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Cryptocurrency is spreading like wildfire, now common among everyday Main Street investors to high wealth Wall Street institutions.
Because it is so simple to get involved, many investors who don’t fall into the latter category can struggle to become profitable due to how challenging markets can be. Combined with the notorious volatility in cryptocurrencies like Bitcoin, Ethereum, and more, it is a recipe for disaster for so-called retail traders and investors.
Unless you’re a fund manager, technical analyst, or otherwise, getting involved in cryptocurrencies isn’t always the easy money those who got in early make it seem to be. That’s why newcomers might want to consider copy trading as an alternative to crypto investing.
The Trap New Crypto Investors All Fall Into
The average crypto investor journey goes as follows. They first learn about Bitcoin in the news. Or even more likely they’ve heard about it for years, became interested, and never quite took the plunge. Eventually they gained the courage and learned how to buy some BTC.
From there, things start to go awry. Bitcoin investors end up moving BTC into altcoins, because of the crypto industry echo chamber claiming every coin will go “to the moon”. According to them, each coin that’s already risen 5,000% is still somehow “undervalued.”
When the market eventually turns bearish, altcoins get decimated and had the investor just stuck to Bitcoin all along, they’d likely be better off. About the same time, investors begin to recognize that trading is the key to the most profits in crypto.
Experiencing even one crash as a HODLer should be plenty to see the value in selling high and re-buying lower. Trading with derivatives using margin or long and short positions is another way to vastly increase profitability. From there, there are two paths forward: you either make it or you don’t.
Most traders lose money when they first begin experimenting with markets, and unless they can control emotions, learn risk management, chart patterns, and more, losses can stack up quickly and lead to calling it quits.
Those that do make it, become regularly profitable but it can take years to get right. For both sides of the trade, those ready to give up, and those that have it down to a science, Covesting copy trading is the perfect alternative to standard crypto investor or trading.
How Covesting Copy Trading Can Save Crypto Traders Time And Money
Covesting is a copy trading module with crypto trading – along with CFDs on stock indices, commodities, forex, and more – at the center of the peer to peer community. Traders are connected with one another as either followers or strategy managers.
Strategy managers who can show regular success through the Covesting global leaderboards can attract followers who can copy their trades. Followers make money by profiting from winning trades, while strategy managers boost their profits by earning a cut of the profit share of follower equity.
Rather than having to potentially lose a fortune learning the ropes, or spending years honing skills, followers can fast track to profitability by picking the right strategies to follow. Diversifying across several strategies is similar to spreading capital across altcoins – without the risk of 90% drawdowns or getting stuck endlessly bagholding.
For the crypto enthusiast who wants to use crypto and not just invest or trade, Covesting also relies on the COV utility token to power the ecosystem. By staking COV tokens or locking them up temporarily, users can unlock three enhanced account memberships above the traditional standard account.
Each account type requires more COV to unlock the increasingly better benefits and account utilities – which can completely remove the limit on followers, lower trading fees, and much more.
Strategy managers can also ditch typical crypto investing or trading once and for all and reap all the benefits the Covesting copy trading module provides, especially when combined with the COV utility token.
Where To Find Covesting Copy Trading
Covesting is home exclusively on PrimeXBT, an award-winning margin trading platform offering long and short positions on more than 50 trading instruments under one roof. Consider Covesting as an alternative way to invest in cryptocurrency. To learn more, visit Covesting on PrimeXBT.
he Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has said the bank’s decision to prohibit deposit money banks, non-banking institutions and other financial institutions from facilitating trading and dealings in cryptocurrency is in the best interest of Nigerian depositors and the country’s financial system.
Emefiele stated this yesterday while briefing a joint Senate Committee on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime and Capital Market, on its directive to institutions under the apex bank’s regulation.
Describing the operations of cryptocurrencies as dangerous and opaque, the CBN Governor said the use of cryptocurrency contravened an existing law. He said given the fact that cryptocurrencies were issued by unregulated and unlicensed entities made it contrary to the mandate of the apex bank as enshrined in the CBN Act (2007) declaring it as the issuer of legal tender in Nigeria.
Emefiele, who also differentiated between digital currencies, which central banks can issue and cryptocurrencies issued by unknown and unregulated entities, stressed that the anonymity, obscurity and concealment of cryptocurrencies made it suitable for those who indulge in illegal activities such as money laundering, terrorism financing, purchase of small arms and light weapons and tax evasion.
Citing instances of investigated criminal activities that had been linked to cryptocurrencies, he stated that the legitimacy of money and the safety of Nigeria’s financial system was central to the mandate of the CBN, even as he declared that “Cryptocurrency is not legitimate money” because it is not created or backed by any central bank.
“Cryptocurrency has no place in our monetary system at this time and cryptocurrency transactions should not be carried out through the Nigerian banking system,” he added. Emefiele also emphasised that the bank’s actions were not in any way, shape or form inimical to the development of FinTech or a technology-driven payment system. On the contrary, he noted that the Nigerian payment system had evolved significantly over the past decade, surpassing those of many of its counterparts in emerging, frontier and advanced economies boosted by reforms driven by the CBN.
While urging that the issue of cryptocurrency be treated with caution, the CBN Governor assured that the Bank would continue its surveillance and deeper understanding of the digital space, stressing that the ultimate goal of the CBN was to do all within its regulatory powers to educate Nigerians on emerging financial risks and protect our financial system from the activities of currency speculators, money launderers, and international fraudsters.
• Also speaking, the Director-General of the Securities and Exchange Commission (SEC), Mr. Lamido Yuguda clarified that there was no policy contradiction between the CBN directive and the pronouncements made by the SEC on the subject of cryptocurrencies in Nigeria. He explained that the SEC made its pronouncement at the time to provide regulatory certainty within the digital asset space due to the growing volume of reported flaws.
Prior to the CBN directive, he said the SEC had, in 2017, cautioned the public on the risks involved in investing in digital and cryptocurrency, adding that the CBN, Nigeria Deposit Insurance Corporation (NDIC) and the SEC between 2018 and 2020 had also issued warnings on the lack of protection in investments in cryptocurrency. Yuguda further disclosed that following the CBN directive, the SEC had put on hold the admittance of all persons affected by CBN circular into its proposed regulatory incubatory framework in order to ensure that only operators that are in full compliance with extant laws and regulations are admitted into the framework for regulating digital assets. Similarly, the Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Prof. Bolaji Owasanoye highlighted the risks inherent in investing in virtual assets and cryptocurrencies in Nigeria.
He explained that cryptocurrencies posed serious legal and law enforcement risks for Nigeria due to its opaque nature and illicit financial flows, adding that the current move by the Federal Government to link National Identification Numbers with SIM cards attested to the fact that terrorists, kidnappers, bandits and perpetrators in illegal acts had relied on the shield provided by anonymity to commit heinous crimes.
Earlier in his welcome remarks, the Chairman of the Joint Senate Committee, and Chairman, Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Uba Sani, said the committee was on a fact-finding mission and had no preemptive recommendation or stand and would make its position known only after it had reviewed the submissions made by stakeholders.
Dogecoin investors should be smiling now because it has just been endorsed by the world richest man, Elon Musk.
While he used his first tweet back to post about the launch of new Starlink satellites, he quickly moved on to endorse Dogecoin, which is both something of a joke and a real and functioning cryptocurrency.
Elon Musk had said on Tuesday that he would be “off Twitter for a while”. The break appears to have lasted less than two days, and he returned with a series of posts about the cryptocurrency.
“Dogecoin is the people’s crypto,” he wrote on Twitter. “No need to be a gigachad to own.
“No highs, no lows, only Doge.”
The price of the fast-rising crypto has recorded significant gains after Elon Musk tweeted.
At the time of writing this report, Dogecoin traded at $0.05229 with a daily trading volume of $6.3 billion. Dogecoin is up 66.04% for the day.
He then posted a picture of himself that included the Shiba Inu dog at the centre of the doge meme, which is also the logo for the cryptocurrency itself.
The posts had received tens of thousands of retweets within minutes of publishing.
As usual, the tweets led the price of the dogecoin to surge. It was up more than 75 per cent soon after Mr Musk’s tweets.
Dogecoin (DOGE) is based on the popular “Doge” Internet meme and features a Shiba Inu on its logo.
The coin is currently rising after the endorsement, Bitcoin is also rising getting close to $40,000, Ethereum is also rising. The cryptocurrency market is green at the moment.
The invention of bitcoin has raised many controversies in the financial market. Obviously, there are some good and some bad sides to a thing, and so bitcoin currency has. Due to the negative factors of this digital currency, it has been cursed by many investors and crypto experts. The time has changed, and developers of bitcoin have made changes to overcome the negative factors of bitcoin. This has led to bitcoin’s entry into the mainstream, and now businesses have started accepting bitcoin as a medium of Exchange. The features of cryptocurrencies are outstanding, which has not only attracted individuals but also businesses and government.
Some ultimate features of bitcoin include user anonymity, fast and easy transactions, worldwide accessibility, minimal transaction fees, and many more. Bitcoin has become competitive with fiat currencies, and it has attracted media as well. With such unique features, bitcoin has now become one of the well-renowned cryptocurrency. Despite the fact that its market is highly volatile and there are many cryptocurrencies that have been introduced, bitcoin still remains at the top of all cryptocurrencies.
Not only big businesses and companies, but small retailers and investors can start accepting bitcoin payments for their business. It will help your business to grow and earn some outstanding profits. If you are planning to start accepting bitcoin for your business, you need to follow up on a procedure. You will learn about the procedure and steps that are included in adopting bitcoin.
Create a bitcoin address
The bitcoin wallet is a program that is used to store bitcoins. Itmainly has three main things: the private key, public key, and bitcoin address. A bitcoin address is more like an email address through which a user can send payments to other users. You can create as many bitcoin addresses as you want as there is no limit. No key is required while receiving the payments, and a user requires a private key to send the bitcoin.
A user can also make payments by scanning the QR code of the receiver and sending the amount by clicking the send button. A wallet is a program, and therefore there is a higher risk of fraud and attack. It is crucial to keep your wallet safe and have a backup of your wallet in different storage devices.
Make use of payment processor
Businesses that work on large-scale and deal in bitcoins internationally must use a payment processor. It is nearly impossible to handle plenty of transactions with a bitcoin wallet. Using a payment processor will help in quick and easy transactions, and only you need to pay monthly charges for utilizing their services through websites to trade crypto with crypto engine app. Still, payment processors are a better option than a credit card.
Payment processor applications allow businesses to set up their own POS through which email invoices can be sent. Businesses that are not willing to risk their money due to bitcoin’s volatile nature can convert their bitcoins into other cryptocurrencies or fiat currencies.
Advertise your acceptance of bitcoin
When you start to accept bitcoin payments, the media and bitcoin community will be pleased about you. The bitcoin community always accepts the bitcoin users and early adopters of cryptocurrencies. If you start accepting bitcoins, you will be appreciated by the media as well. This will help your business to grow and to attract more customers. Businesses only need to write or put a board saying that “Bitcoin Payments are accepted here” along with PayPal, MasterCard, and more. In this way, you can advertise your acceptance of bitcoin and can attract customers.
Taxes and accounting
Unlike in fiat currencies, where accounts and books are maintained, you need to consult your accountant when you start to accept bitcoin payments. The method of accounting and taxes is completely different in the case of cryptocurrencies. It is crucial to understand the method of maintaining records in the case of bitcoin.
If your accountant is unaware of the method of maintaining books in bitcoin, you must reach out to accountancy firms that have specialization in the accounting of cryptocurrencies. They have complete knowledge about tax-related issues and accounting of transactions. You must understand the obligations of tax that are covered under the regulations of the IRS
Late in October, it was reported that PayPal will start charging dormant account beginning from December 16 for people who’ve left their accounts inactive for over 12 months.
Meaning if you haven’t send, nor receive or perform any transaction with your paypal account for 12 months, PayPal will charge you €12 or $12. So if there is only $4 in the account, only $4 will be debited.
If only a bank account or a credit card is connected to the account and there are no amounts available on the actual PayPal account, no fees will be taken. So the maximum of $12 will only be deducted from an existing balance of the respective PayPal account.
Here is what to do to avoid the charges
Firstly, if you’re not using your PayPal account at all, you can close the account by going to Settings and selecting Close your account at the bottom of the Account menu before 16 December.
A second option is to keep the account open but transfer any money you have there into another account, as you won’t be charged in future if your PayPal account has a zero balance.
For irregular Pay Pal users who still want to keep an account open and maintain a balance, you can simply set a calendar reminder on a certain date every year to ensure you’re not charged the fee in future.
All of a sudden the date is drawing close and, with Christmas around the corner, finding out you’re $12 short won’t be nice at all.
Tell a friend