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Planning on joining the crypto revolution? What does it take to be a successful trader?

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crypto trading

The potential rewards that can result from successful crypto trading have led to a whole new type of trader entering the fray. Amateur and hobby traders have always been part of the market, but till recently, they constituted an insignificant minority. Yet a combination of new online trading tools becoming available and Bitcoin hitting the headlines for its meteoric rise in value a couple of years ago led to the world and his wife wanting a slice of the pie.

Fools rush in where angels fear to tread, and inevitably, many got their fingers burnt and withdrew a little wiser, and often a lot poorer. That’s not due to any inherent fault on the part of the markets – we all know they can go down as well as up. It’s simply a case of inexperienced traders making poor decisions.

As with anything in this world, doing a successful job demands the right tools. Here, we take a look at what an amateur trader needs at his or her disposal in order to hit the ground running and avoid those early mistakes that can be so costly. We will also look at one particular provider, eToro, which has recently entered the US market and seeks to provide a one-stop-shop that delivers everything you will need. 

Information

Crypto trading is all about decision-making and timing. In order to know when to make what trade, you need information and plenty of it. Of course, information is one thing that is in plentiful supply in the digital age, so you need to be selective in your sources, or you could disappear forever down the rabbit hole. Typically, traders look at the following types of information sources:

  • There are plenty of blogs that have the latest news, including, of course, Global Coin Report.
  • Other famous publications such as CryptoWatch and Icostats are valuable resources if you want to explore specific areas, such as new ICOs. 

So how does eToro stack up against news sources like these? In an area where there is so much information, it’s easy to get bogged down and sidetracked, so eToro’s newsfeed is a very useful resource. The ticker-style feed supplies the latest information and cuts through the chatter.

Analysis

Having information laid out in front of you is one thing. Knowing what to make of it is another matter. There are dozens of apps out there, both for desktop and mobile that offer different types of functionality:

  1. A range of charts and indicators 
  2. Analytical tools that allow traders to make the most of this information
  3. The ability to trade on the go from your mobile device
  4. News and editorial content 
  5. “Dummy” or practice accounts for beginners

Some are free and others you have to pay for. It really comes down to choosing the one with the specific tools that you want to use and an interface with which you are comfortable. 

eToro checks all the boxes here. It’s one of the most popular and highly ranked trading apps in Europe and has already started to capture a significant share of the US market since its introduction. Its pro charts offer all the analytical tools you might need in order to extrapolate likely future trends from past patterns. 

A little advice

Successful traders use the above two forms of information, combine them together and add their own experience and gut instincts to make their decisions. Now that is something that no novice trader is going to be able to pick up instantly, however much research they do. 

This is where the eToro app really comes into its own, with its social trading functionality. Essentially, this provides a forum in which traders can discuss strategies, exchange ideas and learn from one another. It’s even possible for experienced traders to mentor beginners, by letting them see their trading activities and follow them.

Known as copytrading, full functionality has yet to be rolled out in the US, but the platform already has a thriving Popular Investor Program that rewards top traders with bonuses for attracting followers on the platform. This kind of system benefits everyone and has led to one of the most successful virtual trading communities around.

Of course, there are other communities out there too, in the worlds of Facebook, Reddit, Linkedin and so on. These are certainly worth monitoring and can be useful places to exchange ideas, especially when you look to specialist crypto platforms such as Bitcointalk. Ultimately, knowledge is power, and the more information sources that are used, the better informed the trader is going to be to make shrewd decisions at the right time It is well worth registering with all of these communities and logging on regularly.

Good luck and go-ahead

Of course, there are other practicalities you will need to put in place, such as choosing a Bitcoin wallet and getting together an initial bankroll to start your trading in earnest. But the above three areas are the core considerations and the areas in which new traders are most likely to stumble.

There are numerous tools available online that will help you along. Some are simply platforms for trading, others focus on coaching tips for beginners, while still more offer an exhaustive list of tools and charts. The options can be a little bewildering, which is why an app like the one put forward by eToro, which offers a one-stop-shop covering all of the above, makes a lot of sense, particularly to those who are just finding their feet.

Image courtesy of Pixabay

Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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Blockchain Implementation

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blockchain

Bitcoin still remains the most major and first blockchain implementation. However, people were able to generate different ways of how to use the system. 

Cryptocurrencies 

The creation of variations in Bitcoin has been one of the used yet creative blockchains. These then advertise them often as enhanced and better Bitcoin versions. Also, these are known collectively as altcoins. If you want more information regarding this, you can go through the bitcoin pro live to better understand it.

Litecoin 

Litecoins were launched in 2011, and it has a variation from the system of Bitcoin. One of these differences is that generating blocks takes lesser time. In Bitcoin, an average 10 minutes can be consumed to generate a block, but in Litecoin, it can only take 2.5 minutes to generate a new block. This only means that the verification of transactions is completed quickly. Another thing, there is a used hashing algorithm. SHA256 is what Bitcoins uses for the algorithm of proof-of-work, whereas Litecoin uses a scrypt. The script has a feature that makes it hard to create an optimized GPU or CPU hardware for a faster way of solving the puzzle. This then makes the system fair for the miners. Presently, ASICS exists to be used in mining Litecoin. 

Zcash 

In 2016, Zcash was recently launched. Just like Bitcoin, it provides secured transactions over a reliable and distributed…

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