Thursday, May 12, 2022

How To Stay Up To Date With Cryptocurrency

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Guide To Cryptocurrency Trading 15 Essential Crypto Trading Tips For Beginners

Keep Yourself Up To Date with Latest Cryptocurrency News | Cryptoknowmics

1. Trade crypto With A Clear Strategy

Start a crypto trade with the right mindset and a clear strategy.

Trading is a zero-sum game i.e for everyone who benefits someone else loses from another side.

This determines that not everybody makes fortunes with trading cryptocurrency.

The cryptocurrency market is driven by large investors, and they eagerly wait for new investors to make mistakes.

There are always risk associated with cryptocurrency trading. No matter how much you have prepared or accomplished in crypto -trading

Therefore, you must calculate the percentage of risk you can afford. Never invest money which you cant afford to lose.

2. Stay Up To Date With Trending Cryptocurrency News

Buy the rumor, sell the news. If you want to make a consistent profit by cryptocurrency trading then it is very important to follow the recent Crypto-market news. Sometimes it allows crypto traders to predict ups and downs of the Cryptocurrency market.

For example, if a big country ban Cryptocurrency or a reputed crypto trading platform got hacked. It may make the price go down.

And if established business integrated with Bitcoin or friendly regulation announced may make the price rise.

3. Guide To Trading Cryptocurrency Fundamental Analytics Of Crypto Trading Asset

Here at CoinExpansion you can check altcoins live prices, volume, number of supported exchanges, 7-day coin price chart, and coins total and available supply.

4. Crypto Technical Analysis

Are Cryptocurrency Scams Successful

Unfortunately, yes! According to the FTC, these are some top statistics highlighting just how successful crypto scams are.

  • In 2020, the number of cryptocurrency scams increased 12% from the previous year
  • Those aged between 20-30 are the most susceptible to scams especially if they are already investing in other stocks or cryptos
  • The average amount a victim lost in 2020 was $1,900 per scam. An increase of 1000% from 2019

Bitcoin is real, altcoins are real, and success stories are real, just be sure to not jump ahead of yourself when starting your own investment. Choose wisely, dont let your emotions get in the way, and once you do start, protect your Bitcoin!

Understand What You Are Reading

There is a significant difference between reading and comprehending. When reading through cryptocurrency blogs and news, it is crucial to understand the information you are reading, not just skimming through to find what other people are buying.

If at some point during your reading, you donât understand a concept or term, you should some quick research around that subject to get a complete understanding of what the writer is trying to tell you.

This is where many people get caught up and fall into the trap of FOMO. Or, as Peter Lynch, the former manager of the Magellan Fund at Fidelity, would say, âKnow what you own, and know why you own it

Also Check: How To Pay Someone Using Bitcoin

How Do I Buy Cryptocurrency

While some cryptocurrencies, including bitcoin, are available for purchase with U.S. dollars, others require that you pay with bitcoins or another cryptocurrency.

To buy cryptocurrencies, youll need a wallet, an online app that can hold your currency. Generally, you create an account on an exchange, and then you can transfer real money to buy cryptocurrencies such as bitcoin or Ethereum. Here’s more on how to invest in bitcoin.

Coinbase is one popular cryptocurrency trading exchange where you can create both a wallet and buy and sell bitcoin and other cryptocurrencies. Also, a growing number of online brokers offer cryptocurrencies, such as eToro, Tradestation and Sofi Active Investing. Robinhood offers free cryptocurrency trades .

Are Cryptocurrencies Legal

How to Invest In Cryptocurrency

Theres no question that theyre legal in the United States, though China has essentially banned their use, and ultimately whether theyre legal depends on each individual country. Also be sure to consider how to protect yourself from fraudsters who see cryptocurrencies as an opportunity to bilk investors. As always, buyer beware.

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Remember To Stay Safe

Buying the best cryptocurrencies is not enough to be a successful crypto investor.

Countless promising investors saw their crypto journey end brutally because they did not pay attention to security.

If youre serious about investing in cryptocurrencies, put some effort into reinforcing your security.

Have A Strategy For Crypto Trading

It isnt easy to separate genuine cryptocurrency recommendations from the scams there are lots of sharks out there waiting to take your money.

In 2020, according to the UK fraud-alert service Action Fraud, reports of crypto investment scams surged by 57% year on year to 5,581, with investors losing a total of £113m.

So when youre confronted with a lot of information about a cryptocurrency, take a step back from the hype.

Try to look critically at the project. How many users does it have? What problem does it solve? Does it have any links with industry? Avoid coins that promise the Earth but havent delivered anything tangible.

Also Check: How To Buy Bat Cryptocurrency

Accounting Treatment Of Cryptocurrencies

Under current accounting guidelines, cryptocurrencies are most likely not cash or cash equivalents since they lack the liquidity of cash and the stable value of cash equivalents. However, the accounting treatment of cryptocurrencies is still uncertain as there has not been official guidance on the issue from the International Finance Reporting Standards or The American Institute of CPAs .

2014 Internal Revenue Service Ruling

In the US, IRS Revenue Ruling 2014-21 stated that holders of cryptocurrencies should account for them as personal property, with gains or losses on purchases or sales. The value of cryptocurrency holdings on balance sheets would be at cost or fair market value at the time of receipt. Therefore, with the rapid increase in price, sales of cryptocurrencies lead to enormous gains at the time of sale: just consider the capital gains taxes on buying Bitcoin at $100 in 2013 and selling it for more than $4,000 in 2017!

International Tax Treatment of Cryptocurrencies

Outside the US, accounting treatment of cryptocurrencies varies. In the EU, a decision of the European Court of Justice rules that cryptocurrencies should be treated like government-backed currencies, and that holders should not be taxed on purchases or sales. In countries such as Germany and the UK, cryptocurrencies are treated like private money and not subject to tax outside of commercial use.

How Do I Protect Myself

The Top 10 Tools to Stay Updated W/ Bitcoin, Ethereum, & Cryptocurrency !!

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?

Also Check: Which Crypto Uses Least Energy

Read Through The Blogs

Not every blog is going to have helpful or informative information. Many of them will be trying to sell you a product or promote their brand.

However, some bloggers have excellent cryptocurrency investment tips and advice for you to learn from. Some of these bloggers are former investment analysts or have a particular area of expertise around cryptocurrency.

Through these blogs, you can learn how to start trading cryptocurrency and receive some helpful advice along the way. Some of the most popular cryptocurrency blogs include Cointelegraph and Coindesk. One thing to beware of when reading through investment blogs is if they have a particular interest or are trying to sell you cryptocurrency, these could be considered a scam and are just looking to take your money. The best cryptocurrency blogs will not require any money or cards on file to do business.

Security And Privacy Issues

Computer hacking and theft continue to be impediments to widespread acceptance. These issues have continued to rise in tandem with the popularity of cryptocurrencies. In July 2017, one of the five largest Bitcoin and Ethereum exchanges was hacked, resulting in the theft of user information as well as hundreds of millions of Korean Won. The FTC also recorded an increase in identity fraud complaints of more than 100% between 2013 and 2016, and Coinbase, the largest US-based exchange, saw account hacking double between November and December 2016.

The pseudonymous nature of blockchain and Bitcoin transactions also raises other concerns. In a typical centralized transaction, if the good or service is defective, the transaction can be cancelled and the funds returned to the buyer. However, in the cryptocurrency ecosystem, there isnt a central organization to facilitate recourse against the seller.

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The Most Common Scams According To Eset Are:

  • Ponzi Schemes: This is a type of investment scam where victims are tricked into investing in a nonexistent project or get-rich-quick scheme that, in effect, does nothing more than line the scammers pocket. Cryptocurrency is ideal for this,as fraudsters are always creating cutting edge technologies that are not well specified to attract investors and generate higher virtual profits. Falsifying data is easy when the money is virtual anyway.
  • Pump and dump: Scammers encourage investors to buy crypto assets in little-known cryptocurrency projects, based on false information. The price of the assets subsequently rises and the scammer sells his own shares, earning a handsome profit and leaving the victim with worthless shares.
  • Fake celebrity endorsements: Scammers hijack celebrity social media accounts or create fake accounts, encouraging followers to invest in fake schemes like the ones above. In one case, some $2 million was lost to scammers who even used Elon Musks name on a Bitcoin address, to make the scam look more trustworthy.
  • Fake exchanges: Scammers send emails or post messages on social media promising access to virtual money stored on a cryptocurrency exchange. The only drawback is that the user usually has to pay a small fee first. The Exchange never exists and your money is lost forever.

Pakistan’s Fia To Launch Crackdown On Crypto Dealers

How to Make Money With Cryptocurrency: 4 Effective Tips ...

The Federal agency also sent a notice to the world’s largest cryptocurrency exchange Binance, citing an alleged scam that had duped many citizens of around 100 million rupees and asking the organisation to explain its linkage with at least 11 mobile applications associated with the fraud.

  • Jan 19, 2022 07:08 PM IST

    Cryptocurrency usage is growing faster than ever before, so is its use in illicit activities.

  • Jan 19, 2022 09:51 AM IST

    Per the Cambridge Bitcoin Energy Consumption Index, Bitcoin consumes around 137 terawatt-hour per year, which is higher than the electricity requirements of some countries like Norway , Ukraine and more.

  • Jan 19, 2022 09:34 AM IST

    A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum, and Tether to help you jump-start the day

  • Jan 18, 2022 03:16 PM IST

    Kim Kardashian and boxing legend Floyd Mayweather are being sued over allegations that they misled investors when promoting a little-known cryptocurrency. Are Indian celebrities at such risk as well?

  • Jan 18, 2022 12:15 PM IST
  • Jan 18, 2022 09:58 AM IST

    Despite a record $14 billion in crypto theft last year, it amounts to the lowest share of the transaction volumes in recent history

  • Jan 18, 2022 09:58 AM IST

    The comes as the government waits for observations and technical insights from the upcoming pilot of the central bank’s digital currency project expected to launch within the next few months.

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    Why Read Cryptocurrency News

    Our cryptocurrency news, reports, features, and press releases will enable you to learn all that makes up this industry. We will deliver the latest news and happenings on cryptocurrency. Today, the cryptocurrency economy is worth over $150 billion, and people around the world are creating a future of its adoption.

    A cryptocurrency operates as a medium of exchange that runs on cryptographic algorithms to secure transactions and limit the creation of units of the currency. Cryptocurrencies, also known as cryptos, use decentralized control, which contradicts the central bank systems and centralized digital currency. They also belong to a subset of alternative currencies known as altcoins or digital currencies.

    The decentralized control of every cryptocurrency functions excellently via distributed ledger technology . Usually, most cryptos work through a blockchain that acts as a public financial transaction database.

    For the cryptocurrencies, no company or government can produce new units. The underlying technical system upon which cryptos are based was initially created by the mysterious Satoshi Nakamoto, Bitcoins creator.

    A cryptocurrencys key feature is that it cannot be governed by any centralized authority. The decentralized nature of the underlying blockchain technology makes cryptocurrency immune to the traditional regulations and intrusions of legacy systems.

    Stay Up To Date On Twitter

    Twitter is a great place to stay up to date with any investing topic, but especially cryptocurrency.

    On Twitter, you can find some of the best cryptocurrency day trading advice from the top investors around the globe. It is a quick and easy way to receive cryptocurrency updates sent directly to your phone.

    For an even easier way to receive bitcoin tips, find your favorite investors or news outlets, and set them to appear as notifications on your phone. This way, you will never miss an update and will be updated regularly on what is going on in the cryptocurrency world.

    Also Check: Where Can I Buy Etn Crypto

    Resident Lost $14k To Cryptocurrency Fraud Sault Police Issue Fraud Warning

    The Sault Police Service is issuing a public alert after a resident recently lost about $14,000 in cryptocurrency fraud.

    In a news release Monday, police said there has been an increase in related fraud complaints in recent weeks.

    “A victim was contacted and directed to use a bitcoin ATM to deposit money into the fraudsters account,” police said.

    “On this occasion, the victim was told they were speaking to a fraud adviser at a financial institution and to deposit money into a cryptocurrency account.”

    It’s the ninth cryptocurrency/bitcoin related fraud complaints Sault police have received since August 2021.

    “We urge everyone in the community, do not transfer money or cryptocurrency to anyone you do not know,” police said.

    “Often, seniors and new Canadians are targeted in these cryptocurrency related frauds. Please have a discussion with people in your life, and ensure they are aware of these types of fraudulent activity.”

    Staff at a business with a bitcoin ATM are trained and often recognize potential victims and warn them not to transfer money.

    “If a staff member advises you it is fraudulent, please take their advice and contact police,” the release added.

    Anyone with concerns about a potential scam or fraudulent activity can contact at 705-949-6300.

    Other tips to prevent phone fraud:

    – If you have second thoughts, end the communication. It is not rude, it is cautious. Protect yourself and your personal information at all times.

    What To Lookout For

    Cryptocurrency Taxes: How to Stay out of IRS Trouble | CoinTracker
    • Emails or messages that say your information is needed urgently/any type of urgent message or act now
    • Link to a form that asks for personal information especially sensitive data like bank details, passwords, secret question answers, etc
    • Messages from a company that you have never heard of or dont have an account with

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    Outstanding Issues Around The Cryptocurrency Market

    With cryptocurrencies still in the early innings, there are many issues surrounding its development. Its interesting to contemplate the philosophical and political implications of cryptocurrencies. Cryptocurrencies are inherently political because they challenge the traditional social contract that societies operate under. According to this theory, members of society implicitly agree to cede some of their freedoms to the government in exchange for order, stability, and the protection of their other rights. By creating a decentralized form of wealth, cryptocurrencies are governed by code alone.

    Its no wonder, then, that the accounting treatment, regulation, and privacy issues surrounding cryptocurrencies and blockchain have yet to be fully determined. The following section will discuss these tangible aspects of cryptocurrency development.

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