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10 steps for novices to start cryptocurrency trading

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Cryptocurrencies are widely being adopted after the governments of various countries realized it’s importance. Investing in the crypto world is an art but if went wrong for any reason then the results could be catastrophic.

 

For the newbies in the field of cryptocurrency investment, there are a number of prerequisites to actually start the trade and they are explained below:

 

  1. Know how Blockchain works. The Blockchain is basically a distributed ledger of records of transactions in the form of blocks. It is a continuously growing record that is secured from cryptography.  It is inherently by design that the ledger is immutable i.e, it is resistant to the modifications of data. The decentralized nature of the technology is the one thing which makes it highly secure and prevents hacking and the security increases with time as more and more people join the Blockchain network.
  2. Know top cryptocurrencies. The cryptocurrency topping the list is undoubtedly Bitcoin. Bring the first in the race of crypto coins, Bitcoin has some unseen advantages as the crypto even accounts for almost more than 50% of the total cryptocurrency market. Other prominent ones in the field are Ethereum, Litecoin, Bitcoin Cash, etc. The whole list can be viewed at coinmarketcap.com
  3. Knowing all the risks. When compared to the traditional stock market, the cryptocurrency market is very unstable. The reason is that the size of the market is still very small and hence it renders higher volatility. The sentiments of the public may vary according to the kind of belief that the major players in the Crypto market have. The FUD driven market is very dangerous one where one negative decision can render the market fall considerably.
  4. Read Bitcoin news daily. As discussed below and that the cryptocurrency market is so much driven and influenced by the news in the media. Hence it has become very important that one must keep themselves updated with the latest news in the field. A few possible sources for the best and the most updated news are.
    1. Coinnounce
    2. Coindesk
    3. Bitcoin Magazine
    4. Business Insider
    5. The Street
    6. Coin Telegraph
    7. Cryptocoin News
    8. Quora
    9. CNBC
    10. Brave New Coin
    11. Reddit
  5. Opening a brokerage account. Coinbase is entitled to be one of the best Crypto platforms for the trading of cryptocurrencies like Bitcoin, Litecoin, Ethereum, and others. It has two separate but we’ll integrated  products: Coinbase and GDAX. Also the most notable part is that the company manages to abide by all the regulations set by the financial firm of the country. The simple Android and iPhone apps provide a seamless interface in order to trade that the cryptocurrencies.
  6. Fund the account. Verification is necessary after the creation of the cryptocurrency account in order to meet all the requirements of the regulations by providing a soft copy of the passport or driving license. Following which the payment method can be set and respective payment method as credit card or debit card can be chosen. It is to be kept in mind that coinbase charges a transaction fee of 3.99% for all the credit card transactions. The users can also select PayPal as a payment method. Finally, move money into your cryptocurrency account.
  7. Try buying and selling once the cryptocurrency account is ready and fund then the enthusiast can go ahead and try out using the cryptocurrency for various transactions. A single Bitcoin need not be used completely for the transactions, but fractions of about ⅛th  of the value can be used.
  8. Upgrade to GDAX. Once the beginner has tried out a few transactions and have and has become very handy with the procedures, then it is assumed that it is the perfect time for them to graduate themselves to the professional platform where we can transfer the cryptocurrencies between two exchanges very easily.
  9. Study the charts. The cryptocurrency market trends can be understood by studying the price charts, therefore, doing a market analysis. The general concept behind analyzing the charts is that to get an insight of the general direction of the movement of the cryptocurrency.
  10. Set limit orders. A number of provisions are provided by the many Android applications. They provide provision to set the limit Orders and once the limit is reached by the cryptocurrency a notification is sent to the user or the order might automatically get executed accordingly.

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Best Tools to track Cryptocurrency Markets: CryptoCompare, CoinMarketApp, CoinGecko

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There are different websites and mobile applications designed to keep the track of cryptocurrency market, we cover the Top 3 of these.

The cryptocurrency market includes the prices and market capitalizations of different Cryptocurrencies like Bitcoin, Ethereum, Stellar and many others. Currently, there are thousands of cryptocurrencies, markets are 16084 and market capitalization is about $124,123,711,224.

 

There are different websites and mobile applications designed to keep the track of cryptocurrency market, we cover the Top 3 of these:

 

CryptoCompare.com

Known for its high-end API and real-time tick data, CryptoCompare has been serving the cryptocurrency space from 2014.

Founders: Charles Hayter & Vlad Cealicu

CryptoCompare shows real-time data for more than 5300 Coins and 240k trading pairs, enough for an entire overview of the market. Users can see live Order books, historical data, reports, social data and reviews on all cryptocurrencies. The website is very easy to use and is free for everyone.

 

CoinGecko.com

We love CoinGecko because it focuses on tracking community growth, events hosted by teams and open-source code development apart from the usual price tracking, market capitalization and volume traded. It was also founded in 2014.

Founders: TM Lee, Bobby Ong & others

CoinGecko’s team is very dynamic and is very active on social media like Twitter, Telegram & Facebook. They cover more than 260 exchanges with live data and have more than 3300 cryptocurrencies. They are free for everyone to use.

 

CoinMarketApp (Mobile Application)

When it comes to easily track the live prices and your portfolio on your mobile, CoinMarketApp is the preferred choice for most. With live alerts on more than 1400 Cryptocurrencies, the app saves your time and alerts you on every move.

Download on Android

Download on iOS

Apart from cryptocurrency prices, the app lets you manage your portfolio, mining pools, new contracts and the latest news from the crypto industry.

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Cryptocurrency Market Updates: Bitcoin May fall further

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The cryptocurrency market is still facing the same bullish trend today, yet again. Bitcoin price recovered a little with trading around $4300 to $4400.

The cryptocurrency market is still facing the same bullish trend today, yet again. Bitcoin price recovered a little with trading around $4300 to $4400. Yesterday the price of bitcoin fell up to $4190. Ethereum is still trading at a year and a half low of $125. Apart from ethereum, most altcoins are showing small corrections. Bitcoin Cash moved 3% upwards while Monero has moved 4% upwards in the last 24 hours. Bitcoin Gold and Bitcoin Diamond have had good gains for the day with 8% and 16% rise. IOTA is trading at around $0.32 which shows a 6% improvement from yesterday’s price. NEO is up by 5%. However, the small gains are nothing in front of the massive downtrend these altcoins went through in the past couple of days.

 

Cryptocurrency Market Capitalization Improved

The total cryptocurrency market cap yesterday came down up to $136 billion which was the lowest of 2018. In the last 24 hours, cryptocurrency market has managed to add $4 billion in the market capitalization adding to $140 billion. Over the last week, the cryptocurrency market had lost over $40 billion and over the last month, around $70 billion have been erased from the cryptocurrency market capitalization which is yet to be recovered.

 

Bearish predictions for bitcoin

While the market cap is trying to recover the price predictions for bitcoin still remain bearish as many cryptocurrency analysts have predicted that the only support after the current significant support of $4000 is at $3000. So if the price drops below $4000, it will definitely reach down to $3000 after which the price is expected to recover.

 

The overall situation of the market is still harsh as there is no major recovery from the massive losses that occurred in the past few days. What do you think about the bitcoin predictions being made by crypto analysts? Tell us in the comments section below.

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Bitcoin Cash Hard fork screwed the whole cryptocurrency market

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Whole cryptocurrency market is suffering because of the continues wars going on between ABC and SV which has created a bad reputation of the crypto space.

The original Bitcoin Cash split into Bitcoin ABC and Bitcoin SV during the hard fork but no one is sure to weather BCHSV or BCHABC will survive in the market as the hash wars still continue. The hard fork has lead to an uncertain future of Bitcoin Cash and also screwed the whole cryptocurrency market. The Price of both the new coins is on a continues decrease where Bitcoin Cash ABC values at around $226 and Bitcoin Cash SV values at around $76.

 

Cryptocurrency Market Crash

The whole cryptocurrency market is suffering because of the continues wars going on between the two teams which have created a bad reputation of the crypto space to the newbies. At this time when more and more institutional investors were entering into the cryptocurrency space, the hard fork has created a feeling of Fear, Uncertainty and Doubt amongst them.

 

BTCUSD yearly chart

BTCUSD yearly chart

 

As the hard fork started, the entire cryptocurrency market faced a downfall where all major cryptos are on a 6 month low with bitcoin trading around $5200 that is a yearly low for the most dominant cryptocurrency. The decline is the price has created fear in the minds of investors who are now talking about capitulation.

 

Should Craig Wright be blamed?

Craig Wright who claims to be the real Satoshi Nakamoto and the founder of the original bitcoin has been funding his side of the war using BTC. Cryptocurrency enthusiasts around the world are criticizing Craig Wright and also calling him a lier.

 

 

The local media’s role

The real reason behind the rise of cryptocurrency and blockchain was the mass adoption by people who heard about it through local media. At that time, the local media described bitcoin and other cryptocurrencies as the future of money explaining the decentralized nature of such currencies, but now due to the wars within the cryptocurrency ecosystem, the local media has started to criticize cryptos and people have started to lose faith in the crypto market.

If the amount of money being used in such hash wars would have instead been used for the development of the crypto ecosystem with advancements such as lightning network, the market could still be flourishing rather than being on the verge of getting sunk.

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