Crypto
10 Shocking Facts You Should Know Before Investing in Cryptocurrency
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10 Things You Should Know Before Investing in Cryptocurrency
Do you have a strong desire to purchase Bitcoin (BTC) but are unsure of how cryptocurrencies operate? Put a stop to that right away!
Digital currencies can be an exciting investment opportunity, but new investors run the risk of losing their money if they are taken in by scammers or invest in a cryptocurrency that has no track record.
What is cryptocurrency, and how does it work?
In the digital or virtual currency world, cryptocurrency is a digital or virtual currency that is protected by cryptography, making it nearly impossible to counterfeit or double spend.
Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers—which is used by a large number of cryptocurrencies to operate.
Because cryptocurrencies are not issued by any central authority, they are theoretically immune to interference or manipulation by governments. This is one of the most distinguishing characteristics of cryptocurrency.
Is it a good idea to put money into cryptocurrency?
Despite the fact that analysts warn investors about the volatile nature and unpredictability of cryptocurrencies, some investors are willing to take the risk in exchange for the possibility of a lucrative return.
It is critical to conduct thorough research before deciding whether or not investing in cryptocurrency is a good idea for you.
What resources can I use to learn more about the cryptocurrency that I’m considering purchasing?
To learn more about cryptocurrencies, join an online community of cryptocurrency investors and enthusiasts, such as the one found on Reddit, and pay attention to what the community is saying about the subject.
Read the white paper, which contains specific details about the cryptocurrency project that you’re thinking about participating in. Having an easily accessible white paper for every project is a must; if you don’t have one, consider it a red flag.
Take into consideration your reasons for investing in cryptocurrency.
Possibly the most important question you should ask yourself before making a cryptocurrency investment is why you are making the investment.
Besides digital currencies, there are a plethora of other investment vehicles available, many of which are more stable and carry less risk than digital currencies.
Are you interested in cryptocurrency solely because it is currently fashionable? Or is there a more compelling reason to make an investment in one or more specific digital tokens than there is now to make an investment?
Of course, different investors have varying personal investment objectives, and exploring the cryptocurrency space may make more sense for some investors than it does for others, depending on their circumstances.
Get a sense of what the industry is like.
It is critical for investors, particularly those who are new to digital currencies, to gain a thorough understanding of how the digital currency world operates before making a decision to invest.
Take the time to learn about the various currencies that are available. With hundreds of different coins and tokens available, it’s critical to look beyond the most well-known names in the industry, such as Bitcoin, Ethereum, and Ripple.
Additionally, it’s critical to learn about blockchain technology in order to gain a better understanding of how this aspect of the cryptocurrency world operates.
If you don’t have a background in computer science or coding, understanding some aspects of blockchain technology will be difficult for you to comprehend.
In the field of blockchain technology, there are numerous primers written for non-technical readers.
Once you’ve determined which cryptocurrency (or cryptocurrencies) to invest in, investigate how those tokens make use of blockchain technology and whether they offer any innovations that set them apart from the competition.
A better understanding of cryptocurrency and blockchain technology will enable you to make a more informed decision about whether a potential investment opportunity is worth your time and money.
Reading White Papers on Cryptocurrencies for more Insight
But the specifics of a digital currency are more important than word of mouth when it comes to its success. When you’re thinking about making an investment, take the time to read the white paper on the project.
Everyone involved in a cryptocurrency project should have one, and it should be easily accessible (if it isn’t, consider it a red signal).
Read the white paper carefully; it should contain all of the information you need to know about the project’s developers’ intentions for their work, including a time frame, a general overview, and specifics about the project’s development.
Generally speaking, if the white paper does not include data and specific details about the project, this is considered a negative sign.
A development team’s opportunity to lay out the who, what, when and why of their project is represented by the white paper.
If the white paper appears to be incomplete or misleading, it is possible that it is referring to fundamental issues with the project as a whole.
In this section, we’ll go over nine things you should know before you invest in the cryptocurrency market.
1. Timing Is Everything – Does the Crypto Market Close?
Digital assets are incredibly unpredictable — and cryptocurrencies such as Bitcoin and Ethereum can experience wild swings in value with little warning or warning.
Generally speaking, cryptocurrency investors try to “buy the dip,” which means that they buy more of an altcoin when its price falls in value.
Contrary to traditional equities markets, cryptocurrency markets are open around the clock, every day of the year.
Hooray! This means that you can “buy the dip” or “sell the dip” whenever you want on centralized cryptocurrency exchanges (CEXes) or decentralized cryptocurrency exchanges (DEXes).
2. Bitcoin can be purchased with traditional currency.
Cryptocurrency exchanges such as Coinbase and Binance are designed specifically for new cryptocurrency investors. They make it possible for you to purchase virtual currencies using your debit card, credit card, or banking account. If the widely reported rumors are to be believed, financial institutions such as PayPal are also planning to participate.
3. Keep an eye out for con artists.
If you look on social media, you may notice a lot of hype surrounding an investment strategy that promises enormous returns from obscure crypto assets.
Others make exaggerated predictions about the direction in which the price of Bitcoin will move. The crypto world, unfortunately, contains some dishonest actors, and billions of dollars have been lost as a result of Ponzi schemes and exit scams.
We at moneyvests.com have a short guide on how to avoid a cryptocurrency scam, and another on how to keep your cryptocurrency safe can be found here.
4. Develop a long-term investment strategy.
Successful cryptocurrency investors devise a strategy for managing their cryptocurrency assets. This may entail placing a limit order, which means that their Bitcoin will be sold automatically if the price reaches a certain level, for example.
A number of cryptocurrency exchanges also allow you to copy the trades of well-known traders in the cryptocurrency market.
Moneyvest.com has collaborated with other crypto bloggers to provide you with a guide to swing trading cryptocurrencies, which you can find by clicking here.
If it sounds too good to be true, it probably is.
5. Understand The Extortion Strategy
Scammers often thrive on instilling a sense of FOMO, or “the fear of missing out”, in their victims.
Consider your options carefully before making a cryptocurrency investment, and keep in mind that if something appears to be too good to be true, it almost certainly is.
The cryptocurrency industry is rife with unbiased reviews and fiercely independent news sites that can assist you in making an informed decision about your cryptocurrency investment.
6. Initial Coin Offerings (ICOs)? Make Your Own Investigations
In 2017, initial coin offerings (ICOs), in which companies create and sell new cryptocurrencies, were extremely popular.
Despite the fact that the market has cooled, there are still some investment opportunities available. That said, if you’re considering investing in an initial coin offering (ICO), make sure you thoroughly read the white papers and determine whether the company’s operations require the use of blockchain technology before moving forward.
Many startups attempt to jump on the bandwagon, and you’d be surprised how many of them succeed.
7. Beware of the “Fear of Missing Out” Strategy (FOMO).
It is possible for popular cryptocurrencies to see their prices rise dramatically and quickly during a bull market. Proceed with caution, as investing in Bitcoin at inflated prices could result in significant losses if the market corrects.
8. Select a Reliable Cryptocurrency Exchange
Look for a cryptocurrency exchange that has high levels of liquidity, a diverse selection of crypto assets, robust security measures, and a track record of reliability.
Binance has a page dedicated to those who are purchasing Bitcoin for the first time, which ranks exchanges according to how easy it is to purchase cryptocurrency, as well as provides additional information about their regulation and accepted payment methods.
9. Become a part of an online community of crypto-enthusiasts.
The fact that the digital currency space is such a trendy area means that things change and develop at a rapid pace.
The fact that a robust and extremely active community of digital currency investors and enthusiasts is communicating around the clock is one of the reasons for this.
Make yourself known in this community to learn about the latest developments in the cryptocurrency world. Reddit has emerged as a go-to destination for those interested in digital currencies.
Many other online communities are active all of the time, and there are many more where that came from.
10. Store Your Private Keys in a hardware wallet
Finally, but certainly not least, keep in mind that you must keep your cryptocurrency safe. One of the most secure methods of doing so is through the use of a hardware wallet, which ensures that your crypto assets are kept safe and secure — and far, far away from any internet connection.
What’s the bottom line?
When it comes to cryptocurrencies, one of the most difficult obstacles for investors to overcome is the temptation to get caught up in the hype.
Despite the fact that cryptocurrencies are becoming increasingly popular, analysts continue to warn investors about their volatility and unpredictability.
If you’ve decided to make an investment in the cryptocurrency market, it’s critical that you conduct thorough research, just as you would with any other investment.
Consider your reasons for being interested in this particular investment vehicle, as well as your knowledge of cryptocurrencies and blockchain technology, in order to be better prepared to determine whether or not this type of investment opportunity is worthwhile for your circumstances.
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Editor’s Notice: This story initially appeared on The Penny Hoarder.
The common American sends or receives over 40 textual content messages per day. What in the event you might really receives a commission for texting?
There are firms on the market keen to pay for texters. Some need educated professionals to offer SMS-based teaching.
Others need on a regular basis individuals to textual content their solutions to fast survey questions. And nonetheless others simply need you to obtain textual content messages, no motion required!
Learn on to study the most effective text-for-cash firms on the market — and the way a lot they pay.
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The way to Get Paid for Sending Texts
When you’ve ever signed up for a survey web site to make somewhat further money, you understand how it goes. Enroll. Reply 1,000,000 demographic questions. Anticipate a survey. Spend ages really answering survey questions. By the point you’re achieved, you’ve spent a number of time and power to make that greenback.
These text-based providers streamline the method. After sign-up, your job is fairly easy. Maintain a watch out for a textual content asking you a easy query. Then, reply with the reply.
25Clicks
25Clicks is a microtask website: It pays you to finish fast, easy duties on the web.
What sort of duties? Right here’s an actual, current instance.
- Go to Google and seek for “area authority checker”
- Click on on the Loganix web site
- Click on the About web page and write a 1 message description
- Reply to this message with the reply
It pays $0.50 per activity. It might probably all be accomplished by SMS (there’s an app however you don’t have to make use of it after sign-up).
Professional: Easy and simple. Common duties.
Con: Low total incomes potential.
1Q
1Q sends — you guessed it — one query. You receives a commission $0.25 per reply. You reply through textual content within the 1Q app, which is out there for iPhone and Android.
Professional: Fast and straightforward.
Con: Questions are few and much between. Low incomes potential.
JustAnswer
Do you could have medical, authorized or different particular experience? You might receives a commission to reply questions on JustAnswer.
Signing up with JustAnswer is extra concerned than different text-based providers. It’s essential present proof of knowledgeable diploma, certificates or equal expertise to be accepted.
When you’re in, nonetheless, you may make much more cash than with easy survey apps. The precise quantity varies primarily based in your buyer score. One RV professional advised Enterprise Insider that he beginning off making $4.50 per query and ending up making $21 per query. JustAnswer estimates this might add as much as an earnings of $2,000-$7,000 per 30 days.
You’ll be able to reply questions through textual content chat within the JustAnswer app.
Professional: Comparatively excessive incomes potential.
Con: Advanced, variable cost construction. Requires superior diploma or profession expertise.
The way to Get Paid for Receiving Texts
Firms ship out textual content messages on a regular basis. To verify they’re going by means of efficiently, they recurrently check the networks.
However to check the community, they want check cellphone numbers. That’s the place you are available.
“By letting us ship textual content messages to your cellphone, you enable us to check and enhance cellular operations,” says McMoney, a number one SMS-testing app.
Execs: It’s virtually completely passive. All you must do is obtain texts.
Cons: SMS-testing apps are solely obtainable as APK information – that signifies that not solely are they Android solely, however they aren’t supplied on the Play retailer. You need to obtain them manually. As well as, payouts are very small. You’ll be able to count on to make a couple of dollars a yr.
Nonetheless ? Listed here are just a few choices.
McMoney
McMoney is an SMS-testing app run by shopper expertise firm CM. Fee for texts varies by location from $0.01 to $0.06 per textual content. You’ll be able to count on at the very least one textual content per three days. Fee is PayPal solely.
MoneySMS
One other standard SMS-testing app is MoneySMS. Customers obtain 0.02 euros, about $0.021 in U.S. {dollars}, per textual content. Payouts are solely in euros, Bitcoin, or Litecoin. If you’d like {dollars}, PayPal makes it straightforward to transform forex for a small charge.
SMSProfit
SMSProfit pays $0.01 to $0.06 per textual content and sends one textual content per day. You’ll be able to obtain cost by means of PayPal or BitCoin.
The way to Get Paid for Premium Textual content Conversations
If you have already got a platform and a following — as an influencer, psychic, skilled chief or something in between — you would possibly attempt charging your followers for textual content conversations. These providers make it straightforward.
Premium.Chat
When you enroll with Premium.Chat, you get a hyperlink to share together with your followers. They add their cost technique and request to talk with you. From there, you textual content or video chat in Premium.Chat’s browser-based app.
You’ll be able to set your individual charges inside a variety of $1 to $5.99 per minute. Premium.Chat takes 40% of your earnings till you begin making $10,000 complete per 30 days – from there, your share of earnings will increase.
Professional: Excessive incomes potential.
Con: Solely works you probably have a platform.
Fibler
Fibler is one other platform for public figures to monetize chats with followers. If you join the Fibler app, you get a singular Fibler hyperlink. Your followers click on on it and will get despatched straight to your profile within the Fibler app.
From there, you possibly can set no matter charge you need for premium textual content chats. As a bonus, you may as well cost for stay video chats and pre-recorded webinars.
Professional: No hidden charges. Excessive incomes potential.
Con: Low incomes potential in the event you don’t have a platform.
Textual content-From-Dwelling Jobs
Texting is usually a facet hustle, however can it even be a profession? There are bona fide jobs — part-time and full-time — that contain an entire lot of texting.
CoachBit
CoachBit is an app designed to assist youngsters reach faculty.
The corporate is searching for Function Mannequin Coaches — part-time, distant employees who information college students by means of on-line research. Coaches talk by means of the CoachBit platform’s texting and voice be aware capabilities.
Fee is $600-$800 per 30 days, plus efficiency bonuses.
Professional: Regular cost.
Con: Requires a set schedule.
Ginger
Psychology grads searching for distant, text-based work: Ginger could also be for you. The psychological well being app is all the time searching for behavioral well being coaches. Based on a current job posting, “Ginger teaching is delivered completely by means of text-based-chat inside the Ginger app.”
Fee varies primarily based on expertise and position, however Glassdoor estimates round $50,000 per yr.
Professional: Regular cost.
Con: Requires specialised schooling. Hours might be robust — together with holidays and night time shift.
Working Options
Working Options is a customer support firm that requires candidates to have a headset and quiet space. That won’t sound like a texting job, however hear us out!
When you’re employed, you get to decide on which contracts you tackle. If you’d like, you possibly can go for purely text-based roles. Fee varies relying on the contract, however employees report making about $15 an hour.
Professional: No superior diploma required.
Con: Jobs range — so does cost.
Construct Your Personal Textual content Service
Need to textual content for cash however not impressed by any of those choices? You’ll be able to all the time construct your individual textual content service. By arising with an concept and posting it on a freelancing platform, you possibly can textual content for money by yourself phrases.
Fiverr
The Fiverr market is stuffed with text-based providers. Are you interested by consulting? Gross sales? Courting recommendation? There’s someone on Fiverr providing all these providers by textual content. Why not you?
Professional: Completely versatile. You select what to do and what to cost.
Con: Lots of competitors.
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Table of Contents
Key Takeaways
- Federal Reserve Chair Jerome Powell introduced at this time the central financial institution was prone to elevate rates of interest increased than initially anticipated.
- He additionally indicated that price hikes could come at a quicker tempo.
- The U.S. financial system is displaying indicators of persistent inflation.
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Persistent indicators of inflation are forcing the Federal Reserve to ponder extra aggressive price hikes.
Larger and Sooner
The Fed could not have tamed inflation simply but.
Federal Reserve Chair Jerome Powell introduced at this time that the central financial institution was prone to elevate federal rates of interest increased than beforehand thought, and at a quicker tempo than initially believed, on account of indicators of persistent inflation within the U.S. financial system.
“Though inflation has been moderating in latest months, the method of getting inflation again right down to 2% has a protracted method to go and is prone to be bumpy,” Powell informed the Senate Banking Committee. “The most recent financial knowledge have are available stronger than anticipated, which means that the last word stage of rates of interest is prone to be increased than beforehand anticipated. If the totality of the information have been to point that quicker tightening is warranted, we’d be ready to extend the tempo of price hikes.”
The Federal Reserve started mountain climbing charges in March 2022, elevating them from 0% to the 4.50% to 4.75% vary inside a 12 months. After a collection of 75 foundation level hikes, the central financial institution determined to solely elevate charges by 50 foundation factors in December and 25 foundation factors in January, signaling a possible cooldown in tempo. Powell’s feedback, nonetheless, point out that the Federal Reserve is able to doubtlessly turn out to be aggressive in its method as soon as once more.
Markets solely mildly reacted to the information. On the time of writing, the DXY is up 0.98%, whereas the S&P500 is down 0.96%, the Nasdaq 0.63%, and the Dow 0.90%. BTC and ETH are holding effectively, with the highest cryptocurrency having solely slid by 0.45%, and the highest sensible contract platform by 0.49%.
Disclaimer: On the time of writing, the creator of this piece owned BTC, ETH, and several other different crypto property.
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Failing crypto financial institution Silvergate is exploring methods to make a restoration with U.S. regulators, based on a report from Bloomberg on March 7.
Officers have visited Silvergate HQ
Bloomberg reported that Federal Deposit Insurance coverage Corp (FDIC) officers visited Silvergate’s California headquarters final week with authorization from the Federal Reserve.
Silvergate has not but determined the best way to deal with its monetary points, which started final week. Nevertheless, the crypto-friendly financial institution may search investments from elsewhere within the cryptocurrency business with a view to regain liquidity, based on the report.
Bloomberg additionally mentioned that, regardless of the FDIC’s involvement, the financial institution might be able to make a restoration with out additional engagement with regulators.
Neither Silvergate nor the FDIC have publicly commented on the matter. Bloomberg as an alternative cited numerous sources who’re aware of the corporate.
Why Silvergate is prone to failure
On March 1, Silvergate submitted a submitting to the SEC to report a delayed 10-Okay submitting.
That submitting moreover revealed that Silvergate faces inquiries from regulators together with the Division of Justice (DOJ). These inquiries are probably associated to Silvergate’s position within the collapse of FTX and Alameda Analysis final yr, as reported in February.
Silvergate additionally mentioned in its submitting that it’s evaluating of its capability to “proceed as a going concern,” main many to grow to be involved about its stability.
The worth of Silvergate shares (SI) quickly declined within the days following its SEC submitting. As of March 7, the inventory is value $5.21, down greater than 61% from $13.53 on March 1.
A number of crypto corporations have withdrawn from Silvergate’s providers whereas others have reported minimal publicity to the agency. On the weekend, Silvergate introduced that it might shut down its Silvergate Trade Community (SEN) whereas conserving different providers open.
The White Home mentioned on March 6 that it’s conscious of Silvergate’s state of affairs. It famous that the financial institution is one in every of many struggling crypto corporations however declined to make a selected remark.
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