Everything you should be aware of before unleashing your own cryptocurrency

Cryptocurrencies have gained huge traction as a result of the ongoing coronavirus pandemic. The technologies such as blockchain-based services and app development, crypto-trading platforms have altered the way businesses operated till now.

As the cryptocurrency market takes an upward trajectory many who want to venture into this arena will not find a right time. Presently estimated at USD 1.03 billion, the market for cryptocurrencies is poised to swell to 1.40 billion by 2024. This is basically due to the rise of emerging markets in an increased manner. Countries such as India and China are taking baby steps towards the concept, while developed countries such as the US and Germany have already taken to it like a duck to water.

Unleashing your own cryptocurrency can be accomplished in two ways: Beginning to develop a new currency from ground up, or forking a blockchain and creating a fresh currency from an old one. Let us look into some choices.

Starting From Scratch

Making something from scratch can be extremely bad and the same holds true for cryptocurrency as well. It requires a lot of strategizing, work, and finance to carve out a new legal tender. It is likely to take a big toll on you. In fact, the majority of them fail due to lack of before and after launch public engagement. Let us see how you can achieve from ground up:

Get a good grip on market and competition

An effective idea takes a lot of time. To develop such an idea, people should be aware of the market, existing products, and should have clarity over imminent need. An in depth knowledge about competitors is also very essential.

Legalities

Several countries have embraced cryptocurrencies, but there are others who have not shown enough enthusiasm. In the absence of a good legal framework to control cyber money trade, countries have been reluctant towards it, as they fear misuse. For this reason alone legal research for the target country becomes essential.

White Paper is of paramount significance

A white paper is a vital document that makes everything crystal clear. From the creation of the currency to market assessment, legal options, etc., a white paper bares everything. It is in the best interest of everyone to come out with one soon after the creation of the currency as not only investors go through them even people belonging to the cyber community, like programmers, can refer this and identify potential errors.

Public involvement cannot be ignored

Innovative PR is critical, not just to draw the attention of investors but also to involve customers. Putting money in an organized, informative official website helps a lot.

Foolproof Distribution Plan

An Initial Coin Offering (ICO) needs a flawless, efficient distribution strategy. Pre-sale, general sale, private sale are few of the distribution plans employed on a large basis. The makers need to take a call on the planning aspect in line with their strategy.

Forking An Existing Currency

Forking the active currency is like taking away cryptocurrency from the protocol it is based on, resulting in the birth of a new currency having a fresh protocol. Forking is not easy and can be an excruciating process, but several developers have reportedly used this technique. Bitcoin Cash and Ethereum Classic are few of the shining examples.

Soft Forks

Soft forks are something that gel very well with older variants of the currency also, and computers or nodes which hardly get updated perceive them as valid.

Hard Forks

If a protocol update separates a currency from its previous protocol, a hard fork is accomplished. It triggers an entire new currency having its own protocol.

Reaching Consensus

Hard fork protocol updates require the general agreement of the majority of the community. A good number of members will have to download the update; there are several ways of reaching the consensus, for instance, Proof-of-Work, or Proof-of-Stake.

Hard Forks can be a bit harsh

Post hard forks, one currency used to dominate the other, like that of Ethereum and Ethereum Classic. Further, differences might crop up in the community which can become a bit toxic.

Not being regulated can be a blessing, at times

Whales happen to be traders having a filthy amount of the currency to influence market prices. If Whales come to know about a fork in advance, they will purchase more currency, as there’s a 1:1 distribution ratio after the fork. For obvious reasons, this can be termed insider trading, but due to cryptocurrencies not regulated thus far, this will be permitted.

Concluding thoughts

Despite being a baby in diapers there is immense scope for cryptocurrencies to make a splash in the market in the long run. With liquidity amiss in the market, companies and hedge-funds are increasingly considering this unique option as a safe bet. Currently, it is not properly regulated but seems extremely viable and competitive at the same time. The ideal way to create sensation in the market is by offering a solution-oriented currency that rectifies the defects of other currencies. Therefore, a cryptocurrency creation is very intriguing, however it can be time consuming as well which can benefit you immensely.

How Can Market Moving News Curate Your Bitcoin Trading?

How Can Market Moving News Curate Your Bitcoin Trading?

In April 2013, someone sent a fake tweet purporting that the White House was going to get attacked. The fake tweet sent the Dow Jones 150 points in under 2 minutes. The same tweet caused a lot of disruption in worldwide trading as people anticipated the worst. 

While it later emerged that the tweet was fake and everything went back to normal, it highlighted the tremendous influence which News and Social Media have on both forex and bitcoin trading. Seven years since the infamous tweet, the market moving news had an even bigger impact owing to the overreliance on social media for news. 

If you are into cryptocurrency trading, you will know how much social media drives cryptocurrencies for users and brands. There has also been increased coverage of cryptocurrencies on mainstream media which means more resources for traders looking for insights.

If you follow some credible mainstream media that rampantly spreading cryptocurrency news, you most probably have a great arsenal that you can use to improve your trading.

Read on to find out how you can curate your Bitcoin trading by taking advantage of market-moving news.

Why Access To Market Moving News Is Critical In Bitcoin Trading 

For starters, what is market-moving news? 

Market moving information is any piece of news or information that can influence an individual’s decision to buy or sell. The market-moving news includes everything from political implementations with a direct impact on the economy, financial eventualities like inflation to events like Bitcoin halving.

Access to market-moving news will make your market analysis much easier and more accurate. You will make accurate predictions and increase your chances of reaping off your trades. With access to real-time market-moving news, you will always be ahead of the game and make better decisions in your trades. 

On the other hand, if you have no access to information, you will always be caught by surprise. This is counterproductive and can lead to money loss or even bankruptcy. Therefore, you should strive to get access to market-moving information as soon as it breaks.

But how do you get access to this information? How can you use this information to improve your trading? Read on to find out. 

How To Get Access to Cryptocurrency Trading Market Moving 

Curate Your Social Media Platforms

Social media platforms are fulfilled with information on trading. As FXPro’s Angus Campbell put it, social media platforms like Twitter and Facebook contain information that influences traders’ decisions. Mr. Angus noted that tweets and social media posts reach millions in nanoseconds which is vital in the world of trading. 

In fact, most cryptocurrency trading professionals believe that social media plays a vital role in trading. As a budding trader, you have to heed the professionals’ call and curate your Twitter and other platforms to give you market-moving information. 

Follow, thought leaders in Bitcoin on Twitter, join Bitcoin Pages and Groups on Facebook and turn on notifications to get information as soon as it is posted. You can also follow relevant pages on Instagram and join Telegram channels which churn out important updates on Bitcoin. 

With every social media page curated towards BTC trading, you will never miss out on important updates.

Mainstream Media Is Very Resourceful 

In addition to large social media platforms, you should keep your eye open for updates from mainstream news. Mainstream media are the platforms with a lot of governmental breaking news which can potentially affect the performance of trading markets. 

It is imperative to still follow mainstream news especially business news as you can get important signals from these channels. Follow their accounts on social media, install their apps on your phone, and always check their notifications. You never know which information will change your trading fortunes. 

Not All Information Calls For Action

While it is nice to get as much information as possible, it is crucial to learn to distinguish which information deserves your attention and which news shouldn’t affect you. The ability to filter through the news and choose the right piece of information is a must if you want to make the right trading decisions.  It is something that differentiates great traders from the average ones.

Mind that there are a lot of fake news peddlers about Bitcoin online.  If you are not careful, you can easily find yourself at the mercy of scammers. You should, therefore, get news from verified and trusted sources only.

Double-check the news before you proceed to make a financial commitment in your trade. Spend some time to counter-check with more than one source before even thinking about making a trading decision. This will reduce your chances of falling for scams.

The ability to filter through credible sources information comes with time and experience. The more you put market-moving news to use in your trading, the more you learn which news is worth following and which to avoid at all costs.

Conclusion

A lot of information and resources on Bitcoin trading are free for access. It really is up to you to use the information for your benefit or not. Curate the news that you receive and use it to make a living from Bitcoin trading. Use our guide above and make the most out of the freely available news and resources on BTC trading.

Cryptocurrencies are the future of trading. The sooner you acquaint yourself with knowledge on how to trade, the better it will be for you. Always strive to be ahead of the game when it comes to matters trading and learning to use market-moving news in the best way to always step with the times.

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Blockchain Is Reshaping Supply Chain Industry

Blockchain Is Reshaping Supply Chain Industry

Supply chain is always known to be one of the most complicated industry and thereby integrating blockchain has been acting as a problem solver for supply chain industry . Various other new technologies may also be considered viable , but let’s focus on implementing blockchain and exploring its benefits .

As per the experts , blockchain has superpower of boosting profitability and effectiveness in several business and so is the case with supply chain industry . While supply chain industry is dealing with many kind of difficulties , integrating tech solution is what it needs . Integrating blockchain can help supply chain industry in managing complexity with ease and thereby creating links between various distribution channels .

In this article , let’s look forward to how blockchain technology can help improve overall process and can up bring transformation in this industry .

Blockchain – A Gleaming Twilight In Supply Chain 

If you ever had a change to experience supply chain industry cumbersome process , then you may have found that how hard it is to trace products and parts , and there is always a chances of mistake . Inspite of numerous of positive steps has been taken , this industry is full of headache irrespective of whether it is electronic , food , consumer goods or anything else .
Another major aspect is product has to go back and forth several time , which creates a challenge .
All the above problems can be solved by use of blockchain technology . In continuation to it , cryptocurrency transfer can also solve many transaction related issues . Blockchain has capability to manage exchange of currency , tracking of process as well as take care of agreements while helps supply chain industry in various aspects . Blockchain mobile app development is also trending now a days thereby giving various types of benefits .
Let’s take a glimpse of ways in which this technology can help enhance supply chain .

Blockchain Impact On Supply Chain 

Automotive Payments 

Blockchain is surprisingly amazing technology which aids in carry on and tracking of transactions in more secured and transparent way .
Blockchain has ledger system which facilitate payee and payer to directly exchange funds from anywhere in the world without any intervention of any authority to validate the transactions . In addition to it , it also gives advance security and rapid transaction in comparison with other types of payment .

Traceability 

Another great feature of this technology is easy tracking of items . It facilitates companies to work with various kinds of distributed channel that can record various products status during various stages . Blockchain records in a system which is immutable and permanent . Tracking of even  individual product from original source is very easy . For instance , Walmart is using blockchain technology to track down all sales in China .
Blockchain facilitates companies to track even a single piece of item right from creation stage to process and thereon storage . It also helps tracking by applying various kinds of filter like date , selling date and various other aspects .

Electric Power Micro Grids

This system helps management of supply . After arrival of smart contract in Blockchain , another ray of possibility has emerged . Smart contracts facilities buying and selling of tangible as well as intangible products less hectic .

How Blockchain Will Impact Supply Chain ?

While some leaders in the world are already using this technology , experts suggest that blockchain will become universal ” supply chain operating system ” . There are various ways in which they can help improve supply chain task , let’s look at some of them :

  • Recording of quantity and transfer of valuable goods can be done with ease at each node of supply chain .
  • Tracking of purchase order , receipts , orders changes , shipment notifications and other related things has become easier .
  • Checking validity and certification of products has become easier .
  • Linking of physical goods to demographic entities such as bar code , serial number like RFID etc .
  • Exchanging information related to manufacturing , delivery , assembly as well as maintenance of products between vendors and suppliers .

How Blockchain Integration Will Be Beneficial 

  • Improved Transparency : This technology helps tracking of product right from production stage till its final delivery and thereby eliminating bias data if any .This also facilitates supply chain industry to get transparent and enables manufacturer to reduce number of data recalls .
  • Scalability : The reason why it is scalable is it facilitates access of data of supply chain node to be from anywhere   
  • Improve Security : While blockchain is known to be regularised distributed ledger system with predefined coding rules , it reduces need for audit that generate internal system .

If you are also looking for blockchain technology exploration , you can hire expert consult for your next big blockchain application development .