The digital advancements and evolution that will accompany the 2020s will usher us fully into the third phase of the internet. Everything from cryptocurrencies to web3.0, NFTs, and Defi will only grow bigger and evolve into complex structures that serve all of humanity. It is safe to say that all these digital advancements will peak in a digital space called the Metaverse. The Metaverse is not just a Facebook franchise as announced by Mark Zuckerberg, it is a virtual space where most tech investors are currently placing their bets. It will be a decentralized platform that allows people to carry out almost any human activity virtually. In this new world, we will pay for services with cryptocurrencies and everyone needs to arm themselves with knowledge so we will not miss out on the amazing things of the future. In this article, we want to talk about the tokens and cryptocurrency projects that are currently dedicated to the metaverse.
Top Metaverse Cryptocurrencies to Watch
Decentraland is one of the few metaverse projects that has witnessed huge progress in the last year. This platform is a 3D virtual reality platform that you can explore and visit anytime. In this virtual reality, you will find tools that you can use to create anything from casinos, bars, parties, and poker games. Decentraland has already hosted a multi-day music festival and people already believe in the project. You don’t need a VR headset and you don’t need to own any cryptocurrencies. You can build a virtual world on this platform and pay for it in MANA tokens. Recently, a crypto whale bought a parcel of land for 618,000 MANA tokens (approximately 2.4 million dollars) in Decentraland.
Axie Infinity (AXS)
One of the major ways people are going to make money in the metaverse is by participating in play to earn games. Play-to-earn games give people crypto rewards that are valuable outside the game and Axie happens to be one of such games. The AXS token is the reward given for participating and winning in an Axie game and it has seen a rise of over 24,000% in 2021. You might want to keep an eye out for this token as it has major potential in the future.
With the many possibilities to explore in the world of cryptocurrency, you can find out more features that can be possible on Bitcoin Up. They are reliable for concrete information about cryptocurrency.
When you think of Sandbox, you can think of a more customizable version of Decentraland. In this space, users can build their own NFTs and then play or trade. This metaverse reality allows you to share multiple experiences. However, it has not fully launched its VR space to the public. It currently trades on major crypto exchanges and after Sandbox completed a 93 million dollar fundraising round, you can expect the token to leap significantly in the future.
Render solves the 3D and AR visual creation problem. It hosts a decentralized infrastructure that creates digital content with unused computer processing power. You can earn rewards by building on the network. Furthermore, it is scalable, climate-friendly, and affordable. The RNDR token could be the next big thing (or not).
This article has shown you some of the top cryptocurrencies invested in the metaverse. If you want to invest in any of these cryptocurrencies, you are on the right path. However, it is compulsory and necessary that you do your research and come with a personal frame for metaverse cryptocurrencies. The truth is that this is only the beginning of Virtual Reality exploration and most tokens and companies will not survive the 2020s. It is impossible to tell which companies and tokens will be around for the long term and you should invest only what you can afford to lose.
Cryptocurrency Scams that need your attention
What is cryptocurrency?
Cryptocurrency is a digital currency used for money exchange. Crypto currency creates an alternate form of payment using encrypted algorithms.
Currency wallets are needed to use these digital currencies. They have properly protected keys, identities, and links to safeguard the currency to protect one from thefts and cryptocurrency scams.
How does cryptocurrency work?
The government or banking agencies do not control cryptocurrencies; they are independent.
Mining is a very popular way cryptocurrency is obtained. Over here, people are supposed to solve mathematical puzzles to win the coins.
It is a very complex process.
People provide services in return for cryptocurrencies, and buying and selling are also happening through cryptocurrencies lately. Once bought or sold, crypto currencies can be stored in wallets.
Transferring or investing:
Just by using a mobile phone, cryptocurrency can be transferred from one wallet to another.
After gaining these currencies, one can use these currencies for various things
- Buying goods and services.
- These currencies can be used for trading.
- They can even be converted into cash. The easiest way to do this is through debit card-type transactions. Just like an ATM, withdrawal can happen in this way.
Converting cryptocurrency into cash is also possible using bank accounts or peer-to-peer transactions.
The crypto industry has been emerging and becoming bigger and bigger. But, unfortunately, it is seen in various places that with the growth of popularity comes a lot of fraud. In the same way, even here, we see a lot of cryptocurrency scams.
A few of these scams are:
Cryptocurrency investment scams:
Scammers create fake trading platforms and wallets to trick victims. They mimic a genuine website with a slightly different domain name, which makes it difficult for the victim to differentiate. Many people fall into the trap because of this.
They ask for personal details and financial information. Initially, they allow you to withdraw your funds, but after some good investing and trading, the website either is closed, or your request to withdraw funds gets declined.
Phishing scam usually focuses on information related to online wallets. Scammers usually focus on personal information such as crypto wallet private keys. They use the website method used in investment scams, or they send shady links via email, sms, or Whatsapp to lure victims. They ask for personal information, and once they get this information, they steal the crypto.
Celebrity endorsement scams:
Sometimes scammers pose as or use actors, businesspeople, or influencers as brand ambassadors to fool the victims. These scams are usually sophisticated and well put across with glossy brochures or pamphlets. Scammers use well-known names like Jeff Bezos, Elon musk, etc., as celebrity endorsements.
How to stay away from these scams?
- It is very important to double-check every website that you register for.
- It is very important to avoid falling prey to shaddy links that you get on your mail or sms.
- It is not a very good idea to give away personal information.
- Genuine companies do not ask for personal wallet key information.
- If anyone is forcing you, it is probably a scam, so check thoroughly before taking action.
- Big movie actors, influencers, and business people usually only endorse crypto companies that are well known, so research before believing.
Trading, investing, and increasing your money are important, but proper financial knowledge is also very important. Unfortunately, with the growth in the industry, there is also a lot of increase in fraud. So, be careful and aware of the frauds that are going on around you and invest smartly.
Crypto Exchanges: How Do They Work?
Bitcoin (BTC) was obtained from two basic sources in its early days: mining it by yourself or finding someone who would sell it to you. As a result of centralized crypto exchanges and institutional acceptance, cryptocurrencies are now more accessible, allowing billions of dollars to be traded daily.
Let’s take a look at how cryptocurrency exchanges work, including their order books, market execution examples, similarities with decentralized exchanges, and how they make a profit.
The Crypto Exchange: What is it?
Basically, cryptocurrency exchanges let you buy and sell cryptocurrencies. Exchanges let you convert one crypto to another, like Bitcoin to Litecoin, or buy crypto with debit and credit card or for regular money, like dollars. The current value of the cryptocurrencies they offer is displayed on exchanges. It’s also possible to exchange cryptocurrency for US dollars or another currency on an exchange, so you can keep it as cash in your account (if you want to trade it back into cryptocurrency later) or withdraw it to your regular bank account.
There’s a better chance that an established, larger service will offer a wide variety of cryptocurrencies. However, before opening an account, double-check that your cryptocurrency is available.
You can buy crypto with regular cash on a crypto exchange, or buy with debit and credit card or trade one coin for another. Depending on the exchange or app you choose, you can exchange cryptocurrency for regular money, keep it for future trades, or withdraw it as cash. It’s not easy to transfer your cryptocurrency from some services to your own wallet, for example.
Cryptocurrency exchanges are open 24 hours a day, 7 days a week, unlike traditional exchanges.
Crypto Exchanges: How to Use Them
To begin trading, you must first fund your exchange account, commonly known as a wallet. It’s important to note that a wallet from a platform or app is normally stored on the platform itself. For additional security, it’s often recommended that you create your own cryptocurrency wallet.
The trade values of several cryptocurrencies can then be viewed. Most exchanges show up-to-the-minute pricing, but there may be some slight discrepancies between exchanges due to cryptocurrencies’ decentralized nature. Prices are established by the market, not the exchange.
The order book will include your order along with other buy and sell orders when you place a buy order for bitcoin, ether, or other cryptocurrencies. It depends on which platform you’re on (an exchange, an investment app, or a cash app) whether or not exchanges and online brokers charge fees. Compared to regular markets, where fees have declined in recent years, crypto trading is often more expensive. Fees of 5% per trade or more are pretty rare, though most are 0.5% or less.
In short, A digital currency exchange is the easiest way to buy, trade, and stake digital assets. Does that seem easy? Maybe not, given that there are approximately 270 of them by now.
The best questions are how good the customer service is, how easy it is to use, and how easy it is to use overall. It’s always best to take the time to learn more before investing in crypto, as experts have said. Consider the currencies, price, fees, withdrawal methods, and security. Also, consider whether you’re comfortable with the price structures and security measures, and whether you’re willing to put in extra effort to store your cash.
About Digital Financial Exchange
Digital Financial Exchange (DIFX) is a leading centralized cross-asset crypto exchange launched in 2021 with a mission to bridge traditional and digital markets. It allows users to trade between multiple asset classes that include indices, forex, crypto, metals, and commodities, just to name a few. The DIFX fully-insured crypto wallet comes from a partnership with Fire Blocks, one of the leading crypto custodians in the world.
Beginner’s Guide to Automated Trading in Stock Market
What is automated trading? It’s a method of participating in financial markets. This is done using a program that executes pre-set rules for entering and exiting trades. Traders combine thorough technical analysis with setting parameters for their positions.
Automated trading enables you to carry out a lot of tradeing in a short duration . This is done with the added benefit of taking the emotion out of your trading decisions. Since all the rules of the trade are built into the set parameters with the help of algorithms, traders can use their predetermined strategies to follow trends and trade accordingly.
Note that automated trading systems require the use of software linked to a direct access broker. The software should also be linked to specific rules that must be written in the platform’s proprietary language. The tradestation platform, for instance, utilizes EasyLanguage programming languages. The NinjaTrader platform on the other hand uses Ninjascript.
Getting Started With Automated Trading in the Stock Market
Automated trading systems utilize algorithmic trading to create buy and sell orders on the stock market. Traders can customize a computer program to specific trading strategies. The program places orders based on these strategies and predetermined guidelines that are programmed within algorithms.
Analysis software can take into account anything from technical analysis to advanced mathematical and statistical calculations. Once an automated system is complete, investors can take a slightly more hands-off approach. That’s because the computer will complete most of the work.
You must, however, note that the system needs to be monitored. This will ensure that it runs as it should. Below is how to get started with automated trading in the stock market.
1. Learn About Fundamental Trading Algorithms
Qualitative finance requires a good understanding of statistical hypotheses testing and mathematics. A good understanding over concepts like multivariate calculus and linear algebra enables you to lay a good foundation for designing and writing algorithms.
Begin by calculating moving averages on stock pricing data. Then write simple algorithmic strategies like moving the average crossover or mean reversion strategy and learn about relative strength trading.
Once you’ve understood how basic statistical algorithms work, look into the more sophisticated areas of machine learning techniques. These will require you to have a good understanding of statistics and mathematics.
2. Improving the Order Entry Speed
Considering that computers respond immediately to the changing market conditions, the best online stock charting software can generate orders as soon as the trade criteria are met. Getting in or out of a trade seconds earlier makes a big difference in the outcome of a trade. As soon as a position is entered, all the orders are automatically generated.
This includes the protective stop losses and profit targets. Markets can move quickly and it’s demoralizing to have a trade reach the profit target or blow past a stop-loss level before entering the orders. Keep in mind that an online stock trading system prevents this from happening.
3. Learn Backtesting
Backtesting applies to trading rules to historical market data, making it easier to determine the viability of the idea.
When designing an automated trading system, all rules need to be absorbed with no chance for interpretation. A computer can’t make guesses and as such, it must be told what to do. You can take these precise sets of rules and test them on historical data. This must be done before risking money in live trading.
Careful backtesting enables traders to assess and fine-tune a trading idea. It also enables them to determine the system’s expectancy, such as the average amount that a trader can expect to win or lose per unit of risk.
4. Preserving Discipline
Considering that trade rules are established and trade execution is performed automatically, discipline should be preserved even in volatile markets.
Discipline is usually lost due to emotional factors like the fear of facing a loss. Stock trading software helps to ensure that discipline is maintained since the trading plan will be followed exactly.
One of the challenges in trading is to plan the trade and trade the plan. A trading plan may have the potential to be profitable. Ignoring these rules means altering any expectancy that the system would have had. Note that there is no such thing as a trading plan that wins 100 percent of the time. In any case, losses are part of the game.
However, losses can be psychologically traumatizing. So an investor with two or three losing grades in a row may decide to skip the next trade. If the next trade turns out to be a winner, the trader would have destroyed any expectancy that the system had,
Automated trading systems enable traders in achieving consistency by trading the plan.
5. Trend-Following Strategies
Common algorithmic trading strategies follow trends in the following:
- Moving averages
- Channel breakouts
- Price level movements
- Related technical indicators
The above strategies are the easiest and simplest to implement through algorithmic trading. That’s because these strategies don’t involve making predictions or price forecasts.
Traders are initiated based on the occurrence of desirable trends. These trends are easy and straightforward to implement through algorithms without getting into the complexity of predictive analysis. Using 50-and 200-day moving, for instance, is a popular trend-following strategy.
6. Implementation Shortfall
The implementation shortfall strategy is aimed at the implementation cost of an order. This is done by trading off the real-time market, hence saving on the cost of the order and benefiting from the opportunity cost of delayed execution.
The strategy improves the targeted participation rate when the stock moves favorably. The participation rate also decreases when the stock price moves adversely.
It would be great to turn in the computer and leave for a day. However, automated trading systems require monitoring. That’s because of the possibility of technical failures. Such failures include:
- System quicks
- Connecting issues
- Power losses or computer crashes
It’s possible for an automated trading system to experience anomalies. This can result in errand orders and missing or duplicated orders. But if you keep the system monitored, such events can be quickly identified and resolved.
Automated trading systems bring together computer software and financial markets. That’s what helps to open and close trades based on programmed code.
Investors and traders can decide to set when they want trades opened or when they should be closed. You can also utilize the computing power to perform high-frequency trading. With the various strategies that traders use, trading platforms software is prevalent in financial markets. To get started, get prepared with computer hardware and experience in financial markets.
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