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Cryptocurrency has made many people successful millionaires, but at the same time, it has also pushed many towards suicide and crippled many organizations. Trading or investing in cryptocurrency can make you rich, but at the same time, it has its risks. There’ll be excellent gains sometimes, and other times, there’ll be bad times.
In April, Bitcoin got to its highest value of over $60,000 since its launch in 2009. However, some two weeks into May, the value came crashing to a little over $30,000. This crash had over $8 billion liquidated and no traces of about $500 billion. These are some of the risks you may experience with crypto. The question is, how can you manage these risks? Let’s take a look at some strategies;
Risk Parity
Risk parity is a strategy that any learned trader will associate with trading legend Ray Dalio. This strategy is simple: You invest all funds into assets that do not correlate, resulting in reducing your funds. So if anything negative occurs with one asset, it doesn’t affect your total investment. With risk parity, you divide your funds into different sectors, which means your gains come from various sources. However, it means as a trader, you have to look out for crypto assets that are not related to returns. This is not an easy task, but if you master the art of risk parity, you will reduce risks.
Decentralized finance
Cryptocurrency revolves around Bitcoin — the first and most influential currency. When Bitcoin surges up in value, the entire market surges up. If Bitcoin reduces in its value, most other crypto assets will follow suit. This dependence on the market makes it hard for risk parity to be the best risk management method. That’s where decentralized finance steps into the occasion.
Decentralized finance, often abbreviated as DeFi, is essentially another option for the regular crypto market. Fortunately, DeFi also depends totally on the blockchain, so there is no fear. In a decentralized finance system, you don’t need to rely on any bank or broker. Instead, the system utilizes one or more smart contracts to interact with more than one person on the blockchain. A great example of a smart contract-supported crypto is Ethereum.
The decentralized finance system allows flexibility and opportunities. Therefore, there is an opportunity to apply this system in diverse strategies with corresponding risks and rewards. So with this decentralized system, risk parity is a possibility to reduce risks in crypto.
Regulations
Cryptocurrency is decentralized and doesn’t depend on any regulation or individual. However, the market trends get heavily influenced by the regulations. As a result, one of the most effective ways to reduce risks in crypto will be to mitigate adverse rules. If you remember, the crash of cryptocurrency in May went down heavily because of a Chinese ban on Bitcoin. If these regulations against cryptocurrency begin to support the system, more trust will be generated around the system.
Conclusion
Cryptocurrency reading and investing is just as rewarding as it is risky. So you need to know how to manage your risks. What better way to manage risks than to earn cryptocurrency today by playing fantasy games with Fanspel, you earn as you play — without worrying about any risky investment.
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As a newbie in the cryptocurrency space, it’s normal for you to get confused of the difference between coins and tokens. In most cases, you’ll see these two terms often used interchangeably in cryptocurrency platforms and blogs. At any point, they may seem alike and similar, but they aren’t the same. The first thing you should know is that both crypto coins and tokens are digital assets and are extensively different concepts in the crypto ecosystem. This article explains the difference between crypto coins and tokens.
What is a Crypto Coin?
A coin in cryptocurrency is any digital asset that has a single blockchain system. Primarily, a coin originates and plays by the rules of the blockchain. For this reason, many people refer to a coin as the currency of that blockchain. Asides from being a currency, a crypto coin is a means of exchange as well as a means of saving passively. Great examples of crypto coins include the most popular Bitcoin, Ripple, Ethereum, among many others. Some features common to most crypto coins include;
They are primarily decentralized entities
They depend on a blockchain
They follow the cryptocurrency graph system.
You can use crypto coins in many ways. In most cases, you can even liken a coin to the regular money you have, as you can use it to pay for items. Some ways to use crypto coins include;
Money Transfer
eCommerce
Savings
Token building (Ethereum)
Making network decisions (Dash)
What is a Crypto Token?
The primary difference between crypto coins and tokens is the blockchain difference. Tokens do not have their single blockchain; they always depend on already existing blockchains. Since they’re built on an existing blockchain, it doesn’t mean that it’s easy. The process of creating a crypto token is not a job for a newbie in any way. In most cases, these tokens are built by a blockchain network. The most popular token platform in the crypto world is Ethereum. Ethereum blockchain supports tokens the most because of its affiliation with smart contracts. There are many types of tokens on the Ethereum network, like NEO and DAI, but the original Ethereum tokens have a family name, ERC-20. An example of a token is Fanspel, which is used to power the first blockchain-based fantasy platform of the same name. If you create a token on a blockchain, you’ll require other miners on that blockchain to endorse the existence of the token. Some features of crypto tokens include;
They are guided by a set of programs, features, and rules provided by smart contracts.
They are open to almost everyone but can’t be controlled by anyone.
The tenets of most tokens are visible to everyone.
Like crypto coins, tokens also have their uses. Some of the uses of a crypto token include;
Value transfer
Investment proofs
Product/service access
Conclusion
As a newbie in cryptocurrency, the most significant difference between crypto coins and tokens is the blockchain feature. A coin will have its blockchain, while a token will rely on that blockchain. However, in most cases, tokens perform some duties of cryptocurrencies and even some more.
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In the past week, the prices of most cryptocurrencies have remained in a quiet range as the trading volumes declined to a 4-week low. Following the crash on May 7, most cryptocurrencies are yet to recover while some others have endured failed attempts to surge to higher price ranges. It was a week of heightened volatility as the prices fluctuated across various highs and lows, reacting to the tweets of Tesla CEO Elon Musk which took the prices to the dump.
Fanspel continued in its indecision from the past week which took the price to the $0.28 low. However, a positive uptrend emerged on Monday when the bulls raised the price to the $0.30 mark. This rise was short-lived by another cryptic tweet by Elon Musk hinting at a potential split with the dominant cryptocurrency- Bitcoin. Of course, when the price of Bitcoin experiences a sharp decline, other cryptocurrencies follow the trend including Fanspel.
The volatility stretched out to Tuesday as investors reacted negatively to the tweet making what was supposed to be a successful start to June a mediocre one. Fanspel ended the day with a low of about $0.29 after the involvements of fundamental factors in price action.
The opening on Wednesday was looking promising as the bulls significantly raised the price to the $0.35 high, hinting at a strong recovery from the crash on May 7. However, efforts by the bears to lower the price were fruitful as Fanspel went on a downtrend to $0.33 at the opening hours of Thursday. A few moments after the downtrend, a rebound was then found at midday which peaked at about $0.36.
Despite the positive trends in recent sessions, the bulls couldn’t maintain their course as a strong downtrend took the price down to $0.31. At this point, all consolidated profits gained at the previous sessions will be getting balanced off as the price decreases.
A decisive breakout above $0.34 reignited the bullish trend as the price went ahead to test the $0.35 resistance. Fanspel failed to break the resistance and retreated to the $0.32 low.
The next sessions on the weekly chart were very volatile as the price maintained indecision of its next significant course of action. The price fluctuated across various levels until emerging at $0.34 as a result of a slight upward trend from $0.32.
Fanspel is currently in a bullish trend and trades at $0.34. Despite the recent volatility, Fanspel is showing promising signs of surging to unprecedented levels.
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Doge may have become popular because of the influence of Elon Musk, the CEO of Tesla Motors. But over a few weeks, Dogecoin has been proving its consistency over the past few weeks as it grew into the top ten cryptocurrencies in terms of market value. Dogecoin was largely unknown until 2021, when Elon Musk took an interest. And of course, this gave rise to a massive increase in the value of this cryptocurrency. It was also one of the coins affected by the Chinese regulation; it bounced back almost immediately. However, very recently, the value of Dogecoin has increased tremendously within the last twenty-four hours.
Can you buy Dogecoin on Coinbase?
Coinbase is one of the most common cryptocurrency platforms across the globe. Yesterday, coinbase announced that Dogecoin would be one of the cryptocurrencies listed on the platform after a pro launch. This announcement alone pushed the value of Dogecoin up by 30%. Note that this announcement hasn’t taken effect yet, so you can imagine how its impact will be. As you’re reading, DogeCoin sells for more than 50 cents which is an over 25% increase. Additionally, the Coinbase announcement included that they’ll be supporting Dogecoin on their platform. As you will expect, this will further strengthen the value of Dogecoin.
When Dogecoin started in 2013, it began as a sort of joke for Bitcoin. It remained a jest cryptocurrency up until the early parts of this year. Like we mentioned earlier, Elon Musk’s sudden interest in cryptocurrency made him an influencer in the market with his social media posts. He single handedly took Dogecoin to its highest value of 67 cent. However, he was also instrumental to the value reduction of the market when Tesla Motors stopped accepting Bitcoin as a form of payment.
At the start, Dogecoin was neglected mainly partly because of the reason it started. More so, they had a few technology-related challenges at the beginning. So this currency was considered a risky investment primarily, especially for people who were starting. Since the traders are just beginning to influence the market mainly, the value of Dogecoin was neglectable. However, things are sure going to change when Coinbase affects this announcement.
First off, Coinbase is one of the largest cryptocurrency platforms on the globe. In the United States of America, Coinbase has the biggest acceptance amongst most traders. The number of traders that actively own a verified Coinbase account is up to 56 million. Also, the total asset value of the transactions is over $200 billion held by different traders. When a new coin gets listed on Coinbase, the value of that coin always jumps in value. It is even a widespread effect that many refer to as the Coinbase effect. As you can see, just the announcement has increased the value of the currency.
What should you expect?
Of course, when Coinbase affects this announcement, expect a rise in the value of Dogecoin. Although by the time we were writing this article, the value of Dogecoin had depreciated. This is why you should always be careful when it comes to cryptocurrency trading Instead of taking high risks with your money, why not earn while you play fantasy games? A great one to try is Fanspel!
http://www.cryptcointrade.com/dogecoin-price-surges-on-coinbase-launch-speculation/
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Bitcoin first made the news rounds in 2009 when it was created anonymously by someone named Satoshi Nakamoto. At that time, there were mixed reactions from enthusiasts and business analysts. While some invested in this digital currency, many ran away from the opportunity out of fear. However, those who decided not to invest in Bitcoin early now regret that decision.
When it first started, the value of Bitcoin was not up to a cent. But some twelve years down the line, the price of Bitcoin now ranges between $30,000 and $50,000. In April, Bitcoin reached an all-time high of over $60,000. That means if you had about ten Bitcoins in 2009, the value of those coins would have hit more than three million dollars.
The stability of Bitcoin, over these years, has made many traders investors. For this reason, more and more people are picking up interest in Bitcoin and cryptocurrency as a whole. However, not many people understand the rules of cryptocurrency. Since Bitcoin is the most influential and popular currency, many enthusiasts want to know how the value of Bitcoin is determined.
What Affects the Value of Bitcoin
Because Bitcoin is a cryptocurrency, many forget that it’s a commodity. Like many other commodities, some factors will affect the price of the entity. A commodity like food increases in value because of the demand from the consumers. On the other hand, commodities like gold have more value because they aren’t readily available. The market trend of Bitcoin behaves similarly to the gold market because Bitcoin is a scarce commodity. Presently, the amount of Bitcoin supply that we have is not up to 20 million. The predicted maximum supply of Bitcoin is 21 million. This is nowhere near enough as Bitcoin keeps increasing in its demand. Let’s look at the factors that affect the price of Bitcoin.
Supply and demand
The supply of Bitcoin depends on the number of Bitcoin available for sale in the market. Every seller has the liberty to choose the price they want to sell their Bitcoin. The moment one seller has a lower price, almost every other seller has to adjust. So, in most cases, it’s preferable if Bitcoin buyers are more than the sellers for the value to increase.
Likewise, when the demand for Bitcoin increases, the value of Bitcoin increases. That’s because there’ll be fewer coins in circulation. Supply and demand are the main factors that affect the price of Bitcoin.
Mining
Bitcoin miners are people who help secure the Bitcoin network with their computers. When miners complete a block, they receive rewards in Bitcoin. They can now sell back this Bitcoin into the market or keep it. This amazingly affects the market.
Regulations and media
Government regulations and media play a crucial role in Bitcoin value. Huge players like China have been responsible for many crashes in bitcoin’s worth, including the most recent crash in May. When a government policy or regulation supports Bitcoin, the value increases, and when it doesn’t, the value decreases. This happens because government regulation always affects the demand and supply of Bitcoin.
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For it to have survived twelve years, Bitcoin has passed the test of time. However, it’s advisable to do some research before investing in Bitcoin, season and events really matter.
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Ethereum Classic is a distributed cryptocurrency platform that runs smart contracts and is open-source, decentralized, and blockchain-based. It enables programmers to create and deploy smart contracts, self-executing code blocks that perform specific tasks in response to predetermined criteria.
The ETC network is permissionless, which means that anyone with a suitable crypto wallet can join and execute transactions. In 2016, Ethereum Classic was created as a result of a network hack. The original Ethereum blockchain was split into two parts, with Ethereum Classic being the older of the two and Ethereum being the newer.
The Birth of Ethereum Classic (ETC)
The origins of the Ethereum network may be traced back to 2013, when Vitalik Buterin’s idea for a new programming language failed to gain popularity in the Bitcoin ecosystem. Instead, Buterin argued that Bitcoin should develop a new programming language that would allow tasks to be automated and apps to be built on top of the blockchain.
He chose to use a crowdsale to raise funding because there was little interest in his proposal. As a result, one of the most prominent crypto fundraising attempts occurred in July 2014, gathering 25,000 BTC, with a market valuation of $17 million at that time.
The platform would enable decentralized smart contracts, which are effectively written-in-code agreements between two parties. Once the agreement’s criteria are met, the contract is immediately processed via the blockchain. Smart contracts are fascinating to many firms because of the immutability of blockchain and its open-source capabilities.
Slock.it, a German business, created “The DAO,†a DAO initiative on Ethereum, in 2016. While the project earned over $150 million through crowdfunding, hackers took advantage of a flaw in its smart contract and stole $50 million. As a result, most Ethereum users, including creators Vitalik Buterin and Gavin Wood, favored a hard fork, or a significant modification in the blockchain’s underlying protocol, to recover the assets. As a result, the new Ethereum (ETH) chain was created.
However, certain community members were opposed to the fork, preferring to follow the philosophy of “Code is Law.†Therefore, they stayed on the previous chain and called it Ethereum Classic, claiming that blockchains cannot be altered to human whims (ETC).
Ethereum Classic is commonly referred to as the “original†Ethereum currency because it preserves the existing code of the Ethereum blockchain as it was prior to the DAO breach.
What’s the difference between Ethereum Classic and Ethereum?
ETC and ETH are identical in terms of basic functionality. Developers, for example, can utilize the open-source code to create and run decentralized applications (dApps). For such applications, they can also issue ERC-20 tokens.
The key distinguishing feature of Ethereum Classic is its incompatibility with ETH blockchain updates. A hard fork is a backward-incompatible modification by definition. Together with its users (nodes), the new chain is totally shut off from the old chain by applying a new set of rules. As a result, the original chain (Ethereum Classic) cannot access any new chain upgrades (Ethereum).
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Conclusion
This Blockchain project’s future is unclear, and it appears to be less promising than Ethereum’s. Many developers have lost faith in the network due to a series of 51 percent assaults, and analysts have indicated that ETC needs to switch to a PoS consensus method to avoid future hacks.
Ethereum Classic, like other cryptocurrencies, will most likely aspire to be a digital store of value, meaning it can be saved and exchanged while maintaining its worth. A crypto’s digital store of value includes its purchasing power, which may be swiftly converted to cash or used to purchase another asset, just like money.
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