How have things changed since 2017?
Crypto is having the movement of its limited life! Haven't you heard? Experts say that the reason behind bitcoin seeing an upsurge on a daily basis dates back to October 2020. The trend that began during the last months of the previous year is still powerful and will likely move in that direction.
With an annual return of 745%, Bitcoin sits atop the list of crypto pricing. The previous all-time high the cryptocurrency saw was twenty thousand dollars in 2017. Since then, the stock has seen tremendous growth.
The traders who follow the crypto market closely can rightfully address the fact that there were not a lot of people who saw this coming. The times were good, and nobody gave two thoughts about what magic can blockchain with the interoperability it was born with.
Times are now a lot more smooth, and the people who were keen enough on bitcoin's space-bound price showed they entered the market. They knew that the crypto market is practically frictionless. Friction in the market refers to the transaction costs that are implemented with each trade. Bitcoin offers the least of them.
So the market is good, the people are investing, everyone thinks that the bitcoin will only, Then what has changed since 2017? Let's have a look.
Tax management with portfolio and accounting:
When cryptos saw their first uptrend, many were still looking at them the magic money that was making chaos in the market. This was the time when uncountable memes were on the socials, dominated by the "bros" who had steady gains and were making the IRS look like a pathetic joke. Some of them changed their Lambos like they were changing wearables.
This was not particularly the case with real life. Cryptocurrencies were taxable in the US since late 2104 but, a 2017 order ruled out that coinbase has to provide the revenue services with records that hold the identity and transaction records of the users it had. Since that incident, the IRS has been harsh enough to the crypto market, the users and the exchanges.
A lot of start-ups that were forward in terms of market psychology saw this coming. However, the reporting of tax was just one variable in the equation. The mathematics is even more complicated for individual users and for individual businesses; the whole idea can be more arduous.
The leading online broker HFTrading has been in the market for a long time and has been providing better trading opportunities to its traders than the rest of the market. The broker provides leverage that is out of the competition and spreads that no other broker can match.
HFTrading has a strict no-no policy for commissioned trades and hence, attracts more and more swing traders and scalpers. The broker is also regulated by more than one regulating authority, and the mere presence of two, not just one of such authorities, is a serious flex.
The financial service provider helps the traders by providing three main trading accounts silver, platinum and gold. By keeping it simple, HFTrading has made itself stand out from a market filled with scam brokers and complex brokers that end up taking a lot of money out of the traders pocket in the names of the various fees they ask.
The infrastructure surrounding DeFi:
No one knew what Defi was until the bull run bitcoin had in 2017. Now, it is an entirely new segment of the crypto market with a market cap of 15 billion dollars and is still growing in the market.
Short for decentralised finance, DeFi refers to the financial service's technologies that allow the trading of cryptocurrencies. DeFi also provides its users with an option to take out loans and services like interest accounts as well. DeFi relies on public blockchains like Cryptocurrencies and Etherium. Kava, one of the projects of DeFi has had a partnership with plasmapay, aiming at enhancing the User Experience of the whole platform. PlasmaPay s another venture of DeFi itself that deals in online transactions and payments. With this partnership, at least 100,000 different users from 165 countries will be able to buy Kava tokens via credit cards.
However, the two firms aim at a deeper collaboration that is being looked at for the long term. This move will be made into reality with the integration of plasma pay and kava's 100% service- range involvement.
Security:
Security is an issue that dates back to the pre bull market times of cryptocurrencies, possibly before 2012 or 2011. This is the only single issue that literally haunts the exchanges, terrifies the users of applications and wallets to the present day. According to the security firm SlowMist, there has been a loss of at least 10,92,16,25,000 Euros worth of digital assets. All to the hackers in the past few years.
Exchanges are more prone to getting a bad reputation in the market, while wallets are an easier target. There are also wallets prevalent in the market that are termed cold. These wallets are never 100% online, keeping them off the web for a brief amount of time. These wallets are said to be the most secure, and even these are said to have possible loopholes that are more than breachable and can lead to significant data leakage.
A Belgian startup has taken this problem hands-on and have provided a solution with a completely offline wallet that has no connectivity at all. There is only one cable designed for charging and has neither Bluetooth nor WIFI or any other network that is included in the wallet's functionality. This wallet is also the only product in the universe of crypto space that features a certificate for EA7 security. This is the highest security certification in the world.
Users can interact with the wallet through a touch-sensitive scream. They can use an indigenous application developed by NGRAVE to have a glance at the balance and make requests for payments. NGRAVe is also the company that has shaped this product. There is a great probability of newcomers that can possibly dive into the crypto -sea. All of them look at a bull market so that they can make gains. The past few years have seen great technologies coming up, and the crypto space has had a lot of innovation. The people who enter the market now have comparatively less to worry about as compared to the previous generations of crypto players. This can conclude that cryptocurrencies are, for sure, growing up.
Conclusion:
This can be clearly seen that the cryptocurrencies, bitcoin, in particular, will serve tough competition to gold. This is also only possible when the countries have reserves of Bitcoin instead of gold.
The crypto market is also growing at an
unprecedented pace. This can result in digital currencies replacing fiat
currencies. A lot of brokers already similarly offer cryptocurrency trading to
forex trading. Here, traders can bet on the movement of a cryptocurrency price
with another. This can be seen as a move of the market to compete with the fiat
currencies.
