March 2020, when the Covid-19 pandemic first appeared in India, all sectors were affected by this virus. Of course, the economy, especially investment, changed drastically, and many stock prices fell at that time.
But for some people, the momentum has a positive impact. Those who are investment savvy buy an unreasonable amount of stock, and the investment trend is also increasing. Many people learn various investment instruments, ranging from stocks, mutual funds, gold to crypto.
Investing in crypto assets or cryptocurrencies has indeed become popular lately. Many people are curious about this new cryptocurrency, which has become trending on various social media.
Those who have just heard about it may be wondering about crypto. Check out the full review of the following crypto money.
What is Crypto?
Cryptocurrency or crypto is a virtual currency that is guaranteed by cryptography. Meanwhile, another definition of cryptocurrency is a currency used to transact one person with another online.
This currency is gaining popularity abroad. As of February 2020, there are 10 countries whose people have large amounts of cryptocurrency. Nigeria dominates the position with 34 percent, followed by Vietnam and the Philippines with a percentage of 21 percent and 20 percent, respectively.
Nigerians use their smartphones to use and send money through transactions in various shops. And in that country, crypto money is commonly used for payment options in online stores. Therefore, Nigerians are very familiar with crypto money.
In simple terms, crypto money can be interpreted as digital money. But when you want to invest in cryptocurrencies, some important terms must be understood. Here are the important terms:
- Bull market: a term used when market conditions are rising.
- Bear market: the opposite of a bull market, a bear market or a bear market is a term when declining.
- FOMO or Fear of Missing Out: a term used to describe investors who are generally beginners who are still learning and easy to follow others.
- Pump and Dump: this term is used to describe the strategies that crypto investors are currently pursuing. The pump is used when the price of the currency rises, while the Dump is the term used when the price of the currency is falling.
- Whale refers to those who have large amounts of crypto money, at least 5 percent of all digital assets stored in the crypto market.
- FUD or Fear, Uncertainty, and Doubt: is a strategic term used by investors if they want to lower the cryptocurrency price to buy it cheaply.
- HODL: a term used for scrambled wordplay or anagrams.
- Rekt: the term used to describe a losing player. In investing, this term is used for those who make the wrong decisions, for example, selling when prices are low and buying when prices are high.
- No Coiner: a term used to describe people who do not own crypto assets or for those who sell all the cryptocurrencies they own.
- To The Moon: a term to describe rising cryptocurrencies and even reaching peaks ranging from value to several sales.
- Crypto: is a term used for a high enthusiasm or curiosity for cryptocurrencies.
Since it started booming, crypto has received a lot of responses from various groups ranging from ordinary people to experts to give their opinions. Among the opinions of many people, of course, there are pros and cons. Those who are pros with cryptocurrencies think that crypto money:
- Avoid inflation.
- Transaction fees are cheap, practical, and fast.
- Flexible or not affiliated with the bank.
- The advantages are clear.
Meanwhile, those against it argue that cryptocurrencies :
- The value fluctuation is high.
- There are no rules governing temporary trading stops.
- Does not have an underlying asset or underlying asset.
- And has no central bank legality
Despite the pros and cons of cryptocurrencies, it turns out that many people still use these currencies to invest. That’s an explanation of what crypto is, the pros and cons of cryptocurrencies and some terms in cryptocurrency that you should understand before deciding to own this digital currency.
Crypto Advantages and Disadvantages
Apart from bringing up pros and cons, crypto money has several advantages and disadvantages.
- Universal, meaning that the whole world knows and uses this currency. There are no special requirements to own it, unlike the banking system, which has special requirements for each customer.
- The transaction system is fast. Transactions in cryptocurrency can be said to be fast, only about a few minutes to an hour. Compared to transactions made between international banks which require more than a day.
- Transparency is clear. Every crypto owner can see the transactions he has done. All transactions are presented in numbers, which means you can’t know who the transaction was made by, but you can know the number of transactions made.
- Can be controlled by yourself. The last advantage that crypto money has is that all responsibility for the money belongs to each individual. Crypto users also have the power to manage their cryptocurrency and are responsible for it.
In addition to the advantages, there are also disadvantages that this crypto has. Here are the drawbacks;
- Crime prone. Many people often use this digital money for the purposes of illegal transactions, and what is worrying is that these transactions cannot be traced so they do not know who did it.
- If you forget your password, you can lose money. The next drawback is quite worrying, especially for those of you who are very forgetful. Because it uses a password system, if you forget it, it is very risky for the crypto money you have in the account to be lost.
- Often called illegal. Who would have thought that there are still countries that consider this cryptocurrency illegal and cannot be used for buying and selling transactions? Although in Indonesia itself crypto money is allowed, it is still closely monitored so as not to harm any party.
Crypto Money Investment Guide
Before deciding to invest using crypto money, it would be nice if you know in advance some of the investment guidelines:
Understand the Risk
The first thing you should know is the risks that will be obtained. Investing in crypto money is a high risk, meaning that the risk is very large. When the value is rising it can be very high but when it is falling it can be very falling.
Understand Crypto Types and Characteristics
There are many types of crypto money, from Bitcoin, Etherium, Tether, XRP, to Dogecoin. All of these types have their own characteristics, and you should know them before buying crypto money.
Understand the Legality of Crypto Traders
Currently, CoFTRA or the Commodity Futures Trading Regulatory Agency noted that there are at least 13 companies registered as crypto asset traders. You must make sure to buy crypto money only from companies that have been registered with CoFTRA because it means that the company has met the requirements and its credibility can be accounted for.
Understand the Security
Previously it was explained that crypto has a risk that is prone to crime on the internet. Therefore, make sure you know the steps or strategies that must be taken to keep your crypto money safe.
How to Create Crypto Accounts and Transactions
After knowing the various things that must be considered before having crypto money. Now you Aisa start to create an account and buy crypto money. Here are some ways:
- Open an account with a licensed crypto-asset selling company.
- The next step, the company you have chosen will verify KYC or Know Your Customer. And go through other stages such as uploading the required identity documents.
- You will pass the Customer Due Diligence or CDD stage, which is the stage when the service provider, in this case, the company you choose, explores various financial transactions that you have made.
- 4. If you pass, you will be immediately approved as a customer or investor in the company and will get an account for buying and selling cryptocurrencies.
- When starting a transaction you can start by depositing data into a separate account with a crypto physical asset company. As much as 70% is kept by clearinghouses and 30% in crypto-asset physical companies.
- All buying and selling transactions must be carried out using rupiah currency.
- Crypto assets that are already owned will be stored by the crypto asset commodity company in the depository and are hot wallets or those that are connected to the internet and cold walls that are not connected to the internet.
- The transaction mechanism used, the clearinghouse will verify the manager who keeps the money.
- Crypto companies, clearinghouses, and depository managers will regularly report transactions to CoFTRA and futures exchanges.
These 5 Cryptocurrencies Are Ready to Fly in 2022, Not Bitcoin or Eth
In the midst of the news of the downturn crypto currency main, like bitcoin and Ethereum, there are five alternative cryptocurrencies (altcoins) that will perform well in 2022.
According to Raoul Pal as reported by CoinMarketCap, CEO and Co-Founder of Real Vision Group & Global Macro Investor, it’s definitely not Bitcoin, let alone Shiba Inu.
2022 will be the year of interoperability, so Pal sees that layer-1 altcoins, such as Terra, Avalanche, Solana, Polygon, Quant, have the potential to provide that opportunity.
While Bitcoin and Ethereum will act as basic investments because they are the main and largest cryptocurrencies in the world in terms of market cap.
In addition, 2022 will also be an optimistic year for decentralized finance (DeFi), non-fungible tokens (NFT), and social tokens.
As a former Goldman Sachs executive, Pal said that in 2022 there will be more adoption of cryptocurrencies from large investors, such as banks and sovereign wealth funds, including those from the United Arab Emirates, Kuwait, and Saudi Arabia.
According to Pal, banks will have it, not on their balance sheets basically, but on their trading books.
So we’re going to see more pension funds and institutional investors, and I think this year might be the year of sovereign wealth funds,” said Pal.
WhatsApp Starts Trial of Crypto Payments in the US
The journey of Cryptocurrency is currently running quite smoothly, in the last few years there have been quite a number of services that provide payment options via Crypto, now regarding this, there is also hot news from WhatsApp, where some time ago for a certain number of users in the United States, Novi integration which is Facebook’s Digital Wallet (Meta), now starting to be integrated into WhatsApp.
This indicates that WhatsApp wants to start testing Crypto payments on their platform, which will hereby allow users to receive and send money using Paxos Dollars (USPD), which is called, install, secure and without any fees.
With this integration, sending money using WhatsApp may be the same as sending attachments in message conversations that users do, by simply clicking on the (+) icon, then clicking the Payment option, which in the United States is already present for some users.
Now regarding self-withdrawals, users who choose to use this crypto payment feature will receive USDP, which allows withdrawals to their bank account as the value of Paxos Dollars is tied to US Dollars (USD). In addition, there are no fees for storing balances in your Novi account or making withdrawals to a bank account. And what is certain is that entering Novi into the WhatsApp platform does not have an impact on end-to-end encryptions and will definitely remain safe.
So, if it’s in the United States, it’s not clear whether these services and features will be available in other countries, but if so, do you agree? are you a crypto user too? comment below guys.
Do you want to invest in cryptocurrencies? An expert reveals how to take the first steps
In times when everyone talks about cryptocurrencies, there are many who are left out because they do not really understand what it is about. They are a new concept, offering an interesting investment opportunity, albeit with high volatility, and it is not advisable to bet on an instrument with these characteristics without knowing what it is about.
To avoid that, Hanna Schiuma, VP of Wealth and Community at Ank, an app for money transfers between the bank and virtual accounts, explains in a dialogue with us what they are, how and how much to invest and which ones to choose.
What are cryptocurrencies?
” Cryptocurrencies are an innovative form of digital money, the native money of the Internet and, just as the web is a protocol for transmitting information, we can think of crypto as encrypted and open digital protocols to transmit value, ” begins Schiuma.
These assets use Blockchain technology, which Schiuma describes as “a kind of immutable digital ledger,” to settle their operations. And he points out that there are two main types of cryptocurrencies: volatile, which are not linked to a physical asset, and stable, the latter generally have a price tied to a hard currency, such as the dollar.
Faced with the question that every new investor asks himself or should be asked, which is why bet on these assets? “.
It also explains that cryptocurrencies are an easy and cheap way to access digital assets that can be exchanged on global markets, known as exchanges.
“Some investors see Bitcoin as a hedge to inflation and global uncertainty, despite its high volatility. Some even compare it to gold and call it ‘digital gold,'” says Schiuma.
What to take into account to start investing?
When listing which elements or main keys must be taken into account when investing in cryptocurrencies, the executive mentions:
-It is advisable to invest in crypto that has the highest market capitalization, such as Bitcoin, Ether, USDC or DAI and that are supported by networks or verifiable projects, in constant development.
-He warns that there are some cryptocurrencies that, despite their high capitalization, present risks for the investor, such as dogecoin.
-And it advises to buy in exchanges legally authorized to operate, “since operations between people known as P2P, being completely deregulated, present a greater risk for inexperienced users, although also a greater degree of freedom.”
Which ones to choose and how to do it?
In the same sense, Schiuma warns when thinking about which cryptocurrencies to choose to start with, that, when choosing between cryptos that trade with high volatility, the important thing is not to invest more than one is willing and can lose.
However, he assures that, “in the case of stable-coins, the investment is safer because its value is tied, for example, to the dollar.” Thus, it indicates that the choice depends on the risk appetite of each investor and the information that the user incorporates from reliable and suitable channels.
Another common question that arises among newbies in the crypto world is how much money to invest to start and how to go about taking the plunge. “The amount always depends on the volume of savings that the investor has,” the Ank specialist responds in this regard.
According to his vision, it is advisable to start small to test and insists that it is advisable to always resort to exchanges authorized to operate in Argentina. In this sense, he mentions Bitso, Buenbit or Ripio as some examples of reliable companies.
However, it recognizes that, for the moment, access to crypto still presents some difficulty in the user experience, but ensures that the members of the industry are working to develop simpler, more robust and attractive products that solve the financial life of the users.
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