If we look at the most impactful development in recent times the first thing that comes to our minds without a doubt is cryptocurrency. People have made huge profits by investing in cryptocurrencies like bitcoin and more at the right time. Many people have also managed to make a heyday by simply providing a cryptocurrency exchange platform to investors to trade cryptocurrencies.
Setting an exchange is pretty easy. but you need to know a few basic things before you start your own exchange. Let us have a look at them discussed by Yee Kok Siong - Do you have a target audience in mind? One of the most important things to consider before setting up any business platform is to figure out the target audience. Same is the case here. When you are planning to set up a bitcoin exchange platform, the first thing you need to analyze and figure out is the audience that you are going to target. For instance, in case of bitcoins, you can target both local as well as the global audience. So, you need to figure out which is your target audience and then plan with the development process. Why is this important? Well, you will get to know about it in the following sections. Do you understand the legal terms? The second thing you need to consider is the legal terms and conditions that you will need to follow. There is a huge hullabaloo about the legal aspects related to cryptocurrency, but you might be amazed to know that there are 96 countries where bitcoin transactions are still unrestricted. So, creating a cryptocurrency exchange platform while targeting these countries can prove to be the best idea. Don't forget to always take a thorough look at the legal guidelines operational in the area from where you plan to carry out. Do you have a partner bank? Another thing to remember here is that you are going to need a partner bank. The simple reason behind this is that you are going to deal with financial transactions. In order to ensure that the financial transactions are carried out in a smooth and hassle-free manner, you need to ensure that you have the right support in the form of a partner bank. Therefore, you need to contact a few banking institutions to see if they can help you, and understand their terms and conditions. Do you have the right partner to develop the platform? The most important step in the process is to find the right professional who can help you develop a secure platform. Why we have specifically mentioned the term secure is because the immense popularity of cryptocurrency has made these exchanges the first target for hackers. To make sure that your reputation does not get hit due to something unwanted you need to focus on creating a secure platform. You can easily achieve this by hiring a seasoned developer who knows all the ins and outs of the industry. For instance, they can test the platform out by mimicking a malware attack and see how your create your own cryptocurrency exchange stands against it. Conclusion This last point sums up the basic things that you need to keep in the back of your mind when planning to set up a cryptocurrency exchange platform for yourself. Once you have an answer to these questions, you can easily go ahead and get going with the development and make some profits. But, do remember to take all the necessary legal, compliance and security measures if you want to be in this game for for a long time. So, are you up for it? To learn more, please click here!
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The currencies that are invented on the concept of Bitcoin are combined-called altcoins which introduced a slightly improved version of Bitcoin. Different cryptocurrencies introduced different technologies and followed distinguished parameters other than Bitcoin to be a part of this digital revolution. According to the market demand, investment, and usability, listing out some important cryptocurrencies other than Bitcoin: 1. ETHEREUM (ETH) Ethereum was launched in 2015 which is a decentralized software platform that allows Smart Contracts and Distributed Applications (DApps) to be created and work without any fail, hoax, limitation or interruption coming from a third party. In 2014, Ethereum introduced a pre-sale for ether which attained a great response level. As per terms defined by Ethereum, Ether can be utilized in decentralizing, securing, trading and in coding anything. Ethereum has introduced a layout which can be used for smart contracts using dispersed blockchains. The Ethereum market cap has attained $8,284,240,957 having a rate of approx. 90 US Dollars. 2. LITECOIN (LTC) Litecoin is based on the same concept as Bitcoin i.e. peer-to-peer technology i.e. focused on transparency and security. Litecoin was launched in 2011 to follow the pattern set by Bitcoin. It was initially called as 'silver to Bitcoin's gold.' It was produced by Charlie Lee, a former Google engineer. Litecoin follows an open source global payment network which cannot be accessed by any central authority. This payment network uses "scrypt" as a proof of work that can only be decoded with the assistance of CPUs of consumer grade. Litecoin has comparatively faster block generation rate than Bitcoin, that's why it offers quicker transaction acceptance. The market cap of Litecoin has reached to $1,576,960,281 having a value of approx. $30.89 for one Litecoin. 3. ZCASH (ZEC) Zcash was launched in the 2016 year end. Zcash proposes with security, privacy, and transparency in functioning and transactions. Just like Bitcoin, it works on the concept of the blockchain. Using "ZK-SNARK" i.e. zero-knowledge proof construction, it allows performing extra protected transactions. 4. DASH (DASH) Dash is also called as XCoin or Darkcoin. It was launched in the 2014 year starting. Dash works on a decentralized master-code connectivity to make the transactions completely untraceable. It is comparatively more secure and private version of Bitcoin. Its name changed to Darkcoin in March 2015 without changing its technical specifications. Dash has attained a market cap of approx. $664,377,178 in three years. 5. RIPPLE (XRP) Ripple brought a real-time gross settlement system network into existence. It allows performing quick, and inexpensive global payments. Ripple "enables banks to settle cross-border payments in real time, with end-to-end transparency, and at lower costs." Ripple was launched in the year 2012. Till then, it has acquired a market cap of $7,236,937,220. One can purchase one-unit Ether in around $0.18. Ripple introduces an advanced feature of consent ledger in which there is no need to perform mining (unlike bitcoin). As Ripple's processing doesn't include mining, computing energy and network usage get reduced. Ripple emphasizes on the fact that 'distributing value is a powerful way to incentivize certain behaviors', that's why intends to distribute XRP primarily "through business development deals, incentives to liquidity providers who offer tighter spreads for payments, and selling XRP to institutional buyers interested in investing in XRP." 7. RILCOIN (RIL) Rilcoin is a cutting-edge crypto technology-based, fully decentralised crypto-currency, which actually has all the benefits of fiat currency as well the freedom and anonymity of a crypto-currency. Rilcoin is a part of an Asset Management System(AMS). Rilcoin is an upcoming cryptocurrency that would be based on a technology equivalent to Fiat Currency. Some of the features which would not be similar to fiat currency will be made suitable using smart contracts. Its flexibility to adopt all the benefits of fiat currency makes it an exclusive one among all the other cryptocurrency. It would be the first ever cryptocurrency owning qualities of fiat currency. Using Rilcoin, Investors can buy or sell assets through the asset management system (AMS), which facilitates ownership of a single asset to be owned by several investors at the same time. The world is changing and technology works as a catalyst in this process. All most all business segments are getting modified as a result. The way businesses operate today will not happen in the near future. To name a few, Agriculture, Energy, Technology (IoT), Manufacturing & Logistics, Real Estate and much more will evolve with time. Our vision is to take this opportunity and create a platform to distribute it across the globe. The assets all over the world can be owned by the people without any social or geographical barriers and design a payment system so flawless and robust to support the infrastructure based upon block-chain technology. With Rilcoin, a revolutionary improvement in blockchain technology and cryptography now enables common people to use their smartphones, smart TV, Smart IoT devices for becoming a part of the new type of blockchain a.k.a Tron-chain. This piece of information is shared by Yee Kok Siong, an arbitrageur and an investor. Mr. Siong has done a fair amount of research, understanding the crypto world and technology behind it. A very new technology with almost 99.6% of World’s population ignorant or out of reach made Yee Kok Siong realize the kind of potential and opportunity this market holds and return that is available for the investors and trader. Bitcoin is a new currency that is taking control of the market due to many benefits that users acclaim. Considerably, there are many other shortcomings that the currency undergoes. There are situations where the bank accounts are being frozen without the consumers urgency, thus they try hard to protect themselves from such defects. What do they do they do to keep their bank account from being frozen? Yes, the consumers simply look for an alternative way to keep their buying power. Nowadays, many people all over the world are using this currency, reason being that bitcoin is currency that has no counterfeit. The fact that it is a crypto-currency does not make it all safe; the newbie must be wiser to understand its perils. A practical situation where the bank accounts are frozen was in the great state of Cypress. The whole world was hypnotized by the action of freezing all the central bank accounts. Furthermore, the situation was worsen in that the amount of money to be withdrawn was limited. What did this imply? The process of buying and selling of commodities by consumers was paralyzed. Apparently, people live by trade, and where it is not possible there must be an alternative. The citizens of Cypress all over the world moved to a fiat currency that is a currency that is independent of the current government attachments. A fiat currency will therefore chip in, like bitcoin where the government or the central bank has no say. The common currencies like shillings, dollars, and pounds have the government involvement, but ordinary one like bitcoin do not provide guaranty to anyone. Why? The currency does not have any clear background of who made it; therefore, from whom will you steal it? The system used by bitcoin currency uses advanced technology, which is highly encrypted by the computer. The currency kept safe in the digital wallet, and the privacy of all members is highly maintained. The challenging part is that if the computer is gone, thus your bitcoins are no more. This is exactly the opposite of credit card, which you can replace and use repeatedly. The security of this currency is a factor of matters but most of all the value of bit coin beats them all. What will happen if the value of bitcoin drops? Will there be an adjustment in your worth? Think it out! Obviously, if the value of bitcoin drops, the consumers will be valueless. So the merchants out there who buy this currency thinking that its value will rise are not thinking right, the reverse might be true. As concluded by Yee Kok Siong a forex investor, if you are new in this field, do not rush, reason out first, but they say life is all about risk, take it to prosper. To learn more, please visit here: http://yeekoksiong.strikingly.com/ Simple Moving Average This is one of the most frequently used indicators for charting any time frame. Simple moving average or SMA is actually adding up the total no. of currency price and divide by the total no. currency time frame. For example 10 SMA meaning 10 timeframe of the selected chart, add all the 10 currency price together, then divide by 10 to get the average, thus we call it simple moving average. All the weight age of the last 10 timeframe is equal. 9, 18, 50 and 200 Continuous SMA will show the trend for the currency for the last few designated timeframe. Commonly used timeframe are 9 and 18 together with 50 and 200. Both are used in pairs to show the short term movement and long term movement. Crossing of 9 and 18 SMA are commonly refer to start of a uptrend or down trend, while crossing of 50 and 200 SMA will refer to end of a down trend or up trend. SMA on high and low This indicator can also applied to daily or hourly high and low prices. Especially useful when setting the profit target and stop loss when trading channel and trending market. With high SMA and Low SMA, you can easily see a channel of upper limits and lower limits. Similar to Bollilinger Bands but are average base on last few high or low price instead. Use together with Relative Strength Index (RSI) When using this indicator with RSI, it can indicate the point of reversal for a trend. RSI peaks at 20 and 80 values will show sign of weakening of the trend with SMA changing direction. By applying trade executing when the indicator show changing trend, trader can earn huge profits if enter the market early when the trend begin to change. SMA with Open and Close Some trader uses the open and close price as a time indicator of the trend for that day or hour. Will simple moving average as a median point line, currency that opens with gap in their open and close (previous time frame), below or above the median point will indicate a possible increase/decrease of the price due to news or fundamental influence. This is a great catch for automated trading. Moving Average Convergence-Divergence (MACD) = SMA (Y) - SMA (X) This indicator take 2 simple moving averages with different timeframe, by subtracting the short and the long timeframe indicator, it show a momentum on the currency trend. Sign of entering trades are when the 2 different indicator cross over each other or cross over the zero line. This will indicate the beginning of trend and the ongoing of the trend respectively. If use wisely, traders can enter a lot of profitable trades during strong fundamental backing of the currency. Note: MACD uses exponential moving average and in this article is simply for easier understanding. Traders are to check the correct algorithm of the indicator prior to using it for his trading purpose. For more information on Forex and its various aspects you can read the blog of Yee Kok Siong. Mr. Siong is a self-motivated entrepreneur who believes that no market is perfect and it is up-to an individual to understand that imperfect gap and business opportunity and make the most out of it. To learn more, please visit here: https://yeekoksiongadvice.jimdofree.com Forex is one of the interesting assets to trade. It usually involves high risk. But if managed properly, it can be the star performer of your portfolio. Technical analysis is one of the ways with which you can trade. Indicators help you so that you can take an informed decision. It is beneficial to you to know these technical indicators. These indicators tell you the stories of what is happening to the currencies on the chart. One class of technical indicators is called moving average indicator. These indicators suggested by Yee Kok Siong an arbitrageur and a forex investor, help you to determine the trend. Simple Form of Indicator It is the simplest form of moving average indicator which is an average of the prices of certain period. It takes an input as periods which can be anything from minutes to weeks. The popular period is 21 days. It is an average of the price of a currency of last 21 days. For the next day, price of first day is excluded and yesterday's price comes in. There are some variations of this indicator like exponential with some mathematical variations. You can identify the trend in two ways. The direction of the graph will tell you if the trend is up or down. The second method is to look the location of the indicator. If currency is above the indicator then trend is up and if it is located below the indicator, trend is considered to be down. Add Envelop to Indicator for More Data Next type of moving average indicator is called moving average envelop. It presents you more information than simple indicator. It has a band around the price which tells you if the currency is overbought or oversold. At certain percentage on either sides of the average, envelop is formed. The percentage is determined by the currency pair and the timeframe you are looking at. Price above the indicator and closer to upper band confirms the up trend. The price below moving average and closer to lower band will tell you the down trend. The price dillydallying near the indicator away from either of the bands confirms the consolidation phase. This indicator helps to determine the trend or the consolidation phase. MACD An advanced version of this type of indicator is known as MACD. You are required to give inputs of exponential averages of three periods. The indicator consists of two line. The default value of the inputs are 12, 26 and 9. The difference between the fastest and slowest average forms the first line. By default it will be the difference of 12 and 26. This line is called fast line. The second line is called signal line which is nothing but an exponential average of the third input. By default it is 9. When these two lines cut each other, it is considered to be a buy or sell signal. This indicator has a one other variation which is known as MACD line indicator. The trend is confirmed when you use moving average indicator with the price of the currencies. In the absence of the trend, it is of no use. Identify the trend and use these indicators for buying and selling the currencies. If you want to learn more, please click here! |
About Mr SiongAn arbitrageur and an investor and in the eyes of banker an HNI. Mr. Siong is a self-motivated entrepreneur who believes that no market is perfect and it is up-to an individual to understand that imperfect gap and business opportunity and make the most out of i Archives
December 2018
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