so-called hamsters.
Hamsters
Hamsters are usually fledgling traders who are vulnerable to a mass panic. They sell out their assets in fear of slumping cryptocurrency prices. Or, on the contrary, stricken by euphoria, they tend to buy out all they can at an elevated price.
Most hamsters don't bother to study the basics of market trading trying to catch the “hype wave” and following their crowd instincts: “They're all buying — I'll buy, too” or “They're all selling — I'll sell, too”. As a result, while trying to get rich, hamsters help whales or traders who are just careful enough to make profit. The crypto market actually likes hamsters. With each year, the number of hamsters grows.
It's worth noting that the cryptocurrency market is often so volatile that even experienced traders may give in to panic. It usually happens when the price of cryptocurrency falls — this is when even iron nerves may snap. However, if a trader intends to stay in the market in the longer term, they soon learn to both see unreasonably abrupt market movements and make profit on them.
In addition to bulls and bears, the crypto exchange is also inhabited with whales and hamsters. We have already discussed the former two inhabitants of the trading “kingdom”, and today we'll learn about whales and hamsters.
Whales
Being a whale is a dream of many successful traders or investors who gradually build up capital and grow their ability to affect market behavior. However, an investor who invests a huge one-time amount into trading can also become a whale.
A whale possesses a large amount of coins. By convention, a whale is seen as an owner of 1,000 BTC or more. Whales can cause cryptocurrency price fluctuations at least on a single exchange. At any rate, they are often accused of this by a lot of traders.
These allegations are most often voiced when cryptocurrency prices slumps. However, whales do not necessarily engage in large-scale sale or sell large amounts of coins deliberately. In any case, careless or provocative behavior by whales activates another type of trading animals — the so-called hamsters.
Hamsters
Hamsters are usually fledgling traders who are vulnerable to a mass panic. They sell out their assets in fear of slumping cryptocurrency prices. Or, on the contrary, stricken by euphoria, they tend to buy out all they can at an elevated price.
Most hamsters don't bother to study the basics of market trading trying to catch the “hype wave” and following their crowd instincts: “They're all buying — I'll buy, too” or “They're all selling — I'll sell, too”. As a result, while trying to get rich, hamsters help whales or traders who are just careful enough to make profit. The crypto market actually likes hamsters. With each year, the number of hamsters grows.
It's worth noting that the cryptocurrency market is often so volatile that even experienced traders may give in to panic. It usually happens when the price of cryptocurrency falls — this is when even iron nerves may snap. However, if a trader intends to stay in the market in the longer term, they soon learn to both see unreasonably abrupt market movements and make profit on them.
June 28, 2018, 02:03:07 PM
Hashing and Hash Rate as the Basis of the Cryptocurrency World
The world of cryptocurrencies is full of terms which are worth knowing in order to understand how the market operates. Let's have a look at the concepts of hash rate and hashing.
Hashing
Hashing is finding a solution to a math problems by using a miner's computing system. In other words, it's the cornerstone of the cryptocurrency system. Its functions are similar to the ones of a “printing press” in the conventional monetary system.
Hash Rate
A hash rate reflects the number of mining cycles a miner's computing system can run per second to find the right solution to the problem. Consequently, the higher the hash rate is, the sooner a miner can solve math problems and the more reward they can earn.
Cryptocurrency networks also have a hash rate that reflects the total computing power of all mining devices. Therefore, to be able to mine cryptocurrency in networks with a high hash rate, you must have a high hash rate of your own, i. e. more powerful devices.
Hash rate is measured in:
The hash rate measured in H/s is not used any more since the difficulty rate of any cryptocurrency network is continuously growing and requires more computing power. The quest to reduce consumption while preserving the rate of solving problems is the key issue for a miner.
FYI, the hash rate is over 33,000,000 TH/s in the Bitcoin network, about 312 TH/s for Litecoin, and 278 TH/s for Ethereum. In other words, the Bitcoin hash rate is and will remain the highest. Bitcoin's network has the most power, but mining the first-ever cryptocurrency is the most difficult task, too.
The concepts of hashing and hash rate are relevant for the understanding of how cryptocurrency is mined and can clarify the question of cryptocurrency prospects.
The world of cryptocurrencies is full of terms which are worth knowing in order to understand how the market operates. Let's have a look at the concepts of hash rate and hashing.
Hashing
Hashing is finding a solution to a math problems by using a miner's computing system. In other words, it's the cornerstone of the cryptocurrency system. Its functions are similar to the ones of a “printing press” in the conventional monetary system.
Hash Rate
A hash rate reflects the number of mining cycles a miner's computing system can run per second to find the right solution to the problem. Consequently, the higher the hash rate is, the sooner a miner can solve math problems and the more reward they can earn.
Cryptocurrency networks also have a hash rate that reflects the total computing power of all mining devices. Therefore, to be able to mine cryptocurrency in networks with a high hash rate, you must have a high hash rate of your own, i. e. more powerful devices.
Hash rate is measured in:
- hash/second (H/s) — 1 (the lowest);
- kilohash/second (Kh/s) — 1,000;
- megahash/second (MH/s) — 1 mln;
- gigahash/second (GH/s) — 1 bln;
- terahash/second (TH/s) — 1 trillion;
- petahash/second (PH/s) — 1 quadrillion;
The hash rate measured in H/s is not used any more since the difficulty rate of any cryptocurrency network is continuously growing and requires more computing power. The quest to reduce consumption while preserving the rate of solving problems is the key issue for a miner.
FYI, the hash rate is over 33,000,000 TH/s in the Bitcoin network, about 312 TH/s for Litecoin, and 278 TH/s for Ethereum. In other words, the Bitcoin hash rate is and will remain the highest. Bitcoin's network has the most power, but mining the first-ever cryptocurrency is the most difficult task, too.
The concepts of hashing and hash rate are relevant for the understanding of how cryptocurrency is mined and can clarify the question of cryptocurrency prospects.
June 27, 2018, 02:09:23 PM
What is a “Short” and a “Long”?
The terms “long position (a long)” and “short position (a short)” are key concepts for the stock exchange. Despite what their names suggest, these fundamental trading strategies have no connection with the transaction duration.
Long Position (or Long)
A long (or long position) is the main method of trading wherein a trader expects the asset to rise in value over short or long term. In other words, the trader buys cryptocurrency “in the hope of growth”. This is what “bullish” traders do. Traders who go long on cryptocurrencies virtually shoulder the entire market preventing cryptocurrencies from falling in price too much.
Short Position (or Short)
A trader who “goes short”, i. e. enters into a short position, sells cryptocurrency with the expectation that it will fall in value.
Short positions allow the trader to make profit when cryptocurrencies become cheaper. In this case the trader borrows tokens or buys them on credit. They sell the tokens at the current price during a downturn and buy them back at a lower price in order to cover their debts. Traders who choose this strategy are “bearish”.
Experienced traders can make profit on both long and short positions. However, most of them will only opt for one option rather than use both. Please note that long positions are much more favorable for the growth of the cryptocurrency market.
The terms “long position (a long)” and “short position (a short)” are key concepts for the stock exchange. Despite what their names suggest, these fundamental trading strategies have no connection with the transaction duration.
Long Position (or Long)
A long (or long position) is the main method of trading wherein a trader expects the asset to rise in value over short or long term. In other words, the trader buys cryptocurrency “in the hope of growth”. This is what “bullish” traders do. Traders who go long on cryptocurrencies virtually shoulder the entire market preventing cryptocurrencies from falling in price too much.
Short Position (or Short)
A trader who “goes short”, i. e. enters into a short position, sells cryptocurrency with the expectation that it will fall in value.
Short positions allow the trader to make profit when cryptocurrencies become cheaper. In this case the trader borrows tokens or buys them on credit. They sell the tokens at the current price during a downturn and buy them back at a lower price in order to cover their debts. Traders who choose this strategy are “bearish”.
Experienced traders can make profit on both long and short positions. However, most of them will only opt for one option rather than use both. Please note that long positions are much more favorable for the growth of the cryptocurrency market.
June 26, 2018, 02:58:43 PM
Important Rules of Cryptotrading:
No Greed, No Panic
In one of the previous publications, we already told you about the main rules to be followed by a trader on the cryptocurrency market. Today, we'd like to consolidate this knowledge and tell you about the two key rules to be known by each trader.
Don't fall victim to greed
Don't fall victim to the desire to earn as much and as fast as possible by buying cryptocurrencies with no regard to the price and the trend. Don't expect the price to always soar or slump unless analysis tools unambiguously prove it. If an aspiring trader feels the thrill that cannot be analytically explained, it's time to stop and exit the trade.
Don't surrender to panic
Panic is even more dangerous than greed. It's harder to tackle since usually it attacks you when the price collapses — it seems you could lose all your assets. However, you often need to stop and exit the trade to avoid becoming a part of panic selling.
As regards cryptocurrencies during panic selling events, it's worth remembering that, despite their volatility in the short and medium term, in the long term cryptocurrencies demonstrate a constant growth, and it's best to be able to trade in the current prices rather than surrender to emotion, sell all your assets and quit trading for good.
No Greed, No Panic
In one of the previous publications, we already told you about the main rules to be followed by a trader on the cryptocurrency market. Today, we'd like to consolidate this knowledge and tell you about the two key rules to be known by each trader.
Don't fall victim to greed
Don't fall victim to the desire to earn as much and as fast as possible by buying cryptocurrencies with no regard to the price and the trend. Don't expect the price to always soar or slump unless analysis tools unambiguously prove it. If an aspiring trader feels the thrill that cannot be analytically explained, it's time to stop and exit the trade.
Don't surrender to panic
Panic is even more dangerous than greed. It's harder to tackle since usually it attacks you when the price collapses — it seems you could lose all your assets. However, you often need to stop and exit the trade to avoid becoming a part of panic selling.
As regards cryptocurrencies during panic selling events, it's worth remembering that, despite their volatility in the short and medium term, in the long term cryptocurrencies demonstrate a constant growth, and it's best to be able to trade in the current prices rather than surrender to emotion, sell all your assets and quit trading for good.
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