Cryptocurrency trading has taken the world by storm and this is what has become the norm for the majority of traders and investors. If you are keen enough to do your research before going into the trading, you stand a chance to enjoy real growth and profits in the end. The worst you can do when it comes to this kind of trading is going into it blindly simply because it is what everyone else is doing. A little research on the major currencies and getting deep into buying and trading fundamentals can make a huge difference. Below are a few guidelines by Yee Kok Siong a currency trader that will jolt you into success with your trading. Take time to understand how the block chain works Blockchain technology has redefined transactions and it is changing everything. Blockchain can be defined as a list of records that continually grow into blocks secured and linked using cryptography. The blockchains are data modification resistant and serve as public transaction ledger between parties. The transparent and decentralized nature of block chain makes it highly secure and in the world of hacking it is truly functional and reliable. It solves manipulation problems that have become so apparent in the world today. Whereas no single person can claim to understand everything that is blockchain, learning a few fundamentals will give you a much easier time with your trading. Know and learn the top currencies The virtual currency space is becoming crowded thanks to how popular the currencies have become. The fact is that there are more than 100 cryptocurrencies today, which means you need to know which ones are top and popular, so you can choose your buying and selling properly with profitability in mind. Bitcoin accounts for half of the entire market with the highest volume, but Litecoin and Ethereum are also top and giving Bitcoin a run. Find out as much as possible regarding the currency you are interested in. The more you know the better you will be in making decisions; you can actually manage to trade more than one cryptocurrency without any challenge. Mind the inherent risks Bitcoin and other currencies are quite volatile even when compared the stock market and gold. Remember that this is still a technology in its early days and it does face lots of challenges. The profit probabilities are quite high but so are the risks to. Public sentiment about a currency can actually impact its prices. What goes up is most definitely bound to come down so be careful with the trade moves you make. The higher the risks the higher the rewards might be but be ready for losses as well. The best you can do whatever the cryptocurrency you choose is to keep an eye on events that can affect prices and act fast. Once you know everything that matters in cryptocurrency trading, you can then go ahead and open a brokerage account and fund it then you can start buying and selling the currencies. The rewards are numerous for keen traders. Also read: Bull Market Early or Bear Market Trap
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If we look at Blockchain technology, in its simplest form, it acts like an immutable and distributed record of events that are shared across a digital peer to peer network between several parties as a networked database system. This technology uses a decentralized approach where no single entity stores the data and the participants of the network have a shared responsibility for maintaining security and data integrity. With time stamp all changes in data are recorded, and it helps to authenticate such changes. This is suited to the way health systems work where records can be tracked concerning edits and when they happened and how different users access the data. This also helps in ensuring accountability and transparency in every step. Patients and providers can access records that are up to date, whether they are of test results, prescriptions, diagnoses, services are given, bills that are outstanding and so forth.
If Blockchain technology is incorporated in healthcare management, all data can be viewed, edited and shared in real time. There would be a coordinated approach towards healthcare management since Blockchain technology provides privacy controls and structured access. As patient data tend to be sensitive, Blockchain is suited to address different trust issues such as identification of patients, consent of patients, user authentication and provider's controls and so forth. With such control, billing fraud, malpractice in claims processing can be reduced to a great extent. Experts refer to Blockchain as the chain of trust that can help improve accountability between peer groups. Yee Kok Siong observes that even if Blockchain can have applicability in the healthcare sector, there are certain challenges that need to be overcome. As with any technology that is adapted in this sector, there are certain limitations that are inherent in Blockchain technology, which would make it unsuitable in certain kinds of applications. There can be limitations such as when low value and high-volume transactions need to be done through this platform. Blockchain protocol is important when it is being adapted for the health sector. Healthureum is proposed as a platform that will create decentralized applications based on the Blockchain system and would have permission as well as permission free Blockchain transaction records development. This venture envisages certain key challenges that would need to be overcome if a Blockchain based transaction platform is to be created in the healthcare sector. The first challenge that is envisaged is in terms of data compliance and regulations. The data that is stored by Blockchain is distributed, and it is not a centralized approach. Hence, it is difficult to save data within the virtual perimeters of a health organization's database system. Hence, there can be breaches found in confidentiality as well as potential risks in integrity. There need to be adequate access controls, and permission layers added to make such a system compliant with the privacy regulations established by many regulatory boards and standards. When it comes to medical records, there can be large scans and image-based files that can occupy large storage space which in turn can impact the performance of a Blockchain based database system. An efficient solution can be found to overcome such a challenge by creating reference points. With the use of hash codes that point to the source of data which in turn are stored in separate locations. The hash code will help to verify that the data remains integrated and can be pulled from a source. These sources need to have access control and allow only authorized people to access such data. When it comes to medical devices, their use can be monitored by Blockchain technology. This can help remove the possibilities of blunders that are often made by medical devices due to an incorrect data feed or erroneous records. With the Blockchain based monitoring of such services, stricter controls can be set. As per industry surveys that have been carried out by expert organizations, as many as 200 healthcare professionals across 16 countries have admitted that a proactive approach would be adopted if Blockchain based solutions are brought into commercial usage. It showcases a positive response to this technology. Even the NHS in England has stated that the technology is new, but it has potential to allow patients to manage their own health which can help to improve care services, promote efficiency and cut costs. This would be a step towards virtual health which will also help to build telehealth-based services. Also read: How Blockchain Can Re-Invent the Global Supply Chain? Every industry is revolutionising by technology in the digital economy and has resulted in drastic changes. The banking industry is no different. Banks have successfully embraced the future of digitization. We are on the apex of a radical revolution and yet most are unaware. Even those individuals that appreciate the potential of blockchain technology often look no further than bitcoins. Once an individual digs deeper and understands how blockchain functions and its implications they will inevitably realise its importance. Blockchain is a distributed ledger that retains a comprehensive and an unedited record of all relevant information related to a digital transaction. This ledger allows to settle transactions instantly and firmly. Blockchain is a blockbuster in banking as it reduces the length of time it takes to complete a payment and eliminates redundant processes. Blockchain technology has the potential to unsettle banking. In a world where billions of people don't have access to banks, blockchain technology can have a deep impact. Residents of developing countries with limited access to banking would get a chance to create an account and make transactions at an international level. It will also enable citizens to have a secure and trusted transactions between participants without the need for a centralized monitoring or an intermediary. It is no surprise that financial institutions are exploring the unique capabilities of blockchain. The financial organizations can also use it to gain improved insight into market moves and increase transparency. Blockchain technology can reduce bank's infrastructure costs and enable faster processing time. Data management is a big problem in banking, but with the help of blockchain technology, banks can store any type of data, and allow that data to be accessed only according to the predefined rules. Trade finance is a major area within banking that could transform as a result of blockchain technology. The outdated processes in the banking areas need to be updated, in terms of cost and efficiency. Blockchain is the best platform to bring parties together in a secured network without a third party and by making each transaction securely. Whether it's payments, quick transactions or transparency, blockchain's essential properties of efficiency, cost-effectiveness and secure transactions are a few reasons to the growing popularity of this technology across the financial organizations. Blockchain technology is potential enough to change the entire system of the Banking. But a lot more needs to be done for financial organizations and residents to become fully aware of the implications and benefits of blockchain. However, there is no doubt that blockchain technology holds the key to improve the banking system. Utilising this technology can bring many effective benefits in the banking industry. Read also: Advantages of Blockchain Technology Explained by Yee Kok Siong Crypto trading can be profitable when the trader manages to keep an eye on the market round the clock. It is however something that can be challenging to do, but luckily there are crypto signal services that can be used to offer the needed assistance with the trading. They offer signals so traders are able to make the right decisions with their trading at the right time for that matter. With crypto currency trading so popular, a number of crypto signal services have popped up. So how do you choose the best to offer valuable information to make your trading most successful? Yee Kok Siong explains some points briefly here: Service quality It is one of the most important factors you should consider when choosing the services. The trading platform should have an impressive prediction success rate and should also offer relevant signals to guide you through the trades and market trends. The signals should also be sent in promptly so they match with real market activities. Check to see that they generate signals in the fastest way possible; it makes all the difference. Reliability Remember that you will be trusting them with guiding you with your trades and hence you want to choose someone you can fully rely on to make safe choices. This means that you should select a provider who is 100% legitimate. A provider who tells how they generate the signals is more reliable whether they are expert traders or automated software. In the world full of scams, you really want to be careful whom you choose to work with. Free trial One of the best ways that you can tell that a provider is genuine is by them offering you a free trial for the services they offer. This applies even when it comes to the crypto trading. A provider who offers free signals for a certain period of time gives you a chance to determine the quality and reliability of the service. By trying before investing, you get into the services with complete trust and confidence. Legit signals will have no issues, giving you the freedom to make a decision of working with them or looking elsewhere in case you are not happy with what you get. Pricing Even with a free trial, you definitely will need to subscribe to the services at some point. Avoid providers offering the signals at no charge at all as they may not be legit. However, you should also not be scammed to pay huge amounts for the subscription either. The pricing should be reasonable for the quality of service you stand to enjoy. Do your maths and research a little so you make the right decisions in the end. Support Apart from being available round the clock for your assistance, they should be knowledgeable towards the digital currency exchanges and the application they are offering you. Without this kind of support then you will still have issues enjoying the value that the services are meant to add you. Also read: Challenges for Blockchain in Health Care Data Management Yee Kok Siong has been closely observing the performance of cryptocurrencies for some time, to get a feel of where the market is headed. The beginning of 2018 wasn't a lovely one for altcoins and relatable assets. Their performance was crippled by the frequent opinions from bankers that the crypto bubble was about to burst. Nevertheless, ardent cryptocurrency followers are still "HODLing" on and truth be told, they are reaping big. Recently, Bitcoin retraced to almost $5000; Bitcoin Cash came close to $500 while Ethereum found peace at $300. Virtually every coin got hit-apart from newcomers that were still in excitement stage. As of this writing, Bitcoin is back on track and its selling at $8900. Many other cryptos have doubled since the upward trend started and the market cap is resting at $400 billion from the recent crest of $250 billion. If you are slowly warming up to cryptocurrencies and wish to become a successful trader, the tips below will help you out. Practical tips by Yee Kok Siong on how to trade cryptocurrencies Start modestly You've already heard that cryptocurrency prices are skyrocketing. You've also probably received the news that this upward trend may not last long. Some naysayers, mostly esteemed bankers and economists usually go ahead to term them as get-rich-quick schemes with no stable foundation. Such news can make you invest in a hurry and fail to apply moderation. A little analysis of the market trends and cause-worthy currencies to invest in can guarantee you good returns. Whatever you do, do not invest all your hard-earned money into these assets. Understand how exchanges work Always review the site you intend to use before signing up, or at least before you start trading. If they provide a dummy account to play around with, then take that opportunity to learn how the dashboard looks. Don't insist on trading everything There are over 1400 cryptocurrencies to trade, but it's impossible to deal with all of them. Spreading your portfolio to a huge number of cryptos than you can effectively manage will minimize your profits. Just select a few of them, read more about them, and how to get their trade signals. Stay sober Cryptocurrencies are volatile. This is both their bane and boon. As a trader, you have to understand that wild price swings are unavoidable. Uncertainty over when to make a move makes one an ineffective trader. Leverage hard data and other research methods to be sure when to execute a trade. Successful traders belong to various online forums where cryptocurrency discussions regarding market trends and signals are discussed. Sure, your knowledge may be sufficient, but you need to rely on other traders for more relevant data. Diversify meaningfully Virtually everyone will tell you to expand your portfolio, but no one will remind you to deal with currencies with real-world uses. There are a few crappy coins that you can deal with for quick bucks, but the best cryptos to deal with are those that solve existing problems. Coins with real-world uses tend to be less volatile. Don't diversify too early or too late. And before you make a move to buy any crypto-asset, ensure you know its market cap, price changes, and daily trading volumes. Keeping a healthy portfolio is the way to reaping big from these digital assets. A large number of start-ups struggle and fail to raise expected capital funds because they did not hire effective ICO promotion services in first place. The fact is that almost 60 percent of start-ups fail in their attempt of crowdfunding where they would otherwise have had a success with their plans simply because they did not have an effective network. As a start-up, the benefits of networking are vital to the success of your ICO as well as the growth of your company. As Yee Kok Siong says that the ICO road show model is all about networking, sharing capacities, building capacities, building relationships and taking action
Building a successful cryptocurrency is not a task that can be performed overnight; it takes a lot of time, dedication and hard work. It could be a lot more convenient and easier for you if you take along with you a network of experts, colleagues in the industry, and developers who can work cohesively to reach a common goal. By working in tandem with people who have a lot of experience in successful ICOs and cryptocurrency, you are probably going down the same path of achieving similar success like them. Blockchain Development Successful ICO projects not only utilized the potential in blockchain technology but also they sought to demonstrate how investments in their new tokens would go a long way in solving problem in real world. They went over and beyond buying and selling of their coins in exchange for other legal tenders and cryptocurrencies to offering backers real value that resulted in creating real demand. Those companies and projects that failed to create any value saw their value drop and subsequent reduction in their return on investments. A reputable, credible team and its advisers These are the real faces of ICO. Any ICO that aims to achieve success can only hope so when it gains investors' confidence and trust when reputable and qualified team of experts judge the whitepaper, its claims and endorse it. Such team members are usually very popular and the ICO publicly provides the evidence of their excellent performance track record on their social media platforms. ICO promotion services As a new start-up, you cannot hope to achieve success without hiring an experienced and effective ICO promotion services . This is probably the biggest step that you will take in promoting your ICO. No matter if you've got dedicated and hardworking team that is committed to provide you the best results, your ICO will need to be promoted and marketed by experienced and knowledgeable professionals who have worked on the same platform before and achieved astounding success with other companies and projects. Bottom Line The idea of ICOs is not complex, it is just two entities exchanging assets with each other. Both parties do so in hope that these assets (cryptocurrencies) will fetch them higher returns in future. This is, to some extent, very much like initial public offering, but ICO does not allow investors to become shareholders in companies in which they are investing their money. Read also: Promote Your ICO in an Effective Way There has never been a better time to re-evaluate and balance a cryptographic portfolio. Based on their solid foundation, here are five pieces that Yee Kok Siong feels are worth sticking to or maybe buy at their current depressive prices (which, just warning, could go lower). 1) Bitcoin (because of its decentralization) The number one belongs to Bitcoin (BTC), which remains the market leader in all categories. Bitcoin has the highest price, the widest assumption, most of the security (because of the phenomenal energy consumption of Bitcoin mining), the most famous brand identity (the forks have tried to be appropriate), and most of the development Active and rational. It is also the only piece to date that is represented in the traditional markets in the form of Bitcoin futures trading on the American CME and CBOE. Bitcoin remains the main engine; The performance of all other parts is highly correlated with the Bitcoin performance. Yee Kok Siong's personal expectation is that the gap between Bitcoin and most-if not all-other parts will expand. Bitcoin has several promising innovations in the pipeline that will soon be installed as additional layers or soft forks. Examples are the Flash system (LN), the tree, Schnorr signatures Mimblewimbleund much more. 2) Litecoin (because of its persistence) Litecoin (LTC) is a clone of Bitcoin with a different hash algorithm. Although Litecoin no longer has the anonymity technology of Bitcoin, amazing reports have shown that the adoption of Litecoin in the dark markets is now second, the only bitcoin. Although a currency that I have much more appropriate for the role of acquiring illegal goods and services, perhaps this presents itself as a result of the longevity of Litecoin: It was launched at the end of 2011. Another factor in Litecoin's favor is that it integrates the Bitcoin SegWit technology, which means that Litecoin is prepared for LN. The Litecoin can benefit from an exchange of atomic chains. In other words, secure peer-to-peer trading of currencies without third parties (i.e. exchange) participation. Since Litecoin keeps its code largely synchronized with Bitcoin, it is well positioned to benefit from the technical progress of Bitcoin. 3) Ethereum (because of intelligent contracts) Ethereum (ETH) has some major problems at the moment. First of all, governments are cracking on ICO, and rightly so: many have turned out to be either fraudulent or bankruptcies. Since most ico run on the Ethereum network as an ERC token 20, the ICO mania has brought a lot of value to Ethereum in recent years. If the appropriate rules are taken to protect investors Ethereum projects scams can claim a certain legitimacy as a crowdfunding platform. The second major problem facing Ethereum is the delayed transition to a new hybrid work and battery detection system. Ethereum mining GPU is currently profitable, but Bitmain has just announced Ethereum ASIC minor, which is likely to have an impact on the lower lines of GPU miners. It remains to be seen whether this will change the POW-and how successful this change is going to be. If the Ethereum can survive these two major problems-regulation and mining-will have shown a great resilience. Otherwise, there are several competing currencies tracking its shadows, such as Ethereum Classic (etc), Cardano (ADA) and EOS. 4) Monero (because of his anonymity) Although its adoption in the dark markets is not all that could be expected, I (XMR) remains the privacy of the Prime Minister. His reputation and market capitalization are still above those of his rivals-and for good reason. Monero's code requires less confidence that the Zcash "loyal" key ceremony, and had a fair start, unlike Dash. That Monero recently changed his Pow to defeat the development of a small ASIC for his algorithm confirms the commitment of the piece of mining decentralization. A significant drop in the hash rate is due to the new version, which is consistently reported against ASIC. This could also be an opportunity for GPU and even minor CPUs to get back to me. The new version of Monero, 0.12, also includes other improvements that show Monero continue to grow along sensitive lines. 5) iPRONTO (A decentralized incubation platform) iPRONTO is an incubation platform Ethereum chain dedicated to investors looking for a safe and reliable platform to invest in new ideas and future innovators that can present their ideas and receive opinions from users, Experts in the field on the practice and implementation of derived ideas. The ideas of the innovators are supported as the NES in Smart Contract format will be signed between the expert platform and the customer if the business idea of the client to the Committee for the examination and registration on the platform. The idea will not be published for all users on the public platform of the chain, but only for selected members of the target community who are willing to sign the Smart contract to maintain the confidentiality of the idea. If you are planning a money transfer abroad or intend to open an account with a Forex dealer one of the first steps is to start learning how to read historical currency exchange charts. Countless websites offer free and paid Forex charts. Real time Forex Charts are intended for use by professionals while delayed quotes or yesterday's central bank fixing are used for statistical purposes, which is fine for most applications. When calculating the cost and the value of your money transfer you need just a basic chart representing the history of movement of the currency rates. In this case, you can utilize reputable websites to provide such information. These include business news agencies, major Forex dealers or some of the leading travel agencies. Yee Kok Siong advises you to consult your personal Forex broker and to ask for the information you need; in many cases, your broker will be able to provide you with additional info on various applicable fees and taxes. A history chart represents the value of a currency against another one. First, you must select the currency pair you want to check. Be aware that the order of appearance of the currencies in the currency pair is important and will produce different results when inverted. At first glance, the EUR/GBP and the GBP/EUR are the same currency pair, but the EUR/GBP chart will deliver results on how much did 1 euro cost in Pounds Sterling while GBP/EUR returns the value of 1 Pound Sterling in equivalent euros. An average user does not need specialized candlestick charts representing the bid-ask spread utilized by the Forex professionals, a basic line chart is more than enough. The line chart will provide you with information on currency rates during a specific period, say, a year. You can choose not only the overall period you want to observe but also the time intervals i.e. daily, weekly, monthly closing price. The daily interval is most appropriate for studying periods between several months and a year; you do not need a longer period than a year to prepare for your money transfer. You also do not need special analytical tools, unless you plan to become a Forex professional like Yee Kok Siong. The chart will give you a general idea where your home currency is heading compared to another currency. Look at the high and lows to determine the momentum and direction of the trend. This will give you an indication of the approximate exchange rate to expect in the near future. There is no need to scrutinize the historical movement of the currency rates of interest to you. This is a sophisticated skill requiring years of professional development; just learn how to read the basic currency charts, which outline the major trends in the movement of a currency pair. Alternatively, a good currency specialist can give you all the information you need without the fuss. While you are going to exchange your money then there are many options for which you can go for exchanging the money. You can go to the banks, agencies, ATMs or to some brokers. But you have to make the decision in which you have to go and what will be applicable for you.
If you go to the banks then you can get the service with reliability and that will be safe for you but you have to go to the banks and stand in the long queue for this. So your time can be wasted. If you go to the agencies then there is the matter of trustworthiness but if you get the reliable agency then it would be good for you to make the exchange. But there are some agencies who charge very high rates for it. So, if you have to give more money for this then you will not be benefited. The agencies also have some online facilities of exchanging the money but you cannot be sure by the online transaction all the time. ATMs can be a good option for you because by it, you can withdrawal your money on your own and you can draw it anytime whenever you want. But the ATMs also charge a tax on per withdrawal, which can be costly for you. So, it will be better for you if you go to a broker. He will give you the requisite service. Below are few points discussed by Yee Kok Siong from which you will know about the advantages of hiring a broker for exchanging your currency -
But there is also something which you have to be noticed during the selection of the broker. While you are hiring an individual or a website, then choose them judging their reliability. Who will take the responsibility of your money; you have to do a little inquiry about them so that your money can be safely reached to you. You can search on the internet about Currency Exchange near Me and there will be shown various pages from which you can choose a reliable one. So, when you are going to make the choice then if you remember these things then you can find a suitable service. Also read: Forecasting Exchange Rates, As Unpredictable As The Weather! Yee Kok Siong is of the view that to get a proper understanding of exchange rates comparison, you need to take the services of a best currency dealer. Choosing the best Currency Dealer Choosing the best currency dealer is quite important when it comes to trading abroad. It is worthwhile pointing that High Street financial institutions do not specialize in exchange rates and therefore charges much bigger fees. And that is where you can get the best out of exchange rates through a currency dealer. The best currency exchange dealers are ones that provide you with a risk management service, fast money transfer, good customer service, extended trading hours and competitive exchange rates. What Affects Exchange Rates Foreign exchange market is widely been regarded as one of the most volatile market of all the financial markets in the world. You need to be extra careful when involved with this market because if that is not the case, it can cost you plenty. You need to step out of the market at the right time. When the fluctuations are too strong and nobody is sure of what is happening, it is an ideal time to once again enter into the market. The compare exchange rates are affected by the fiscal policy and political stability of the country. If the economy of the country is in 'expand' mode, there is a strong possibility that there is going to be jump in the currency value. Conversely, if the economy is not in good shape, currency value is going to decrease. Countries that have stable governments in place enjoy high currency value. Knowledge Base As exchange rate comparison is all about money, you need to have a good knowledge base. Make sure that you read the business page of newspaper on a regular basis. You can also check business websites where experts give their insight regarding the foreign currency exchange. With right kind of knowledge base, you will be able to make decision in a much better way. This can go a long way in ensuring that you get best possible exchange rates. Also read: Yee Kok Siong Tips to Get The Best Foreign Exchange Rates |
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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