Tuesday, June 28, 2022

How To Learn About Cryptocurrency

How Are Cryptocurrencies Valued

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The value of a cryptocurrency usually depends on the utility of its underlying blockchain though there have been many instances where social media hype and other superficial factors have played a role in pumping up prices.

The cryptocurrencies of blockchains perceived to have a wide range of utilities are usually more valuable than those that dont offer much. It all boils down, though, to the demand for the coin relative to its supply and whether the buyer is willing to pay more than the amount the seller initially acquired the coin for.

Notably, cryptocurrencies tend to favor a deflationary system, whereby the number of new coins introduced to the market is predictable and gradually reduces over time.

For many cryptocurrencies, another important element is the total number of coins that can ever exist is often fixed. For instance, there will be only 21 million bitcoins created, of which more than 18 million are already in circulation. This deflationary-based system is the complete opposite of what we have in traditional finance, where governments have the license to print an infinite number of fiat notes and inadvertently devalue their currencies.

Look Out For Obvious Signs Of Scam

Good coins have a transparent technical vision, an active development team, and a lively, enthusiastic community. Bad coins are not transparent, promote fuzzy technical advantages without explaining how to reach them, and have a community that is mostly focused on getting rich quickly. Perhaps the worst kind of cryptocurrencies are MLM coins like the now infamous scam Bitconnect.

We will talk more about Bitconnect in a bit. For now, here are some of the more obvious signs of scam.

  • The Team

  • It really goes without saying that the success of a project is directly related to the credibility of the team. Lets put it like this: if you are investing your money into a company, wouldnt you want to know that the company is in good hands and that your money is going to be appreciated considerably?

    One of the most successful new projects of the current 2020-2021 market cycle is Uniswap. Although created in 2018 by ex-Siemens engineer Hayden Adams, Uniswap saw incredible success later on in 2020-2021. In March of 2021, it was generating fees of approximately $2-3 million dollars daily for liquidity providers who create a market for buying and selling on the platform.

    Now, compare that to this team:

    Yesyour eyes are not deceiving you, thats Ryan Goslings photo on the team page.

    Of course, most of the time, bad investment advice wont be this easy to detect. But there are steps you can take to thoroughly research the projects team and ensure their credibility.

    Day Trading And Scalping

    A crypto day trading strategy allows the trader to take full advantage of cryptocurrency assets price volatility. As mentioned earlier, virtual assets are currently extremely volatile, which works to the advantage of a day trader.

    The day trading strategy is a game of numbers strategy. A day trader will make multiple trades within a day, buying low and selling high within little gains that compound to large sums by the end of the day. Typically, sometimes it gets hard to perform this manually. To succeed in thisstrategy, you will need to consider automating your trades using trading applications or crypto trading bots like Coinrule.

    Important: It is not recommended that you begin your trading journey as a day trader. This is because this strategys fast-paced nature will require that you make fast decisions, and there is little room for research between trades.

    Scalping is a part of day trading but typically involves concise trading periods. Think minutes.

    When either day trading or scalping, many trades will result in both wins and losses. The idea is to make sure that the win/loss ratio is in your favor. Score more wins to consider your strategy a success.

    Read Also: What Crypto Exchanges Allow Shorting

    First Lets Download Authy:

    • Go to the app store on your phone, type in Authy, and download the Authy app.
    • When its finished downloading, enter your cell phone number, and click okay. Next, enter your email address you created using ProtonMail and click next.
    • A window will pop up that says Get account verification via Phone call or SMS.
    • Make a selection and then enter the registration code in the space provided.

    Great! Now you are able to start adding accounts.

    • But first, tap on the cog icon to access the app settings.
    • Next, tap on the Security settings.
    • Enable App protection and set up a protection pin.
    • Enter your pin and then you will be prompted to re-enter it.
    • Write down this code in your paper notebooks.
    • Back in the security section, enable protect entire app and enter your pin again. You can also enable Touch ID Protection, if you have that option.

    Awesome, now Authy is secure.

    • Tap Cancel in the top left corner of the screen. Then, tap on the Accounts icon at the bottom.
    • Then tap Authenticator backups.
    • In this section, you need to create a long, strong backups password.

    Authy will store an encrypted copy of all your accounts so if you upgrade or lose your phone, you can easily restore them.

    I personally have had to use this after a friend of mine accidentally dropped my phone in the ocean at the beach.

    The Authy backups password feature was great and saved me a ton of time after I got a new phone.

    • Create your backups password, then tap enable backups.

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    How To Learn Cryptocurrency In One Day

    In order to be successful in the world of cryptocurrency, you need to be able to understand a lot of complex concepts very quickly. So you can learn cryptocurrency in one day..!

    This can be difficult, especially if youre new to the world of finance and investment. You might feel like youre swimming in over your head.

    Weve created this guide to help you learn everything about cryptocurrency in just one day.

    Hi, The Crypto Cell is an education organization that helps newcomers learn about cryptocurrency investing so they can invest and trade responsibly and safely with our expert advice on diversifying your portfolio, buying low, selling high, and avoiding scams.

    They also have a value which means you can trade them on various exchanges just like stocks in order to make crypto assets if their price rises over time.

    Finally, cryptocurrencies are becoming more accepted by governments because they provide an opportunity to make and receive payments without the need for a middleman.

    How To Learn To Analyze The Cryptocurrency Market

    If you want to learnhow to analyze cryptocurrency, there are several tools you need to get familiar with. These tools will help you understand the position of the market and make great predictions. One thing you have to understand is that the crypto market is a highly volatile one and if you must get things right, you need to understand the workings of the market and this include how to perform technical analysis cryptocurrency.

    If you are new in the cryptocurrency market or searching for crypto-related services, you might get overwhelmed by the graphs, charts, and information presented about different cryptocurrencies, but as you get to understand crypto technical analysis and how the market works, the entire cryptosystem will become simpler and make sense. This guide is meant to expose you to gain a better understanding of the various online price charts, price predictions, and market forecast of different cryptocurrencies. Before we delve further into the world of technical analysis cryptocurrency, lets gain a better understanding of the term technical analysis.

    What is a technical analysis?

    What is a candlestick, and how does it work?

    If you want to analyze the crypto market as a writer, one of the first technical analysis, you may have to contend with on a price chart is the candlestick. This describes rectangular shaped objects on a price chart.

    The volume of sales

    Moving Averages

    Also Check: How To Make Money Crypto Trading

    Should You Study Cryptocurrency

    It is now up to you to weigh the pros and cons of investing in cryptocurrency. It is best to proceed with caution. The Times of London recommends that you stick with the more famous Bitcoin currency, and invest 5 percent or less of your funds.

    A great way to find out for yourself whether you want to start using cryptocurrencies is to take a free course, explore the free resources online, and read up on digital money. When you have a better idea of this medium, you may want to sign up for a paid course before finally beginning your journey of cryptocurrency investment.

    We hope this guide to cryptocurrency courses and learning has helped you find the perfect roadmap to building your digital wallet.

    About us: Career Karma is a platform designed to help job seekers find, research, and connect with job training programs to advance their careers. Learn about the CK publication.

    What’s Next?

    How To Keep Track Of Crypto Taxes

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    The crypto tax software platforms discussed in this article provide useful, comprehensive methods to record and track your crypto trades as a trader and for tax purposes. Any of the platforms discussed here will work well for you. No one would argue that tracking crypto activity regularly over the year makes tax preparation much easier, but its easier to contemplate the theory of keeping on top of crypto trading than the reality of doing so unless you subscribe to a crypto software tracking platform.

    For example, in its user-friendly dashboard, Koinly offers subscribers the ability to view their total holdings, portfolio growth, tax liabilities, ROI, invested fiat, mining, staking, lending, profit and loss, capital gains and other crucial tracking metrics.

    Also Check: How Do You Sell Bitcoin

    How To Avoid Cryptocurrency Taxes

    Although the IRS Taxpayer Bill of Rights states that taxpayers have the right to pay only the amount of tax legally due, it does not support the right to avoid paying income taxes that are rightfully owed. Just because you trade crypto doesnt mean you necessarily owe taxes. However, if you sell crypto or NFTs, after you correctly compute the net profit youve made from that activity, you have to report those profits to the IRS on your income tax form.

    You can legally avoid taxes in a tax year by using tax-minimizing strategies like tax-loss harvesting, aiming for long-term gains over short-term and bundling deductions.

    Important: Before You Start Trading Cryptocurrencies

    To make your crypto experience even more convenient, we have prepared an extremely detailed guide where we take a deep dive into the industrys best cryptocurrency news aggregators, data websites, tools, and portfolio trackers that every crypto trader should be aware of. Therefore, we highly recommend you read our Master Bitcoin in 2021 guide and know more about what unique tools the industry offers. This guide was prepared by a professional crypto data analyst and investor.

    Heres the short breakdown of the information youll find in our aforementioned guide:

    Read Also: How To Track Bitcoin Transactions

    Course On Algorithmic Cryptocurrency Trading

    Students in Udemys Algorithmic Cryptocurrency Trading course learn five methods of trading cryptocurrency. It includes proven and ready-to-use Expert Advisor robots, making it our top selection for advanced trading tactics.

    Pros

    • Money-back guarantee of 30 days
    • Personal assistance from the teacher Algorithms for trading that may be downloaded

    Cons

    • Certificates of accreditation are not available.
    • There are no quizzes or assessment tools available.

    Udemy does not just provide introductory courses in bitcoin trading. Its Algorithmic Cryptocurrency Trading course teaches students to trade cryptocurrency using five manual and automated tactics. When combined with five downloadable expert advisors, the course is unmatched for advanced methods.

    Algorithmic Cryptocurrency Trading is taught by Petko Zhivkov Aleksandrov, an experienced Forex and cryptocurrency trader whose Udemy course registered 10,000 students in only one year .

    Algorithmic Cryptocurrency Trading is ideal for novice and expert traders despite its sophisticated methodologies.

    Algorithmic Cryptocurrency Trading offers students five manual and automated procedures that spread risk across many cryptocurrencies and eliminate emotion from the trading process. The course is built around five free, downloadable EAs that enable participants to experiment with sophisticated algorithmic bitcoin trading without any programming knowledge.

    How To Store Cryptocurrencies

    How To Learn Crypto : Best Cryptocurrency Investment ...

    Alright, so you bought your cryptocurrencies, where exactly should you store them?

    Centralized exchanges are much more reliable, secure, and insured today than they were a few short years ago. Most retail investors are more than comfortable trusting a centralized crypto currency exchange like Binance or Coinbase with custody of their holdings. And since mass adoption of crypto is still just beginning, this is the easiest and most straight forward option

    If you are more risk averse, and less trusting of centralized methods of custody, there are a variety of crypto wallet options available with an array of features and trade offs. If you want to learn even more about what is available see our in depth Cryptocurrency Wallet Guide: A Step-By-Step Tutorial.

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    What You Should Know Before You Start Trading Cryptocurrency

    If all you know about crypto trading is the above, you know enough to get started trading cryptocurrency.

    However, there are a few things to know about trading cryptocurrency beyond what was noted above that can help you go into crypto trading prepared:

    In other words, if you understand order types, security, and what you are trading, you are ready to start trading.

    NOTE: For more tips and tricks, check out our crypto investing tips and tricks page.

    TIP: There are a few sides to cryptocurrency. 1. you can trade and invest in it, 2. you can use it for transactions , 3. you can break out a graphics processing unit and some software and mine coins , 4. you can develop for it, etc. All those and more are valid and interesting ways to interact with the crypto space, but with that in mind, this page is focused on trading cryptocurrency . With that said, even if you want to do the other things with cryptocurrencies, you still need to be set up for trading .

    Learn All About The Cryptocurrency Market Through This Free 4

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    Few investments have increased in value as rapidly in the past decade as cryptocurrency. In fact, in 2021, nine out of the top ten fastest-growing assets were cryptocurrencies, with Solana experiencing an incredible 3476% growth from January to September of that year. With performances like that, it seems almost a no-brainer to invest in this market. But without knowing what they are and how these cryptocurrency platforms operate, youre like a student going in for an exam without studying. Make sure that you have the information you require to increase your odds of making a profit in trading cryptocurrency by taking this free online course.

    As tempting as it is to jump into this potentially lucrative market, it is a well-known fact that it is also very volatile. Factors such as supply and demand, government regulations, and social media influencers can affect the value either positively or negatively. For example, right around the time that Elon started touting just how great Dogecoin was, that cryptocurrency soared while Bitcoin suffered an 11% one-day loss. Other pitfalls can include fraudulent offerings and generally not understanding the market.

    Prices subject to change.

    Recommended Reading: How To Make Money With Cryptocurrency Trading

    Is There A Good Time To Buy

    There is no general rule when to buy cryptocurrencies. Usually it is not a good idea to buy in at the peak of a bubble, and usually, it is also not a good idea to buy it when prices are crashing. Never catch a falling knife, as the traders wisdom says. The best time might be when the price is stable at a relatively low level.

    The art of cryptocurrency trading is a vast topic in and of itself, and determining precisely when a crypto is in a bubble and when it has reached a local bottom after falling is not an exact science. What is easy to say in retrospect is a hard question to answer in the present. Sometimes a coin starts to rise, and after it passes a key line of historical resistance, and many believe it to be at the peak of a bubble, the real rally just begins.

    For example, many people did not buy Bitcoin at $1,000 or Ether at $100, because it seemed to be overpriced. But years later these prices now appear to be an incredible bargain that will never again appear to the market.

    This is definitely not financial advice, but some general guidelines to help you decide when to make an investment include:

    Require A Strong Password To Access Your Computer

    How to Trade Cryptocurrency for Beginners – Learn Crypto Trading

    So go ahead and make your first entry into your notebook

    Your brand new, super strong computer password!

    Next, you need to do a full and complete malware scan of your computer.

    There are a ton of free tools and services available to scan and secure your computer.

    In this guide, we will walk through the scanning, cleaning, and securing process using Malwarebytes.

    This link will allow you to download Malwarebytes for free and let you try Malwarebytes premium for 14 days.

    • On the land page, scroll down and click Download Free.
    • The package should start downloading automatically. Once the package has been downloaded, open the setup file by double clicking on it.
    • If you cant open the file because its from an unidentified developer, right click on the file and select Open.
    • When the Setup Wizard opens, click Continue in the bottom right to see the Malwarebytes Software License Agreement.
    • Next, click Continue through the next couple screens.
    • Next click Agree.
      • When installation is complete, click Close to exit the Setup Wizard.

      Done!

      Malwarebytes should launch automatically.

      • You will be asked to select the type of computer you are using: Choose either personal or work computer.
      • Next, you will be taken to the dashboard. From here, click on the Scan tab, then click Start Scan.
      • After the scan is complete, if you are computer is clean, great!

      This free download will allow you to try Malwarebytes premium for 14 days.

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