With investors desperately seeking reliable returns amid the coronavirus crisis, one top wealth advisor has said it’s the wrong time to bet on bitcoin… Top 5 Cryptocurrencies to Watch This Week: BTC, XTZ, ADA, LINK, ETC Now that we almost familiarized ourselves with the basics of cryptocurrency, the Swipe team would like to shed light on the most common misconceptions about it. In this article, we aim to discuss the… Central bank policies, corporate indebtedness and confinement lead to increased demand for cryptocurrencies, experts say. Gone are the days when people faced lots of problems when converting their cryptocurrencies to fiat, or spending them. These days there are so many crypto companies that provide Visa or Mastercard… Whether you are looking to buy cryptocurrency as an investment or as a trading unit, we will tell you which currency will work best for you. So, without further ado, let’s learn about: Which cryptocurrency to buy and how? How …
Bitcoin and cryptocurrency investors have been nervously eyeing the bitcoin price since its highly-anticipated supply squeeze earlier this month.
The bitcoin price took a big step down this week, dropping 10% to under $9,000 per bitcoin after failing to pass the psychological $10,000 level.
Now, with investors desperately seeking reliable returns amid the coronavirus crisis, one top wealth advisor has said it’s the wrong time to bet on bitcoin.
MORE FROM FORBESAs Bitcoin Struggles, This Tiny Cryptocurrency Has Soared A Massive 230%By Billy Bambrough
Bitcoin has so far weathered the coronavirus crisis well though some fear the bitcoin price could be … [+] headed for a crash.
“Every bear market presents opportunities and it’s tempting, particularly for younger generations, to look for speculative assets,” Peter Mallouk, chief investment officer at wealth management firm Creative Planning, told CNBC, pointing to bitcoin and cryptocurrencies, gold and cannabis stocks.
“There is no need to go over into the speculative world,” Mallouk said, warning speculative assets like bitcoin have “a lot more booms and busts.”
“It’s a lot sexier to buy things like cryptocurrencies, gold and silver but … they don’t bring any income to the investor.”
Bitcoin is famously volatile, gaining worldwide recognition in late 2017 after the price soared from under $1,000 per bitcoin at the beginning of the year to around $20,000 by December.
Since then bitcoin has crashed to lows of $3,000 before bouncing back up to around $14,000 last year.
Mallouk, who defines “speculative” as “anything that doesn’t produce income and bring it to you as an investor,” thinks bonds and certain company stocks are a lot more attractive than the likes of bitcoin in current market conditions, naming entertainment giant Disney, fast food chain McDonald’s and consultancy Accenture as better bets.
“A bear market puts everything on sale. You have incredible companies that we know are not going anywhere, selling for half off,” said Mallouk, who has previously warned bitcoin is a “dead man walking” and in a “death spiral.”
The coronavirus pandemic and subsequent lockdowns put in place to contain it sparked a massive stock market rout in March before central banks around the world, led by the U.S. Federal Reserve, promised to back the vast majority of markets.
MORE FROM FORBESMajor $800 Million Bitcoin And Crypto Investor Reveals Coming ‘Fourth Cycle’By Billy Bambrough
The bitcoin price has climbed over the last 12 months but has swung wildly, soaring to over $13,000 … [+] per bitcoin last summer before crashing to under $4,000 in March.
The Fed has pumped trillions of dollars into the U.S. economy over recent months in a desperate bid to prop up the market though some have warned the unprecedented action has artificially inflated stocks.
The tech-heavy Nasdaq is now in positive territory for the year, boosted by the likes of Google and Amazon, while the S&P 500 has almost recovered all of its March corona-crash losses.
However, bitcoin, as well as some smaller cryptocurrencies, have outperformed most other assets so far this year.
Bitcoin is currently on course to be one of the year’s best performing assets, though many bitcoin and crypto analysts have warned a planned bitcoin supply cut earlier this month could mean it’s hurtling toward a sudden crash.
The bitcoin price had been holding up since its third supply cut, known as a halving, on May 11—although cracks began to appear this week when the price moved sharply lower, losing around $500 in a matter of minutes.
Author: Billy Bambrough
Top 5 Cryptocurrencies to Watch This Week: BTC, XTZ, ADA, LINK, ETC
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The institutional interest in (BTC) has increased in the past few months, according to data from Grayscale Bitcoin Trust. If the trend continues at the same pace, by March 2021, GBTC would have purchased 75% of the newly mined Bitcoin during the period. By that time, its total holding of the top-ranked cryptocurrency on CoinMarketCap would increase to 3% of the total circulating supply. If this happens, it could be a huge sentiment booster for investors who believe institutional investment is the key for mass adoption.
Crypto market data daily view. Source: Coin360
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Debunking Cryptocurrency Myths
Now that we almost familiarized ourselves with the basics of cryptocurrency, the Swipe team would like to shed light on the most common misconceptions about it.
In this article, we aim to discuss the reasons why these myths exist and correct the common tales behind them.
1. Cryptocurrency is A SCAM
NOT. We have to set this record straight once and for all. Cryptocurrencies are the digital counterpart of physical currencies. The only difference is this kind is purely virtual, meaning it doesn’t physically exist. Instead of going through any central authority (bank), it runs in a blockchain, a digital ledger that lets users safely and easily transact and store cryptocurrencies.
So why do people think that it is a scam? It is because of the bad players who try to take advantage of this new technology. A lot of new and naïve crypto investors fall into Ponzi-type schemes that promise huge investment returns at a little or no risk at all.
Scammers will also try to lure people in making them believe they offer related services in return for crypto payment. The concept of cryptocurrency is to make the current financial transactions easier, which is why some fall for this bait. These types of investments and services should be viewed skeptically. If there are people who are trying to scam you of your money, there will also be people who will try to scam you of your cryptocurrencies. But this doesn’t mean that money and cryptocurrencies are a scam.
In cryptocurrency, there is no central authority to re-check the user’s transactions. In cryptocurrency, there is no central authority to re-check the user’s transactions. Users must be responsible enough when managing their crypto assets and activities.
2. It is NOT SAFE
AGAIN WRONG. Cryptocurrencies are safe unless people expose themselves to illicit transactions. Remember, even the most successful businesses get highjacked, so what is the possibility that cryptocurrencies will be immune to it?
Most of the cryptocurrency transactions run in a blockchain, a digital ledger that uses cryptographic measures to process and transactions, making it more likely impossible to be compromised. However, this doesn’t mean that your cryptocurrencies are totally immune to hacking and phishing.
Some users choose to manage their cryptocurrencies themselves, but there is also a number who rely on exchanges or digital wallets run by different parties. When using devices and software such as mobile applications to manage crypto funds, one must make sure that their device is free from any malware and viruses and that they set strong passwords for wallets and accounts that deal with their cryptocurrency funds. Remember, cryptocurrency transactions are irreversible, so one must make sure that their devices and applications are virus-free and secured.
But how can the users prevent this from happening? Prior to purchasing cryptocurrency, do proper research on which exchange and digital wallets are perfect for their lifestyle. Check if the company is properly regulated and compliant with the existing laws.
Swipe Wallet carries numerous licenses around the world. At present, it has a Virtual Currency Wallet License, and Virtual Currency to Fiat Exchange License issued both in Estonia covering the European Economic Area.
Aside from this, setting up a strong password and enabling two-factor authentication (if applicable) are strongly recommended. This adds an extra layer of security to your software, making it less prone to any cyberattacks.
3. It DOESN’T HAVE A VALUE
THERE IS. In fact, as of writing, one Bitcoin is priced at $9,096.37, which you can spend and convert any time through the use of your digital wallets. Cryptocurrencies offer a faster way of receiving and sending money through the use of blockchain technology, a better alternative to the usual bank remittances people do. It actually works like fiat currencies, only that cryptocurrencies are decentralized and not run by any central or governing authority.
Skeptics don’t believe in cryptocurrency because they think it doesn’t have any intrinsic value just because of its digital nature, and it is not backed up or supported by anything (government or central authority).
So, why the prices go high even if some people say it doesn’t have any value? Simple explanation: though cryptocurrencies are prone to volatility, remember it has a finite supply. As more demand for crypto supply increases, its prices go higher. This shows that cryptocurrency users have trust in the system, giving it more value. Proving that you always don’t need to see it physically in order to believe in it.
A good cryptocurrency user must realize that due to the relatively new concept or market of cryptocurrency, it is prone to a lot of constant gains and losses. When acquiring these, one must have an open mind that the prices may increase and decrease anytime. Having a diverse investment portfolio (not just in cryptocurrency) helps to reduce the risk of huge losses.
4. Cryptocurrency SUPPORTS Illegal Activities
DEFINITELY WRONG. This is one of the biggest myths that surround the cryptocurrency industry. The reason behind this is the misconception that cryptocurrency transactions are entirely anonymous, making people believe that it was made for illicit activities.
Most cryptocurrency transactions are traceable through the public address shown in the blockchain. However, it is only limited to the amount and address, not the identity of the sender. This concept made bad entities try to abuse the latest technology discovery. But this doesn’t mean that tracking their details is a difficult task.
Bitcoin, Ethereum and other digital currencies, and wallets implement their own ways to track transactions through a KYC or Know Your Customer service without asking too much of personal information than most of the normal banks do.
5. Funds are EASILY STOLEN
YES and NO. How so? There is a big possibility of funds getting stolen if the users will not practice precautionary measures when managing their cryptocurrencies. Even in fiat currencies, if people will just leave their money somewhere unsafe or in shady institutions, it will be prone to theft.
As a general rule, having tight security measures on a chosen crypto trading platform and wallet will help lessen any tendency of experiencing unfortunate events. Users have to make sure they are only dealing with reputable trading platforms and wallets. There are a lot of users who fell victim to fake wallets. To avoid making this big mistake, ALWAYS do a background check and don’t just trust what search engines show right away.
People who are not careful enough to make security actions and discern any fraudulent sites will be prone to having their cryptocurrencies stolen. Cryptocurrency transactions are irreversible, and if you fell into these traps, your money will be long gone for good. Remember: everything is digital in Bitcoin. People must be extra cautious in making transactions as there are a lot of bad people who are evil enough that will try to steal your hard-earned money.
Wherever people go, there will always be bad players who will try to find ways to outsmart people. These myths sprouted because there are people who are victimized by scammers. It is important to stay vigilant and do proper research before making necessary transactions to avoid fraud. There are no shortcuts to success. No matter how advanced the technology is, nothing beats the decisions made by a responsible and critical consumer.
Author: Nicole Del Rosario
Cryptocurrencies: winners in the pandemic?
The Covid-19 pandemic is driving central banks to inject liquidity into the market through unconventional measures and action may have an unexpected side effect: boosting the cryptocurrency market.
“Injecting large amounts of currency into the markets causes increased inflationary pressures and reduces consumers’ purchasing power, thereby devaluing national currencies and therefore directly affecting users and investors,” says Edward Cooper, head of cryptocurrencies at Revolut to Jornal Económico, recalling that Bitcoin was launched in 2009 in a somewhat similar scenario, in response to the 2008 crisis.
For the head of the British fintech, in the current circumstances “we are witnessing the adoption of similar economic strategies to be used by Governments as a direct response to the coronavirus” and, in this scenario, he believes that it will increase the interest of investors in cryptocurrencies, as they are considered a “resilient asset under these conditions”.
Nuno Mello, commercial director of XTB, notes that this market also benefits from the high indebtedness of many companies, which may lead to defaults, leading investors to look for assets less permeable to these risks. “At these times, investors do not want to be exposed to the bond market or the stock market. They want to hold assets that no one can claim, such as gold and Bitcoin, ”he says as an example to JE. “The cryptocurrency investor buys Bitcoin, stores it in his digital wallet or hardware wallet, and it’s yours. Nobody can remove them or haircut them. It’s a safe value! That is why we are witnessing an appreciation of Bitcoin in the last few weeks and which should continue over time ”, he maintains.
The head of the brokerage notes that the market moved on May 11, when Bitcoin’s third halving was registered – it happens approximately every four years or every 210 blocks that are mined -, cutting the reward given to miners in half, currently 6,25 bitcoins. In the previous two halvings (in 2012 and 2016) strong bull markets followed, leading to bitcoin valuations of 50162% and 9054%, followed by corrections of 80% of the whole previous movement, recalls Nuno Mello.
“This time the bull market started 18 months earlier and investors are waiting for an equally explosive move.” Are we in a speculative movement? “In the short term, it will be possible to talk about it”, he says, but underlines that volatility will tend to stabilize over time. “In addition, the average global cost to produce a Bitcoin is around six thousand dollars, so its price tends to always be higher than that value”, he points out.
For João Barros, Pagaqui’s CEO, the increase seen since December 2019 and which is pre-pandemic does not explain the growth of this market in isolation. In addition to cryptocurrencies being “increasingly seen as a haven for investment in traditional financial markets, which are extremely penalized by uncertainty and the economic crisis”, the JE stresses that the confinement resulting from the pandemic had an impact on the universe of stakeholders, creating “greater availability of time for potential investors to dedicate themselves to cryptocurrencies ”.
“We saw, during this pandemic, a significant increase in the opening of accounts with online brokers and in the volumes traded”, he says.
Edward Cooper reveals that the trend was felt at Revolut, which saw a “huge increase in demand for cryptocurrencies”. “We saw a threefold increase in the volume of cryptocurrency trading in the Lombardy region of Italy, after mandatory confinement was dictated at the beginning of last March,” he exemplifies.
João Barros anticipates that “this crisis has significantly strengthened the means of electronic payment”, benefiting from the existence of “more and better wallets to acquire cryptocurrencies in a simple way”, being that “its liquidity is increasing, allowing its growth as currency accepted in small transactions ”.
The growth of the market will be reflected, according to Nuno Mello, in a redundancy of large banks, since “any small company can manage to raise millions through a simple Initial Coin Offering (ICO)”.
“The growing phenomenon of decentralized finance also promises to change the current paradigm. For example, companies will be able to issue their bonds in the form of smart contracts using, for example, the Ethereum blockchain, at no cost to intermediaries. Investors will be able to buy bonds with very low values, such as five or ten euros, with high interest rates ”, he exemplifies.
Author: Ânia Ataíde
Spend your cryptocurrencies worldwide using this prepaid debit card and get paid for doing so.
Gone are the days when people faced lots of problems when converting their cryptocurrencies to fiat, or spending them. These days there are so many crypto companies that provide Visa or Mastercard prepaid debit cards that enable consumers to spend their digital assets, and to withdraw cash from ATMs.
The best of them all is Crypto.com. It is a cryptocurrency mobile App wallet that you can download and start using now. Within it are many products including a crypto exchange, prepaid debit cards, crypto staking, investment, and payment platform. Crypto.com gives metal prepaid Visa debit cards to its users.
The Midnight Blue card is free and it is the only plastic one. To get it, MCO staking is not required. Its benefits include: (a) 1% back on all spend in MCO rewards, (b) US$2,000 interbank exchange rates limit, and © no-fee ATM withdrawal limit of US$200.
To get the Ruby Steel prepaid debit card, you need to have at least 50 MCO tokens staked in your Crypto.com wallet. This is a metal card. Benefits of having it include: (a) 2% back on all spend in MCO rewards, (b) 100% rebate on your Spotify payments. © US$4,000 interbank exchange rates limit, and no-fee ATM withdrawal limit of US$400.
The Jade Green prepaid card is made of metal, too. To get it, you must stake at least 500 MCO tokens in your Crypto.com wallet. The benefits of having this card include: (a) 3% back on all spend in MCO rewards, (b) 100% rebate on your Netflix, and Spotify accounts. © airport lounge access, (d) US$10,000 interbank exchange rates limit, and (e) no-fee ATM withdrawal limit of US$800.
To get the Royal Indigo prepaid Visa debit card you must stake at least 500 MCO in your Crypto.com mobile app wallet. The benefits of having the Royal Indigo card are the same as those for the Jade Green card.
The Icy White card is also made of metal. To get it, you need to stake at least 5,000 MCO. The benefits of having this card include: (a) 4% back on all spend in MCO rewards, (b) 10% rebate Expedia, © 100% rebate Netflix, Spotify, Amazon Prime, (d) Crypto.com private, (e) exclusive merchandise welcome pack, (f) earn bonus interest, (g) airport lounge access + 1 guest, (h) US$20,000 interbank exchange rates limit, and (I) no-fee ATM withdrawal limit US$1,000.
The Obsidian card is for those who are wealthy. To get it, you must have at least 50,000 MCO staked in your Crypto.com wallet. In addition to all the benefits for Icy White cardholders, you also get (a) 5% back on all spend in MCO rewards, and (b) private jet partnership.
To download the Crypto.com mobile app CLICK HERE. Make sure the Referal Code is wt6e26ccu6 so that you can receive a $50 USD equivalent free sign-up bonus in MCO tokens. To unlock your referral bonus, you have to stake a minimum of 50 MCO and confirm your email within 10 days.
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Disclaimer: We do not accept any liability for any loss or damage which is incurred from you acting or not acting as a result of reading any of our publications. You acknowledge that you use the information we provide at your own risk. Our publications do not offer investment advice and nothing in them should be construed as investment advice. Our publications provide information and education for investors who can make their investment decisions without advice. The information contained in our publications is not, and should not be read as, an offer or recommendation to buy or sell or a solicitation of an offer or recommendation to buy or sell any securities. Our publications are not, and should not be seen as, a recommendation to use any particular investment strategy.
Author: Takarudana Mapendembe
How to Buy Cryptocurrencies 2020 – The Best Coins, Wallets & Exchanges
If you have decided to invest in cryptocurrency but are confused about how to get started, then this article is for you. Read it to the end and you will be aware of how to buy a cryptocurrency and where to buy it securely.
See Our Best Pick for 2020
Whether you are looking to buy cryptocurrency as an investment or as a trading unit, we will tell you which currency will work best for you. So, without further ado, let’s learn about:
Many people who are buying cryptocurrency today are just following the fad. This is a wrong approach if you would like to invest in cryptocurrency for the long term. You need to know the market and its dynamics. It is even better if you understand how volatile cryptocurrency is and why it is currently on the rise.
Let’s get started with the basics. Cryptocurrencies are in hundreds. The top five cryptocurrencies include Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and XRP. All these cryptocurrencies are either backed by investment banks, governments, or multinational corporations, or they have the biggest market share.
For example, Bitcoin has the biggest market share in the whole cryptocurrency market and that makes it most in-demand.
When investing in cryptocurrency remember that the currency is too volatile. It reached $20,000 for a single Bitcoin in 2018 and then fell to $6000 for a Bitcoin in 2019. That makes it one of the least stable currencies to invest for the short term. However, if you are in for long-term then investing in cryptocurrency would be a good idea.
Even then, it would be better to start small. You can start for as low as $100 to invest in cryptocurrencies. However, you should invest at least $1,000. Break the $1,000 amount into different cryptocurrencies and see which one is rising, then swap the one that isn’t rising for the successful one.
The best way to understand the market dynamics is by studying the cryptocurrency charts. You need a platform that offers the latest news, future prospects, and historical charts of each cryptocurrency.
Once you have decided on a cryptocurrency, you can either buy it from a cryptocurrency exchange or you can buy it from a cryptocurrency broker like Local Bitcoin website. There are many options available to you.
But when buying any cryptocurrency, make sure the time at which it will be sent to your wallet. Usually, the Bitcoin cryptocurrency transactions can take from 1 to 3 hours to complete.
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Now that you are aware of cryptocurrencies and how you can profit from them. Let’s learn about cryptocurrency wallets. When you purchase cryptocurrency, you need to store it in a wallet. This wallet is a digital locket where you keep the cryptocurrency stored.
It has a public and a private key that you can use transact cryptocurrency again. So, let’s suppose you get 1 Bitcoin by successfully completing a job. Where will you place this 1 Bitcoin?
If it was sent to you by a client, then they will provide you a basic wallet id including the public and private key. The wallet will be placed on a crypto exchange website. Let’s learn more about wallets.
Web wallets are basic exchange wallets that are given to you when you create an account on them. These wallets keep your public and private keys and the amount in them safe. You can access them through your crypto exchange credentials.
Paper wallets are the cheapest and the most insecure way to keep your Bitcoins. You just print the public and private keys with the amount in them on a piece of paper and keep it with yourself. When and if someone steals your paper wallet, they can easily copy the amount to their wallet leaving you bankrupt.
Mobile wallets are a sophisticated way to keep your Bitcoins. Usually, they are disconnected from the internet. This means you can use mobile wallets to securely view your Bitcoins. You can also use two-factor authentication (2FA) on Bitcoins so that no one can steal them from you.
Hardware wallets are the safes way to keep your cryptocurrencies. These hardware wallets are available from Trezor, Ledger, and so on. All these crypto wallets come with self-destruct mode, automatic data replication if stolen, and regular pass changing capability.
Even if hackers get their hands on these hardware wallets, the data of the users still remains safe and secure.
Now that you know about various crypto wallets and where to keep your cryptocurrency, let’s learn which cryptocurrency is the best option for you.
You can search for a stable cryptocurrency by looking at the historical data. Almost all cryptocurrencies have historical data available for the past five years. So, take a look at it and see the crest and troughs.
Also, note why seasonal spikes occur and are they related to a world event. Let’s say the current crypto spike is because of COVID crises and oil deflation.
Next, find out which cryptocurrency has the biggest market share. Most cryptocurrencies don’t have a lot of market cap and therefore investing in them would not be a good idea.
When you are able to see the number of coins in circulation, you’ll be able to get a pretty good idea of how stable a currency actually is.
If more than 80 percent of a cryptocurrency is in circulation then it is a trusted currency. This means not a selected few people are hoarding most of the money. When the currency is in circulation, there is more chance that its price will increase.
Before buying, find out what crypto experts are saying about the currency? Are they optimistic that the currency will rise in the future? Let’s take the example of Bitcoins again.
As you can see that BTCs just reached half-life, this means its value will now increase because fewer Bitcoins can be mined now for the same effort.
Here are a few places where you can buy any cryptocurrency easily.
Crypto Trading firms
Crypto trading websites allow you to buy a cryptocurrency of your choice without worry. You just have to create an account on any of the trusted platforms and then you can buy the cryptocurrency.
You can use FIAT currency to buy cryptocurrency. The fees for buying cryptocurrency with FIAT currency are around 5%.
Crypto Brokers/ Crypto Exchanges
Crypto exchange companies similarly allow users to buy cryptocurrency directly from their platform. Instead of trading the currency, they can keep it safe in their wallet. These crypto exchange companies are also great for all those who are looking for long-term investment options.
Third-Party KYC Companies
Another option to buy cryptocurrency is with KYC companies. Know Your Customer (KYC) firms allow users to buy cryptocurrency by submitting their POR (proof of residence) and bank account details.
KYC firms usually have members holding cryptocurrency, and they hold a commission by brokering deals.
That’s all there is to know about buying cryptocurrency online. If you are still interested in buy cryptocurrency, then don’t forget to check out our reviews of cryptocurrency exchanges.
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