Finance and Crypto

COVID 19 – Reshaping Blockchain and Cryptocurrency Companies

Many people have been affected by the corona outbreak. People who have lost their jobs are now relying on government help to survive the pandemic. They are also looking at short term loans from private financial institutions like https://looselending.com/. But others are trying their luck on cryptocurrency mainly because the blockchain industry seem to be unaffected by the virus. Let’s take a look further.

The corona pandemic has affected many aspects of the cryptocurrency markets and the blockchain as a whole. Due to the outbreak of COVID 19, over fifty percent of the encryption conventions in 2020 were cancelled or delayed, and mining producers needed to shut down equipment development in China. Simultaneously, other companies took advantage of new options by digitizing business procedures and bringing employees online.

It appears that in terms of capital, the roadmap of the 20 largest crypto projects is not affected by the Coronavirus. This is because the implementation of key updates designed for 2020 is done by the blockchain rather than by personnel, and the staff required are working within a decentralized manner.

Coronavirus outbreak fears weigh on crypto as bitcoin slumps over 10% this past week

Blockchain companies make an effort to minimize budget and employees

For companies in the blockchain industry, this move can reduce the economic impact of the COVID 19 pandemic. Major blockchain analysis companies (Elliptic, CipherTrace, and Chainalysis) report that they have cut their entire staff or budget, or may do so in the future. The marketing aspect is another point that can reduce the spending of cryptocurrency and blockchain technology companies. Many blockchain companies have already canceled meetings and other conventions.

Cryptocurrency Exchanges

Large cryptocurrency exchanges (such as Kraken, Gemini, OKEx, and Bitstamp) do not seem to be affected by the coronavirus pandemic, and report increased user logins and transaction volumes. Binance ’s monthly futures trading report shows that by January 2020, the exchange ’s futures contract trading volume increased by 85%. In February, OKEx exchange OKChain was launched in the test network and its first decentralized financial application OKEx DEx, followed by the purchase of the Fiat gateway service “Buy Crypto”, which allows users to convert their Fiat to cryptocurrency in March.

The large-scale spread of coronavirus in Asia does not hinder the launch of Huobi Thailand. The other two major cryptocurrency exchanges-Poloniex and Bitfinex-did not postpone the planned launch this month-LaunchBase or Staking Rewards.

Vincent Poon, the company ’s vice president, said: “Since most of our business is digital, the pandemic has no real impact on our growth.” Bithumb Global ’s CMO Sunny Ng added that the company has accelerated diversification Development of trading products.

Ali Beikverdi, the founder and CEO of exchange software provider bitHolla, said that existing cryptocurrency exchanges used the company’s Exchange Kit software to achieve record transaction volumes. Beikverdi added: “This may be because more and more people are segregating online and trying to make a living through online cryptocurrencies.”

However, according to Beikverdi, potential exchange operators who want to start an exchange business are increasingly hesitant, causing providers to delay advertising and marketing content and reduce the creation of new content.

Growing Your Cryptocurrency Investment

Cryptocurrency is among the riskiest and yet, most rewarding investments that you can make. Those who have made handsome revenue by investing in these digital currencies are ranging from average folks, nerds, tech-savvy individuals and the likes. This led people to seek info regarding smart cryptocurrency investment.

And if you are among those people, then this article is just for you.

Investing in cryptocurrency isn’t just because you are curious and want to give it a try.

It is a real form of investment and it requires knowledge on the project that you are investing in.

It is important to be mindful of what strategies other successful investors have done from using personal tradelines for sale here, buying and selling cryptocurrencies and everything in between.

Making Your First Revenue

If you’d like to see that first check coming in from your cryptocurrency investment, then it is recommended to cash in only a max of 50 percent or less. More so if you believe that the value of your digital currency will keep shooting up in value.

Others are calling this as the “Rake” approach. You are taking a percentage of your profit whenever your investment has reached its peak. Let me give you an example. You have bought 5,000 dollars worth of cryptocurrency at .50 cents. When the price has reached 5 dollars, you automatically made 10x gain which leaves you with 50,000 dollars.

Now, you are about to sell 20 percent of it which is 10,000 dollars and keep the 40,000 dollars left. During the bull market, 10x gains are not strange and in reality, they’re expected. This can be extremely effective before bearing a market wherein the price for most cryptocurrencies would drop since investors are selling their own tokens, enabling you to purchase them at a lower price.

What Drives the Increase of Coin Prices?

Among the reasons why prices for cryptocurrencies are increasing is brought by the supply of tokens. Much like the supply and demand of the world’s economy, the same concept is applicable in cryptocurrencies. Well, that is basically a straightforward explanation for it.

Four Essential Steps To Start Trading In Crypto

Currently, the cryptocurrency market max is approximately $300 billion that exceeds 1,500 crypto coins. Not surprisingly, many people around the world have decided to enter the industry and start investing in cryptos. On the other hand, at the start of trading cryptos, it could really be confusing considering that the approach is different from the regular tradings on fiat exchanges. Let’s look at a simple four-step outline that can help beginners in crypto trading.

1. Choose a crypto exchange that offers everything in one place

Much like fiat exchanges, investing in cryptocurrencies will require a place to trade these coins. For instance, if you want to trade oil, your trading transpires in oil trading sites such as wot trading at WOT ASIA. As in the case of crypto trading, you will have to decide on a trading market to start trading crypto.

To start you will have to sign-up and add funds into the account. Once the account had been funded, you can begin buying and selling cryptos. There are many well-known crypto exchanges such as Binance, Bitfinex, Bittrex, Coinbase, CEX, KuCoin, and Poloniex. These websites may have diverse terms of use, and their trade platforms can vary significantly, so it’s far better to study the site and look at comments from other users. Comments will help you gauge if the crypto exchange site you are considering is good for you or not.

Statistics show that at present, there are nearly 200 crypto coin exchanges with a daily transaction volume of $32.4 billion, but not all these trading markets are dependable. Crypto traders often lose money when the trade site had been hacked and this happens quite often without even the owners of the website knowing it. In some cases, the exchange suddenly terminated its operations with nothing to little reason, causing investors to completely lose money. Therefore, choosing a trusted exchange is essential. At the start, it is a wise decision to choose the largest and best-known alternatives.

Consider this: Not all crypto trading exchanges recognize fiat currency, so you may need to purchase the cryptocurrency first, then put in the purchased coins into the crypto trading exchange. nonetheless, there are trading exchanges that offer everything you need to start trading in one place.

2. Select the right cryptocurrency wallet that works with you

Because there are many exchanges, investors transfer funds between exchanges in the process. They also need a place to keep their assets. Thus, Cryptocurrency Wallet is a must for every crypto trader. It is a tool that allows you to keep your coins and enables you to move the coins the way you want it.

At present, there are many kinds of crypto wallets – desktop, mobile, hardware, and paper wallets. To begin, you require a mobile or desktop hot wallet hooked up online. Virtually all cryptocurrencies now endorse their own official wallets. You will see links to their official affiliated wallets on most of these cryptocurrency websites. Once you have decided on the cryptocurrency wallet to use, you can start investing in cryptos.

3. Use the right resources to help you in your crypto trading efforts

Cryptocurrencies are extremely volatile. Prices can easily fall and rise in significant rates in just a short span of time. These moves could be brought on by many factors, thus a crypto trader needs to regularly keep an eye on market data and facts. Prior to investing in coins, it’s a wise decision to analyze the market. Find the best tool that provides data on capitalization, trade volume, supply, and etc.

The simplest way to monitor crypto news is to focus on the industry’s leading publications and blogs such as Coindesk, News Bitcoin, Hackernoon, and The Merkle. More valuable data are available on social media – for example, Telegram, Discord channels, Quora threads, and others alike.

4. Work with technology to improve efficiency and reduce risks in crypto trading

Right now you are prepared with a handful of knowledge and tools for crypto trading. But note that you need continuous learning to stay at a level on the trading system. For starters, note that traditional traders make use of stock indices to gauge their portfolio . Examples of good benchmarks are S&P500 and Nasdaq Composite. These stock indices make it possible for investors to easily trade and manage complex portfolios with simple investments, cutting down the risk and unpredictability of the portfolio.

It is advisable to get comparable systems for the cryptocurrency market. Examples of great crypto benchmarks are the Cryptoindex 100, an automated index chart determined by a machine understanding the concepts of algorithm which usually assesses cryptocurrencies. This program enables traders to minimize unpredictability and risks and cuts the cost and energy natural in investing multiple coins. This results in considerable savings in currency trading.

Bottom line

Trading cryptocurrency varies widely in comparison with traditional exchange transactions. To be successful in crypto, you must look for reliable sources of information, conduct careful research, select the most appropriate exchange market and wallet, and choose tools and benchmarks to manage a portfolio.