Tag Archives: trading

Cryptocurrency

How Crypto-Backed Quick Loans Are Going to Change the Crypto-Industry

Cryptocurrencies are gaining unimaginable popularity all over the world. A wide array of demographics has been proven meddling with cryptocurrencies, from meager to hefty amounts. As volatile as it is, the more tech-savvy people find digital trading enjoyable and profitable. But if you’re a cryptocurrency neophyte, learning the ropes and consulting the experts are the best bets before jumping into this risky investment.

Another facet of cryptocurrency that’s also making waves in the market is crypto-backed quick loans. Although this is considered a new innovation, some people see it as a great way to leverage their cryptocurrency investments while some people say borrowing from a crypto-backed quick loan is completely ridiculous.

The populace is divided. But only one fact remains – crypto-backed quick loans will definitely have a huge impact on the crypto industry.

How Do Crypto-Backed Quick Loans Work?

When borrowing from crypto loans, you eliminate the middleman during the transaction process such as banks and other financial institutions. In other words, it’s not a conventional type of borrowing money. Some of these loans offer better rates than bank interest rates. Say, for example, you have crypto assets, in most cases, a crypto holder sells their crypto when the time is good for selling to gain profits. However, some investors use their cryptocurrencies as collateral when borrowing from a crypto quick loan, allowing them to still manage ownership of their funds and getting some cash at the same time for whatever purpose it serves.

Some people say it’s completely mad to borrow from a crypto loan because it’s a very capricious business. Prices can fluctuate and drop anytime. A borrowed cash of a thousand dollars can make you end up paying off double or triple the borrowed amount if you get caught in the price drop frenzy.

If you ever want to buy a new home, diversify investments, pay off travel expenses, settle your long overdue debts, or fund a business; crypto quick loans are an excellent way to start getting cash. It’s very fast, easy, and hassle-free.

The initial step when borrowing is of course – assessment. A borrower is evaluated based on his credit score, demographic data, and online activities to assess if the borrower is eligible for a loan and is trustworthy of paying it off.

The Impact on the Crypto Industry

Now that you know the ins and outs of crypto-backed quick loans, it’s time to scrutinize how this effective innovation will change the entire crypto industry.

First of all, cryptocurrency will be more popular than ever. It’ll entice more investors in joining the bandwagon. We all know how cryptocurrency sometimes gets a bad rap for its volatility but with crypto-backed loans, people will assume that this is a progressive and positive industry which is worth taking a risk for.

Secondly, because the entire borrowing process is quite easy to accomplish, more and more people will opt for borrowing crypto loans instead of borrowing from conventional lending institutions. Although most crypto loans strictly do credit checks on borrowers, there are some crypto loans out there which don’t adhere to this initial step. It’s very convenient for people who are struggling with their credit history. Consequently, the industry will become a top choice for loaning money and cryptocurrencies will gain more trust from people. In the future, we can expect these crypto platforms to multiply in number and there will be an influx of investors as well. The crypto world will be a topnotch investment caliber in digital trading.

Thirdly, as more and more people enter into the world of digital currencies, we can expect an increase in digital coin prices. The value of these digital coins will see a price surge because there will be a higher demand in the future.

Lastly, all preconceived notions about cryptocurrencies being a negative way to achieve profitability will be completely eliminated. The crypto world will become a force to be reckoned with.

Is It Worth Borrowing from A Crypto-Backed Quick Loan?

As previously mentioned, you could end up paying triple the borrowed amount because cryptocurrencies are extremely volatile. True enough, it has been proven to be a risky digital trading. While some people advice that if you need instant cash, all you have to do is sell your coins and that’s it. But because the crypto industry wants the best for their investors in terms of convenience, crypto holders can now use their cryptocurrencies as collateral when borrowing from quick loans without having to sell their crypto. Then they can pay off their loan and get all of their crypto back.

There’s a reason why the crypto world has opened up this new facet in the middle of its booming digital situation. And that’s because they see this as a better option of getting instant cash while avoiding endless queues and a bunch of red tape during the entire process in traditional lending companies. So I guess you could say – YES, borrowing from crypto-backed quick loans are worth it.

 

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Author Bio:Lily, is a blogger, who enjoys sharing tips on personal finance, business and entrepreneurship. She is currently working for My Quick Loans, which offers fast loans online in the UK including Christmas loans, Payday loans, Late Night loans, Weekday loans, Student Short Term Payday loans and many more.

Cryptocurrency

Top 5 Cryptocurrency Tips for GAINS during DOWNTIME

There’s a reason why people opted for cryptocurrencies many years back. With most of them claiming that it’s profitable, secure, and free from system outages; people have jumped right into the bandwagon without doing further research.

Sure enough, users may have had a seamless user experience ever since Bitcoin was launched in 2009. But with an upswing of several downtime occasions from several exchanges or online wallets in the last recent years; this leaves one question which is probably still up in the air, at the time of writing: Are investors at risk now due to downtime inflation?

Coinbase’s downtime occurrence last December 2017 and Bitcoin’s so-called “system maintenance” last August 2018 have left a lot of investors hanging by a thread. Not that a system glitch is something out of the ordinary; but the fact that the system was disrupted for about 12 hours and 2 hours, respectively, while the value soared at noticeable prices during those times left investors asking yet another question: Were those manipulated?

The Worst Downtime in Cryptocurrency History

During a dreadful downtime and sky-high values happening in cryptocurrencies simultaneously, sometimes investors can’t help but speculate if these are indeed planned or a big coincidence. As if missing out on a good trade isn’t bad enough, put hacking into the mix and investors will find themselves really keeping both eyes on those computer screens until the page doesn’t annoy you with that all-too-familiar blue screen.

The most recounted downtime in cryptocurrency history that led to class suits should remind investors that this is somewhat the price they pay for not doing due diligence. The world’s largest cryptocurrency exchange, Bithumb, has found itself in a conundrum when its users have filed a class suit after a 90-minute server outage on November 12, 2017. Although this might not sound as bad as Kraken’s 48-hour server maintenance, investors claimed of losing millions of dollars when the outage hit the fan – a $250-million loss to be exact.

Let’s not forget about Kraken’s DDoS attacks last June 2018 which formed a bunch of Florida users to file a class suit against the said platform. They allegedly claimed of losing up to a million dollars during the frenzied trading.

How to Ensure Gains in Case a Downtime Occurs?

As crypto investors, this is an inevitable situation nowadays but since investors are nevertheless responsible for their investment decisions, here are 5 simple ways you can do to prepare yourself in case a distressing downtime happens:

1 Don’t Put All Your Eggs in One Basket

As with any other investment options, having different portfolios or platforms might save you from a great deal of money whenever your favorite exchange or online wallet’s server fails. But that’s not the only benefit you’ll get from diversifying, you also get to leverage your trading on different platforms with different prices.

2 Choose Decentralized Platforms

A distributed denial-of-service attack (DDoS) is when an influx of users simultaneously uses the system. When you’re investing in a centralized platform which is handled by a sole controller, you’re bound to see doom. The advantage of decentralized platforms is that they are managed through peer-to-peer transactions, therefore, lessening the risks of DDoS attacks.

3 Look at Long-Term Holds

While it’s almost always tempting to sell when “it’s too high”, putting your investments in long-term holds will be beneficial for you in the long run – if you’re patient. So during a downtime, when an upsurge of value takes over, don’t worry if you can’t log in. Who knows, it’ll be double or triple a week from now or even months from now! You’ll likely thank the server for failing at an opportune time.

4 Consider Stop-Loss Orders

If you really don’t want to further your loss and maximize your gains pre, during, and post downtime; don’t forget to set up stop-loss orders across all your exchange platforms. When a downtime occurs, at least you can sleep you at night knowing you won’t be losing that much.

5 Be Patient. Persist.

If you really want in on a good trading situation during a server crash, be unrelenting in clicking the “refresh” button. Patience is a virtue, they say. So hope for the best but don’t expect too much.

As the surge of cryptocurrency investors seems to fortify more people, downtime occurrences are also giving some of them a huge scare. These simple tips will maximize gains or control losses during server outages; so it’s vital to be always on the ball about your investments.

 

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Author Bio:  Lily Brooks, a frequent traveler and numismatist, loves to write about little-known facts and fun stuff about coins, travel, health and food. She is currently working for First Fidelity Reserve, which specializes in rare United States coins and precious metals, including gold, silver, and platinum bullion and provides superlative service, insightful analysis and comprehensive consultation for rare coin investors and collectors.