CoinCheckup

Blog

  • Is it possible to earn bitcoins without mining? Read this! [In Collaboration]

    Is it possible to earn bitcoins without mining? Read this! [In Collaboration]

    If you are thinking Mining as the only method to earn bitcoin on a regular basis, you need to think again. It is 2020 and there are various other methods that can help you leverage this high-value currency.

    Mining demands deep pockets, as, like bitcoin, bitcoin mining has also skyrocketed. And of course, competition is heating up, as always. Besides, the days when mining was the only go-to method to get your hands-on bitcoin are gone. Like almost every other thing in life, you get a hack in here as well.

    Thus, for all those who don’t wish to travel the miming-way and still earn in Bitcoins, I have enlisted 4 alternatives below:

    1. Add Bitcoin Payment in your existing mode of payment

    This will prove to be an asset if you are already into eCommerce and online retail. You have got unlimited options to expect payments from your clients. My recommendation is to add another in the list, i.e. Bitcoins.

    Yes, I know the online biggie Amazon doesn’t allow Bitcoin payments. But there are other online platforms that readily avail crypto payments which include names like, Overstock, Dish, eGifter, Newegg.

    You see, bitcoin is not like any other online payments. It is way different. For instance, back in 2010, with 10K bitcoin, you could afford a couple of pizzas. But now, 10K bitcoin is worth USD 90+ Million!

    1. Sell services in return of Bitcoins

    This point is quite similar to the first point but all of us do not really have products to offer. Some of us offer our skills or other services and work as freelancers.

    When you have services to offer for short term gigs and one-time contracts, which include services like writing codes, data analytics, secretarial tasks, delivery, and graphic designing, you can ask the concerned department to pay you exclusively in Bitcoin.

     

    You will find various online platforms that do that. For instance, Reddit and Coinality. People looking for freelancers are now a thing, are globally growing, and are here to stay. But yes, at the same time it is equally important to be careful when you pick up assignments as freelancers. Research about the firm, read reviews and call sources before you finalize the deal.

    1. Do simple online tasks

    Well, if both the points mentioned above do not match your functioning, here’s your rescue to still earn in Bitcoins: Do some online tasks in return of Bitcoins. These online tasks include watching a video, viewing ads, visiting websites, doing surveys and referrals.

    It neither requires special expertise, nor experience. Anyone and everyone can do it. You also get bitcoin in return for performing simple analytics and testing certain functions out. However, the downside here is, the amount is pretty less, and it will take you some time to reach a certain amount.

    But, the kind of effort required to do these minuscule tasks is pretty less too. For those, who are blessed with writing skills, there are online platforms, in which you can write and post articles. The articles which are read and shared the most are paid with bitcoin in return. If you are good, visitors would even buy your content-piece, giving you bitcoin in return.

    1. Online casino gambling

    This point is completely different from the rest of the others, as the others involved some form of work, but in this, you are just going to have a blast at a casino. Yes, that’s right, bitcoin casinos are a thing, and new players are offered bonuses in cryptocurrency.

    But this is not the only reason why you must consider earning from online gambling. There is a list of other reasons as well.  Online gambling is growing, along with the probability to earn more and more. However, since Bitcoin wallets offer maximum secrecy, it is another reason why gambling can play you well with Bitcoins.

    PS: These are only a few, you can find more methods listed here. 

    Over to you…

    21 million – that’s the maximum number of Bitcoins that are ever going to exist. Thus, if you wish to earn, you need to HURRY! Whether you wish to offer products or sell your services for bitcoin in return. Or, if you want to do the tiny online tasks, or take up gambling – the pick is yours. Irrespective of the kind, you need to make the most of the selected technique. 

  • What Are Your Money Transfer Options As Finance And Banking Become Digitized? [Sponsored]

    What Are Your Money Transfer Options As Finance And Banking Become Digitized? [Sponsored]

    When you consider how money has evolved throughout time, it’s amazing how the world has gone from bartering goods, minting gold and silver coins, printing cash and now to plastic cards and digital payments. When finance first started going digital, there was a lot of skepticism over the security of banking, and potentially what more artificial intelligence and robots would do to economies because of it. It turns out digital payments and electronic money transfer services have added more opportunities than what was originally thought to have been possible, and there are several ways they can make your life easier.

    Saving Trips To The Bank With Banking Apps

    Instead of spending time having to go through the paperwork and questioning of a brick and mortar bank official when you go to sign up for an account, a digital banking app can substitute. These banking apps are about as easy to sign up for as they get. You just go to their website, fill out their application and you usually get approved for an account very quickly. Most online banks send plastic debit cards and allow their customers to make cash withdrawals from ATMs, and others have even included cash deposit methods through third party services. But online banks also allow for direct deposit from employers or clients who are paying you for short-term services. The bottom line is you can go completely digital in banking and feel you have more control financially.

    Using Electronic Budgeting Technology

    With digital money management also comes the need to place various limits on it and set goals for using it. That’s what budgeting apps allow by monitoring how much take-home pay you’re bringing in and making sure it’s being allocated wisely to your expenses. Most people feel more than willing to budget but don’t do it because they don’t feel they have the time to write things down on paper, do a lot of math, and run the numbers over again. Digital budgeting apps do a lot of the work for you by taking your financial data and organizing it for you. They can even convert it into spreadsheets and charts if you want a good look at how you’re doing with your goals.

    Sending Money Rapidly To Friends Or Family

    There are many occasions where work or school can take someone overseas and far away from their families or friends posing some challenges if they need to support them financially. This is true, especially for citizens of emerging economies like India or the Philippines. As a matter of ensuring they don’t lose their money, they can’t send cash, and sending paper checks or money orders can be a slow process because of the time and logistics involved. But with the ability to make digital payments, you can transfer money to your home country seamlessly. If you are an Indian, you can learn how to transfer money to India and get around the old obstacles to getting your money there on time. Various transfer services allow you to send money directly from a bank account, a prepaid debit card, credit card or even cash if you do it through a local agent. And most of these services take exchange rates into account, although the person you’re sending to may still be subjected to local taxes if they are making a cash withdrawal. You can decide how you want to send and how the recipient will receive your money, but the fees can be greater for cash pickup transfers as opposed to ACH bank transfers.

    Borrowing Money From Lenders Around The World

    The rise in online banking and money transfers has also brought about new opportunities for business funding including peer-to-peer loans and online microloans. If you’re starting up a business but can’t or don’t want to apply for a massive bank loan right away, peer-to-peer lending platforms can connect you with investors who can work with your specific financial situation. Even if you are located overseas, they will usually be willing to loan you money transferring it directly to your bank, or sometimes through an online merchant account or P2P payment system. You also usually need to be able to pay them back electronically. It is important to note that P2Ps cost a bomb in interests if you don’t pay them on time. It is always good to keep this mode of borrowing as the last resort. 

    Investing In Different Funds

    Digital banking and transfers have also opened the door to different investment opportunities. It’s possible to use an investing app and open a brokerage account and have a bot advisor offering assistance on where you could invest your money. Or, if you’re looking for some alternative investing opportunities, you might consider using a crypto trading platform to buy into cryptocurrencies and take on a little more risk. Basically, investing electronically can be done from just about anywhere in the world using digital banking and transfer services so long as the investments you want are approved in your country.

    The bottom line is you can move money around in more ways than ever and don’t have to worry about foreign exchange barriers as much these days. You just need to make sure you’re using highly reputable and secure financial service apps.                                                        

  • Turning XRP to USD – What is it good for? [Sponsored]

    Turning XRP to USD – What is it good for? [Sponsored]

    Everyone trades currencies. Well, nearly everyone. Not just through brokers like here at EverFX. From airport counters where funds are exchanged for travel purposes to the big banks trading on a much larger scale – most people in the world have traded currencies over and over throughout their lives. Currency is a part of a nation’s personality – it represents the country and permeates its culture to the point where most people are more likely to know the name of a country’s currency than the name of its capital. We trade our USD for EUR, so we can travel from New York to Paris. We trade EUR to JPY to go and see Tokyo. We trade our JPY to GBP when we travel to London. But where are we traveling to when we trade USD to XRP? 

    In this article I will discuss the following subjects:

    • What is XRP – a short introduction. 
    • Trading in XRP – who are the target traders?
    • The price of XRP stock – what will it cost you to turn XRP to USD?

    What is XRP?

    Before we get into the price of XRP in dollars, we need to look at what it is and where it came from. Ripple came on the scene in 2012 and – within no time – became a real force in the crypto market. But the events leading to the establishment of this cryptocurrency can shed light on its primary purpose and its creation. 

    The Ripple Project (Ripplepay.com) – which was the predecessor of the XRP ledger – was founded by Ryan Fugger in 2004. This happened four years before Bitcoin’s whitepaper was published. At the time, Ripplepay.com described the Ripple Project as “A financial service that allows users to extend credit lines to their friends, family, and associates and make payments in traditional and online currencies.”

    Around the same time, Jed McCaleb was occupied by the eDonkey Network, which enabled people to share files online in a decentralized peer-to-peer way. McCaleb took an interest in creating a digital currency system and started working on it in May of 2011 with 

    David Schwartz and Arthur Britto. With a background in decentralized file sharing and a growing interest in cryptocurrency all around, it’s no wonder McCaleb came up with an idea to combine these elements. 

    In 2012 he transferred ownership of Ripplepay to Chris Larsen, and Jessie Powell, who went on to found OpenCoin. OpenCoin was designed to facilitate real-time direct financial transfers in any currency. That would reduce fees and transfer delays and disrupt currently operating payment systems. 

    In 2013 OpenCoin changed its name and brand to Ripple Labs, and in 2015 the name changed to Ripple. The changes caused a bit of confusion around the semantics of the company but did not detract from its growth and success. It took the network less than six years to become a significant force in the busy crypto market. In 2015 Ripple opened offices in Sydney, London, and Luxembourg, and in 2016 the Global Payments Steering Group started operating. It was created to oversee Ripple transactions. 

    XRP and Ripple can credit their growth to the Ripple community, which has been actively buzzing in forums and social media.  

    Today, Ripple.com boasts over 300 users (many institutions, predominantly of the financial variety). With XRP, an institution can have funds nearly instantly and conduct transactions without having to earmark a certain sum for it in advance.  

    According to Ripple.com, a transfer takes up to 3 seconds, and the XRP ledger can handle up to 65,000+ transactions per second. It is based on blockchain technology with validators around the globe. 

    Trading in XRP

    According to Ripple.com, they aim to reach a point where the movements of funds around the world resemble the flow of information through the world wide web – instantly and cheaply – similarly to files being shared over the internet. However, it is not made to be used by private people paying their bills, unlike file sharing, which is available to all. File sharing succeeded partly thanks to the size of its audience, which was anyone with an internet connection. This cryptocurrency has a target audience comprised of organizations and institutions, so it appears it cannot expect to succeed. However, it seems the opposite is true. With all their technological advances, the additional new features being added, and the diverse pairings available, Ripple does not suffer from a paucity of users. According to their website, they currently have over 300 financial institutions around the world using their cryptocurrency. 

    XRP stock price

    At the time this is being written, XRP stock is blowing up, and bitcoin is flatlining. It is the third-largest digital asset by market capitalization, and it went up 10% in the last 24 hours. The value of turning XRP to USD is now 0.28$, as opposed to the 0.25$ of yesterday. It has been months since this coin’s value has been this high. This uptick appears to be related to the launch of a new financial vehicle by BitMEX’s, which launched only a few hours prior to the rising value of XRP. The new vehicle is tracking the XRP to USD performance, and this rise suggests many users are preoccupied with speculation about the influence of the new vehicle on this coin. 

    But can it get even higher? In the past 24 hours, it has been holding pretty steady with a slight dip of 0.1% in the past couple of hours. In spite of this dip, there are several notable market analysts who would advocate this cryptocurrency can and will rise even further. Back in January, the altcoin behaved in a way similar to bitcoin right before its massive growth. That break and hold of the range equilibrium, which XRP had right at the start of February, is preparation for a strong surge for XRP. 

    That said, some analysts suggest otherwise. Extreme funding rates sometimes suggest inflection points in markets, Which means XRP’s rise could very well stop soon because longs are severely overleveraged compared to shorts.

    Most opinions fall on the side of the rise, as the coin is firmly supported near the $0.2730 and $0.2700 levels, and it seems it only needs to reach 0.2810$ to rally up to $0.3000 or even higher.

    So what have we learned?

    What we’re looking at is an innovation in cryptocurrency that is popular among financial institutions. It enables companies and institutions to increase liquidity within seconds at low rates without having to pre-fund. It provides these institutions the ability to conduct real-time transactions across borders with reduced rates in comparison to standard processing fees of international transactions. Though it has been having some tough months, it seems to have gotten the wind at its back in the past couple of days, and many predictions say it will rally higher.  

  • How Cryptocurrency Can Be Your Gateway To Better Debt Management

    How Cryptocurrency Can Be Your Gateway To Better Debt Management

    A staggering  60% of Americans are carrying heavy debt that causes them massive amounts of stress, according to LendingTree. Getting rid of debt usually involves drawing up agreements with creditors and extreme penny-pinching. Thankfully, debt management is now crossing paths with newer technologies and new currencies. Cryptocurrency can now be the gateway that you need to better manage your debt. So how can it do this exactly?

    Improved Cash Flow

    To make ends meet, the American market is no stranger to the concept of payday loans. In fact,  75% of payday loans are taken out by those who have used them before. These types of loans are often necessary given the delayed nature of most bi-monthly paychecks. Cryptocurrency can help  cut through the bureaucracy of salary processing by being introduced into the Automated Clearing House System that’s employed by companies and businesses, according to Steven Buchko. So instead of having to wait for checks to clear through several processes, cryptocurrency needs only a few blockchain confirmations before going through. Consumers can get instant access to much-needed funds, and will no longer see the need to take out payday loans.

    Passive Income

    There are more people that use cryptocurrency than you might think. Over  36.5 million Americans own cryptocurrency — or some form of it — according to Finder. Instead of just hoarding it, you can make it work for you. Companies like BlockFi and Celsius have come up with new ways for crypto owners to earn more by having it grow interest — just like a bank. After a lock-in period (if they have one), you can earn roughly 4-5% from your cryptocurrency without having to do anything. You can also lend out your cryptocurrency through peer-to-peer lending platforms like CoinLoan. If that isn’t to your taste, you can earn money by offering mining services to those that wish to obtain crypto assets. It simply requires you to use the normal channels that you used to mine your own cryptocurrency — so it really doesn’t cost you anything. So instead of simply relying on traditional methods to generate income, cryptocurrency can open up more avenues and keep you out of debt.

    Viable Alternative In A Crisis

    The legal tender should be stable in order to be worth something. But what history has shown is that this is not always the case — Greece being the most well-known example of legal tender nose-diving in value. When the national currency was practically worthless, consumers were affected and had to search for alternatives. What a lot of them found was cryptocurrency. Another example of cryptocurrency being a suitable alternative in a crisis was in Cyprus back in 2013. When their banking crisis was at its peak, the value of cryptocurrency skyrocketed and served as a shield for consumers. While crypto is rather volatile in its worth, it has remained consistently valuable, despite differing countries and political regimes passing through the times. What this means for you is that in the event of a market crash where the dollar is deemed worthless, having crypto assets makes sure that you still have something that is of value.
    Cryptocurrency’s power is here to stay. The fact that it now has the capability to help consumers climb their way out of debt without the bureaucratic hoops put in by banks is just the cherry on top of the cake. So if you’re staring debt in the face, maybe it’s time to consider using cryptocurrency as a gateway to better handle your debts. Naturally, it’s good to take your time and look over the pros and cons. That way, you can be certain that you are at peace with your financial decisions.
  • Uhive: The World’s First Crypto Powered Social Network to Award Users 10% of Its Tokens [Sponsored]

    Uhive: The World’s First Crypto Powered Social Network to Award Users 10% of Its Tokens [Sponsored]

    2019 was a rollercoaster year for social media, and cryptocurrencies in general, with coverage of Facebook’s Libra, and the rise and fall of ICOs amongst the most talked about topics. As the world watched on and attempted to digest what a single digital currency with 2.5 billion monthly active users would do to the global economy, a startup based out of the UK’s capital, quietly launched its new social media mobile app – Uhive.

    According to Uhive’s marketing team, they were developing their beta for over two years, throughout which they had invited early-adopters to become testers, capping the number off at 5,000 accounts. By the time the app was ready to be launched to the public, it had over 200 new features, and enhancements made to it since its first build.

    With social media users increasingly scrutinizing any new platform that vies for their attention, apps like Uhive are having to offer something completely different, or just simply do it better. Available on Android and iOS, Uhive’s beta was launched just a few weeks ago and has since been downloaded over 100,000 times, while according to its website it has “over 2 million posts” already online. That’s no small feat for a new social network just a few weeks from launch and is a clear indication that they’re answering at least one of the calls above.

    Uhive was built from the ground-up to incorporate its own cryptocurrency Uhive Token. Uhive tokens are built on the Ethereum blockchain and are used to facilitate multiple transactions across the platform. These range from users being paid a share of the revenue their content generates, purchasing spaces (additional profiles), space names (Uhive have suggested these may be tradeable in the near-future), as well as goods and services offered on Uhive’s marketplace.

    Perhaps one of the smartest moves social networks are making in 2020 is incorporating tokenization into their platforms, and while Uhive is no different – it just might be leading the field in this regard. Uhive has done something pretty unprecedented for a social network – they’re rewarding the first 200,000 users by distributing 8 billion Uhive tokens (10% of its total supply) to everyone who actively participates on the platform. Users receive rewards for spending time on the app, posting content and engaging with others’ content by sharing, liking or disliking, and commenting.

    What this will mean for the price of the token when it hits exchanges later this year is yet to be seen. If we’re going to look at the precedents previously set and Uhive signs up enough users it could make a lot of the early-adopters who either bought or earned Uhive tokens very, very happy ‘Uhivers’.

    Tokenization and user-rewards are not the only features that Uhive is hoping will hit home with users. Uhive promises to not scrape users’ data, and use it in sync with an algorithm to push content to users based on what it thinks they want to see. Instead, Uhive promises a far more ‘organic’ content discovery model, based on users opting-in to interests that they wish to follow and see content related to. These interests, of which there are 26, range from automotive, fashion and beauty, to news, politics, religion and everything in between.

    For anyone who doesn’t want to miss out on earning their share of 8 billion Uhive tokens, they can download Uhive for Android or iOS and start engaging with millions of posts or create their own. Alternatively, you can still download the app and purchase Uhive tokens using Google Pay (and soon Apple Pay), PayPal, as well as your credit card, BTC or ETH.

  • Integrating Cryptocurrencies into Euro 2020 with Crypto Betting [Sponsored]

    Integrating Cryptocurrencies into Euro 2020 with Crypto Betting [Sponsored]

    The Euro 2020 play-offs are just around the corner, and thousands of bettors are wagering their cryptos to either support their national team or to increase their money.

    Millions of fans from around the globe will be tuning in or taking to the stadiums to watch the elite players of football. 

    Euro 2020 is the biggest sporting event of this year and, considering that football is the most popular sport in the world, statistically speaking, there will be more punters than ever placing their wagers on online platforms. 

    Crypto betting has seen an incremental rise in users over the last two years, as more online bookies are facilitating their use by integrating Bitcoin and other altcoins. Crypto betting platforms such as 1xBit allow users to place bets using more than 20 cryptocurrencies, making betting more available for crypto enthusiasts.

    How Will Euro 2020 Impact Crypto Betting?

    The magnitude of an event such as Euro 2020 will undoubtedly attract record numbers of crypto bettors. This increase in demand will prompt all online sportsbooks to put forward enticing promotions, bonuses, and odds to help them stand out from the crowd. 

    Some betting establishments might also be pushed to expand their list of crypto options to meet a much larger and diverse group of punters.

    While there are many fiat options available for sports betting, cryptocurrency has provided online gamblers with a convenient way to transfer funds without relying on an external third party. 

    People from each country on the globe can enjoy the thrill of supporting their favorite teams and players and access the betting services and earnings offered by online bookies.

    The integration of crypto in the online betting industry is estimated to hit $73.5 million by the end of 2024.

    Through crypto, people from all over the world will have access to bet on the much-anticipated matches of Euro 2020. It is expected that many will take advantage of the privacy of digital assets to participate in the betting opportunities created by this football tournament.

    Currently, more than 10% of all online gambling sites in the world accept cryptocurrencies such as Bitcoin, Ethereum, and Litecoin for most of their games and sports. 

    While the number of fiat currencies surpasses those of crypto betting sites for now, the anonymity and security of digital coins are bound to bring in more players.

    Buying tickets with cryptocurrency

    This year, UEFA and FIFA partnered up with AlphaWallet and tokenized 20,000 VIP tickets, making them available for purchase with Ethereum (ETH). This integration will undoubtedly increase the popularity of cryptocurrencies, serving as a real use case of merging crypto technology into the real world. 

    In addition, several other businesses are providing services such as airplane tickets, hotel reservations, and even food & drinks in exchange for crypto payments.

  • Automated Technical Analysis via the Learn 2 Trade Forex Signal Service [In Collaboration]

    Automated Technical Analysis via the Learn 2 Trade Forex Signal Service [In Collaboration]

    If you’re the type of forex trader than prefers to buy and sell currencies on a manual basis, then you likely have no interest in the potentialities of ai trading. With that being said, have you considered the merits of an algorithm that has the potential to perform autonomous research? 

    By this, we mean forex trading signal services that scan dozens of currency pairs on a second-by-second basis, and then notify you when a potential trading opportunity has been identified. 

    In this sense, by using a forex signal service such as the one being offered by Learn 2 Trade, you get the best of both worlds. In a nutshell, the signal service alerts you when technical analysis tools point towards a possible market movement on a specific pair. 

    Once you receive the trading suggestion, this then allows you to perform your own independent research. If you like what the trading signal has identified – and it mirrors that of your own research, then you can place a manual trade as you normally would. 

    What is Learn 2 Trade? 

    Learn 2 Trade is a UK-based education and fx signals hub that strives to assist online traders in their search for long-term, consistent gains. Regarding the former, the platform hosts hundreds of educational resources on all-things forex. 

    This includes 101 guides on choosing a broker, understanding the spread, and navigating leverage financing costs – as well as more advanced pieces such as how best to read and understand charting patterns. 

    When it comes to the Learn 2 Trade signals service, this allows traders to take their forex trading endeavors to the next level. In its most basic form, the underlying technology is tasked with identifying potential trading opportunities on a 24/7 rolling basis. 

    It does so through scanning and evaluating dozens of forex pairs in an autonomous manner, with the view of assessing which way a particular pair is likely to go. This includes key metrics such as historical pricing patterns, market volatility, liquidity, and trading volumes. 

    How Does a Forex Signals Service Work?

    Once the Learn 2 Trade algorithm has identified a trading opportunity, it will then send an alert to subscribers of the platform in real-time. This will come in the form of an email or RSS feed.  Crucially, this ensures that you never miss a trading suggestion – as notifications can be sent straight to your mobile device. 

    When a suggestion does arrive, you will be notified of what trading pair it relates to (such as EUR/USD), and which way the signal believes the market will likely go. For example, let’s say that the signal identifies that EUR/USD trading volumes are on the rise and that a key level of resistance is due to be broken. As such, the signal will suggest placing a buy order. 

    With that said, a signal alert would be of little use if it did not contain the relevant entry and exit points, which is why Learn 2 Trade ensures that traders receive three key order suggestions. This includes the entry point that the trade should be placed at, as well as a stop-loss order. 

    The latter is super-important, not least because it ensures that the trader can mitigate their losses in the event the markets go in the wrong direction. 

    Learn 2 Trade subscribers are also provided with a suggested take-profit order price. This ensures that the trader can realize any subsequent profits automatically, without needing to be sat on their device watching the markets. As such, once all three entry and exit points have been installed, everything is automated thereon.  

    The above forex signals service comes at a cost of:

    • 1 Month Package: $25
    • 3 Month Package: $55 ($18.33 per month)
    • 6 Month Package: $85 ($14.16 per month)

    Manual Decision-Making From an Automated Suggestion

    One of the most attractive selling points to the Learn 2 Trade signals service is that you are not required to act on it without performing your own research. On the contrary, you are advised to evaluate the suggestion to see whether or not it mirrors your personal trading strategies. 

    If it does, then you’ve benefited from a trading suggestion that was identified without you needing to do any of the work. This gives you access to dozens of trading pair charting patterns on a 24/7 basis. Ordinarily, it would be virtually impossible to research heaps of currency charts concurrently. Furthermore, even if the suggestions relate to a pair that you do actively research, the signal might identify a pattern that you failed to notice yourself.

    The Verdict?

    Although automated trading systems are not for everyone, the Learn 2 Trade forex signal algorithm gives you the best of both worlds. While you will be receiving trading suggestions that were yielded in an automated manner, you still get to perform your own due diligence on the signal prior to placing a trade.

  • Deciding to invest in cryptocurrencies

    Deciding to invest in cryptocurrencies

    Cryptocurrencies are one of those new concepts that are on the minds of everybody who follows the news. Since they had been introduced a while ago, they managed to take over the world of fintech. The new payment method surely has a lot of potential, and that attracts investors.

    Everybody with some money to spare might be inclined to consider investing in virtual coins. There are so many of them, it can be a little overwhelming, so it’s a good idea to educate yourself first. 

    When it comes to dealing with money operations, knowledge is power. It is true for many things but, perhaps, investing in particular. When proceeding with caution and trying to make educated decisions instead of guessing, there is no counter-indication that someone should not make any move whatsoever towards starting to change some of the real money into the digital cash. 

    With that said, there are specific sets of abilities that might be helpful in this situation. Embracing an analytical approach and improving in areas such as decision-making, rational thinking, and risk assessment is definitely a way to go. You can do that even in your spare time by choosing the right hobby. 

    Playing chess and online poker should provide you with an excellent opportunity to learn how to use logic to your advantage. On top of that, the most popular card game can help you cultivate a better response to potential trading losses. Of course, there are also many other stock market games and simulations that focus on more specific skills and strategies to prepare you for the real thing.

    There is a lot to be learned about cryptocurrencies. After all, revolutionary concepts tend to change the way we think about certain ideas. It is good to know a little bit about what blockchain technology that virtual cash is based on to have a more insightful image of how things work around here. 

    Because virtual money is entirely decentralized, and transactions are transparent in a way that promotes honest conduct, so the potential for high returns is considerable. This business can bring profits in a relatively short time, but it needs to be considered that this market is also susceptible to stronger fluctuations when compared to more traditional stock exchanges. 

    Therefore, the possible ups and downs might play a big part and need to be anticipated. Being prepared for them in advance will help minimize the influence of emotions in making decisions about buying or selling. You shouldn’t get into this with the money you cannot really lose, but that’s a golden rule for any kind of investing anyway. Of course, there are more general rules to apply to the crypto world, such as choosing the best exchange rates and the most promising product (coin) and diversifying your portfolio.

    Ultimately, there is no definite answer whether you should put your money in cryptocurrencies, of all things. Perhaps it isn’t for everybody. Hopefully, however, if you are convinced, you are now more likely to make wiser investment decisions.

  • Why cryptocurrencies are a safe haven investment? [Sponsored]

    Why cryptocurrencies are a safe haven investment? [Sponsored]

    We haven’t even been past the first quarter of 2020 and it has already proven itself to be quite an exciting year with unfortunately more bad news than good.

    From the astronomical ecological and biological damage caused by the Australian bushfire crisis to the outbreak of the Wuhan Coronavirus or COVID-19, 2020 is shaping up to be quite a challenging year.

    Of particular note, the Wuhan Coronavirus that has swept across China and parts of the world causing thousands of deaths has intensified concerns of a global economic meltdown. 

    Being an industrial manufacturing hub and home to suppliers of conglomerates such as Nissan, the Coronavirus has been catastrophic for China’s economy with analysts predicting growth of only 4.5% – numbers unseen since the global financial crisis.

    Further compounding this issue is the role played by China as one of the world’s key manufacturers and suppliers. For example, due to travel restrictions and the inability to meet demands, tech giant Apple has been forced to delay the launch of its new iPhone which speaks volumes as to the scale of this crisis.

    With falling oil prices and fears of long-reaching economic effects that could possibly take the world years to recover from, investors and governments alike are looking to shore up their investments in anticipation of the worst.

    Traditionally, precious metals such as gold have always been regarded as a safe haven investment in times of crisis. With its ability to retain value and positive price elasticity i.e. its price increase with demand, it’s easy to see why gold is a favorite amongst investors.

    However, as we can see in Currency.com gold predictions for the next 5 years they seem to be rather shaky for gold and other precious metals. So, it may not exactly be the ideal haven investment. 

    In this article, we take a look at cryptocurrencies such as Bitcoin and Ethereum and whether it really is digital gold.

    1. Cryptocurrencies are decentralized

     If you didn’t already know, cryptocurrencies are essentially a form of digital money that are used as a medium of exchange. They work by securely encrypting financial transactions and acting as proof of a transaction.

    Bitcoin, which is arguably the world’s most famous cryptocurrency, first got its start on the deep web where internet surfers and criminals freely mingled and bought and sold goods on the digital black market.

    Unlike traditional fiat currencies that are issued by a government’s central financial body, cryptocurrencies like Bitcoin are not controlled or issued by any single entity. This gives cryptocurrencies a remarkable degree of freedom and anonymity which has made them so popular with criminals and individuals who prize their anonymity.

    Because it is decentralized, cryptocurrencies are usually unaffected by factors such as government policy or economic downturn. As we’ve mentioned before, experts have raised comparisons between Bitcoin and gold as a safe haven investment.

    However, it should also not be forgotten that cryptocurrencies are extremely volatile and have been known to appreciate or depreciate in value with no warning which goes against every rule of a safe haven investment.

    1. Cryptocurrencies can be easily transferred

    During times of great economic uncertainty, a situation known as a bank run may occur. Bank runs are caused by a sudden loss of confidence in a country’s financial system or government which prompts depositors to withdraw their cash en-masse which in turn causes a bank to go insolvent.

    Should a crisis occur, a country’s government may even impose a temporary limit on cash withdrawals and transfers in order to prevent capital flight i.e. a mass exodus of financial assets. 

    For example, during the May 1998 riots in Indonesia, ethnic Chinese Indonesian citizens were attacked and raped while their businesses were destroyed by enraged rioters. As a result, Indonesia was hit hard by the sudden outflow of capital as ethnic Chinese citizens fled the country taking everything with them.

    Being in a digital form with no tangible presence, cryptocurrencies can easily be transferred from e-wallets with little-to-no fuss thus making them extremely useful in times of crisis. As we’ve seen by the implosion of the Venezuelan economy, fiat currency often becomes worthless in times of great strife.

    1. Cryptocurrencies are gaining widespread acceptance

    While gold may be a precious metal, chances are good that you won’t be able to pay for many goods and services with an actual bar of gold. On the other hand, cryptocurrencies like Bitcoin have been seeing a gradual increase in acceptance worldwide.

    Companies like Microsoft and a variety of other retailers all over the world have begun accepting Bitcoin payments with the list growing larger by the day. This makes cryptocurrencies an extremely worthwhile safe haven investment thanks to their flexibility and use worldwide. 

    Cryptocurrencies could very likely be the way forward however care must be exercised when investing. The volatile nature of crypto and the lack of regulation means that scams and theft are extremely common which inhibits their ability to be a safe haven investment. However, as the market matures anything can be possible.