Traditional industries like construction too, despite their physical nature, are changing new tools making them more digital. In the case of construction, this typically comes in the form of heavy machinery, such as JCB excavators, which are being influenced by changing carbon prices around the world. With the production materials cost going up and economic changes, the JCB price for different models have all reflected this trend. For example, heavy industries see the advent of cryptocurrency as a game-changer as they are decentralized in nature and impact transactions/investment paradigms.

Investment in Cryptocurrency and Global Financial Systems

Unlike government-backed currencies, cryptocurrencies are based on decentralized blockchain technology. I have a transactional logic where I can pay you money and I can be fairly certain that the receiving party, or at minimum an intermediary (a convener if there are different parties at play), will accept this instance of me giving up these digits. Thereby, transaction fees are paid on a massive scale and faster (especially for cross-border payments).

A new level of autonomy that is particularly useful for countries with unstable economies, or where access to banking services is difficult. More accessibility, in turn, has created more financial stability based on the digital currency offered and places such as Africa, South America, and certain parts of Southeast Asia have reportedly begun use due to broader partnerships relating to their economies. These regions can now compete globally in trade and investments, as people will no longer need traditional banking structures that exclude rural and economically weaker communities.

Developing Economies and Financial Inclusion

Among the major ramifications that cryptocurrency will have on economies worldwide is the hopeful outcome of financial inclusion. The World Bank says some 1.7 billion people around the world are without a bank account. But, using cryptocurrency these unbanked people can be a part of the global economy sitting behind him/her smartphone & internet.

New business opportunities: For small and medium-sized enterprises (SMEs) in emerging markets, cryptocurrencies might open up entirely new sources of revenue. These merchants can place themselves in the way of a global market with no need for inefficient and costly international banking systems. Take international remittances, for example, a key form of family income in many emerging economies has become faster and cheaper with the use of cryptocurrency platforms.

How Deflation and Crypto are Influencing Our Monetary Policies

The way in which the inflation and monetary policies are being interpreted by governments is getting influenced by cryptocurrencies too. Central banks have traditionally dictated the supply of money, adjusting interest rates and keeping inflation in check. The decentralized nature of cryptocurrencies, however, poses a challenge to this level of control as governments cannot easily manipulate the existing supply of digital currency (i.e. by printing more money) but have to adapt significant inefficiencies in order to influence or enforce a change in the network protocol.

Cryptocurrencies have served as a store of value for citizens in countries afflicted with hyperinflation, like Venezuela and Zimbabwe. Due to the unpredictable nature of these national currencies, they are unsuited for savings and daily transactions. On the other hand, cryptocurrencies themselves are volatile but provide a non-economic mismanagement home country alternative.

However central banks are having to consider how to incorporate the new-look digital assets within their monetary frameworks because of the increasing embrace of cryptocurrency. In this experiment, some countries have started to investigate the implementation of Central Bank Digital Currencies (CBDC), which would combine the advantages of cryptocurrencies with centralized control over money issuance. Taking into account that China has already advanced in the race with its digital yuan, the European Central Bank is reportedly looking into a digital euro.

The Economic Effects of Cryptocurrency Regulation

A main feature of cryptocurrencies is decentralization and they provide anonymity when transferring funds which has made them appealing to illegal activities like money laundering, tax evasion, and the funding of terrorism. Consequently, a number of governments have introduced or are planning regulations to be able to pursue the grey economy without stifling innovation.

The cryptocurrency regulations of some countries such as the USA, Japan, or Germany enforce that the exchanges follow certain anti-money laundering (AML) and know-your-customer (KYC) laws. Others, such as India and China are more cautious/restrictive, partially banning or even fully disallowing cryptocurrency transactions.

In the third chapter, Aurélien Menant talks about how regulations influence the impact of cryptocurrencies on global economies going forward. But those cautious advances have also splintered governing norms, requiring a more deliberate pragmatism when it comes to both securing economic development and minimizing risk. The former could potentially make the creation of new financial technologies impossible while the latter would run a growing risk of market turbulence and extreme fraud.

Risks and Challenges

Cryptocurrencies have numerous benefits; however, they also come with risks and challenges to world economies. The biggest problem is the unpredictability of everything digital.  variance that, in the worst-case scenario, underscores their systemic unreliability.

The environmental impact of Cryptocurrency mining is also a big challenge.  humongous amounts of electricity, for example. The energy it requires has inevitably raised questions over whether cryptocurrencies — including dogecoin are harmful to the planet, a topic that has grown in importance as governments around the world seek to reduce carbon emissions.

The Future of Cryptocurrency as a Global Economic Power

Most Analysts expect fiat money to coexist with digital currencies and create a more competitive and inclusive financial environment.

Full adoption of cryptocurrency can encourage added financial inclusion, greater participation in global exchanges, and even the buying into investments on a hyperlocal scale for developing economies. Nonetheless, such a technology will require powerful nation-states or institutions to make it viable and have enough liquidity to treat Bitcoin as money without subsequently exposing the real economy to wild price fluctuations, state-sponsored hacks, or environmental despoliation.

The post The Impact of Cryptocurrency on Global Economies appeared first on Being Crypto.

Launched in 2020, Avalanche supports decentralized applications (dApps) and autonomous blockchains using smart contracts.

Its native token, AVAX, powers the network by paying transaction fees and securing the system through staking.

In this article, we’ll dive into what makes Avalanche unique, how it compares to Ethereum, and its pros and cons, providing a complete overview of this emerging blockchain platform.

What Is Avalanche (AVAX)?

Avalanche is a blockchain ecosystem designed for decentralized applications (dApps), with the native cryptocurrency AVAX acting as the primary medium of exchange.

Unlike many other blockchains, Avalanche focuses on speed, versatility, and scalability, making it a competitor to Ethereum in the decentralized finance (DeFi) space.

The AVAX token is vital for paying transaction fees and securing the Avalanche network. Through a proof-of-stake mechanism, users can stake AVAX to validate transactions and earn rewards.

Furthermore, Avalanche operates under an open-source model, meaning its codebase is accessible to everyone, encouraging collaboration and innovation across the global developer community.

Key Features of Avalanche

1. Scalability and Speed: One of Avalanche’s primary strengths is its ability to scale, supporting high transaction volumes without sacrificing performance. With Avalanche, transactions are confirmed in under a second, compared to Ethereum’s average of several minutes.
2. Smart Contracts Support: Like Ethereum, Avalanche uses smart contracts to power dApps and other blockchain projects. Its architecture allows developers to create their own blockchains (subnets) on top of the main Avalanche chain, giving the platform a flexibility advantage.
3. Governance Model: AVAX holders play a significant role in network governance. Users vote on key protocol changes, including transaction fees and the rate of new coin creation, providing a dynamic and adaptable framework.
4. Burn Mechanism: Transaction fees in Avalanche are burned (removed from circulation), effectively reducing the total AVAX supply over time. This burning mechanism introduces deflationary pressure on the AVAX token, theoretically increasing its value.

Avalanche vs. Ethereum: A Competitive Overview

Avalanche positions itself as a faster and more scalable alternative to Ethereum. While Ethereum has long been the leader in the DeFi and dApp spaces, Avalanche brings several innovations that set it apart:

1. Transaction Speed: Avalanche claims to process up to 4,500 transactions per second (TPS), far exceeding Ethereum’s capability of around 12 TPS. However, the platform has yet to consistently demonstrate this speed under real-world conditions, with actual transactions ranging between 10 and 75 TPS.
2. Consensus Mechanism: Avalanche employs a unique consensus protocol where small, random subsets of nodes validate transactions. This contrasts with Ethereum’s proof-of-work (and recently, proof-of-stake after the Ethereum Merge), where nodes must solve cryptographic puzzles or stake ETH to validate transactions.
3. Network Congestion: Both Avalanche and Ethereum experience fluctuating transaction fees depending on network congestion. However, Avalanche’s fee structure is entirely user-governed, providing more control over costs for its community.
4. Future Developments: While Avalanche offers promising speed and scalability, Ethereum’s future upgrades, such as sharding (which could push Ethereum’s TPS above 100,000), may pose a serious challenge to Avalanche’s dominance in the long term.

Avalanche’s Tokenomics

Avalanche’s monetary policy is governed by its users. AVAX has a capped supply of 720 million tokens, and the rate at which new AVAX coins are minted is subject to user voting.

This gives the network significant flexibility in adjusting its inflationary or deflationary measures.

Additionally, the AVAX token plays a crucial role in securing the network through staking. Validators must stake a minimum of 2,000 AVAX tokens to participate in transaction validation, and those with high uptime and reliability receive more rewards.

However, there’s no slashing mechanism (penalty for malicious behavior), which is a notable drawback in terms of security.

Pros and Cons of Avalanche

Pros:

1. Fast Transaction Processing: With near-instant transaction finality, Avalanche outperforms many competitors in speed.
2. Flexible Governance: AVAX holders have the power to influence critical aspects of the platform, including transaction fees and coin creation rates.
3. Participation Rewards: Validators earn rewards based on their staking contribution and network participation, providing strong incentives to maintain uptime.

Cons:

1. High Entry Barriers for Validators: The requirement to stake 2,000 AVAX to become a validator can be a barrier for many.
2. Security Concerns: Without penalties for malicious validators, the network’s security model has raised concerns.
3. Ethereum’s Dominance: Despite its advantages, Avalanche faces stiff competition from Ethereum, especially with Ethereum’s upcoming scaling solutions.

How to Buy AVAX

AVAX is available on major cryptocurrency exchanges like Coinbase and Kraken. Buyers can trade AVAX directly with Ethereum-based tokens, thanks to Avalanche’s interoperability with Ethereum.

It’s also essential to store AVAX in a secure wallet, whether hardware or software, to protect against hacking or theft.

Is Avalanche Blockchain Safe?

Avalanche’s consensus mechanism, which involves randomized validation through subsets of network participants, is designed to enhance security.

This structure makes the network less vulnerable to a 51% attack compared to traditional proof-of-work blockchains.

However, as with any emerging technology, potential vulnerabilities could arise, especially in smaller networks with fewer validators.

Investing in AVAX: Risks and Rewards

As with any cryptocurrency investment, AVAX comes with risks. Market volatility can lead to significant price fluctuations, and the project’s long-term success depends on its ability to outpace Ethereum and other competitors.

Investors should only commit what they can afford to lose and carefully consider the potential rewards versus the risks.

Conclusion

Avalanche is rapidly emerging as a strong contender in the world of decentralized finance and blockchain technology.

With its focus on speed, scalability, and flexible governance, it presents a viable alternative to Ethereum. However, its future success will depend on the platform’s ability to maintain security, attract developers, and keep up with Ethereum’s ongoing innovations.

For those interested in blockchain technology, AVAX and Avalanche offer an exciting opportunity, but one that requires careful consideration and awareness of the inherent risks in the cryptocurrency space.

The post Understanding Avalanche (AVAX): A Comprehensive Guide appeared first on Being Crypto.

Created in April 2014, Monero is an open-source, decentralized digital currency that emphasizes fungibility and transaction security.

The Rise of Monero: A Brief History

Monero was originally launched as a fork of Bytecoin, created by an anonymous developer named “thankful_for_today.” It was a grassroots project without any pre-mine or venture capital backing.

Over time, Monero’s unique privacy features attracted attention, and its community-driven nature has kept it at the forefront of the cryptocurrency world.

In November 2023, Monero faced a notable breach when the Monero Community Crowdfunding System was hacked, resulting in the loss of over 2,600 XMR. Despite this, the cryptocurrency remains resilient and continues to grow in popularity.

How Monero Works: Key Privacy Features

Monero’s core functionality lies in its privacy-enhancing features, including:

• Ring Signatures: Monero’s ring signatures obscure the source of funds in transactions by grouping it with others, making it difficult to trace.
• Stealth Addresses: Every transaction uses a one-time address, so the actual sender and recipient’s addresses are hidden.
• Confidential Transactions: Monero uses Ring Confidential Transactions (RingCT) to hide the amount being transferred, ensuring complete anonymity for both the sender and recipient.

These features make Monero unique compared to other cryptocurrencies like Bitcoin, which offer transparency through public ledgers.

Monero vs. Bitcoin: Key Differences

While Bitcoin offers transparency, recording all transactions on a public blockchain, Monero focuses on privacy.

Every Monero transaction is broken into smaller amounts, encrypted, and mixed with other transactions, making it nearly impossible to trace.

Additionally, Bitcoin addresses are public, whereas Monero uses stealth addresses that cannot be linked to a user’s identity.

This level of privacy makes Monero a preferred choice for those seeking to keep their financial transactions private, but it also raises concerns about its use in illicit activities.

Legal Status and Regulation Concerns

As of 2024, Monero is legal in most countries, including the U.S., but remains a topic of regulatory concern due to its anonymity.

Some countries have banned it, fearing its potential use in illegal activities. However, Monero advocates argue that privacy is a fundamental right, and it should be treated no differently than cash.

Advantages of Monero for Users

• Privacy and Anonymity: Monero’s untraceable transactions ensure that users’ personal data is protected.
• Fungibility: Every Monero coin is identical to another, preventing the “tainting” of coins based on their transaction history, unlike Bitcoin.
• Security: Monero uses advanced cryptographic techniques to keep transactions secure and resistant to hacking.

Risks and Challenges of Using Monero

While Monero’s privacy features are appealing, they come with risks:

• Illegal Use: Monero has been associated with underground markets due to its anonymity.
• Regulation: Governments may impose stricter regulations or bans on Monero as they attempt to track illicit activities.
• Adoption Issues: Despite its privacy benefits, Monero faces competition from more widely accepted cryptocurrencies like Bitcoin and Ethereum.

Monero in 2024 and Beyond: Future Outlook

Monero’s focus on privacy makes it a unique player in the cryptocurrency market.

As the global conversation around digital privacy evolves, Monero may continue to see increased adoption, especially as users become more concerned about financial surveillance.

Conclusion

Monero remains a powerful tool for privacy-conscious users in a world where digital anonymity is increasingly under threat.

Its advanced privacy features, decentralized development, and strong community support position it as one of the most important cryptocurrencies for safeguarding user privacy.

The post Monero: A Comprehensive Guide to the Leading Privacy Cryptocurrency appeared first on Being Crypto.

One of the most effective ways to do this is by following influential figures in the crypto space. These influencers provide valuable information, analysis, and perspectives that can help you navigate the complexities of the crypto market.

In this article, we will explore some of the top crypto influencers to follow in 2024, highlighting their contributions, expertise, and why they should be on your radar.

Vitalik Buterin

Background

As the co-founder of Ethereum, Vitalik Buterin is a central figure in the cryptocurrency world.

His work has played a significant role in shaping decentralized finance (DeFi) and smart contracts, which are foundational elements of the Ethereum network.

Why Follow Vitalik?

Vitalik is not just a developer but also a thought leader who often shares insights on the future of blockchain technology and its societal implications.

His Twitter account (@VitalikButerin) is a treasure trove of information, including updates on Ethereum’s developments and discussions on broader topics such as governance in decentralized systems.

Andreas M. Antonopoulos

Background

Andreas Antonopoulos is a well-known advocate for Bitcoin and blockchain technology.

He is an author, speaker, and educator, renowned for his ability to explain complex concepts in a way that is accessible to everyone.

Why Follow Andreas?

Antonopoulos has authored several books on Bitcoin and blockchain technology, including “Mastering Bitcoin” and “The Bitcoin Standard.” His YouTube channel is filled with lectures and discussions that delve into various aspects of cryptocurrency.

By following Andreas, you can gain a deeper understanding of the technology behind Bitcoin and the potential it holds.

Cathie Wood

Background

Cathie Wood is the founder and CEO of ARK Invest, a company known for its focus on disruptive technologies, including cryptocurrencies.

She has become a prominent figure in the investment community, advocating for the potential of Bitcoin and other digital assets.

Why Follow Cathie?

Wood often shares her insights on investment strategies and market trends, particularly regarding cryptocurrencies.

Her Twitter account (@CathieDWood) is a must-follow for those interested in understanding how institutional investors view the crypto market.

She frequently discusses the long-term potential of Bitcoin and the implications of regulatory developments.

Charlie Lee

Background

Charlie Lee is the creator of Litecoin, often referred to as the “silver” to Bitcoin’s “gold.” He has a deep understanding of the cryptocurrency ecosystem and has been an influential figure since Litecoin’s inception in 2011.

Why Follow Charlie?

Lee actively shares updates and insights about Litecoin and the broader crypto market on his Twitter account (@SatoshiLite).

He often engages in discussions about the technical aspects of cryptocurrencies and the importance of scalability and usability. Following him can provide you with valuable insights into the altcoin market and the future of blockchain technology.

Elon Musk

Background

While not a traditional cryptocurrency expert, Elon Musk has significantly influenced the crypto market through his tweets and public statements.

The CEO of Tesla and SpaceX has shown a keen interest in Bitcoin, Dogecoin, and other cryptocurrencies.

Why Follow Elon?

Musk’s tweets can lead to dramatic price movements in the cryptocurrency market.

While it’s essential to approach his statements with caution, following him can help you stay informed about his views on cryptocurrencies and how they may impact market trends.

His Twitter handle (@elonmusk) is one to watch for potential market-moving news.

CZ (Changpeng Zhao)

Background

Changpeng Zhao, often referred to as “CZ,” is the CEO of Binance, one of the largest cryptocurrency exchanges in the world.

He has been instrumental in the growth of the cryptocurrency ecosystem and has extensive knowledge of market dynamics.

Why Follow CZ?

CZ frequently shares updates about Binance, cryptocurrency trends, and his thoughts on market developments through his Twitter account (@cz_binance).

His insights can provide valuable information on exchange trends and the future of trading in the crypto market. Following him is essential for anyone interested in the trading aspect of cryptocurrencies.

Laura Shin

Background

Laura Shin is a journalist and podcast host known for her work covering the cryptocurrency and blockchain space.

She is the host of the “Unchained” and “Unconfirmed” podcasts, where she interviews key figures in the industry.

Why Follow Laura?

Shin’s work focuses on providing in-depth analysis and insights into the crypto market.

Her podcasts feature interviews with influential figures, discussions on regulatory developments, and explorations of emerging trends.

Following Laura on Twitter (@laurashin) will keep you informed about the latest news and developments in the crypto space.

Raoul Pal

Background

Raoul Pal is a former hedge fund manager and the co-founder of Real Vision, a financial media company.

He has become a prominent voice in the cryptocurrency space, sharing his views on macroeconomic trends and their implications for the crypto market.

Why Follow Raoul?

Pal’s insights often blend traditional finance with the cryptocurrency market, providing a unique perspective on how macroeconomic factors impact digital assets.

His Twitter account (@RaoulGMI) is filled with thoughtful analysis and predictions that can help you understand the broader financial landscape in relation to cryptocurrencies.

Pomp (Anthony Pompliano)

Background

Anthony Pompliano, commonly known as “Pomp,” is a well-known entrepreneur and investor in the cryptocurrency space.

He is the co-founder of Morgan Creek Digital and hosts a popular podcast focusing on Bitcoin and blockchain technology.

Why Follow Pomp?

Pompliano is an outspoken advocate for Bitcoin and regularly shares insights on investment strategies, market trends, and the future of cryptocurrencies.

His Twitter account (@APompliano) is a great resource for anyone looking to stay updated on Bitcoin-related news and analysis.

Messari Team

Background

Messari is a leading data and research platform in the cryptocurrency space.

The team at Messari provides in-depth analysis, insights, and research on various cryptocurrencies and market trends.

Why Follow Messari?

Following Messari’s Twitter account (@MessariCrypto) can keep you updated on the latest research, market insights, and data-driven analysis.

Their reports and articles provide valuable information for both new and experienced investors looking to deepen their understanding of the crypto market.

Conclusion

Staying informed in the fast-paced world of cryptocurrency is essential for anyone looking to invest or engage with digital assets.

By following these top influencers, you can gain valuable insights, analysis, and perspectives that will help you navigate the complexities of the crypto market.

Whether you are interested in technical developments, investment strategies, or market trends, these figures offer a wealth of knowledge and experience that can enhance your understanding of the cryptocurrency landscape.

In 2024, as the crypto market continues to evolve, keeping an eye on these influencers will not only keep you informed but also provide you with a deeper appreciation of the technology and its potential.

Be sure to engage with their content, ask questions, and participate in discussions to maximize your learning experience in the world of cryptocurrency.

The post Top Crypto Influencers to Follow : Your Ultimate Guide appeared first on Being Crypto.

While most meme coins are just meant to be memes and do not have a huge investment value, we cannot deny the fact that some got a lot of traction, sometimes even being covered by huge celebrities like Elon Musk.

Dogecoin

Dogecoin, which first emerged as a lighthearted joke, has since grown into one of the most widely held coins on the cryptocurrency market. Used to tip content creators online and donate towards charitable causes, Dogecoin boasts its own foundation and community of fans.

Currency value is driven by its community and culture. Users share a strong bond among themselves and are known for helping each other out when needed, which is evident through frequent usage of social media to spread word of this coin. Furthermore, its proceeds have also been used to fund charitable campaigns like Jamaica’s Bobsled Team’s bid for participation in 2014 Winter Olympic.

Dogecoin prices were volatile in 2021, but since have stabilized and could become an attractive investment opportunity. Keep in mind that digital assets’ values depend on speculation and demand which can be difficult to anticipate. To safeguard your investment it is advised that Dogecoin be stored in an encrypted wallet such as Ledger or Trezor which offer multi-sig security features.

Shiba Inu

Meme coins offer investors fun and profitable investments with viral momentum and unique communities, yet their volatile prices make them high-risk investments that may rise or fall depending on factors like social media trends and speculative bubbles. Thankfully, many meme coins boast innovative features to help investors navigate this volatile market successfully.

JetBolt stands out among meme coins with cutting-edge features such as zero gas fees and easy staking that makes it one of the top performers in this space. Meanwhile, other newcomers such as Book of Meme and Brett are making waves by immortalizing memes onto blockchain technology.

Financial institutions are becoming more curious about meme-based cryptocurrencies like Pepecoin; however, its price fluctuations can be difficult to anticipate. Price spikes for Pepecoin have made some lucky investors rich; yet its unpredictable value fluctuations have caused others significant losses. Furthermore, competition from other meme coins may dilute its worth over time. Therefore, prior to investing in one it is wise to do your own due diligence on any meme coin investment opportunity.

Floki Inu

Floki Inu is one of the top meme coins on the cryptocurrency market. A decentralized currency using blockchain technology to combat fraud, it boasts an active community with projects designed to make its coin even more useful – an attractive proposition for new investors looking into investing in crypto markets.

Floki Inu stands out as an alternative cryptocurrency with real use cases, unlike many meme coins that only serve memes. You can use it on popular exchanges such as Unswap and Binance for purchases; and its price has recently seen significant surges, signalling investor enthusiasm about its unique properties and investment potential.

While some investors fear Floki Inu will turn into another bubble-like scenario, others see it as an opportunity for long-term profits. Its three-pillar philosophy combining meme status, utility and charity sets it apart from other meme coins; its growing ecosystem and charitable pursuits provide welcome contrast in an industry increasingly focused on maximising profit maximisation. Furthermore, its blockchain features deflationary models to increase scarcity of tokens thus driving their value higher over time.

Dogwifhat

Dogwifhat is one of the more unusual meme coins available, combining humor and investment potential for an engaging experience for investors. While investing in meme coins carries inherent risks, investors can reduce those by conducting extensive research before investing their capital – but limit themselves by only risking what they can afford to lose!

Dogwifat first made its debut on the Raydium DEX exchange in November 2023 without much fanfare, without an underlying product or utility, and with only a small circulating supply. Yet it quickly established itself as one of the three largest meme coins after DOGE and SHIB.

Dogwifhat’s rapid expansion can be attributed to strong community engagement and support, which has attracted a large following and helped expand its market cap. Diversifying crypto portfolios with meme coin offers opportunities for high returns through speculative trading; but investors should keep in mind its price is highly volatile; take care when investing and always consult professional advice for guidance before taking a leap of faith!

Base Dawgz

Base Dawgz could become the next big thing in meme coins with its viral potential and strong community support, unlike other similar offerings which require significant capital investments for investing and stakeholding opportunities for token holders.

Presale for this project has begun and will last approximately two weeks. The team has mapped out DEX listings and is actively trying to secure CEX listings on major exchanges like Coinbase; previous meme coins have experienced great growth once listed here.

Multi-chain capabilities will be a game-changer in this space. The team will use bridging protocols like Wormhole and Portal Bridge to seamlessly transfer $DAWGZ across different chains for easy staking opportunities for $DAWGZ holders, increasing passive income potential and helping maximize passive income potential. Furthermore, Solid Proof audited the project’s smart contracts.

The post Top Meme Coins To Consider Right Now appeared first on Being Crypto.

Contrary to fiat currency, which derives its value through supply and demand forces, cryptos gain value through community acceptance and adoption – one key reason they are valuable in the first place.

1. Cryptocurrency is a fad

Cryptocurrency is a non-physical asset used for financial transactions that has quickly grown in value over time, drawing investor attention with its fast growth potential. Unfortunately, many people jump into cryptocurrency without doing their due diligence or seeking professional advice due to a fear of missing out on what seems like an incredible wealth opportunity.

Playing this risky game should only be undertaken if you can afford to lose. While many traders end up losing money and some turn a profit, being successful requires making intelligent trades using tools like technical analysis.

To trade cryptocurrencies, first establish a digital wallet that stores and protects your cryptocurrencies. From there you can trade on crypto exchanges – businesses which enable people to buy or sell cryptocurrencies at current market prices – like stock. Furthermore, cryptocurrency CFD trading allows people to speculate on price movements without actually owning them directly even in a deflationary environment.

Crypto trading presents another risk in that its market can be susceptible to manipulation from unscrupulous individuals and companies due to its newness, and because consumer and investor protection regulations have yet to catch up.

2. Cryptocurrency is a scam

Cryptocurrency is a digital token used for exchange. Many investors hold onto these assets in hopes they’ll increase in value over time, creating the speculative nature of cryptocurrency which leads to its volatility as an investment option and makes price manipulation possible through methods such as spoofing and front running.

These tactics are employed to artificially inflate an asset’s price before selling it at a profit. They typically employ false or misleading information regarding coins on social media or forums – this might involve creating posts promising an imminent surge in price, as well as including embellished due diligence information or using emoticons or symbols as ways of conveying this message.

While some cryptocurrencies may be backed by physical assets, others do not. Before investing in any coin or token, do your research first and select only reliable exchanges with established security policies. Also remember to be discreet about your holdings by not broadcasting about them publicly on social media and being careful when disclosing them – this will reduce the risk of your coins being stolen.

Even though cryptocurrency investments have proven their worth, there remain many myths and misperceptions regarding them which may discourage individuals or companies from entering this industry.

3. Cryptocurrency is a monopoly

Cryptocurrency is a complex topic and often the source of myths and misinformation, so investors must distinguish fact from fiction in order to make informed decisions.

Though many perceive cryptocurrency to be fraudulent, it can actually serve legitimate uses. Cryptocurrencies serve as a valuable means for transferring value in an increasingly decentralised economy; even though their prices can fluctuate greatly. Furthermore, their technology continues to progress quickly, yet many remain unaware of its full potential.

Understanding the difference between investing and trading can also be crucial. While both come with risks, investing requires an in-depth knowledge of crypto and falls under regulatory scrutiny while trading is an immediate activity that may expose traders to market manipulation risks as well as cybersecurity threats.

Misconceptions about cryptocurrency often stem from an assumption that it is used for illegal activities, particularly Bitcoin. Though initially utilized on the dark web and used to fund illegal activity, this is no longer true as fiat currencies still dominate as illegal financing sources far more frequently than cryptocurrency.

Though many investors have experienced significant returns, it is essential to remember that cryptocurrency investment success cannot be guaranteed for beginners in this space. Therefore, it is crucial to educate yourself about this industry, seek expert advice, and maintain a healthy degree of skepticism when making any decisions in this sector.

4. Cryptocurrency lacks regulation

Cryptocurrency trading lacks regulations, leading to untrustworthy companies and investment opportunities that are difficult to verify. With cryptocurrency’s explosive growth come an increased number of myths; fortunately there are ways you can disprove them and stay away from fraudulent investments.

First off, while cryptocurrency markets do not possess as much structure as other markets such as stocks and bonds, there are regulatory frameworks emerging and taking effect within them. For instance, in the United States crypto exchanges must abide by KYC (Know Your Customer) requirements and anti-money laundering (AML) legislation as required under Bank Secrecy Act regulations; other countries also impose tax obligations upon cryptocurrency users.

Some individuals may use cryptocurrency for illegal activity, yet this represents only a tiny portion of its overall use. Most cryptocurrency investments are used for legal reasons such as storing value or reducing transaction costs.

Common belief regarding crypto trading is that it’s an easy path to riches. This myth is perpetuated by enthusiastic male investors (known as ‘crypto bros’), Reddit threads and posts by influencers and rappers who promote it as such; but as with any market, crypto trading is a zero-sum game which only makes some rich at the expense of others – the only sure way to make real money from investing in projects that solve real-life issues.

The post Crypto Trading Misconceptions – How to Debunk Them and Stay Away From Shady Investments appeared first on Being Crypto.

Benefits:

Global accessibility:

one of the fundamental benefits of cryptocurrencies including Bitcoin or Ethereum is their international accessibility. Unlike the conventional way of fees, which may be limited through geographical borders or alternate rates, cryptocurrencies permit seamless transactions throughout borders.

Security and privateness:

Cryptocurrency transactions are extraordinarily steady because of the cryptographic nature of blockchain technology. When nicely executed, those transactions are in reality proof against fraud and identification theft. In addition, cryptocurrencies provide a diploma of privateness as transactions may be performed pseudonymously, giving customers extra manipulation over their private data.

Lower transaction prices:

In many cases, cryptocurrency transactions incur decreased prices than conventional banking systems, mainly for worldwide payments. This can result in fee savings, mainly for technical purchases with better transaction values.

Decentralization and economic inclusion:

Cryptocurrencies perform in decentralized networks, and because of this that they may be now no longer managed through an unmarried authority including a central authority or economic institution. This decentralization promotes economic inclusion by supplying get entry to to economic offerings for folks that do now no longer have get entry to to conventional banking systems.

Potential for funding:

For the ones interested by funding opportunities, cryptocurrencies provide the capability for capital appreciation. This twin use lets in customers to keep cryptocurrencies as each a medium of alternate and a shop of price.

Challenges:

Price volatility:

Perhaps the largest assignment in the use of cryptocurrencies for tech purchases is their charge volatility. The price of cryptocurrencies can vary rapidly, which means that the charge quoted in cryptocurrencies these days for a tech accent may also appearance very exclusive tomorrow. This volatility can discourage each customers and traders from the use of cryptocurrencies for ordinary transactions.

Regulatory uncertainty:

The regulatory surroundings for cryptocurrencies continues to be evolving in lots of countries. Unclear or inconsistent guidelines can result in uncertainty for each groups and customers and have an effect on the reputation of cryptocurrencies for technical purchases on platforms like Mobilez Market.

Technical complexity:

The use of cryptocurrencies calls for a sure stage of technical understanding and knowledge of blockchain technology. Issues including pockets management, transaction affirmation instances and protection quality practices may be daunting for learners to the cryptocurrency space.

Limited service provider reputation: While the variety of traders accepting cryptocurrencies is growing, it’s far nevertheless quite restrained in comparison to conventional fee techniques. This limits the alternatives for customers who choose to use cryptocurrencies for his or her tech purchases.

Irreversible transactions:

Cryptocurrency transactions, as soon as shown on the blockchain, are typically irreversible. This way that on the occasion of a transaction to the incorrect cope with or inside the occasion of a dispute with a service provider, it could be hard to get the cash lower back in comparison to conventional fee techniques wherein chargebacks are possible.

Conclusion:

At the same time as cryptocurrencies provide numerous compelling blessings for tech purchases, such as worldwide accessibility, security, and capability fee savings, additionally, they pose demanding situations that include charge volatility, regulatory uncertainty, and technical complexity. As the era matures and regulatory frameworks evolve, addressing those demanding situations might be critical in figuring out the wider adoption of cryptocurrencies withinside the tech retail sector.

The post Benefits and Challenges of Using Cryptocurrency for Tech Purchases appeared first on Being Crypto.

Security is one of the main concerns when trading cryptocurrency, which the ones on this list do offer; however, there are more perks that come with these four cryptocurrency exchanges.

Best Low Fees and Best For Experienced Traders – Kraken

Kraken allows you to trade the most common cryptocurrencies on the platform, with over 240 different coins that you can buy and sell. Another benefit is that it doesn’t overcharge for exchange fees either. Kraken is good for both experienced and inexperienced traders in the stock market.

With its simple-to-use interface and high liquidity exchange, there is no surprise why Kraken is so popular, as you are capable of trading Bitcoin, Ethereum, Tether and much more. However, there are some issues with this exchange platform and one of those is that you are charged more if you don’t use the pro version.

There have been some issues of security with Kraken, with some of its users reporting losses due to hacking; however, that has not been confirmed.

Best For The Beginners – Coinbase

Coinbase is one of the best exchanges, especially for those new to trading cryptocurrency. Again, this platform offers a variety of cryptocurrencies to trade, which is why it is so popular. It also allows rapid transactions when trading, meaning the price won’t change much when you have put your transaction in.

Due to its simplicity, it makes it very easy for crypto and NFT beginners. Additionally, if you have an account on Coinbase, it has an in-exchange marketplace where users can trade, or collect digital collectables.

There are a couple of negatives with Coinbase, as there are high transaction fees. Coinbase doesn’t have great customer service to deal with any issues you may have while trading. Finally, Coinbase has access to all private keys, which are essentially passwords for your digital wallet. It means they have full access to your digital currency.

Best Mobile App – Crypto.com

For simple investments, Crypto.com is the best app for mobile transactions. There is a wide range of digital assets that you can access with just a few clicks on your mobile phone. Plus, there are several benefits to using Crypto.com.

One of the positives to using crypto.com is that there are a lot of cryptocurrencies available. Another great positive is that they offer discounts for competitive fees and unlike Coinbase, they offer great support, unlike other stock exchanges. They also have hardware wallets that protect their investment even more.

Like all crypto exchanges, there are a couple of issues with crypto.com. Crypto.com can have really high fees unless you hold and use CRO. If you have a CRO currency, then you will have a discount on your trading fees. Additionally, their customer support doesn’t have the best reviews. Although you can have a trading fee discount, it can be quite confusing as there are multiple tiers to this.

If you want a simple-to-use app that has access to a large number of cryptocurrencies, then this is a great app to use.

The Best For Security – Gemini

One of the main issues with these crypto exchanges is that they don’t offer good security. However, that is not the case with Gemini. Gemini seems to be pretty secure in comparison to its competitors. It offers hot wallet insurance, which means that if the wallet is breached or hacked, it is covered by digital asset insurance.

Although their level of security is good, there is a lack of cryptocurrencies available on the platform. Trading fees can be high, especially if you are only making small crypto transactions of crypto.

If you want to trade with crypto but are worried about the security of other exchanges, Gemini is the one for you. Yes, you have to pay more expensive transaction fees but if you pay for Gemini, you can be sure your crypto is safe.

Summary

There are a variety of crypto exchanges that you can use. It all depends on your circumstances. Some people prefer more security with their investments to avoid things like Binance fraud and other crypto scams. Other people want to diversify their portfolios and invest in a variety of crypto coins. If you trade with small amounts, then look for platforms with small transactional fees.

Trading crypto is a great way to grow wealth and it is a different method of investing compared to stocks. The market is very different in comparison to the stock market, which is why people invest in crypto. However, it can be volatile so you have to invest wisely.

The post Top 4 Crypto Exchanges for Secure and Efficient Trading appeared first on Being Crypto.

In the dynamic market of multiple cryptocurrencies, we have compared the Top cryptocurrencies ruling the market. The cryptocurrency list is based on the market capital investments and the value propositions of the trending cryptocurrencies currently active in the blockchain Domain.

What are Cryptocurrencies?

The cryptocurrencies are digital tokens that can be facilitated to make digital payments eliminating the need to meet for any validation from the central authorities or intermediaries.

With the help of crypto wallets, you can make digital payments using popular cryptocurrencies like Bitcoin, Ripple, and Binance coin. These digital tokens can help in processing faster transactions with low transaction fees. In a Blockchain network, the transactions are verified and recorded in a decentralized ledger impossible to corrupt or tamper.

Cryptocurrency gained traction due to the growing potential of Blockchain in business use -cases. The distributed ledger keeps track of and records all the transactions and monitors them effectively.

Top cryptocurrencies to Buy and Invest in 2024.

1. Bitcoin

Among all the cryptocurrencies,  Bitcoin is the most popular one ruling the market since its inception. Based on its investment worthiness it has now gained a significant place in every household. It is popularly known as Digital Gold.  Thanks to its exponential growth rate of 12,686%

The initial price of Bitcoin was 500 dollars in 2006. These stats expanded to a mind-boggling number of $62,775.54. That’s beyond the hype!  Another major reason behind the hype of Bitcoin BTC is the safety and security that it offers. Bitcoin operates a “Proof of work” consensus mechanism which is necessary to keep the network safe and secure. To get access to the Data, you need to complete the Proof of work,

Bitcoin is a highly secure and safe choice offering robust security to your crucial information against fraud or Data breaching incidents.

• Market cap – High
• Founded In – 2009
• Average price per Unit – $67,110
• Pros – Decentralized Network with a proof of work mechanism.
• Cons-  Scalability issues.

2. Ethereum (ETH)

Ethereum is the second most popular open-source currency in the market founded by Vitalik Buterin. Due to smart contract automation and the incorporation of non-fungible tokens like NFTs. Due to its automatic execution through smart contracts, it has become a popular choice for programmer developers.

Ethrum has experienced a tremendous growth rate which went from $ 11 in May 2006 to $ 3304 by the end of 2023. Ethereum created an approximate growth rate of 29%.

• Market Cap – High
• Founded in – 2015
• Average Price per Unit – $3, 531.56
• Pro – Ethereum’s ongoing advancement from Proof of Work to Proof of Stake (PoS)
• Con – Storage and management of smart contracts.

3. Tether

Tether is a reliable choice for crypto traders compared to multiple volatile cryptocurrencies. Tether is considered a stablecoin with a low volatility rate and a stable evaluation as it is supported by Fiat currencies like Dollars and Euros.

Tether is the largest stable crypto coin, overpowering the stablecoin market capitalization with a massive 53% rate. The value of one tether is equivalent to one dollar. A lot of investment traders largely prefer tether due to the low liquidity rate when it comes to switching to cryptocurrencies.

• Market Cap – High (stablecoin)
• Founded In – 2017
• Benefit – Stability in Decentralized Finance
• Con – Reserve Transparency Issues

4. Litecoin(LTC)

This crypto coin is an extension of Bitcoin that outstrips the performance of Bitcoins. Litecoin is known to be the “silver of the gold” that Bitcoin BTC. The maximum availability of Litecoin is 84 million coins which is nearly four times greater than that of Bitcoin.

• Market cap – High
• Founded In – October 2011
• Pro – Faster transactional speed and growing potential
• Cons – Conservative when it comes to adopting new technologies

5. Binance Coin (BNC)

Binance coin is the third largest stablecoin in the market. Binance is the cryptocurrency that you can trade- buy, and sell on the Binance platform which is one of the largest crypto exchange platforms in the crypto world.

Using Binancoin coin you can trade your Binance coins in exchange for popular cryptocurrencies such as Bitcoin and Ethereum. Using Binance coins you can facilitate payments, trade, and book for your travel amenities. Binance coin’s price grew exponentially at $0.01 which grew exponentially to 520 Dollars.

• Market cap – $87.9 Billion
• Founded in – July, 2017
• The current price per Unit –
• Pro –  High Utility and Demand
• Con – Centralization concerns

6. Avalanche (AVAX)

Avalanche is known for its faster transactional speed and low transaction costs. This cryptocoin is the second most stablecoin because it has lower baseline risks and faster speed. Avalanche consists of a secure, decentralized network that can be programmable for smart contract execution.

AVAX is an open source that provides a high interoperability rate and traders can use it to pay the transaction fees. Due to its high compatibility with other platforms like Solidity, and Ethereum it is widely adopted in the crypto market. The Avalanche coin’s TVL (total Locked value) is currently evaluated at $59.

• Market Cap – Moderate
• Founded In – 2020
• Average Price – $55.19
• Pro  – Highest Throughput. Emerging potential,
• Cons – High Volatility  Rate.

7. Solana(SOL)

The Solana crypto coins were created to create Decentralized finance (DefI) applications in the blockchain network. The Solana coins were developed to facilitate faster payments and process instant transactions in DeFi apps. The low transaction fees and greater potential growth make it a widely adopted crypto coin.

Solana operates on proof of stake consensus mechanisms to process the transactions quickly and securely. With the ongoing rapid adoption of the Solana coins, it has become a decent choice for investment.

• Market Cap – High
• Founded In – 2020
• Average Price – $190.54
• Pros –  Growing Ecosystem amongst several DeFi apps,
• Cons – Network scalability issues.

8. Dogecoin(DOGE)

What began as a meme is now a prominent player in the crypto market. The coin gained momentum when Elon Musk tweaked about the Dogecoin. The popularity of Dogecoin kept elevating thanks to its strong community support and artistic memes. Unlike other cryptocurrencies, Dogecoin does not have any upper limit. Due to the unlimited supply of Dogecoins, it is susceptible to devaluation in case when there is a sudden increase in the supply.

• Market Cap – High
• Founded In – 2013
• Average Price – $0.1537
•  Pros – Strong community support, worldwide recognition, etc.
• Cons – Dynamic pricing due to social media posts, tweets and Doge coin memes.

9. Polkadots(DOT)

Polkadot is an emerging Blockchain platform that aims to offer interoperability in the Blockchain networks. Polkadots enables a vision for Web 3.0 that allows different blockchains to connect seamlessly and perform specialized tasks.

The Polkadots currently operate on the Nominated consensus mechanism but the future probabilities involve incorporating another mechanism. This flexible approach makes it possible to choose the suitable mechanism based on their specific needs.

• Market Cap – High
• Founded In – 2016
• Average Price – $ 9.39
• Pros – Enhanced security parameters for Parachains.
• Cons – Complexed parachain auction & security vulnerabilities.

Factors that traders need to Analyze to make an Investment

Cryptocurrencies are highly volatile. So it is important to have a brief idea about the factors that impact the market prices and the trading methodologies of cryptocurrencies. Also, consulting a professional blockchain company can assist you in offering reliable advice in the ever-changing world of Blockchain.

Supply

Upper limit

The amount of the upper limit determines the value it holds in the future. The upper limit of one of the most popular cryptocurrencies is 21 million coins and those of emerging ones are 84 million coins. Due to the scarcity of a limited supply of Bitcoins, their value is likely going to increase in the future.

Demand

Decentralized Ecosystem

Bitcoin and Litecoin are standalone cryptocurrencies while currencies like Ethereum and ripple are a part of popular Decentralized apps. These cryptocurrencies which are a part of Decentralised apps have a higher chance of being adopted & being popular. If more of the mainstream businesses shift towards the decentralized ecosystem the adoption rate of underlying currencies will be drastically improved.

Scalability

With the wider adoption of cryptocurrencies, the overall transaction speed, and security vulnerabilities are likely to become a concerning factor. Also, the blockchain size may be the point of consideration here. These factors may significantly impact the scalability of all cryptocurrencies.

Conclusion

Every day we observe young influencers providing information regarding crypto. But there is this uncertainty in the way they convey information. The insights they provide are doped with promotional agendas. That is why it is always important to follow experts, the same goes for building blockchain solutions too. If you are looking to develop robust decentralized solutions, The best blockchain development company will help you to go the distance. They have the right resources, understand regulatory requirements, and technological expertise to develop feature-rich blockchain solutions. The more we gather information regarding the current decentralized era the more business opportunities unveil. Hope this blog helps you gain some fruitful insights about crypto, we will be back with more information, until then Happy Trading!

The post From Bitcoin to Ethereum: A Comparison of Top Cryptocurrencies on the Blockchain appeared first on Being Crypto.

What Are Pump and Dump Scams?

A pump-and-dump scam involves a group of scammers, usually a large group, who artificially inflate the price of a particular cryptocurrency by investing at a similar time. From here, they either spread information on social media about a new hot crypto that everyone should invest in, or they may approach people directly about it.

Once a number of people have then invested in the crypto (the number will depend on the extent of the scheme) and the value is inflated even further, which is the end of the pump phase, the scammers will all “dump” and sell their stock, leaving the remaining investors with a likely worthless investment. They make a lot of money, the innocent investors lose a lot of money, and then they go on to repeat the process.

Unfortunately, this scam is very prevalent in the world of cryptocurrency, usually targeting micro and small-cap stocks that are easier to manipulate quickly. Although, this isn’t always the case, as shown by the high-profile example of the X Token Dump and Pump rumours. This is all about using misinformation to shift natural supply and demand.

Are Pump and Dump Scams Illegal?

Yes, pump and dump scams are illegal in the UK and the US. If people are caught and face criminal charges, they will be imposed with heavy financial penalties and/or imprisonment. Investors can complain to the SEC, which then goes through a tracing process to find the people responsible.

Signs Of A Pump and Dump Scam

There are a few signs that you can look out for to identify when something might be a pump-and-dump scam:

• Usually, these scammers will find victims through social media or anonymized messaging apps like Discord or Telegram
• Hype will be built around the token; it will be framed as “the next big thing,” promising a good return on investment
• The token won’t be very well known, and when you read the white paper, the objectives and person behind it may be questionable
• The investment will likely seem too good to be true
• Abrupt increases in price and trading activity is another big warning sign
• Usually, there will be mentions of “guaranteed returns” or pressure to buy quickly before you miss the opportunity

How To Avoid Pump and Dump Scams

• Do your own research before making any investment, rather than relying on hype you see on social media or investment information that you’re approached with
• Based on your research, if anything about the investment doesn’t seem quite right, then avoid it at all costs
• Don’t listen to influencers on social media, whether they are specifically crypto influencers or fashion influencers who are dipping a toe
• Make sure you regularly read up on common cryptocurrency scams so you know how they are evolving, as they do get increasingly complex and hard to spot over time

What To Do If You Think You’re A Victim Of A Pump and Dump Scam

If you think you’re a victim of a pump-and-dump scam, you must report it to the SEC (Securities and Exchange Commission) if you’re based in the US or the FCA (Financial Conduct Authority) if you’re in the UK. These organisations are designed to protect consumers in terms of financial services and to keep the industry well-regulated and stable. Call either organisation as soon as possible after you think you’ve been scammed, and then they will be able to help you take the right course of action from there. It’s key that you report this to help catch the people responsible and prevent them from taking action again.

In terms of recovering the money you lost through the scam, if you’re working with a regulated broker or advisor and they steer you towards the scam, you may be able to file a claim against them and recover your losses.

You should also contact investment fraud lawyers who can utilise tracing technology and try to help you recover your lost funds. The sooner, the better when you think you’re a victim of a scam, as the tracing process is usually more accurate, although it’s always worth getting in touch, no matter how long it’s been.

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