Category: Cryptocurrency

What Are NFT Games And How To Make Money Playing them?

After NFT getting all that attention in the last couple of years, if you haven’t heard of NFTs you probably just came out of your cave or something.

But if you are one of those people who just left their cave, do not worry, we will cover exactly what NFT is, and introduce some NFT games that you can make money playing them.

Making money playing NFT games could help you if you are unemployed or from a country with a poor economy or just trying to make some more money in your free time.

So let’s not waste time and get into it.

What is NFT?

NFT stands for “Non-Fungible Token”

If you are anything like me when I first heard it, you are probably more confused by now. Let me explain,  Non-Fungible means that it’s one of a kind, it’s unique and you can not replace it.

Unlike usual tokens, take SHIBA for instance, there is no difference between one SHIBA token or the other, they are the same. As for NFTs, a token is completely different from others.

Are NFTs really unique?

It depends on what you mean by unique, Look at this GIF of DogeCoin for example. I downloaded it a few weeks ago, and I’m pretty sure I wasn’t the only one who did it.

But this fact doesn’t stop someone from buying it for 69,000 dollars. I’m serious, it didn’t stop him. He actually did it. Now I’m pretty sure you recognize this meme.

The legendary meme coin also leads to the creation of DogeCoin. Someone bought it for 4,000,000 dollars.. Yeah, that’s right, 4 MILLION DOLLARS.

You can just download this image without paying a dime to anyone, So, the question is, what makes it unique and why are they paying this kind of money??? Are they crazy??

Anyone can download a copy from an NFT, so why the hell are they paying that much for it?

Let me explain when you buy it, it means you own it.

See, anyone can get a copy of the Mona Lisa painting but the one who paid 100 million dollars for it in 1962 (meaning 860 million right now if you take inflation into account) gets to keep it, that’s why it’s sitting in the Louvre museum in Paris right now by the way. Not to compare the Mona Lisa painting with the Shiba Inu meme.

So when you buy an NFT, you are buying its ownership (Although the creator of the NFT can make 50 copies of it. Anyways.) Now, let’s get to the good parts, NFT games.

What is the difference between NFT games and regular games?

The real difference is in the economic ecosystem of the games. NFT games have in-game currencies, you might say the Sims game has in-game currency too, but there is a difference between them. The difference is the currency in the Sims can only buy you stuff in the Sims world, in NFT games, on the other hand, the currency used in the games is worth something in the real world too.

Meaning you can trade the in-game currency for some in-real-world currency and buy some stuff using it. Now, let’s check out some NFT Games you can enjoy playing and earning money at the same time.

1. Axie Infinity

Axie Infinity is a game made by Vietnamese studio Sky Mavis. Its cryptocurrency is Axie Infinity Shards (AXS) and Smooth Love Potion (SLP) which both are Ethereum based cryptocurrencies.

The game is about collecting pets named Axies (of course they are digital pets), you can breed them, battle with them, raise them and also trade them in the Axie Infinity’s ecosystem marketplace. You can also use your Axies to farm Smooth Love Potions (SLP). There is high demand for them as they are used to beed Axies.

2. The SandBox

You probably have heard of The SandBox game before. The SandBox game was released in 2011 and The SandBox Evolution was released in 2016 by developer Pixowl.

In 2018 they decided to move the experience to the blockchain ecosystem. It’s a game like Minecraft but blessed by the hands of blockchain and NFTs. They use 3 Ethereum based tokens, SAND, LAND, and ASSETS.

SAND is an ERC-20 token and Is meant to be used for all of the ecosystem’s transactions and interactions.

LAND is an ERC-721 non-fungible token (NFT). Each LAND is a digital piece of real estate in the metaverse. Each land is 96×96 meters which are neither too big nor too small. A LAND is used for a player to fill it with games and assets.

ASSETS is an ERC-1155 and it’s meant to serve as a creative element in the SandBox game maker. It also can be traded in the marketplace. It’s a token that can be made by players who build UGC (User Generated Content)

3. SoRare

Solare is a football fantasy game. You can create your dream team, train them, enter tournaments and win rewards up to thousands of pounds each week. The good part is, you don’t pay anything to join the tournaments.

Cards are in limited amounts, So owning better players means you have a better team and your chance of winning better rewards is higher.

You can buy, sell and trade your players to create the best possible team for yourself.

So if you are the type of person who likes sports games or football fantasy games, do not waste more time and create your SoRare account right now, you will be rewarded 10 free cards after you complete your sign-up.

4. Plants vs. Undead

This is a tower defense game and reminds me of the good old game, Plants vs. Zombies. It’s a tower defense game and it has similarities to Plants vs. Zombies (PvZ) so if you already played Plants vs. Zombies, you are gonna like Plants vs. Undead as the concept is the same, plus some features that made the game so fun and addictive.

The concept is the same which means you should create an army of plants to fight the Undead and defend your garden. Plus, it’s a play 2 earn game, which means you are getting addicted to a game that makes you money.

Final words

The young crypto industry has a lot of potentials and as you can see in this article, is taking the gaming industry to another level.

It has already helped games across the world to make money while enjoying their favorite hobby.

Crypto is still very young but it also is expanding and evolving very fast each day, a lot of games are being introduced which have the potential to gain a lot of attention. You should spend some time trying to keep up if you want to be one of the early adopters of this industry.

With Chinese companies withdrawing from bitcoin farms and banning bitcoin mining in the country, other companies in Canada and the United States have set up large mining farms and leased their miners to users. Or sell. One of these companies is Compass mining, which can be an excellent investment position. In the following, we will thoroughly review the performance and work with this platform.

Bitcoin mining methods

Bitcoin is the world’s largest and most popular digital currency, with a market cap of $ 800 billion. Many investors in the world have moved to digital currency technology and have invested heavily in this sector. There is no doubt that 12 years after the launch of cryptocurrency networks, this type of asset is prevalent globally. In general, any cryptocurrency offered has a supply limit, just as any tangible asset, such as gold, has an extraction limit.

Since the introduction of Bitcoin in 2009, the total amount of coins mines has been around 21 million. Each user can extract bitcoins with a series of prerequisites and software and receive a reward for mining them. You may ask how bitcoin mines. Suppose you have a powerful computer and bitcoin mining software. Each transaction registered has a specific address with a hash code string in the Bitcoin blockchain. For the transactions to take place, everyone who is going to extract the bitcoins is also responsible for the transaction. To do this, it must look for a hash code string with a series of mathematical operations equal to the transaction hash address. If this hash address finds, a block discovers, and the user is rewarded with 6.25 bitcoins in return.

In the same way, bitcoin mining will be done until the bitcoin inventory is exhausted. But can bitcoin mining be done on a simple computer as well? Yes, you can do that, but the difficulty of extracting bitcoins and the number of rewards paid for discovering each block halves almost every four years. So now, with a simple computer to find a complete block of bitcoins, you need nearly ten years of continuous mathematical calculations in the processor. To make things easier, ASIC Miner devices have been set up to solve mathematical equations several hundred times more than a PC.

Some companies have built and commissioned several hundred ASIC Miner machines to make huge mining farms that consume very high energy. In general, a mining farm consumes three times as much power as a typical factory. People initially established the largest bitcoin farms in China, but due to strict policies to reduce energy consumption, bitcoin mining has been outlawed since 2021. In this case, in Canada and the United States, where the cost was lower and mining permits were issued, some large companies such as Compass Mining grew and made huge profits.

In general, Compas mining is one of the platforms that leases its miner devices to users at different costs or sells them to users with long-term contracts, provided the performance of ASIC devices is guaranteed.

What is compass mining?

Compass mining platform is one of the centers that provide users with hosting and mining hardware to extract bitcoins without having a miner device.

The company has several servers to offer. For example, in the United States, you can rent mining equipment for a fixed start-up and energy costs. This service is also available for users in Canada.

Of course, except in Canada and the United States, it gives you the option to buy or rent mining services in other countries. Each is on a specific list, and its maintenance and rental costs are also displayed.

Most of these services have energy costs of 0.06 to 0.07 kWh, including the cost of internal rack facilities, electricity costs, and maintenance costs of devices.

If you buy an ASIC miner and run it at home, the energy cost you pay for it is more than three times what you would pay for a Compass Mining website. The low cost of electricity and maintenance of devices is due to the place where this tool is located, and energy and maintenance tariffs are adjusted so that each user can extract bitcoins remotely for a lower fee. Give.

You can also buy ASIC miner devices from this platform. Sometimes the stock of machines is high and occasionally low. This issue is related to supply and demand in the field of cryptocurrency. The fee you have to pay for each ASIC miner is directly related to the price of bitcoin. The more expensive bitcoins become, the higher the cost of the devices, and conversely, the lower the price of bitcoins, the lower the price of ASIC devices.

At the beginning of 2021, due to the explosive growth of the price of Bitcoin and other digital currencies, the inventory of ASIC devices decreased, and the demand increased very much. Gradually, as the cost of bitcoin fell and ASIC devices regenerated, supply outstripped demand, and device prices fell.

Due to the difficulties encountered in China in extracting bitcoins, most ASIC manufacturers decided to export these devices in order to supply other markets in this way. Companies like Compass have also increased the volume of their devices for 2022 and added more than a few thousand new miners to their miner lineup.

If you want to start bitcoin mining, it is best to use the compass mining tool. Because you do not need to set up the suitable space and the right software for a miner, and you only have to pay for mining or device rentals. You can then choose a mining pool and let the miners you buy or rent work for you on a daily basis in terms of power and cost. This platform is not a cloud mining service, and you actually remotely rent or buy an ASIC device remotely, and the device starts mining.

The steps to purchase and set up an ASIC device on the Compass mining platform are very simple. This is done in just a few minutes, and the device connects to an optional mining pool. You can then withdraw the earned profit whenever you want with a bitcoin wallet address.

Of course, you may be wondering if Compass mining has any disadvantages or harms? In the following, we will examine the risks of using such a platform in general.

Calculate the amount of profit earned

Some other platforms offer similar options at different costs, but you should note that you do not do cloud mining in Compass but buy or rent a device separately and make a profit. You get the same device or devices. To understand how much profit you can make from ASIC devices on this platform, consider the following example:

Suppose you buy an Antminer S19j Pro for $ 7,500, and you have to pay an average of $ 150 a month for maintenance and energy. Of course, these prices are more fixed and do not change. The profit earned at any moment from the extraction of bitcoins with this device changes.

At the moment, because the price of Bitcoin is trending well, the total monthly profit is $ 805. If the price of bitcoin goes up or down, the gain will change in the same way.

USD-Denominated Example

You bought a $ 7,500 device to make $ 9669 a year. Of course, if the price of bitcoin remains at the exact figure. If you reduce the cost of electricity and maintenance, you get $ 9,000 a year. This means that the charge of your device will be refunded after one year.

Each ASIC device can operate for 3 to 4 years without interruption. The better the maintenance and temperature adjustment of the device, the more time it can be used. So you can earn up to four times the price of the device, assuming the price of Bitcoin fixes.

You can use an ASIC device for a year and then sell the device, or you can use it for three years and sell it without making a profit.

Imagine you have a device for three years, and it pays you $ 9,000 in the first year. In the second year, its profitability will reach $ 6,750, and in the third year, it will get $ 4,500. In this profit, you have received a total profit of $ 20,250. After three years, your ASIC device is no longer helpful, and you can no longer sell it.

In general, this method is excellent if the price of bitcoin is stable and does not go down. You can make a profit of 170% in three years. In addition, you can buy another device with the gain of the first year and double your profit.

Hybrid-Denominated Example

Suppose you keep any profits you make from renting a device in your bitcoin wallet. So you first have to pay $ 7,500 to rent or buy the device and $ 150 a month to maintain it. That means you have to pay $ 12,900 over three years. You save 0.0008 bitcoins per day in the first year, 0.0006 bitcoins per day in the second year, and 0.0004 bitcoins per day in your wallet in the third year.

Finally, 0.65 bitcoins store in your digital wallet after three years. If we consider the price of Bitcoin at $ 40,000, you have turned your $ 12,900 into $ 26,000! So after three years, considering the fixed price of $ 40,000 bitcoin, you can make more than three times the profit.

However, what happens if the price of Bitcoin reaches more than $ 100,000 after these three years? You make about six times as much profit, which is a considerable achievement overall.

Risks and losses

One of the biggest dangers of this method is the sudden drop in the price of bitcoin. If you are one of those people who think that the cost of Bitcoin will reach the lowest possible level in the next five years, you should not invest in buying and working with Compass mining devices at all.

The second risk that may arise in the long run to use such a platform is that the difficulty of extracting bitcoins increases, and the amount of bitcoins obtained in one day decreases with the same miner. More than 1 million ASIC miners on the network are currently mining bitcoins, so the competition is one in one million. The more of these devices, the more competition there is. Of course, new models are released every year with more power, so the device you bought three years ago will probably not be very efficient this year.

Another risk that arises when renting or purchasing ASIC Miner devices at Compass is that the company may go bankrupt or, for some other reason, will not support your device. Your device may be damaged or out of warranty. Of course, these possibilities are minor, but they can happen. If you buy more devices, this risk will increase, and your capital may be lost for no particular reason. However, the maintenance and support routines are outstanding, and their policy always gives the customer the right.

Another problem with this method is that it costs a lot to get started. What if you do not have the money to start a business? Of course, compared to buying and investing in Bitcoin itself, this method does not require much technical knowledge. You need to have a Bitcoin wallet address and know which mining pool can use. Otherwise, you have nothing else to do.

Conclusion

The further we go, the more people use ASIC miner devices and increase the competition for bitcoins. But on the other hand, the price of bitcoin is increasing every year. In 2021, explosive growth alone pushed the price of Bitcoin closer to $ 60,000, but the resistance level was not strong enough to keep the fee. However, many analysts predict that the cost of this digital currency will be close to $ 100,000 for the next five years. So it is better to think about buying or renting a device in Compass mining from now on.

You do not need specialized knowledge in Compass mining. You have to choose the best device with the lowest maintenance cost and maximum profitability and let it extract bitcoins for you. Even its maintenance and management is the responsibility of the people who work in this company, and you only have to pay for it. However, try to look at your budget first and then enter such a game. In any case, in my opinion, this method is very convenient, so I suggest you start soon.

Each transaction performed in the blockchain has a txID or transaction ID. This transaction ID is registered in blocks and is placed as a hash string. There are many ways to find the hash identifier from Litecoin. Make a Litecoin transaction in your wallet and send a token to another address, for example. You can retrieve the information regardless of the type or date of the transaction. But to retrieve Litecoin transaction information, you need a transaction ID or txID. But how to get this txID?

Some suppliers or sellers, or centers that receive Litecoin from you by providing various services will request a transfer transaction ID number in return. Therefore, it is necessary to provide them with this address.

What is transaction ID?

The transaction ID in each blockchain is a string of letters and numbers assigned to each transaction. You need txID to be able to track a transaction. If you enter any Block Explorer website, you can see the transaction ID address at the top of the page.

How to find Litecoin transaction id?

Based on the coin you have moved, you must first go to the blockchain of that coin and use the block explorer tool to find the transaction ID. To find txID from the Litecoin token, you need to do the following:

Using the two explorer blocks that we introduce below, you can retrieve the information of a transaction.

• chainz.cryptoid.info/ltc/
• live.blockcypher.com/ltc/

1. First, go to one of the block explorers using your browser. In the Search section, you should look for what you want. First, try to find the recipient’s address in the Search section. A list of transactions made for this address is then received throughout the blockchain.
2. If the number of transactions in this list is large, you can use the Command + F keys on a Mac or CTRL + F on Windows to open the search option and enter the transaction number to display the txID option.
3. If you want to see the exact amount of transfer based on Fiat currency on each transaction, you can click on the amount and then switch the view mode option to Fiat currency to determine the final transfer price.

If you can find your transaction in Block Explorer, look for a long string of code that contains complex letters and numbers. This code string is a hash created from txID that is registered for your transaction. A transaction hash has the following shape:

1bf09867d449be376f1e1da8c6da10d296a33d08454527b97eee9e5bb944f5a6

The address corresponding to this transaction in the blockchain network is as follows, and you can track it this way.

1. Crypto ID
2. Blockcypher

For each transaction, for example, the sender’s address is also displayed as a string of code, which you can see below:

LUyskjjuaTeYcUaDgjzMN7bQFEodiZHEoP

Using Block Explorer, you can find txID or other information related to any Litecoin transaction. Based on this, you can send the transaction number to the applicant or service providers.

Conclusion

To find the Litecoin transaction ID, you first need a block explorer. After entering Block Explorer, you must search the recipient’s address and find the transaction number with the transfer amount. If you have any questions, you can ask in the comments section.

You may be wondering how much you should invest in Dogecoin. Although the digital currency market fluctuates sharply, it can be concluded that Dogecoin is worth buying in one case. But how?

Dogecoin is one of the digital currencies whose codes are made with minor changes from the bitcoin source code, but it is currently one of the most valuable digital currencies.

In 2021, this digital currency, with explosive growth and an increase of 8000%, suddenly became one of the ten largest cryptocurrencies in the world with a large volume of transactions. But first, let’s examine what Dogecoin is?

Dogecoin is a modified version of Bitcoin

Dogecoin was created on a photo of Shiba Inu, a Japanese dog symbol, and introduced to the digital currency market in 2013.

This cryptocurrency creates using the source code of Litecoin and other projects such as Bitcoin. However, its basic structure is exactly like Litecoin, and the supply ceiling is not considered. You can get 1000 Doge for every Dogecoin block discovered. More than 14,400,000 new tokens are added to the miners’ wallets daily, and there is no limit to this figure.

Billy Marcus, the original developer of Dogecoin, also said that the initial reason for the launch of this digital currency was not so serious. It was the same as other coins offered in the world, except that it was called Dogecoin.

Dogecoin supply is not limited

One of the main reasons for the high price of Bitcoin is the limited supply of coins. On the other hand, Dogecoin does not have such a thing in its source code and offers indefinitely. Miners now receive several thousand new tokens daily, so Dogecoin coins are multiplying.

It is decentralized

Another factor to consider with Dogecoin is decentralization. This process allows any digital currency to have a lot of security. The way it works is that a specific person does not manage the assets of the coins, everyone has several coins for themselves, and they work together as a network. Transfer and interaction also work as a P2P network, so no single management controls Dogecoin.

The degree of decentralized digital currency is determined by the number of nodes in its blockchain network. Of course, other factors such as the distribution of miners also play a role.

According to Block explorer analysis, Dogecoin currently has 1090 nodes. If 51% of the nodes work together to infiltrate the network, the system will compromise security. But with 1090 nodes on this network, such a thing is impossible.

Bitcoin also has more than 10,000 active employees operating in 97 countries. More than 5,000 nodes must work together for an attack to infiltrate users’ information. In this case, security is higher than Dogecoin.

Dogecoin changes a lot because of the type of distribution

Another problem with Dogecoin is that not many of these tokens are available to its investors. If you enter the market and buy many Dogecoin, you can change the market with instant trading.

Less than 0.002% of Dogecoin wallets currently hold more than 2/3 of the total coin supply. Accordingly, the size of the wallets is almost evenly distributed. According to the report, wallets with only one bitcoin are less than 5 percent, wallets with 10-50 bitcoins are about 9 percent, and wallets with 500-1000 bitcoins are about 6.6 percent.

The reason for the increase in the price of Dogecoin

One of the first reasons why Dogecoin does not rise in price is inflation and stimulus. During the years 2019 to 2020, only $ 15 trillion was in circulation in the global economy. This amount reached more than $ 20 trillion from 2020 to 2021. So it is no surprise that the price of digital currencies is also fluctuating.

Another reason for Dogecoin’s sharp price increases and fluctuations is the growing use of financial apps. Using these tools can increase impulsive behaviors and make rate changes in the market more severe. Most online currency trading platforms in the world have reduced their commission costs, and trades can be made for anyone 18 years and older.

By creating this type of access level and using virtual networks as the primary source of news and currency signals, behaviors change, and sales and transactions take place in an unprecedented way.

Dogecoin Price

The price of Dogecoin is precisely the value that one wants to pay. They want to pay a lot of money for this digital currency for whatever reason.

The price of Dogecoin is not set based on technology and infrastructure but the basis of the culture behind it.

The value of Dogecoin reached its maximum due to the widespread publicity and introduction of this digital currency by celebrities and influencers and even capitalists like Elon Musk. Many celebrities support this digital currency on Twitter and Instagram.

Of course, whether you plan to invest in Dogecoin depends on your analysis. Still, MarketCap is one of the best indicators you can use to determine the value of a cryptocurrency. Due to the large number of Dogecoins in circulation, the price of each Dogecoin remains low.

How much will Dogecoin cost in the future?

Since 2017, the value of this digital currency has skyrocketed, and many are still wondering how far Dogecoin will go. But many have predicted that digital currency will reach $ 1 before the start of 2023.

Now let’s take a closer look. Is Dogecoin worth the investment? Will the price of Dogecoin increase to $ 1? See you later.

Dogecoin is a good investment

There are many stories in the 90s and 80s of significant capital and big companies that went completely bankrupt. Many are waiting for the digital currency market to fall one day. But it was only yesterday, October 8, 2021, that Elon Musk made it clear that the digital currency market would never collapse. The Internet has been available to the public worldwide since the late 1980s. No one even thought that one day he would be able to browse all the cyberspace with a 6-inch phone, communicate with his friends, trade, or watch a movie! Digital currencies follow a similar trend 12 years after their first release.

Dogecoin is no exception to this rule. The more investors are attracted to this digital currency, the higher its value. It is currently around $ 32,138,812,761 in total market value, which is a very high figure. Therefore, this digital currency can be considered a substantial long-term investment. Sometimes I think that the day will come when digital currencies will replace Fiat currencies, which we will probably see in the 2030s and 2040s. But what now? Is Dogecoin worth the investment? The answer is yes.

How to Buy Dogecoin?

To buy Dogecoin, you can go to reputable digital currency exchanges such as Binance, Kraken, or Coinbase, register, authenticate, and finally buy Dogecoin after your account is verified. Of course, before that, you must have a digital currency wallet to store your Dogecoin.

Dogecoin price prediction for the next ten years

One of the reasons Dogecoin quickly gained a foothold in the market was that it was one of the first digital currencies to refine bitcoin that users could use as a currency for faster and more efficient trading. Bitcoin has become more troublesome, so much so that you have to wait for hours for a transaction to be credited to your wallet to confirm a transaction.

Since 2017, due to these pressures and the new approach for altcoins to speed up transactions, more people have turned to Dogecoin, and this trend continues.

Most digital currency markets have grown since 2021, and few people are talking about digital currencies right now. As one of the best cryptocurrencies that can be used as an intermediary currency and can be traded in most exchanges, Dogecoin has a very bright future and is worth investing in.

Conclusion

If there is no law shortly against digital currencies and this market continues to proliferate, it is possible to predict rising prices for all these currencies. Dogecoin is supported by many influencers and has a large market cap. So you can safely start your 1 to 10-year investment in this digital currency.

Crypto trading is booming right now, and digital currencies like Bitcoin, Ethereum, Dogecoin, and Binance Coin contribute to the platform’s strong growth. The digital currency market is open 24 hours a day, seven days a week because the entire network operates in P2P, so there are always people to trade anywhere in the world. Each of the users of this platform uses different strategies for trading, and the tools they need are increasing day by day. One of the essential strategies in trading is Crypto Scalping strategy, which we will examine in the following.

What is Crypto Scalping Strategy?

Crypto Scalping ?is a short-term trading method that aims to profit from small asset changes. This strategy is one of the most crucial trading trends, and many traders use this method. Due to the nature of the digital currency market and sharp price fluctuations, this type of strategy requires decisive and quick decisions, statistical thinking, and speed of action to make the best profit from it. Of course, scalping can be implemented in any market. Still, the crypto market is a better option for this type of strategy in terms of profitability in a short period.

In the scalping strategy, traders do not want to make a big profit from just one trade but need to make a smaller profit from several separate trades. By using more trading volume, its profitability can be increased. Of course, in addition to the gain, you must also consider the amount of loss.

How to start Scalping strategy?

If you are trying to find a new trading strategy in the digital currency market with Crypto Scalping, consider the following:

You must first select the correct currency pair to trade. Thousands of digital currencies are traded in the market. The price, volume, and popularity of each are different. It would help if you chose the right currency pair to be more successful in determining your strategy. The amount of volatility and the liquidity of a currency is significant for its selection. Coins have less liquidity, are harder to sell, and you have to make more losses in trading them.

Choosing the right platform can be very good for a lucrative deal. The security, trust, and user base can be the main options for determining where you want to implement your scalping strategy. Of course, another critical point is the platform’s support for the currency pairs you wish to trade. If the platform does not support one of the cryptos, the case is terminated, and you have to choose another platform.

Because you do a lot of trading in the scalping method, the transaction cost and transaction cost will also increase. So you have to choose a platform that costs less than other methods.

Never use just one method of trading. You need to use different techniques and combine them to discover an effective method and find the best way to trade.

The use of trader bots is also recommended as it speeds up trading. In a scalping strategy, it all depends on how fast you are buying and selling. It gets a little more complicated if you work on shorter time frames and make one trade per minute. Using trader bots can solve the problem.

Now it’s time to start scalping. Of course, we will tell you where and how to do such a thing in the following.

Crypto Scalping Strategy vitality

Crypto scalping is one of the ten most important and profitable methods used by most users in the market. Low risk and smaller trading volume make the risk lower, and you can trade more safely. Due to the sharp fluctuations of the market on the currencies that are more popular, profitability can be high by determining the appropriate timeframes. In addition, scaling transactions can be entrusted to bots to speed up the process.

Of course, the scalping strategy requires a bit of experience and study and an analyst mindset that can make the best decision as quickly as possible. If you do not know, the market is a considerable risk, and you will lose soon. If you are new to the market, it is better to use strategies used in the longer term. Once you have the necessary coordination in the market and transactions, you can start Crypto Scalping.

How Does Crypto Scalping Generate Profits?

Scalping time intervals are short and within 1 minute to 1 hour. In this short time, you should check the statistical information of the market and the traded assets. You have to compete with a series of powerful bots at any given time and overtake them in faster decisions and higher profitable trades. That’s why manual trading is so much harder than when you provide it to a robot.

Using a trader bot can help analyze market statistics in shorter periods and make trading faster. If you want to build an effective Crypto Scalping strategy, you must first specify your timeframe with the most openness possible.

Crypto Scalping Strategies

Before you start trading with a one-minute timeframe, you must first acknowledge that digital currency trading is hazardous and should be done with a capital backup. So before you start your scalping strategy, first get a good understanding of the volatility of the crypto market.

There are different strategies for each scalping Crypto transaction. For example, pay attention to the following items.

Range Trading

Range Trading is one of the best scalping strategies. It is vital to observe cryptocurrency price movements in a minimum and maximum price within a specific time range in this method. The lowest price range is considered as a support, and the highest range is the resistance level. These limits regulate the trading time of traders. You have to buy when you reach the low level and sell when you get the resistance. This strategy works well even for 5-minute Scalping timeframes.

Margin Trading

In a margin trading strategy, traders use their third-party assets instead of their own. This method increases the volume of a transaction, and its profit and loss are relatively higher. Most exchanges offer margin trading to their customers, which can implement the Scalping strategy more profitably.

Price Action

Price action is a strategy to change price security over a while. Most traders who use this method in short periods can profit by analyzing the price trend and the direction of the asset.

Arbitrage Trading

Another strategy for scalping transactions is to use Arbitrage. In this method, traders buy an asset from one market and sell it directly in another market at a price change. The higher the delay in buying and selling this method, the lower the profitability. Determining when to open or close a position in this strategy requires a lot of experience in the market.

Some of these strategies are high-risk and do not apply to all traders. If you are new to Crypto Scalping, we suggest you first try the methods once with a Demo account to gain more experience.

Scalping strategy vital factors

Most traders with a lot of experience in the digital currency market have distanced themselves from the negative news and lie on social media. Most of these people turn to graph analysis and diagnostic pattern indicators to check instantaneous prices.

Indicators

Transaction indicators are simplified information that is displayed on a price chart. These indicators help traders become more profitable. Some well-known indicators can be used for scalping, but it is not possible to say precisely which indicator is suitable for scalping.

The Moving Average Indicator is a technical analysis tool that helps traders understand the following change in the price of an asset. This index can determine the trader’s time of entry and exit in a trade to achieve the highest profitability.

Support and resistance are indicators of technical analysis that show price changes on the chart and the type of market behavior. This indicator can identify resistance and support points so that it can be better used for scaling trading.

The relative Strength Index, abbreviated RSI, also help traders find entry and exit points. When this number is calculated at a rate between 0 and 100, if the RSI value is more than 70, you must sell your property, and if it is less than 30, you must buy.

Scalp Trading Crypto tools

The digital currency market has grown exponentially in recent years, and the tools produced for traders have evolved in the same way. Traders can start Scalp trade crypto using various tools, each of which gives you exceptional capabilities to earn more profit.

Trading Bots

Trader bots are also overgrowing, and most traders use these types of bots in different shapes and sizes. Due to their speed of operation and ease of implementing various strategies based on each bot, these bots can increase the profitability of the digital currency market. However, the bot platform is also crucial in terms of its effectiveness. Each bot’s intelligent algorithm can adapt it to any digital currency exchange. Although there are many bots on the market, which one is safer, faster, and more profitable requires more research, and you should see other people’s reviews along with their experiences.

Trading charts

Cryptocurrency trading charts are also one of the main tools for managing transactions. If you trade manually, you must use a particular digital currency chart to get vital information such as price, trading volume, price changes, and more like Moving averages. The details of the charts help traders build the best Scalping trading strategy, in addition to the fact that based on graph analysis, you can quickly minimize the loss.

API Tools

API tools are another thing that has made the job very easy for digital currency traders, and you should use them for crypto trading strategy. APIs simplify your communication with exchanges and securely conduct interactions and transactions. While the capability of each API depends on its platform, any suitable platform can provide the appropriate API.

Conclusion

Crypto Scalping strategy is one of the best ways to trade digital currencies. But is this kind of strategy the best way? There are a variety of methods on the market that can be used to trade. Suppose you want to trade with the help of automated tools. In that case, you can start trading through automated trading bots without personal intervention and even when you are asleep and get the most profit from trading without any hassle. Some bots work based on scalping strategies and are very effective.

If you do not consider the scalping strategy a proper trading method, it is better to use other methods and different profitable paths. However, the digital currency market fluctuates a lot, and it is simply impossible to leave the market without considering these fluctuations. In any case, we suggest that you use other methods in addition to the strategies proposed.

Elliott Wave Theory was developed in the early 1920s by an American mathematician named Ralph Nelson Elliot. Elliott Wave Theory bases on repetitive cycles. From the 1920s onwards, Elliott Wave Theory became one of the most widely used principles in financial markets and trading. We will see what this theory is and how to use it in digital currency trading.

What is Elliott Wave Theory?

Elliott Wave Theory puts forward an idea that shows that every cycle created in the market is formed precisely from investors’ reactions to external influences. These effects have many psychological factors and have occurred in different time frames. Market fluctuations are primarily due to changes in people’s behavior in society, and all of these cases have a repetitive cycle. This silk is known as Waves. This theory bases on Theo Dow, which examines a kind of wave movement in the market.

Due to its fractal nature, Elliot examines the market on a broader range than the Dow. Fractals are permanent structures that are repetitive and continue until they are as small as possible. Elliot discovered that these patterns and stock market trades make similar. What makes Elliott stand out is the way he examines these types of patterns and their fractal matching to be used as a prediction.

Elliott Wave Theory definition

Elliott Wave Theory is inferred from different waves, but we will focus on the main one in this article. Small waves form the basis of the theory.

This theory shows that graph patterns are made of 5 waves in line with the trend or impulse waves, and the other three waves are opposite to these waves, known as Corrective waves. Trend-like movements are numbers 1 to 5, and anti-trend movements are A, B, and C. By combining 5 trend patterns and 3 corrective patterns, you can get the original Elliott wave structure.

Elliott Wave Theory Rules

Elliott Wave Theory has its own rules in each market and works based on its fluctuations. Of course, its use is very effective and can be used in different cases. Methods of using Elliott Wave Theory include:

1. Wavenumber three should never be the shortest impulse wave.
2. Wavenumber two should never exceed the point of creation of wave number one.
3. Wavenumber four should never exceed the price range of wave number one.

If you analyze the market chart, you will find that all of these charts change in waves in the long run. Of course, the waves are not always the same, but the related patterns can be adapted. To achieve the best Elliott Wave Theory analysis method, you need to experience and study these patterns for hours, but keep in mind that you can do better trading in volatile markets by learning this strategy.

Categories

Elliott Wave Theory can be categorized according to its efficiency and performance. Elliott waves are generally divided into the following categories:

1. Sub-Minuette
2. Minuette
3. Minor
4. Intermediate
5. Primary
6. Cycle
7. Supercycle
8. Grand Supercycle

In stock trading, this theory can detect the primary cycle or the main wave so that you can adjust the entry and exit points based on this wave. Theoretically, there are many problems in using the Elliott Wave Theory model, but it is more helpful in identifying market positions if you can use it.

Elliott Wave Theory can be used in both short-term trading and long-term strategies. Many people who have gained a lot of experience in the market can use Elliott Wave Theory to determine when the market is in a bearish state.

Elliott Wave Trading benefits

Elliott Wave Theory is a tool for determining the time of entry and exit of transactions. This theory shows the structure for analyzing price changes in a slang way. With a good understanding of the theory details, even novices in the market and trading can determine when to buy and sell.

Elliott Wave Theory is one of the theories based on market behavior. More volatile markets rely heavily on their traders’ sudden and emotional moves and decisions, so Elliott Wave Theory can quickly identify important buying and selling situations.

But there are limitations to this theory. For example, unlike Fibonacci patterns or other instruments that set special rates and limits for traders, Elliott Wave Theory works more on patterns and motion detection. Traders must identify entry and exit times based on patterns, and price changes, unlike other theories, are examined as a pattern rather than a statistic. This is one of the disadvantages of Elliott Wave Theory.

In addition, the patterns themselves make things a little more complicated. Many traders combine this theory with other indicators to start and end the trade to make it easier to identify the pattern. RSI and ADX, for example, are two indicators that are always used alongside Elliott Wave Theory to make trading more accurate and faster.

Conclusion

Elliott Wave Theory is one of the methods to identify and match the pattern and determine the time of entry and exit of financial markets based on the behavior of the investment community. Using it requires training, and you need to be familiar with wave patterns to use them for your trades. However, one of the most effective methods in volatile markets is Elliott Wave Theory, and it is widely used in the cryptocurrency market. If you have ever used this method in your transactions, write us your opinion.

Crypto ETF, or Bitcoin ETF, is a tradable asset worth bitcoins or cryptocurrencies and is traded in traditional financial markets and related exchanges. These assets are not in the digital currency market but are traded as financial assets in other markets. This method allows traders to invest in a tangible asset instead of digital assets and exchange it at the price of cryptocurrencies.

What is Crypto ETF?

A Crypto ETF asset is an investment based on the price of a cryptocurrency. Today, ETFs exist in the form of various assets, including multiple products or Fiat currencies.

If you own a Crypto ETF, the price of the related cryptocurrency, such as Bitcoin, is placed on that asset, and when the Bitcoin price changes, the fee of that asset changes at the same time. But instead of trading digital currencies this way, you are trading an asset with the same cryptocurrency price in markets like the NYSE or TSX.

Advantages and disadvantages of crypto ETF

Each Crypto ETF has its advantages and disadvantages, which we will thoroughly examine based on its usage. However, it can be said that crypto ETFs are primarily used because of their benefits.

Convenience

If you are a person who does not like to invest in digital assets and wants to buy and sell a tangible product but needs to do so based on changes in the cryptocurrency market price, ETFs are the best option for this. Maybe you do not want to risk bitcoin, or you do not wish to have a digital wallet at all, and you are afraid of it when you lose the wallet password. So the ETF is very useful here.

Classification

Each ETF can carry more than one asset. For example, a Bitcoin ETF could include Bitcoin, Apple stock, Microsoft stock, or several other stocks to allow traders to simultaneously use and determine profitability on multiple assets. Similarly to trading in regulated markets, an ETF can enable traders to increase their portfolio diversity.

Tax efficiency

Bitcoin and other cryptocurrencies are generally traded in a decentralized manner and are illegal and taxable due to a fixed regulatory body. But Crypto ETFs are traded as a traditional asset in the market and are regulated by SEC rules.

Management fees- disadvantage

One of the main problems with ETFs is the cost you incur to manage the assets in the portfolio. Therefore, the more diverse your basket is, the higher its maintenance costs will be.

ETF inaccuracy- disadvantage

Crypto ETFs can include several other traditional assets in addition to the cryptocurrency in question. Therefore, changes in the portfolio price are very complicated, and sometimes it is not possible to calculate and determine the exact price after many changes in cryptocurrency. Although the ETF is set based on the associated cryptocurrency price, it will not have accurate tracking in some cases.

Limits to cryptocurrency trading- disadvantage

Cryptocurrencies can be converted to each other and easily exchanged. But portfolios do not simply become cryptocurrencies because they are no longer considered a traditional asset.

Lack of Bitcoin ownership- disadvantage

Bitcoin and other cryptocurrencies are managed decentralized according to blockchain rules. The security of the blockchain is very high, and no one can easily infiltrate other people’s assets. But by converting an asset to an ETF, you are effectively subject to government regulations and no longer have the freedom to trade and sell bitcoins.

Is there any Bitcoin ETF on the market?

There is currently no overall portfolio asset for Bitcoin. But some cryptocurrencies can be traded as ETFs. To build a Bitcoin ETF, SEC approval is required. So far, its requests have been blocked in various ways, and there is no definitive answer in this regard.

Decentralized applications in the digital currency market now provide users with ways to trade ETFs. For example, VanEck Vectors Digital Transformation ETF is one of these tools that can buy assets for you based on cryptocurrency price and put them in the portfolio of companies that work on digital currencies.

Although there is currently no Bitcoin ETF, some funds can indirectly offer assets based on the value of Bitcoin. Shares of these funds can be traded, which vary based on the price of digital currencies. On the other hand, by investing in companies that operate in blockchain, you can also buy and sell traditional assets based on bitcoin price tracking.

Conclusion

Crypto ETFs or cryptocurrency portfolios offer assets whose prices change based on cryptocurrency rate changes. In addition to these assets, stocks or other assets can be added to the portfolio, although adding new items will increase the cost of managing the portfolio. What do you think about these types of investments?

Dark pool is generally private exchanges whose operations and transactions occur outside the standards of systems such as NASDAQ or NYSE. Dark pools allow companies and investors to trade large amounts of economic assets anonymously. These exchanges and platforms do not have any transparent order booklets accessible to the public, but they have advantages that make them more attractive to investors. For example, buying and selling financial instruments extensively and in large volumes without considering tracking or tracking is one of the most attractive parts of these platforms.

Advantages of Using a Dark Pool

1. Due to the anonymity of large transactions, the direct effects on the market and the psychological atmosphere are practically eliminated.
2. Pricing on trades bases on the average possible asking price, which is the best option for buyers.
3. There is no reduction or increase in the final cost, and the whole transaction is done at a predetermined cost.

Because of these benefits, bitcoin dark pools and other digital currencies are growing and rapidly gaining market share. Most exchange offices provide their customers with a dark pools system for an exorbitant fee. So in the cryptocurrency and dark pools ecosystem, it works the same way as traditional markets. In this way, transactions are done in very large quantities and volumes without direct effects on the digital currency market, so the market practically fluctuates very sharply.

Bitcoin Dark Pool and Standard Dark Pool differences

Bitcoin Dark pool is different from traditional dark pools. For example, bitcoin dark pools require a cross-chain transaction that can be done between multiple blockchains. Many exchanges offer currency pairs that use to buy and sell on this type of platform. Second, dark pool orders are different in both cases. Instead of matching the buy order, an MPC protocol activates for matching. In this way, an order divides into several smaller sub-orders known and connected under a specified protocol. Dividing a large order into several smaller orders increases security.

Bitcoin Dark pools use digital authentication methods and protocols to determine fair pricing and eliminate price manipulation compared to regular dark pools. In addition, future developments in cryptographic authentication could make the process of bitcoin dark pools even easier than it already is.

The bitcoin dark pool is so effective in illiquid markets that large trades do not affect market trends. For example, if you place a large order in a digital currency market, the market is likely to be turbulent. But if such an order registers in the dark pools, such a problem will not occur.

Conclusion

Many people do not consider the use of bitcoin dark pools appropriate and think that the number of trades will be reduced from the main market, but if we look at it more closely, it is one of the best ways to trade very largely not hurt to the main market.

In this article, you learn about Binance verification and how to do it. Binance Exchange is one of the most reputable digital currency exchange companies, which was established in 2017. Within two years, this exchange will become the largest center for buying and selling digital currencies.

In 2021, this exchange is still the largest and most reputable place for buying, selling, and trading digital currencies. The company currently has a daily turnover of more than $ 15 billion and $ 37 billion in intermediate markets.

As a centralized exchange, the platform must operate by financial rules, including KYC and AML, meaning that you must authenticate to work on the platform. In this article, we will thoroughly teach the authentication methods in Binance.

Why you should complete ID verification on Binance?

Due to reducing security problems, authentication is required on websites that operate by banking financial practices and rules. Important information such as an account should not change after authentication unless you choose a new method of withdrawing money on this type of platform.

The world’s financial systems have enacted laws to increase the security of individuals’ assets by eliminating illegal activities. These rules are known as KYC and AML. Most centralized exchange offices must operate under these rules. Therefore, authentication is one of the things that can prove that a person acts under the said rules.

Authentication at most cryptocurrency exchanges is a way to unlock more trading restrictions. You may be able to unlock many new features for authentication in Binance trading. For example, unapproved accounts and those in the basic level can withdraw only less than two bitcoins per day and have a $ 300 Fiat currency limit. As the Binance authentication account grows to Intermediate levels, the limit will increase to $ 50,000 per day and $ 500,000 per month, and more than 100 bitcoins can be withdrawn per day. Advanced levels can also raise more than $ 200,000 a day and $ 2 million a month.

Setting up 2-factor authentication

Setting up a two-factor authentication system is suitable for increasing account security. In this way, in addition to entering your password, you must also confirm a code sent via email or SMS. Binding allows you to have at least three facts about this method to increase the security of your account.

Once you have set up your Binance account, you will also be asked to verify two-factor authentication. Never authenticate before enabling 2FA. If you have not enabled 2FA, you will always be prompted with a notification to secure your account.

How to complete identity verification on Binance

Now it’s time to look at the complete Binance authentication method and learn how to do it step by step.

Step 1

Log in to your Binance account. Then click on your profile icon at the top right and click on Identification.

On the next page, you will see three options Basic, Intermediate and Advanced. You will be allowed to choose the second and third options, as your account is in Basic mode at the time of registration.

Step 2

In this section, select the Intermediate option. To complete Binance authentication in Advanced mode, you must first complete Intermediate. In this section, click on the Verify option to go to the ID verification.

Step 3

At this stage, you must specify your country and region of residence. This information is critical because Binance works according to the laws of some areas of the world, and the policies of your region should be covered by these laws.

Therefore, if you are in a country that is not subject to the rules of Binance, you can not get an Intermediate or Advanced account. For people living in the United States, Binance offers a global version known as Binance US. This platform is more compatible with the United States and its laws. We suggest that you use Coinbase instead of Binance if you live in the United States.

There are two steps to authentication. The first step is to submit your basic information, and the next step is to provide face recognition and confirmation documents.

Step 4

First, complete your basic information on the Binance website. This information includes the name and address of the residence. Make sure your name matches the documents provided. Also, make sure that your address information is the same as the confirmation of the address you send to the website later. You must provide a verification document such as a bank confirmation.

At this stage, by completing all the required information, you can go to the next section to confirm your face.

Step 5

In this section, select the ID document option. You can now choose three different items from the required documents to include an international passport, driver’s license, or national ID card. Binance requests only one of these documents from you.

Step 6

Submit a clear image of your ID. Depending on what document you choose, you should take a photo or two of it and submit it. You can send only one picture for the passport, but for other documents, the images on the back and it are requested.

You can send images in JPG, JPEG, PNG formats, and your file size should not be more than 5 MB.

Step 7

Take a portrait of yourself and submit it at this stage to confirm the face. Binance also allows you to submit your passport photo. The size and structure of the images should be the same as the previous step.

Step 8

At this stage, you must confirm the face. Binance allows you to use the phone’s camera to scan faces. Even if you work with a desktop, you can complete this step with a webcam, so to do this, a QR code is sent to receive the Binance application.

This step is the last step to verify Binance authentication. But you have to do all the authentication in less than 15 minutes. You only have the opportunity to authenticate every 24 hours.

The process of confirming the submitted documents takes less than an hour, but sometimes due to network traffic or a large number of requests, it can take up to 36 hours.

After your ID has been verified in Binance, you must also verify the address. But what documents are needed to confirm the address, and what should we do?

Advanced verification

In this step, you must also confirm the address. Binance asks you to provide a document to demonstrate and display your address on it.

Step 9

First, on the Verify now account and address verification page, click the Verify now option, a yellow button. In this step, you will be shown that the ID verification steps have been completed successfully, and now the button under the Advanced option is activated, and you can select it.

Step 10

You must first enter your full address in the field that appears. There are two different pages in this section. You must first enter the address details. This information must match the document on which your address is registered and provided to Binance for your address to be verified.

On the next page, you must upload the location address document. This document must be official to be approved under Binance rules. You can use the following to do this:

1. Bank statement
2. Utility bill for your electricity, water/sewage, gas, or internet.

All documents you submit should not be more than three months old. The file can be in PDF, JPEG, JPG, PNG extensions, and its size should be less than 5 MB.

Once you have thoroughly reviewed the items and are sure of them, confirm the items. Binance will review your information and respond to you in less than ten days. Usually, the confirmation time is less than this amount, but it is better to wait for the Binance answer before doing anything.

Conclusion

To access more features, unlock withdrawal details, and remove Binance restrictions, you can complete two levels of Intermediate and Advanced user authentication levels. The intermediate level does not require confirmation of residential address, but you must submit your passport or other personal identification documents. The procedure is straightforward. You can complete all the needed items and upgrade your account in Binance in less than 10 minutes.

Ripple is a blockchain technology that operates independently of the digital market. The platform was launched in 2012. Ripple core processes are similar to SWIFT payment systems but work in a completely decentralized manner.

The token for trading in this blockchain is XRP. The Ripple name is considered as the company name and network name, and its token is XRP. The transfer mechanism is on the XRP token and the Ripple blockchain structure. But by what standard does Ripple work?

What is Ripple?

Ripple is a decentralized peer-to-peer network used to transfer money digitally. Ripple is a global payment system that uses XRP to trade.

What is XRP?

XRP is used as an interface token to transfer one digital currency to another. To transfer digital currencies, you do not need to first convert them to Fiat currencies. Any digital currency such as Ripple can be converted to another token in different cryptocurrencies by its token. Each cryptocurrency port also has an XRP token accepts from Ripple, so there is no need to convert it to Fiat currency.

How the Ripple network works

The Ripple network does not work based on PoW algorithms such as Bitcoin or PoS such as Nxt, so it is not part of the ERC20 standard, which we will examine in the following. Instead, transactions are created based on a consensus protocol so you can verify it. Consensus algorithms work based on optimizing network integrity to prevent a recurrence.

A Ripple user performs transactions from different ports. The consensus algorithm first selects the specific distributed nodes, and these approvals will be refreshed every 5 seconds. Therefore, the Ripple network is a decentralized platform due to the lack of a single decision to select ninety and determine transaction approval.

Ripple tracks all processes of a currency through different ports or users. Transactions on Ripple wallets are all available on the network consensus ledger. But even among the history of publicly recorded transactions in the blockchain, the data is not linked to a specific account or user ID. However, public transaction logging can make the network more transparent.

Is Ripple erc20 token?

As we said, Ripple does not work according to the ERC20 standard and has an entirely separate network with separate protocols. But you may ask, what is the ERC20 standard? This standard represents Ethereum network protocols. Different ICOs cost more than billions of dollars to invest in crypto projects, and most of these new ICOs are on Ethereum standards. Most projects offer ERC20-based tokens and invest in them, so tokens based on Ethereum standards are ERC20.

In the ERC20 standard, Ethereum rules apply to all tokens. These rules include how users to transfer, verify, and access each token’s data. The protocol is used for more coordination between all tokens.

Conclusion

Ripple is one of the largest peer-to-peer networks globally, which currently has an extreme trading volume and turnover with the XRP token. As we said, it works based on Consensus algorithms and has nothing to do with ERC20 standard tokens. Therefore, the structure and rules governing it are also different.