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10 Must-Knows Before You Invest in Cryptocurrency

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Invest in Cryptocurrency

Cryptocurrency is designed to work like any other, as a medium of exchange through the use of cryptography that serves the purpose in creating and controlling additional units, known as coins or tokens. Cryptography serves the purpose of verifying the transfer of assets. Where forex is controlled by central banks, cryptocurrency is decentralised and a distributed ledger is used in transactions.

Cryptocurrency has become substantially more popular in the past three years with the market cap of all cryptocurrencies reaching around $260 billion. By the end of 2017, it had surged and reached a $520 billion market cap.

What Should You Know Before You Start Trading Cryptocurrency?

invest in cryptocurrency

1. Substantial resistance from professionals

With the increase in popularity, the trading of cryptocurrency, and cryptocurrency itself has faced a lot of opposition. Especially from Wall Street professionals – such as Warren Buffet and Jamie Dimon – and financial regulators. 

2. Blockchain technology

Cryptocurrency is transferred through the use of blockchain technology which acts as a public ledger that records all transactions. Cryptocurrency coins, or tokens, are stored on this blockchain.

Most cryptocurrencies have their own blockchain and depending on the size, some transactions are executed significantly faster than others. Bitcoin transactions, for example, take longer than Litecoin transactions.

To learn more, check out 10 Best Cryptocurrency Trading Platforms ( Reviewed )

3. Ease of access and affordability

Cryptocurrency can be bought and sold at any given time, anywhere with minimal barriers to entry.

Larger cryptocurrencies – such as bitcoin and ether – are substantially more costly and this often puts a lot of traders off without considering that each coin across cryptocurrencies are bought in fractions as well. Traders can invest in cryptocurrencies such as bitcoin with a relatively small amount.

Crypto-platforms differ and there are fees involved with trading these currencies that may exceed any profits made, thus traders need to ensure that they understand the full cost before they invest.

4. Regulatory Issues

Strict regulations are in place to ensure that consumers and investors (and their funds) are protected through the provision of tools and remedies to minimise loss and damage, but with cryptocurrency, there is no central regulating authority that offers such.

In fact, cryptocurrency is still unregulated in many African countries. 

Traders who invest in cryptocurrency need to fully understand that there is no security that the coin’s value will be retained.

5. High volatility

Due to cryptocurrency being an unsecured investment along with a  lack of regulation, cryptocurrency can be manipulated, and large price swings are frequent.

Cryptocurrencies can substantially gain or lose half of its value within a day resulting in significant risks when holding crypto as they can potentially create big losses for investors. 

6. Difference in trading platforms

Cryptocurrency is bought and sold on trading platforms that facilitate such transactions where cryptocurrencies can be exchanged for others as well as fiat currency.

These platforms are often not authorised or licensed by reputable regulatory authorities and there is additionally a lack of minimum requirements that the cryptocurrency issuers are subjected to before their currency may trade on a platform.

In addition, some exchanges are not monitoring trading activity to identify manipulative trading behaviour.

7. Cybersecurity risks and threats

Exchanges are often victims of cyber attacks as they hold their users’ cryptoassets. Hackers set out with the purpose of obtaining funds. Unfortunately, exchanges are hacked often, disrupting trading activities and causing a loss of user funds.

You might be interested: Breakout Forex brokers that is changing Africa.

8. Coin availability

There is a finite amount of bitcoin in circulation, and this adds to the reason why bitcoiners trust it more than conventional currencies, as money can be printed for various reasons, including economic and inflation purposes.

Bitcoin is limited to 21 million coins. This supply can not be artificially increased.

9. The risks involved with wallets

Cryptocurrencies are transferred with a degree of anonymity, with the wallets resembling that of an individual’s actual wallet. The same detrimental risk involved with losing one’s wallet, applies to cryptocurrency wallets.

Even though there are numerous trading platforms that offer the option for such a wallet to be linked to a trader’s username and password, it increases vulnerability to cyber attacks should the trading platform be targeted.

10. ICOs and precautions that have to be taken

Initial Coin Offerings (ICOs) are similar to IPOs (Initial Public Offerings) where companies introduce a coin to the market, instead of shares.

There are thousands of cryptocurrencies globally and each companies have set their sights on their cryptocurrency becoming the next bitcoin. Traders should take care, as with investing in IPOs, not to do so lightly.

The risk involved with investing in ICOs should be evaluated thoroughly as traders stand a great chance of incurring losses substantially larger than what they can afford.

Before investing, investors should watch for trends in the news and wait for professional commentary on new ICOs.

Final Thoughts

Cryptocurrency has seen an influx in growth and popularity due to consistent growth in the direction of a more digitalised world. But as with all investments, there are still great risks involved along with the chance of gaining profits.

Traders need to evaluate their exposure to risk as well as their willingness and whether they can afford such risk. Cryptocurrency is overtly easy to access and trade but thorough research is needed.

Traders need to ensure that they evaluate trading platforms and providers of trade in cryptocurrency to ensure that with reasonable measure, client funds are not compromised.

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Can You Win Real Money by Playing Crypto Slots?

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Crypto Slots

Introduction to Crypto Slots

Crypto slots are a form of gambling machine that lets you take a chance with digital currencies. They’re reminiscent of old gambling machines, but they do have a surprise ending: you can bet your money using cryptos. This tends to make them an appealing choice for those interested in betting on Bitcoin or various other cryptos. The possibility of big wins has been one of the factors that make crypto slots quite thrilling. At a certain crypto slot machine, numerous players have won progressive jackpot valued at hundreds of dollars. There are a variety of jackpot sizes available, and they continue to increase as more players play them. 

Is Playing Crypto Slots Legal?

In general, there are no laws that specifically apply to crypto slots. It is neither permitted nor prohibited by law. Authorities’ perspectives on cryptocurrencies are swiftly shifting, with more nations adopting a favorable stance and debating how to regulate them specifically as well as blockchain-based businesses in general.

Authorities in nations where gambling is outright forbidden, like the United States, may yet impose severe penalties on gambling websites and/or bettors who utilize cryptocurrencies. A few international gambling jurisdictions have already granted licences to casinos that accept cryptocurrency, implying that they accept responsibility for cryptocurrency operations on gambling websites. You can check out the top crypto slots sites listed in CryptoNewsZ’s gambling section.

Can You Win Real Money by Playing Crypto Slots?

They’re generally free-to-play, and if you hit it big on a cryptocurrency slot machine, you can cash out your prize money without having to pay a casino fee. It’s no surprise that people are increasingly preferring to play with cryptocurrencies rather than real money.

Tips to Play Crypto Slots?

There’s a little research you can do to improve your likelihood of victory when playing crypto slots. Here are some pointers to get you started:

  1. Select a reputable gambling establishment. Not all casinos are the same, and some have a better reputation than the others. Before you choose a casino to play at, make absolutely sure you do your homework.
  2. Go over the terms & conditions with a fine tooth comb. This is extremely true when it comes to crypto slots, as these games may have their own set of rules. Before you start playing, take the time to understand what you’re getting yourself into.
  3. Play responsibly when gambling. Because crypto slot machines can be habit forming, set boundaries for yourself and don’t risk too much more than you can stand to lose.
  4. Bonus seekers, do your homework. Some casinos have good bonus payments than in others, so do your research to see which one has the best possible deal prior to actually registering and dumping money into the account.
  5. Keep a close eye on the jackpot in the game. Most of these games have jackpot games, which means that the prize grows as more people participate. These aren’t the games for you if you’re hoping for a fast win. However, if you have some spare time and would like to try your luck at winning a reality-changing prize, keep a sharp eye on the jackpot.
  6. Practice with the demo before wagering real money. A few crypto slots give a free-play mode, allowing you to practise without risking any of your own finances. Before you begin placing bets, you could use this time to familiarise yourself with the game, figure out which strategic plan works the best, and estimate your prize earnings.

Related Article: Best Crypto Gambling Sites

Benefits of Playing Crypto Slots

Among the most compelling reasons for players to use cryptos are the unmatched advantages they can provide, such as instantaneity, security, and Internet of Value. Nevertheless, there are some advantages to using cryptocurrencies such as bitcoin and Ethereum to play slots. Many players would prefer confidentiality when they play – for example, folks who don’t want their betting history scrutinised when getting a mortgage! Players can also have complete anonymity when using blockchain-based currencies because they don’t have to provide any personal information other than their wallet number to connect their online casino account to their cryptocurrency account.

You must make sure that your payments are safe in order for no one else to gain access to the account and withdraw your prize money.   In contrast to the traditional payment options, where you won’t see your money in the account for 3-5 business days after drawdown, cryptocurrencies provide amazingly fast and even immediate withdrawals, allowing you to enjoy your winnings sooner. With Blockchain technology and crypto-casinos, you could indeed play from anywhere in the globe. Low or no service charges are yet another added benefit of using crypto because there are no 3rd-party service costs to pay and also no payment restrictions.

Conclusion

Crypto slots are a form of gambling game that generates different numbers using blockchain technology. They’re a new take on traditional gambling machines, giving the players so much more control over their wagers because the figures aren’t generated by a single company or person. Crypto slot machines use random number generators to generate their outcomes, there is an element of luck engaged, but you can improve your likelihood of victory by planning how much you wager for every spin as well as which kinds of slot games to enjoy.

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4 Tips for Managing Your Emotions When Trading Crypto

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Managing Your Emotions When Trading

Dealing with emotions is a natural part of being human. How you feel can significantly impact the world around you, and that is an indisputable fact in life. However, the world of cryptocurrency trading can be an unforgiving place for the overly emotional. If you let your feelings cloud your decision-making, you risk selling too early, running losses, and missing out on significantly profitable opportunities had you stopped for a moment and thought the matter through with a clearer headspace.

For example, after hearing some concerning rumors, you rashly decided to empty out your XMR wallet and other crypto exchanges for fear of losing money. After some time, however, the prices bounce back higher than before, which is a cause for dismay because you lost all of your investment due to a rash decision on your part.

Hence, it is crucial to keep your emotions in check when trading. This is especially the case when you are trading in an extremely volatile industry such as cryptocurrency. The crypto market is notorious for its constantly fluctuating values and massive price swings. It can strike fear, panic, and greed in the least suspecting and cost you more than what you bargained for.

Whether you are new or experienced in dealing with crypto, managing one’s emotions is a must-have tool in your trader’s toolbox. To help you master this skill, here are some tips to keep in mind as you traverse the wild, harsh landscape of crypto trading.

Develop a Risk Management Plan

Risk management is an integral part of any kind of investment venture. You want to ensure that you have backups in place in case a situation arises that may threaten your initial investment. However, many new traders overlook the importance of considering their emotional responses and their risk tolerance when formulating their risk management plans. As a result, their plans crumble in the face of high-pressure situations.

As such, always consider your risk tolerance when developing a plan to mitigate trading risks. In fact, many trading consultants use it as a basis for forming your trading plan. By doing so, you can ensure that you are only taking on what you can handle emotionally as you work your way to reaching your financial goals. Over time, as you become more experienced and more in control of your emotional responses, you can decide to take on more risks.

Conduct In-Depth Research

One of the most effective ways to handle frantic feelings is to counter them with cold, harsh facts. Aside from your risk management plan, it is wise to conduct some research on your own that can substantiate or debunk any concerning news or rumors that might cause you to buy or sell on an impulse. For example, after hearing from another trader that one of the digital coins you invested in has died due to a lack of community support, you might be tempted to liquidate the entirety of your investment. However, after some digging, you determined that the community is still active and invested in improving said cryptocurrency.

It is also important to do your homework when picking which coins to support. Make sure to check the cryptocurrency’s whitepaper and the developers’ activities for a clearer idea of the coin’s potential. In this manner, you can feel assured that your investments have a high potential of bearing fruit in the future.

Do Not Obsess Over Market Charts

Many traders new to the crypto industry fall into the trap of obsessing over market charts. The constant flickering of colors and lights can be hypnotising to the unaware. They watch price fluctuations all day to ensure that they can take note of sudden price hikes and dips, which may lead down a path to profitable opportunities.

However, this method is not helpful to your mental and emotional health. Indeed, it can feel like an emotional rollercoaster watching prices go up and down continuously. Processing significant amounts of information for too long can wear you down over time and may instead cause you to decide poorly when an opportunity arrives. Thus, a word of advice: do not let the market chart take over you.

Take Advantage of Limit Orders

Signing into your crypto exchange after some time and learning that the value of your investment has plummeted is a reasonable fear for many traders. After all, it is not healthy to watch market charts like a hawk, and in the crypto space, so many things can happen after a short span of time. Fortunately, many crypto exchanges have stop-loss features. This is a feature that automatically sells your coins once their prices decline to a certain value. In this manner, you can feel assured that your investment remains intact, assuaging any fear or worry you may have while not on the crypto exchange.

Removing emotions from any decision-making process that you make is almost impossible. In a highly complex and volatile market like cryptocurrency, conquering your initial emotional responses and maintaining a clear head is a skill that you have to master through experience. By doing so, you can keep your eyes on the prize and trade in a manner that is most helpful to your needs.

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How to Bet with Bitcoin on Football

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With the new football season having started, it’s time to learn how you can bet with bitcoin on your favorite football club. The good news is that many online betting companies now accept bitcoin.

Read on to learn why betting companies love bitcoin and how to bet with BTC on your football team.

Why Betting Companies Support Bitcoin

Since its establishment in 2009, Bitcoin (BTC) has been and continues to be the most popular cryptocurrency, and with good reason. Some of Bitcoin’s most impactful features include:

1. Fast and inexpensive

With bitcoin, it takes a few minutes to send and receive any amount of money. And if you are using the Bitcoin Lightning Network to make payments, transaction costs are a few cents.

2. No third-party interference

Because of its decentralized nature, which makes it impossible for anyone (including governments) to control, you can feel safe to make any payments you want (including to online betting platforms). This also comes with the added advantage of not having to disclose your personal information when making a payment.

3. Supports borderless payments

With Bitcoin’s decentralized nature comes its borderless characteristics. This makes it possible for anyone in the world to be able to send and receive bitcoin payments wherever they are.

Betting companies were among the first adopters of bitcoin because it enables them to reach a broader audience and provide an innovative digital payment option to bettors. From playing a bitcoin slot to betting on any sport imaginable, bitcoin casinos and online betting companies have truly embraced bitcoin.

The credibility of bitcoin as a financial and payment solution is also being felt in the world of football. For example, in April 2021, Southhampton F.C began paying its players bonuses in bitcoin, opening up a whole world of possibility for other clubs to start doing the same.

How to Bet With Bitcoin on Football

Bet with Bitcoin on Football

Betting with bitcoin has proved to be an efficient process for bettors, and betting companies who have embraced cryptocurrency as an efficient payment system.

One of the leading sports betting companies that enables you to bet with bitcoin is Sportsbet.io. So let’s dive in and show you how you can bet with bitcoin on this popular platform.

Betting with Bitcoin on Sportsbet.io

Sportsbet.io is a user-friendly and highly modern betting platform. It has a functional live betting service and is one of the few betting companies that will allow you to bet in bitcoin through a few easy steps.

  1. Register for Sportsbet.io by clicking on the ‘Create an Account’ tab on the top right of the homepage.
  2. Access your wallet by logging into Sportsbet.io. On the top right of the page, next to your balance, click your balance or the ‘Deposit’ button.
  3. Next, you click on ‘Use Currency’ and on ‘Deposit.’
  4. A QR code will appear.
  5. Open your bitcoin wallet, scan the QR code, and choose how much BTC you want to send to your betting account.
  6. You will have to wait for three confirmations on the Bitcoin blockchain for your funds to settle in your SportsBet.io account.
  7. Start betting on your team(s).

Now that we have started you off on your journey, happy betting, and may the odds be ever in your favour!

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