Automated trading is the spice of life for some of the most experienced and professional traders. This is because bot trading allows professional traders to better monitor their trading strategies and decisions while increasing their trading efficiency and value productivity.
But automated trading is also marketed to newbie traders. Bot trading on this front increases the speed at which the beginner can grasp the ebbs and flows of the trading floor, differentiate between stock investments and crypto investments, and consolidate this knowledge with observable practice. Bot trading also reduces the risks of the beginner losing their investments all in one go, with some platforms offering demo trading options so that the trader can get used to the market before putting money in.
So, although there are a few drawbacks to using bot trading, it is generally advisable for newbies to rely on trading bots before getting their feet wet in the often perilous currents of trading.
Thus, we have compiled a list of trading bots that is useful to both newbie traders and professionals. These are some of the best crypto trading bots of 2022, so you are not missing out on relevance or application.
When legendary scientist Isaac Newton said that he could see further because he stood on the shoulders of giants, he was referring to crypto influencers. Well, he wasn’t but he might as well have been referring to them. Because of their existence, cracking the code that is the crypto-verse has become unprecedentedly easier.
Any authentic crypto winner will tell you that it takes a bit more than knowing the technicalities of blockchains and crypto-assets to make something of the industry. Following an industry-sharp and trend-smart luminary in the crypto-verse will get you further than whatever you can accomplish on your own.
This is why we have compiled a list of 10 crypto influencers you should be following. All of the influencers listed on this compilation are well-known characters on social media. So, you should be able to follow the links to their various platforms and pages. Then, you should be able to live long and prosper in this era of insightful crypto trading, investments, and wealth creation.
Since Satoshi Nakamoto simplified the dream for a decentralized form of value and currency exchange in 2008, wave after wave of finance-related innovations has emerged. These innovators, with many taking on the roles and responsibilities of crypto-asset issuers and service providers, have found ways to simplify financial transactions and investments.
The majority of these innovators have built on the blockchain system for a distributed ledger technology (DLT) to do amazing things. As such, rather than only technically inclined people having the best of the provisions of the technology, ordinary people have also benefited greatly. Also, the lack of global regulations on the new system has allowed it to flourish, making overnight millionaires of timely miners and investors.
And while the uptake of cryptos in developed and developing countries grows daily, the uncertainties inherent in the system have caused hesitation in some quarters. The EU (European Union) is one of such hesitant parties.
Despite realizing the opportunities for sustainable growth and development that the system promotes, the EU has been mostly silent on maximizing the offerings of the crypto industry. Until the “Proposal for a Regulation for the European Parliament and of the Council on Markets in Crypto-assets, and amending Directive (EU) 2019/1937,” an initiative that is 167 pages long and consists of 126 articles, came into being.
This article analyzes this framework proposed by the EU in light of what it means, what the various stakeholders of the crypto industry should expect and an overall estimation of who the proposal is good for.
The European Commission published the proposal for a regulation of cryptos and their markets on September 24, 2020. However, the proposal was not adopted until November 24, 2021—more than 12 months later.
The EU’s proposed framework for the regulation of crypto-assets and markets is exactly what it says—an initiative to regulate the activities of the cryptos market and exchanges. However, it is not driven by any intention by the EU to control the industry, only to make it legitimate and trustworthy.
Also, the proposal intends to repair fragmentations in the European regulatory framework. This way, the entire region would have one block of regulatory measures rather than multi-varied national measures.
The EU used suggestions from the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) in order to understand the full range of crypto mechanisms. This way, the conclusions can be as final as possible since it is backed by inclusive research.
What the EU wants to do is implement the full spectrum of its Digital Finance package in the crypto market. Once this is in place, Europe will be able to take full advantage of the offerings of cryptos and other crypto-related stuff without subjecting its citizens and economy to the pitfalls of the industry.
As the document reports, “One of the strategy’s identified priority areas is ensuring that the EU financial services regulatory framework is innovation-friendly and does not pose obstacles to the application of new technologies.” As such, the framework’s motivation can be summarized as the need to:
In short, the framework has four primary objectives:
The initiative does not cover every form of virtual money and currency. It only takes into consideration crypto-assets and other related assets that are driven by the blockchain distributed ledger technology (DLT). Thus, asset-referenced tokens and e-money tokens are the main punches of the initiative.
Also, the proposal covers two conditions for the operation of the crypto market, particularly for service providers. There is an opt-in option which means that those that want to stay unregulated can remain so. There is also an all-in harmonization option that insists on complete inclusion irrespective of prior plans. The EU insists on the second option.
Furthermore, the proposed regulation places the EBA and ESMA as competent authorities to oversee all activities related to crypto-asset exchanges. Thus, these are the regulatory powers at the forefront that are responsible for implementing the various conditions of the proposal.
To understand the core of the proposal, it is expedient to highlight the status quo of the crypto market and the dynamics of its stakeholders and transactions.
Presently, the crypto market is mostly unregulated (which means that there is no central authority supervising it) at least at a global level. By implication, it is an open market where there is a lot of freedom for decision-making.
Also, the extensiveness of the open crypto market means that anybody with sufficient knowledge of blockchains can take advantage of it. As such, there are many coins, protocols, exchange platforms, and more.
While these are the pros of the traditional unregulated crypto market, there are associated cons. Anonymity is a core element of the system, so criminal activity is unavoidable. Hoarding of funds—and whale activity by implication—is also a thing.
What the regulation proposal intends to accomplish is straightforward. It is to bring about harmonization between what cryptos can offer (along with DLT) and the financial obligations of the EU. This is why the legalization of the market and its agents is a leading objective of the proposed framework.
Presented in this manner, the framework has the best interest of crypto stakeholders at heart. For example, payment tokens can be better optimized to “... present opportunities in terms of cheaper, faster and more efficient payments, in particular on a cross-border basis, by limiting the number of intermediaries.”
So, the framework bridges decentralized finance (DeFi) with its centralized alternative (CeFi). Thus, what the EU means to do is
The crypto market consists of many stakeholders all of whom can be categorized under three classes: crypto-asset issuers and service providers; miners and crypto traders; and investors.
There are clear pros to the proposed EU framework. For one, banks can now work with the crypto industry without fear. The risks associated with anonymity (which is an integral component of the current crypto market) are also reduced substantially.
Also, different crypto regulatory regimes and frameworks across Europe make it difficult to truly utilize the opportunities afforded by crypto applications in the region. A unified framework is good.
Moreover, the framework is great for consumers (that is, crypto investors and traders). Protection right is up there with greater security as the system looks to be customer-centric. Also, market manipulation might become a thing of the past due to the lid that the initiative places on insider information.
However, there are also clear cons. For one, there are many restrictions for the issuers of crypto-assets and crypto-related service providers. These would have to consider every offer to the customer as being liable to cancellation by the EU regulation.
Also, the regulation appears to be true in every sense of the word. This might likely cut down the number of crypto issuers and project developers since they do not all have fleshed-out ideas (and will likely be penalized for it).
Furthermore, the EU framework will ensure that there are fewer surprises now that insider information has to be leaked (in a sense) by the service providers themselves. This should have no significant effect on innovation, but there is no guarantee that it won’t.
Overall, the EU framework is as promised: a great development for crypto users/consumers. But it is not so great for crypto service providers. Also, the proposed regulations are strong and can be interpreted as having upended the core quality of the blockchain revolution.
Since the introduction of cryptocurrencies into the systems of personal, corporate, and national finance and economics, the tangent of banking and accounting operations has changed. The nature, extent, and even efficiency of business operations have changed alongside this tangent such that more individuals, and business and governmental establishments are investing their time and capital in the new wave of blockchains and cryptos.
However, the fact that cryptocurrencies and their associated opportunities are getting increasingly popular does not mean that there are no challenges or difficulties to their continued use. Cool cryptocurrency trends like NFTs (non-fungible tokens), digital fractionalization (and tokenization), and lots more have stimulated our imaginations and redefined our way of thinking. Even so, unifying these spectacular concepts with the traditions of finance and accounting that we are familiar with is a herculean task.
The idea of a crypto-fiat bank to tie the old way to the new is a novel idea. With crypto-fiat banks like Kyrrex taking the lead, it is only a matter of time before digital crypto banking perfectly merges with all aspects of our financial lives. Then the blockchain revolution would have completed a circle, and we can move to the next phase of the evolutionary landscape.
In this article, we touch on why crypto-fiat banks are getting trendy. We do this by providing explanations for the divide between traditional banking/accounting and digital crypto banking. We also contextualize the similarities and differences between cryptos and fiat currencies. After this, we highlight the problem of integrating crypto assets and fiat currencies and the need to solve the puzzle. Lastly, we present the first global crypto-fiat bank and use its features to understand what exactly solid crypto-fiat banks have to offer us.
that must be worn down by more innovative thinking.
The banking landscape is broader today than ever, and it appears to be expanding further and further into everyday life. It is more acceptable to say that the landscape is branching out than to say that it is merely growing. This is because the traditional banking framework is no longer sufficient for offering solutions to customer demands. This is especially the case when the boundary lines for service quality underscore growing demands for customer protection, data privacy, increased customer convenience and control, and other attributes of the new era.
Is there a difference between the old and the new? That is a good question. At first glance, it would seem as if the divergence between traditional banking/accounting and digital crypto banking is a matter of the application of advanced information and communications technology (ICT). This might explain why the banking and financial sector remains subject to all kinds of digital innovativeness, along with their inherent and representative risks and returns. But that is not all there is to the story.
Many variables characterize traditional banking and distinguish it from its present-day cousin. These include economies of scale, physical distribution networks (where the principal-agent interaction is determined by physical accessibility), limited management capacities, overreliance on ‘heavy’ dated equipment rather than the ‘handy’ technological improvements fintech companies are identified by, and more.
You cannot be interested in cryptocurrency and not know Elon Musk. Already famous for being the founder of innovative automobile company, Tesla, Musk enjoys a second fame as perhaps the most famous influencer in the cryptocurrency revolution.
But is this fame earned? Is Musk good for crypto? Does his infamous interventions over the years help or harm crypto's bid for mainstream legitimacy?
If there were a ranking of twitter personalities whose crypto tweets can lead to a wave of buying or selling, Elon Musk would be number one.
Since he suddenly developed a love for bitcoin and certain memecoins in early 2021, a series of Musk tweets have carried BTC to record highs or led it to sharp falls.
In February 2021, Musk announced that Tesla acquired $1.5 billion worth of bitcoin. This news helped propel the premier cryptocurrency to historic highs.
Not done with pumping up the coin through positive news, Musk announced in March that Tesla would start accepting payments in bitcoin. Soon after, bitcoin rose to an all-time high of $64,000.
However, it didn't take long for Musk to backtrack somewhat. Rather than professing undying love for bitcoin, he expressed reluctance at going all-in due to environmental concerns.
In May, he announced a reversal of Tesla's policy to accept bitcoins. The use of fossil fuels in bitcoin mining and transaction does not tally with Tesla's commitment to green energy, he said.
Predictably, the crypto market didn't take too kindly to this announcement. BTC saw a huge dump of up to 27 percent.
Unlike his love-hate relationship with bitcoin, Musk seems to have decidedly more love for Dogecoin, the original memecoin, which he has helped to pump repeatedly in the past year.
On February 4, 2021 he tweeted that "Dogecoin is the people's crypto". What happened next? You know the drill. Subsequent tweets have helped to boost the value of DOGE by more than x30.
Love him or hate him, it cannot be denied that Elon Musk has helped to increase the visibility of cryptocurrencies in recent times.
Anytime he tweets about his crypto to his over 70m twitter followers, that's a lot of eyeballs. That's a lot of new users, influencers, investors, and venture capitalists learning about crypto. Musk's interest has helped to kindle the flame of cryptocurrency in the minds of millions who otherwise wouldn't care about the industry.
And this can only be a good thing. Despite its current popularity, cryptocurrency is still a young industry. If you want legitimacy, it doesn't get bigger than having the world's richest person in your corner.
Although Musk specifically engages with only bitcoin and his pet projects Dogecoin and Floki Inu, the exposure filters down to the entire industry. The increased attention benefits DeFi, GameFi, blockchain technology and web3.
Since the beginning of 2021, DeFi has enjoyed a massive boom with TVL across the market expanding at an unprecedented rate. The same is true of other sectors like web3 and the metaverse. Even if Musk cannot gain direct credit, his indirect influence in crypto's expansion cannot be discounted.
Despite his huge following, not everyone thinks that Musk is an overall positive for the crypto industry. He has been accused of everything from being insensitive to manipulating the market to boost his own holdings.
An example was when he announced that Tesla wouldn't implement BTC payments after all. The reasons seemed flimsy, to say the least. How bitcoin worked and the main sources of mining energy were already common knowledge when he announced Tesla's purchase of bitcoin. If he didn't care about energy wastage then, why care about it now. Many observers dismissed it as a convenient excuse to backtrack without losing face.
Another source of anger among crypto enthusiasts is the coins Musk chooses to promote. They point to his continued promotion of memecoins as evidence that he isn't as altruistic as he appears.
Why not promote some innovative decentralized finance project that could do with grabbing the limelight. Or perhaps a new blockchain solution that could solve the ongoing problem of network scalability? Dogecoin and Floki Inu certainly don't seem like most people's idea of good and sustainable projects.
Musk's fixation on joke projects is not going to convince people who think crypto is a glorified pyramid scheme to change their minds. By refusing to change direction, he continues to hurt the sector he seems to love.
In an ideal world, the value of a cryptocurrency is determined by the market forces of demand and supply. As demand rises, so does price.
While outside factors like a current government policy, a network hack or whale activity can affect prices, the general trend favors demand and supply as the main variables that shape the market.
Investors should make rational decisions regarding the coins to invest in. Factors usually considered are the market cap, current price, use cases, founder rep, investors' profile circulating, total and max supply, liquidity, community size and engagement.
There are usually one or two additional situational factors. But a billionaire's tweet is not on the list.
Yet when Musk tweets, everyone takes notice. Worse, many rush into risky investments based on his tweets only to be full of regrets when the coin flounders.
The fact that one man can influence the behavior of a big segment of the crypto user base is a problem. Crypto should be about collective power rather than outsized individual influence. The Elon Musk Effect causes short-term volatility. As long as it remains a thing, it could prove damaging to crypto in the long term.
At least Musk seems to have lost some of his power to move traders. Many investors no longer regard his tweets as a deciding factor for their investment decisions.
In an industry whose goal is to decentralize economic power by spreading it among the masses, that can only be a good thing.
Buying and selling cryptocurrencies is now easier than it used to be. We owe a lot of that ease to the numerous centralized exchanges offering various trading services. You can now purchase Bitcoin with your credit card, and peer-to-peer options are becoming prevalent. The best cryptocurrency platforms allow you to transact with low fees, easy-to-use interfaces, and reliable security features.
Whether you’re considering leaping into the crypto space or you’re an existing trader, choosing an exchange is a critical undertaking. You have to consider listed currencies, trading volumes, fees, security, and withdrawal options. These are the fundamental factors that should determine your decision. That said, you still want to go for a platform that meets your specific needs as they offer different added services.
If you’re a beginner, you need a cryptocurrency exchange with a simple trading interface and structure. It should be easy to create buy and sell orders without going through the complex nuances of crypto trading.
For advanced traders, the exchange should have a great deal of altcoins (other cryptocurrencies apart from Bitcoin). This allows you to have a wide range of investment options. Of course, you’d also love to use other professional tools, such as insightful trading charts and metrics.
You can only purchase cryptocurrencies with fiat through centralized exchanges. These platforms allow you to make instant buys using your credit/debit card. You could also deposit fiat currencies to your wallet from your bank account and exchange them for crypto assets. As far as centralized exchanges go, Huobi Global is one of the big names. However, going for the top guns is not always the answer. There are other gems around that could be your perfect gateway into the crypto trading ecosphere.
For example, Kyrrex is one exchange turning heads due to its promise to bridge the crypto and banking industries. This means it aims to allow users to carry out fiat and crypto transactions from one dashboard.
This article will cover the different aspects of the Kyrrex ecosystem and show you why it’s a great alternative to Huobi Global.
Cryptocurrencies are among the riskiest investments in the financial market. As with any business dealing, high-risk assets yield high returns and losses. That is why it's imperative you know what you're getting into before diving into the crypto world. While traders lose hefty sums every day due to market volatility, most inexperienced investors fall victim to crypto scams. These unfortunate incidents are painful because they can be avoided.
It was reported that scammers swindled investors an estimated $1.7 billion in cryptocurrency in 2018. OneCoin is an example of a world global scam that ripped investors off. This has led to some wary investors thinking that the entire idea of blockchain is a scam. Today, that number has grown even more, with the crypto market's capitalization surging past $2 trillion. This article will cover the most common Bitcoin scams today and how you can identify and avoid them.
To understand how scammers operate and the tactics they employ, you need to know how cryptocurrencies work.
Cryptocurrencies are virtual currencies that are based on a technology called blockchain. These currencies are secured by cryptography, hence the name "cryptocurrency."
The blockchain is a public ledger that records and facilitates cryptocurrency transactions. It can also be applied in other real-world use cases such as governance and decentralized finance using smart contracts.
Cryptocurrencies are one of the most secure assets to own as long as you don't give them up.
When you buy a coin, it gets transferred to your digital wallet. If you purchase any token through a centralized crypto exchange, you can withdraw it to an external wallet. Mnemonic phrases are used to protect and recover wallets. Whoever holds them has access to your crypto assets.
In the cryptocurrency market, scamming involves engaging in deceptive schemes or tricks to defraud unsuspecting investors of their crypto assets. Anyone who sends you a message offering to help with issues in your account or telling you about a great giveaway is a scammer meaning you should block them immediately.
Every scammer's goal is to steal. Therefore, all their schemes and maneuvers are designed to fool you into handing over your assets. Since no one can just turn over their funds, these criminals engage in different clever schemes. From impersonation to outright hacking, they are ready to go all the way to siphon crypto assets. Crypto scammers start by sweet-talking unsuspecting investors about once-in-a-lifetime deals and get-rich-quick schemes. Since many already see cryptocurrencies as a fast way to make cash, it's easy to fall into the trap.
Once they are engaged in the conversation, fraudsters gradually get investors to reveal their wallet phrase or log-in details. In other cases, they defraud the investor by convincing them to invest in a scheme or transfer "transaction fees." Some scammers set up sophisticated websites with wallets and a dashboard. They'll show users balances and how their investments grow, full of fake Bitcoin transactions, ROI, and PNL statistics. Unfortunately, any money you send to these sites is likely gone, and sadly, you might only realize it when you decide to withdraw your funds.
The hype around cryptocurrencies isn't dying down despite the sad stories of people losing funds to scammers. That is because stories about massive gains and the crypto boom always dominate the headlines. However, scammers are mostly successful because new investors are quick to buy without doing their due diligence. In addition, fraudsters take advantage of eager crypto enthusiasts who are new to the scene and want to make fast cash.
Crypto scammers also exploit cryptocurrency's decentralization to get away with fraud. Since people can send and receive cryptocurrencies anonymously, investors can't identify who scammed them. That is what makes a cryptocurrency scam very dangerous. Users cannot seek relief or recover their funds since there's no way to track a perpetrator.
Let's cover the common scams that fraudsters still use today to trick people.
There's always something fresh happening in the crypto space. Cryptocurrencies initially emerged to cut out institutional middlemen from currency exchanges. From this foundation, the core ideas have radiated in all directions. These days, the digital currency space is a confluence of complementary and competing ideas, use cases, products and ecosystems.
Latest calculations place the crypto industry at $2 billion. That's a mammoth figure considering how it all began in 2009. And it's just getting started. Bitcoin has climbed back above $60,000 on the heels of ETF approval in the US. Other crypto coins are gearing up for their own bull run. The long term forecast of the industry remains positive; all trends point towards even more explosive growth.
Bitcoin remains the king of crypto. It has led the charge for more widespread adoption of crypto as a medium of exchange and a store of value. Many other coins, dubbed alts, are snapping at its heels as they onboard their own community of enthusiasts, investors and promoters.
Amidst the enthusiasm, one simple fact remains: not all cryptocurrencies are created equal. With thousands of crypto assets in existence, some will be more popular or valuable than others. Every alternative currency has potential for huge gains or steep tanks. You can get very rich or lose all your money based on which coins you buy. For this reason, investors often get confused over the best digital coins to invest in.
If you asked a typical crypto analyst for one coin to invest in, the answer would be "bitcoin" and for good reason. BTC is the most valuable crypto, the safest and the trendsetter for the whole industry. But this doesn't mean you can't find short and long-term gains elsewhere. Several popular alternatives to Bitcoin like Ether, Cardano, Solana, Vechain and PolkaDot have surged to unprecedented highs recently.
In other words, you may have more to gain by investing in bitcoin alternatives than in BTC itself. Even accounting for the volatile nature of crypto, some popular coins have proved their staying power and long-term reliability for securing gains for investors.
As the year comes to a close, it's still possible to make quick gains by investing in the best altcoins around. Investors who position themselves early stand to benefit when the alt season kicks into gear. When you buy wisely, you won't need to wait for the alt top to secure appreciable profits. To fully maximize your strategy, you must know the best altcoins to buy and when to buy them.