The volatile market of crypto has attracted me. Crypto traders come to trade crypto due to the volatile behavior of the crypto market. Because of this volatile market there is an opportunity to make huge profits in less time. And the rest of the market is not as volatile as the crypto market, so it takes a lot of patience to trade and profit in all those markets.
But I have seen many people do crypto trading and forex trading together. Their trading knowledge is so good that they can get good results on both sides. So I think if you can improve your trading knowledge, you can do well in all markets. However, there are risks in all markets, so you have to prepare yourself to deal with all the risks.
While your comment is very correct here is my thought. Instead of being jack of all trades and and master of none it's better to be jack of one and master of one. I suggest one should choose either crypto or forex trading and specialize on it. That'll be more profitable than doing the two at once.
<snip> . In contrast to forex, whereas to make(or lose) significant amounts of money without that big of a bankroll, you'd need to use leverage. I understand your comment. There is a concept I've not still understand which is "Leverage ". Is it a concept in trading or it's literal word we use daily? [moderator's note: consecutive posts merged] |
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I've been taking textual tutorial from a good website, it has really helped me to understand the new space to a considerable extent. It has materials covering crypto fundamentals, mining, trading, exchange etc. Here is the link; https://cryptodetail.com/You can look it up and also learn from the platform. |
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Forex and Crypto Trading. Forex Trading meaning.Foreign exchange is the digital trading of fiat currencies globally. This currencies can be influenced by both technical and fundamental factors which traders often leverage on for profitability. Crypto Trading meaning.Cryptocurrency trading is the digital trading of Crypto currencies by traders and investors. This currencies operates with a decentralized systems and a public ledger called blockchain. According to Statista the market cap of Crypto market is USD237.1billion. Bitcoins is the leading Crypto currency in terms of market cap. Bloomberg reported the market cap of forex market to be USD 6.6trillion as at 2019. That clearly shows that the market size of forex is larger than that of crypto. There are some Interesting intersession between the two financial systems. Some are; * They both use both technical and fundamental analysis to trade. * They are digital trading based on different financial assets with different set of principles. * There is always risk to be taken in both markets. I know we have some differences but that's not what this thread is created for. This is what I want this forum to based the discuss on; Why do you decides to trade crypto despite the more stable and regulated forex market? |
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my big lesson is probably something that has happened to many people:
when I started to trade I had some habits that don't let me think correctly, I bought bitcoin for $8000 for example and when the price dropped to $7800 I still believed that the price would go up again. When I woke up the next day the price had already dropped to $7200 and I still believed that the price would recover, it would pass a few days and the price would drop to $6800, I was irritated by it ... until I sold it and the next day the price started to rise to the point of exceeding $8000. it happened to me more than 10 times until i started using Stop - Limit and that's how the cycle of losses ended, but i must say it was a great lesson i learned and it took a long time to learn
This your comment makes my day and it excites me a lot. So, you mean there is a way to stop loss or minimise loss. Can you help those of us that are just starting out with materials to learn about the stop-limit strategy. I certainly believe that it'll be superb to learn how to manage risk from day one.
Did you really invest in bitcoin or in other cryptocurrencies? I am asking because I cannot tell if you are an actual investor asking for user's personal experience or someone who only read a book or an article.
My biggest lesson is to have a plan and follow it. I've been burned before because I got a little greedy.
I'm an entrepreneur that know a lot about practical investment, so I'm speaking from that angle. The crypto investment is a new field I'm trying to learn how to play in and I've read up articles and discuss with the great minds here as per journey so far. Hope you're cleared [moderator's note: consecutive posts merged] |
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As we approach a new week, I've been pondering on the crypto trading and exchange. I'll also focus my research on these areas this new week.
Generally, I want this trend to be a discussion about what one has learnt in the game of investment either in crypto or in other businesses.
I'll start by commenting the one lesson I've learnt when it comes to investment generally.
The Uncertainty Factor:
Investment always have element of uncertainty. Its always based on speculation of success which may not always be so.
So, its a game with two tails....success and failure.
What is your own one big lesson?
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Just understand that people who promise things like that are 100% of the times scammers .
This is another benefit of Bitcoins * you don't have to be dependent on someone else * so , just use this , stay away from fake promises.
There is always an exemption in every phenomenon or issue. We can have smart entrepreneurs that decides to do this form of business after due diligence and with a proper business planning. Its just like the forex broker who does brokerage. |
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The price of bitcoin can never be negative because the selling price in the current cryptocurrency market works a lot. Bitcoin can hold the number one position as a developing country in the world at present so we need to read it in a positive market to bring it to a better position with the developed world banking. The system is being launched and bitcoin through banking as the price level at which we can say with payment in bitcoin never negative, can not be expected to be positive, it's always something to positive, then we will be able to market in valuable.
It has been proved in this thread that Bitcoin can't be negative even if the worst is to happen because unlike oil we don't pay to store Bitcoin. But, from your remark, I want to say that bitcoins may not always be the number one digital currency in the market. With the innovation of other coins in the market if bitcloins don't innovate too it can be displaced in ranking. Anyways, anything can happen in an imperfect world like this until we have earth 2.0 (lol). |
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As i am new to this forum, I am looking for a path where i cant start and become a professional individuals. What types of work i can have here ? Is there any monthly gross ? etc. I would appreciate all the suggestion  This is how I started my crypto epic journey. 1. I set a mission and 2. I set goals and milestones. My mission is simply to acquire valuable crypto knowledge in order to contribute to the growth of this forum and also develop other skills. My goal is to read some materials daily which will help me to achieve my mission. So far these are the milestones I've achieved: 1. I've read the Bitcoin white paper by Sotoshi Nakomoto himself. 2. I'm taking courses on some important subjects in crypto. 3. I've been reading and contributing to this forum. I always believe that to climb to the top one has to start from the bottom. Follow this strategy and you'll succeed. PS: follow the forum rules and adhere accordingly. |
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There are only two coins that win the mining space since 2018 and till date they still top others, this coins are ethereum and Monero, I don't use altcoin for trading probably because they are too risky? Bitcoin is the best one for trading not altcoins
What do you mean by too risky? Is it based on volatility of altcoins or the the block chains have some elements that made them to be too risky. If you can shed more light, it'll be fine.
The majority of people don't want to mine alts because it has quite a few blocks to process and therefore affects their profits. To mine for profit, you need to choose coins that have high transaction volume and value. such as Bitcoin, Ethereum, ETC. In addition, other alts often do not bring the expected profits and sometimes we have to suffer losses. So be wise in choosing good digging packages, or you will suffer very heavy losses.
I understand that altcoins are less difficult to line than bitcoins. Its because of the higher probability of success in mining alts that's why people prefer them over bitcoin mining. I believe this is opposite what your comment means. [moderator's note: consecutive posts merged] |
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Altcoins are digital currencies that are modeled like the Bitcoin, which is the first cryptocurrency. While Bitcoin is decentralized some altcoins are stablecoin , centralised and decentralized also. We have the following altcoins such as;
* Ethereum
* Zcash
* Bitcoin Cash.
* Bitcoin Gold
* Monero
* Litecoin
* Stella
* Dodge
* Dash
* and others.
Which of these altcoins can we say has high profitability when trading? Which of these altcoins has high profitability and low difficulty when it comes to mining? When it comes to liquidation of altcoins, which can we say is very liquid? |
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How about you guys learn trading instead of having to look for the so called experts? This is not something where you trust just anyone with your money. It is best that you hold your money and do it yourself instead of having to invest in others. That's something I have never tried because I prefer to do it all by myself, even though I know it's not easy, but at least I'm safe from someone taking all my money.
If you still make up your mind to invest with an expert trader, then you should take your time and look for those with a good reputation, those that have been doing the same business for a long time without having issues with their clients.
Thanks for the guide. I personally have taken some courses on trading and how to use some technical analysis signals. Can you recommend the materials you're learning from as regards trading crypto. Thanks...I think that's the way to go. |
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Couple of months? The whole of 2020 they haven't found a single block! They are way past the average, they are just having a REALLY bad luck, and the opposite just occurred to another pool with even less hashrate that should on average find 1 block per year, but already found two in a row this year.
So yes, good luck for some, bad luck for others, in the end it all averages.
But what does this mean for the miner? Variance. With solo mining, you are playing this game alone, like you are your own pool. And your little hash rate probably means it will take you years (on average) to find a block. But you can be lucky, or not...
So those doing solo miner simply don't care to lose their money mining, its a lottery to them. You see many using obsolete miners in the unlikely event they get lucky and hit it.
When you are in a pool, you will get compensated according to the share of your hashing contribution. Higher hashrate pools find blocks more often and can pay more often.
So to simplify: solo mine means you might never see any reward while with a pool you are going to get a small but more constant reward.
PPLNS pools only pay when they actually find blocks, while the others (PPS) assume the risk to pay even without finding anything but need to keep a large sum as reserve always, which is why they have higher fees.
Thanks for the in depth analysis and explanation of this critical subjects. But here is what I want to correct. I don't want success in mining a block by a pool and failure in mining another block by a pool to be termed ' Luck' . yes we know its a game of probability but probability of success can be increased. I believe if a smaller mining pool succeed in mining two blocks whereas a larger pool have not mine even one, it's purely based on some factors, strategies and knowledge which the smaller pool have over the larger pool. That's where success lies and not luck...
With regard to solo mine or joining a mining pool depends on how much money we have in establishing our mining farm. If we wanted to solo mine then we better allocate millions of dollar in order to compete with the mining pool, if we don't have that budget then it is better to join a mining pool, why aim to solo the block reward if the possibility of finding a block in our current hashing power is less than 1% and this possibility will continue to decrease as the difficulty increases. I think it is logical to join a mining pool or better to create a mining pool if we wanted to earn extra. There is power in numbers we should always remember that.
If an entrepreneur want to own a mining farm, this is what he will do. 1. He will write a well projected business plan. 2. He will meet investors and pitch to them. 3. He'll raise cash to own a solo mining. 4. He can now employ people experience in mining or crytro to work with him. This is another way to own a profitable solo mining farm [moderator's note: consecutive posts merged] |
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This pandemic has made me to believe two things:
1. Everything is subject to change
2. There is no utopian business system anywhere.
We see how a virus killed people and destroyed millions of jobs globally.
Well, things have changed significantly. Many businesses will maintain a lean startup and remote working.
All business will consider laying off workers that are not essential for now.
Sure...we shall recover but its not anytime soon.
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<snip>
- Can decentralized services or websites be hacked or can law enforcement obtain info from these services?
One thing about decentralisation of the business models of digital business is that everyone will have access to same data as the company. This is why Google, Facebook etc are so powerful due to their centralised nature. They control and have sole access to their data. To answer your question, I will say yes, a decentralized platform can be hacked and law enforcement agencies can get enough data to back their investigation from the platform because its open to the public and nothing is hidden from anybody. |
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lots and lots of errors ...
I recommend that you read a lot more before you start posting stuff like that. It's all wrong. Thanks for the constructive criticism. What specific explanation can you poont to be wrong? In fact, what do you mean by ' it's all wrong.' Show me and I'll take corrections but your comment is hard and vague to understand. |
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Hashrate versus Mining Difficulty.HashrateHashrate simply means the speed at which the outputs are computed per second. This hashrate is measured in H/S ( harsh per second ). That means the speed at which the computer or mining equipment mines output in the blockchain per second. The mining equipment used can be either be GPU (graphic processing unit) and CPU(central processing unit). GPU has a high H/s which increases the probability of profitability of the miner while CPU has a low H/s which decrease the probability of profitability of the miner. Mining DifficultyThis is how hard it is to mine a block to add to the blockchain network. From my research, I've been made to understand that hashrate affect the mining difficulty. Low hashrate increases the difficulty while high hashrate decreases the difficulty of mining. - s it true that GPU can increase the hashrate? If yes in what ways?
- How does mining difficulty be reduced?
- Are mining difficulties of all crypto the different, I suppose yes, but I need further enlightenment about such differences.
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~~~
Should I invest
I will still have to repeat this, have good knowledge about bitcoin investment and trading because it will help you. If you invest, it means you are supporting bitcoin adoption and your investment will help because it can be small but it is part of the bitcoin marketcap.
Well, people invest for ROI. if you're an entrepreneur or an investors you'll understand the difference between investment and support. So, before investing I advice you carefully know the actual ROI before taking the risk. Don't do it if there is no feasible ROI because it should be a profitable risk. |
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I presumed you're just joining this platform. Well, I have a couple of advise for you. If you heed to them, that may be the factors for your success.
1. Pursue knowledge and every other things like merit, signature campaigns and money shall be added to you.
2. Use your knowledge to add value to the community. This will help you to build your reputation in this community.
As its already known in Bitcointalk there are no shortcuts to success.
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<snip>
3. Mining with an ASIC is the only reasonable option, but it is not profitable for everyone.
You can't say mining with ASIC Altminer is not profitable. Then which of the mining equipment is profitable. If that's your opinion that means there won't be mining farms. From research so far, ASIC is reputed to be one of the most profitable mining tool because of its high hashrate and efficient electricity consumption. |
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The reason is simple. I feel the supply of Bitcoin at pegged 21m will be too limited for the global economy. There is around $37 trillion in narrow money. There is around $73 trillion in all stock markets combined. There is around $90 trillion in broad money. There is around $0.5 - 1 quadrillion in derivatives. If we ever reached the point of 1 sat = 1 dollar, then 21 million bitcoin would be worth 2.1 quadrillion dollars, more than enough to cover every market in the world and then some. If you still think 21 million isn't enough, then a far better option to increasing the market cap is to subdivide it further. Lightning Network already works in milli-satoshi. Fine analysis indeed. But let me continue with your manner of economic analysis. Here is what's Sotoshi Nakamoto want to achieve with a fixed bitcoin supply of 21m. He want become to be scarce asset. Its based on the theory of Relative Scarcity of money. Let me show your by example the difference between relative scarcity and extreme scarcity. 1.21m of bitcoin in circulation can be termed as extreme scarcity. 2.30m of bitcoin in circulation can be termed as relative scarcity. While the former is too hard to make the latter is hard to make. I feel bitcoin is better when its hard to make and not too hard to make. |
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