Cryptographers Are Not Happy With How Youre Using The Word Crypto
The renamed Crypto.com Arena is a win for cryptocurrency fans but strikes a blow against the words original meaning
The stadium that is home to the Los Angeles Lakers is getting a new name: the Crypto.com Arena. The name reflects the arenas new sponsorship agreement with a Singapore-based cryptocurrency trading platform. That may be good news for cryptocurrency fanatics but perhaps not so much for another faction within the digital landscape: cryptographers.
Look up the word crypto in Websters dictionary, and youll see it refers to cryptography, which in turn is defined as the computerized encoding and decoding of information. Search crypto on Google, however, and youll see a host of top results pointing to cryptocurrencies like bitcoin and ethereum.
This lexical shift has weighed heavily on cryptographers, who, over the past few years, have repeated the rallying cry Crypto means cryptography on social media. T-shirts and hoodies trumpet the phrase and variations on it theres a website dedicated solely to clarifying the issue.
Crypto for decades has been used as shorthand and as a prefix for things related to cryptography, said Amie Stepanovich, executive director of Silicon Flatirons Center at the University of Colorado Law School and creator of the pro-cryptography T-shirts, which have become a hit at conferences. In fact, in the term cryptocurrency, the prefix crypto refers back to cryptography.
Hodl As Strategy And Philosophy
HODL, as an acronym for “hold on for dear life,” has become a mantra among crypto enthusiasts denoting a long-term approach to cryptocurrency investing. This approach mirrors GameKyuubi’s rationale in the original post that novice traders are likely to botch their attempts to time the market, and should simply hold their coin.
The prices of Bitcoin and other cryptocurrencies are notoriously volatile, but HODLers disregard even large price swings. They simply HODL.
For cryptocurrency maximalists, HODL represents more than a strategy for reigning in FOMO , FUD , and other profit-eroding emotions. Long-term crypto HODLers stay invested because they believe that cryptocurrencies will eventually replace government-issued fiat currencies as the basis of all economic structures. Should that occur, then the exchange rates between cryptocurrencies and fiat money would become irrelevant to crypto holders.
Predictably, a meme best captures this HODL maximalist philosophy. Neo from The Matrix asks Morpheus, “What are you trying to tell me, that I can trade my Bitcoin for millions someday?” Morpheus responds, “No Neo, I’m trying to tell you that when you’re ready you won’t have to.”
How Do I Protect Myself
If youre looking to buy a cryptocurrency in an ICO, read the fine print in the companys prospectus for this information:
Who owns the company? An identifiable and well-known owner is a positive sign.
Are there other major investors who are investing in it? Its a good sign if other well-known investors want a piece of the currency.
Will you own a stake in the company or just currency or tokens? This distinction is important. Owning a stake means you get to participate in its earnings , while buying tokens simply means you’re entitled to use them, like chips in a casino.
Is the currency already developed, or is the company looking to raise money to develop it? The further along the product, the less risky it is.
It can take a lot of work to comb through a prospectus the more detail it has, the better your chances its legitimate. But even legitimacy doesnt mean the currency will succeed. Thats an entirely separate question, and that requires a lot of market savvy.
But beyond those concerns, just having cryptocurrency exposes you to the risk of theft, as hackers try to penetrate the computer networks that maintain your assets. One high-profile exchange declared bankruptcy in 2014 after hackers stole hundreds of millions of dollars in bitcoins. Those arent typical risks for investing in stocks and funds on major U.S. exchanges.
» Learn more: What is bitcoin?
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How Do I Decide Which Cryptocurrency Wallet To Use For Spell Token
- How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades.
- What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
- Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
- How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
- What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.
For a more in-depth overview of cryptocurrency wallets visit our Cryptocurrency Wallets Explained guide.
Hodling Vs Trading Cryptocurrency: Which Is The Most Profitable Option
Is it Better to HODL Cryptocurrency or trade?
While Hodlers generally dont like short-term trading, it is still a potentially profitable option. However, unlike any investment strategy, it has its ups and downs. In this section, we are going to look at which is better between trading and Hodling when it comes to investing in Bitcoin or other crypto assets.
First, lets look at each individual strategy and why it is a good or bad option.
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How Do You Hodl A Crypto The Many Ways To Hodl Cryptocurrencies
The cryptocurrency market is an alien concept for the uninitiated. Just like the stock market, there is a plethora of jargon that you will come across while learning about cryptocurrency.
Most of these terminologies are essential to understanding cryptocurrency and blockchain technology, especially if you are looking to start investing or to trade.
One of the most common words you will encounter in the crypto arena is HODL. There are different theories about how the word came to be, given that it is not an official English or even business name. However, the name has been around for a long time and is now popularly used by crypto investors.
What exactly does HODL mean? When was the term first used?
Read ahead. We will be discussing two possible meanings of the word HOLD and then take a quick dive into its origin and when it was first used.
What Are The Quickest Ways I Can Buy Spell Token While Living In Europe
While in Europe you have the advantage of buying cryptos in an easy and quick way. Because Europe has even online banks which help buyers to simply open an account and transfer money to exchanges such as Coinbase and Coinmama. Such banks which are common as online banks in Europe are Bunq, N26 and Revolut.
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How To Complete Kyc On Gateio
In order to ensure the safety of your assets, and to reduce fraud, money laundering, blackmail, and other illegal activities, Gate.io makes it mandatory that all users obtain KYC ID Verification. Only after your account has obtained KYC ID verification, can you withdraw funds or use credit cards or debit cards to buy cryptocurrencies.
Step 1: Log in to your Gate.io account.Place your cursor on the top-right profile icon and go to KYC
Step 2: Click Individual
Step 3: Select your country, input your full legal name , fill in your ID information, upload photos of both sides of your ID card, and a photo of you holding your ID together with your User ID for Gate.io. You will see your User ID by placing the cursor on the top-right profile icon on the main page. Make sure everything is filled in correctly and then click on Confirm and Submit.
Step 4: After you have submitted all the requested information, you will see the pending approval.Approval can take anywhere from a few hours to a few days to complete.
Once the KYC is approved, youre ready to make your first cryptocurrency purchase.
Your Past Doesnt Dictate Your Future
Ive hired people into crypto from a huge variety of backgrounds: including banking, consulting, e-commerce, finance and human resources. We even have ex cabin crew. When it comes to paper qualifications, this gets even more diverse, including interesting degrees like petroleum geology, actuarial science and education.
Sometimes this means people have to accept less-glamorous jobs to get in. In my case, I initially applied for a Country Manager position but failed. Hence I started in marketing, and only got promoted 20 months later.
Taking a different job from what you want is a mix of scary and humbling. Some people might be reluctant to do a customer success job where they have to answer angry customers. But if you believe in the industry long-term, it might be your way to get your foot in the door.
Once you prove yourself, other opportunities will arise.
I like to ask candidates to invest at least 18 months into mastering their role before considering a move, but with the way the crypto industry is exploding promotions/job changes sometimes happen faster.
If youre offered a seat on a rocket ship, dont ask what seat. Just get on.
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What Are The Faqs
Q-What is the all-time high of SPELL crypto tokens?
Q- What is the all-time low of SPELL crypto tokens?
- The all-time low of SPELL crypto token is around $ 0.0005916. Read here to know the complete information about SPELL crypto token.
How Many Cryptocurrencies Are There What Are They Worth
More than 15,000 different cryptocurrencies are traded publicly, according to CoinMarketCap.com, a market research website. And cryptocurrencies continue to proliferate. The total value of all cryptocurrencies on Dec. 17 2021, was about $2.1 trillion, having fallen off an all-time high above $2.9 trillion weeks earlier. The total value of all bitcoins, the most popular digital currency, was pegged at about $868.7 billion.
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How To Buy Spell Token
When it comes to purchasing bitcoin, you have a variety of options. Thankfully, you can buy Spell Token from any Coinbase location using the Coinbase app. Its easy to understand, uncomplicated, and secure. Heres how to buy Spell Token with the Coinbase app if you live in the United States.
- Fill out the form below to open a Coinbase account.
Verifying your ID may take more than a few minutes, depending on where you live.
- Link your account to a payment method.
You can use a bank account, a debit card, or a wire transfer.
- Start a transaction.
After hitting, select Buy from the drop-down menu.
- From the list of assets, pick Spell Token.
In the search bar, type Spell Token. When Spell Token appears in the search results, tap it to go to the purchase page.
- Put the amount you want to spend in the box provided.
Input the amount you wish to spend in your home currency using the number pad.
This will be converted to a Spell Token amount by the app automatically.
- Complete the transaction
When ready, tap Preview buy. The specifics of your purchase will be displayed to you.
After youve double-checked that everything is in order, you can finalize your transaction.
Thats all there is to it youve just purchased a Spell Token.
Spell Token Price Prediction 2022
The Legal Concern Of An Unregulated Global Economy
As the popularity of and demand for online currencies has increased since the inception of bitcoin in 2009, so have concerns that such an unregulated person to person global economy that cryptocurrencies offer may become a threat to society. Concerns abound that altcoins may become tools for anonymous web criminals.
Cryptocurrency networks display a lack of regulation that has been criticized as enabling criminals who seek to evade taxes and launder money. Money laundering issues are also present in regular bank transfers, however with bank-to-bank wire transfers for instance, the account holder must at least provide a proven identity.
Transactions that occur through the use and exchange of these altcoins are independent from formal banking systems, and therefore can make tax evasion simpler for individuals. Since charting taxable income is based upon what a recipient reports to the revenue service, it becomes extremely difficult to account for transactions made using existing cryptocurrencies, a mode of exchange that is complex and difficult to track.
Systems of anonymity that most cryptocurrencies offer can also serve as a simpler means to launder money. Rather than laundering money through an intricate net of financial actors and offshore bank accounts, laundering money through altcoins can be achieved through anonymous transactions.
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Other Exchanges To Buy Cryptos
The following are other sites you can buy from these exchanges:
On top of the above-listed exchanges, there are some more common crypto exchanges where daily trading volumes and a huge user base is available. This helps to ensure that you can sell your coins any time you want and the charges for the trading are not high. It is recommended that you should also register on these exchanges because whenever Spell Token gets listed there it give the traders who have already registered a large amount of trading volumes, that means you will be provided with some great trading opportunities!
Is Abracadabra A Good Investment
Weve yet to fully grasp the complexities of DeFi 1.0, but improvements being made to it give us a great preview of DeFi 2.0. One noteworthy feature DeFi 2.0 brings to the table is capital efficiency, and Abracadabra Money has been amazing in this regard.
What the market is saying about Abracadabra Money will help us gauge its relevance. In just two months, the TVL of Abracadabra Money has increased by 354%, from $1.07 billion to $4.86 billion. This stems from the effective work model of the platform and from investors generally warm reception to it. We strongly believe the real bull run has not yet begun for this crypto. As the project migrates into multichain, more room for growth will be created.
To dive deeper, MIM is actually a decentralized stable coin. So far, weve not seen many truly decentralized stablecoins only names such as DAI and UST are well-known in the market. With the recent collaboration between MIM and UST, however, decentralized stablecoins could well be the catalyst for the next trend.
Over time, centralized stablecoins such as USDT and USDC have revealed their legal shortcomings, paving the way for decentralized stablecoins such as MIM to grow and possibly outperform them eventually. MIM is one of the stablecoins that could help achieve this vision.
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What Is The Spell Token
The Abracadabra protocol has two major tokens working in its ecosystem. The first is SPELL, the governance token of the platform, and the other is MIM . Among other benefits, the primary function of the Spell Token is staking. Like most other tokens using the Ethereum platform, SPELL can be staked to gain various benefits. Two of them are:
Governance: Since the Abracadabra protocol is truly decentralized, the number of Spell Tokens you have will determine how much weight your opinion has in changing features such as liquidation fees, collateral and total value locked .
Passive Income: When Spell Tokens are staked, users earn a percentage of trading fees from the platform. These fees are interest thats earned primarily from users borrowing MIM. 75% of the fee goes to token holders 20% is allocated to the governance treasury, which aids liquidity pools and the last 5% is kept in a multisig treasury that helps mitigate risks when market conditions worsen.
Hodl As A Bitcoin Investing Strategy And Philosophy
After many years of use , the word HODL has now become an official Bitcoin trading strategy.
Here is the secret behind the HODL strategy.
In the cryptocurrency world, people who HODL are usually inexperienced traders but who have a lot of faith in the future of Bitcoin. These traders believe that one day, Bitcoin will become a mainstream currency with a six-figure value. That is why they cant risk losing any of their investments for short-term trading gratifications.
These traders argue that given Bitcoins limited supply, the price will always rise as fewer and fewer coins remain in circulation and more investors and institutions recognize it as a store of value.
In a nutshell, HODL is now used to describe an investing strategy where investors are discouraged from trading based on short-term price swings. The approach basically stems from GameKyuubis rationale in his drunken forum post. That is, inexperienced traders are more likely to lose their investment in short-term trading since they cannot correctly read and interpret vital signals.
The safest approach for them, therefore, is to simply HODL and wait until their investments become highly profitable when the price goes up. Hodling can also help traders avoid two common mistakes in the cryptocurrency market. These are:
- The Fear of Missing Out that can cause traders to buy high
- Fear, Uncertainty, and Doubt that can cause traders to sell low, also known as SODling.
Quite optimistic, huh?
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