In recent years theres been a big hype around crypto currencies whether it be good or bad publicity its still publicity none the less. This article will serve as a platform for you to think of the cons and pros of trading crypto currencies and the safest places to do it.
So to give this article a realistic touch im going to start of by saying that bitcoin the first cryptocurrency could be the biggest scam ever to exist. It could be the biggest pump and dump scam the world as ever seen and to make things worst no one truly knows who created it so it lacks accountability. Im going to explain why i say this and then there after if you still believe in it, im going to outline where and how you can start. So lets get started.
Bitcoin - a new medium of payment
So firstly if we think of a bitcoin as a means of payment on a global scale its pretty much accepted in less than 1% in the world of finance. Other cryptocurrencies are even worst off with holders being unable to purchase anything real with it in terms of daily and monthly essentials even where it is possible you still have the price fluctuation that can go up or down 10% in any given day
Bitcoin - hodling for future gains
Extreme price volatility also ruins your plan to hodl this in hope that you going to be rich one day especially in the crypto market today. Perhaps if you bought 6 years ago today youd be reaping significant profit but buying today definitely doesnt imply youd be doing the same in 6 years to come. To make matters worst its a unregulated market which basically implies that the exchanges we use could and can turn there back on us and no one can do a dam thing. Ive been heavily involved in the crypto scene and the reality is legitamate opportinities for gain and reward is 10% in comparison to the 90% ready to take your hard earned cash with no real reward in return
Bitcoin - an isolated view
To be blunt bitcoin has no intrinsic value. So the only true value it holds is what people think it is valued. They constantly selling us the benefits of blockchain as if it gives bitcoin value however this is technology that can and will be improve, changed and innovated along the way. Simply put all the main selling points is nit inherent to bitcoin and has been mirrores to make even better ones with no real protection for you
We frown upon fiat currency because it can be printed at will but crypto is worst because we can create, control and limit supply as we wish. We also giving a digital item valur which holds no intrinsic value.
With that being said blockchain technology still has tremendous capabilities to improve the way we do things in our everyday life and eventually it is going to do that. Its much similar to thr internet bubble but on a grand scale. Eventually society is going to find ways to commercialise it and control its value and at that point all the cryptos we know today will be forced to comply. This can have numerous effects on the market and none of us can say for sure what it means for the crypto world as whole.
I however still trade crypto because at the end of the day its a billiondollar market that cannot be liquidated over night so i have faith and hope that moving forward there is an oportunity to gain but i cant stress it more how important it is to do your reasearch.
For an example most of the airdrops ( ICO ) are fake with only a few really having solid business propisitions for future growth
In termsof trading i recommend all users to stay for away from low cap exchanges as they really are scam artist at its best.
Coinex an exchange has a pretty cool app with a cool interface but if you start sending your digital currcency to them and it all of a sudden goes missing. Its gone forever. They are scammers i tell you.
To save you time and money i recommend trading on binance
You can use the following link to sign up https://www.binance.com/?ref=35675119. If you sign up via this link ill earn some of the trading fees so it will be highly recommended. Binance is currently the worlds largest exchange and i will give it a 10/10 for all aspects of its business. They really aiming to regulate the markey and make it a safer place to trade
If you reading this and you dont already have crypto you can buy some on coinbase and send it through to binance. You can sign up to coinbase and buy some crypto by following
http://goo.gl/cb5NZe for every $100 of crypto you purchase ill get $10. Remember this is not financial advise and the choice is completely up to you but if you are going to trade, hodl and by you new coins i wouldnt want you to do it anywhere else
I hope this was informative and sorry for all the mistakes.