Category: Cryptocurrencies

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Coinjar Cryptocurrencies

CoinJar Adds 6 New Cryptos: ENJ, MATIC, USDT, BAL, GRT, WBTC

CoinJar has added more cryptocurrencies to their platforms allowing their users to buy, sell and trade more of the most popular coins.

Announced on 23 June, you’ll be able to buy and sell all of these coins on CoinJar, joining the 24 cryptocurrencies that our customers can already trade, store and send.

These tokens won’t initially be available for purchase through CoinJar Bundles or on CoinJar Exchange, but will be added in the near future.

Update your CoinJar app to get access to the full available range.

About The New Coins

Balancer (BAL) is an automated market maker (AMM) built on the Ethereum blockchain, similar to Uniswap and Curve. Users earn the BAL token by creating and maintaining liquidity pools. BAL tokens are governance tokens, meaning that they give holders the right to take part in decisions regarding the network. As these decisions often involve rewards and fees being generated by the Balancer protocol, there’s a financial incentive to hold and participate.

Enjin (ENJ) has been one of the pioneers of non-fungible tokens (NFTs). NFTs are one-of-a-kind markers that allow the holder to prove absolute ownership of a digital asset. Through a process known as minting, Enjin makes it easy to create NFTs on the Ethereum blockchain. ENJ is the currency that powers this process, allowing holders to both mint and “melt” NFTs.

The Graph (GRT) describes itself as “a protocol for organizing blockchain data and making it easily accessible”, a designation that has also led to it being called the Google of blockchain. Put simply, The Graph creates an open marketplace where information from different blockchains can be sold to developers who may require it to power their own smart contracts. The Graph Token (GRT) is the currency that powers this marketplace, offering incentives for those that index, curate and sell the data.

Polygon/Matic (MATIC) is a fast, cross-blockchain dApp development platform built on Ethereum. Like the ETH token, MATIC is the fuel that powers the Polygon network, facilitating the payment and settlement of transactions. Polygon uses a Proof-of-Stake consensus mechanism, which means that holders of the token can “stake” their tokens and receive more MATIC in return.

Tether (USDT) is the original stablecoin. Pegged in value to the US dollar, Tether allowed people to buy and sell cryptocurrency at a time when it was difficult for exchanges to find reliable banking and fiat currency partners. Cut to 2021 and the stablecoin market is booming, with more than US$100 billion in circulation. But Tether remains the biggest player by far, accounting for more than 60% of the market and essentially functioning as the crypto world’s reserve currency.

Wrapped BTC (WBTC) is an invention of the DeFi movement. Pegged to the same value as Bitcoin itself, WBTC is a way of representing Bitcoin ownership on the Ethereum network (i.e. you lock Bitcoin in a smart contract and receive an equivalent amount of WBTC in return). Having WBTC means you can use the Bitcoin you own on DeFi apps, for instance to purchase tokens on Uniswap or as liquidity pool collateral on a platform like Compound or Balancer.

If you want to get started, check out our guide on How to Setup a Bitcoin Account with CoinJar.

Categories
Crypto News Cryptocurrencies Regulation United Kingdom

50+ Crypto Companies Withdraw Licence Applications Amid UK Crypto Regulation Fears

More than 50 crypto companies have withdrawn their applications to conduct business in the UK due to demanding requirements set by the Financial Conduct Authority (FCA).

Applicants Not Up to Scratch?

Early in June, the FCA released a report concerning a “significantly high number” of crypto firms that had been warned for not meeting anti-money laundering (AML) standards. This legislation is intended to stop criminals from hiding money used for or gained from criminal activities.

A significantly high number of businesses are not meeting the required standards under the Money Laundering Regulations. This has resulted in an unprecedented number of businesses withdrawing their applications.

FCA

Only 5 crypto asset firms have been admitted to the FCA’s formal register so far. They reportedly had 90 pending registration requests, of which 51 had withdrawn in early June and another 13 have since followed suit.

The FCA had previously issued a notice to UK consumers to inform them there were 111 unregistered crypto companies operating in the country.

Registration Period Extended

At the start of the new year, it was announced that companies that failed to meet the FCA’s AML requirements would be forced to refund all customer deposits and stop services until they could comply with the requirements set up by the regulatory agency.

The FCA has extended the temporary registration regime to 31 March, 2022. This allows businesses that have applied for registration to continue operations while awaiting the outcome of the assessment.

Additionally, there are schemes in the UK that help investors if a company were to go bust, but these don’t apply to those in the crypto industry. This law could possibly sway investors against putting their money in crypto.

It is unlikely that consumers will have access to the Financial Ombudsman Service or Financial Services Compensation Scheme, irrespective of whether a firm has temporary or full registration.

FCA

In January 2020, the FCA became the official AML regulators for the UK’s crypto market. The FCA has since taken action against some major platforms, including Binance. Apart from regulators in the UK and Japan, Canadian authorities have also issued warnings to Binance.

Binance must cease any financial promotions in the UK, but in the meantime its trading services have not been affected.

Categories
Cryptocurrencies Investing

Coinstash: What Are the Benefits of Recurring Crypto Investments?

In the early days of crypto trading in Australia, it seemed like a lot of investors were treating cryptocurrency more like a property investment – you saved up, made a single bulk purchase and then held on to that investment while you waited for it to increase in value. But over time, savvy crypto traders in Australia started to realise the potential of actively trading in cryptocurrency. This approach is closer to a stock market investment, where you actively buy and sell shares to increase the value of your portfolio. And while this approach can be far more profitable, it does take more time, more effort, and it can be quite stressful.

Fortunately, there is now a third option for crypto traders in Australia: recurring investments. The recurring investments method allows a crypto trader to make routine purchases in incremental amounts, which gradually increases and diversifies the traders’ portfolio. But where did the concept of recurring buys come from? Is it based on a reliable process? And what are the benefits of recurring buys for Bitcoin traders in Australia?

What are Recurring Cryptocurrency Investments?

Recurring buys started as a method for increasing investments in more traditional assets such as shares in the stock market. Stockbrokers found that clients could gradually build up an impressive investment portfolio by making small but regular investments, which over time deliver a result known as compounding returns[1]. Compounding returns produce a snowball effect – they start off minimal but continue to grow exponentially.  

Recurring cryptocurrency investments follow the same principle. Bitcoin traders in Australia select an amount to be invested and a frequency for how often they want to make an investment purchase. Their crypto broker will then automatically make recurring purchases on the crypto traders’ behalf. This strategy is based on a process called Dollar Cost Averaging (DCA), which means you opt to buy a set amount at regular intervals. DCA helps to protect investors from price fluctuations in cryptocurrency value because you’re not investing all your money at a particular point in time. For example, you may set up a $15 recurring buy to take place every week. In the first week, the price may be steady, in the second week, it has gone up, and in the third week, it has dropped. But because you’re only investing small amounts, the price fluctuations are less important than if you had chosen to invest $10,000 during the second week when prices were high.

When you set up a recurring buy through a crypto trading platform, it becomes as routine and manageable as paying a bill via direct debit. But instead of incrementally paying down debt, you’re incrementally building up wealth.

What are the Benefits of Recurring Cryptocurrency Buys?

Many cryptocurrency traders now consider recurring crypto buys to be a solid long-term goal with measurable benefits. This is because recurring cryptocurrency investments help to:

  • Remove emotion from the equation: Emotion can be a dangerous thing when it comes to crypto trading in Australia. Emotions can lead to investors making knee-jerk decisions, opting to buy or sell as a panicked reaction rather than as a measured response in consultation with a predetermined crypto trading plan. A recurring buy also reduces the stress that some people experience when a particular cryptocurrency experiences routine price fluctuation. You have the reassurance that your investments are spread out across both peaks and troughs, so you’re less likely to find yourself investing significant amounts at top market value.
  • Steadily grow your cryptocurrency investment: Property prices in Australia have seen a rapid increase over the past few decades, with the national average house price now just under $900,000. With so much emphasis on saving a 20% house deposit, many people may feel restricted in how much they can invest in cryptocurrency. But with a recurring buy, you’re not committing all of your savings – for many, the cost of a recurring buy may be less than what they spend on coffee each week. But those small, routine investments will result in a steady increase to your cryptocurrency portfolio. This allows you to grow your cryptocurrency investments without having to compromise on other asset purchases. 
  • Diversify your cryptocurrency investments: Diversification is frequently advocated by experienced crypto traders in Australia as a wise way to minimise risk and build wealth. A recurring buy can also help you to diversify your crypto wallet by investing in multiple cryptocurrency tokens. So, rather than having all of your investment in Dogecoin or Ripple, you can have growing investments in Bitcoin, Ripple, Ethereum, Dogecoin or whichever cryptocurrencies you’d like.

Set Up a Recurring Buy with a Trusted Australian Crypto Broker

If you want to set up a recurring buy for cryptocurrency, then it’s important to choose a trusted crypto platform with industry experience. Coinstash is a registered Australian crypto trading platform with SSO encryption and no hidden fees. Our user-friendly platform and dedicated customer service team make it easy for crypto traders (whether experienced or novice) to set up recurring buys. With a Coinstash recurring buy, you choose the amount and you choose the frequency – we’ll take care of the rest for you.

[1] https://www.investopedia.com/articles/investing/100615/investing-100-month-stocks-30-years.asp

Categories
Bitcoin Cryptocurrencies Investing

Top 10 Bitcoin Penny Stocks

As more and more different cryptocurrencies continue to emerge, the volatile nature of these new coins and tokens resembles many similarities to penny stocks.

Just like Jordan Belfort in the film The Wolf of Wall Street capitalized on the high risk, high reward traits that are associated with penny stocks, Bitcoin and other smaller cryptos represent similar lucrative opportunities for investors and traders.

With companies like Tesla, Paypal and Square joining the crypto world, let’s take a look at some smaller Bitcoin penny stocks currently on the blockchain.

Lets take a look at our Top 10 “Bitcoin Penny Stocks”.

1. BitTorrent (BTT)

Known as the leading torrent software site, BitTorrent launched their BitTorrent Token on the blockchain in 2019 and it has risen by a huge 37.5% in the last 24 hours. 

Price: $0.006835 AUD (March 2021)

2. Dent (DENT)

Launched in December 2019, Dent is an open source project under the umbrella of Linux Foundation that enables users to buy and sell mobile bandwidth. The Ethereum-based cryptocurrency has been a big hit with investors recently and has gone up by 4.56% in the last 24 hours.

Price: $0.02 AUD (March 2021)

3. Revain (REV)

Revain is an unbiased review platform built on blockchain technology that aims to prevent fake reviews and unfair feedback from causing problems to businesses. The token based currency is down 0.31% in the last 24 hours.

Price: $0.02 AUD (March 2021)

4. Pundi X (NPXS)

Born in 2017, the Pundi X project is an open source payment ecosystem that aims to ease crypto payments via Ethereum-based point-of-sale terminals. ‘Pundians’ have seen rapid growth over the last couple of years and the price of NPXS has gone up 2.2% in the past 24 hours.

Price: $0.01 AUD (March 2021)

5. Holo (HOT)

Holochain is a distributed computing network, rather than a decentralised one, that claims to have infinite scalability and therefore the potential to perform faster than blockchain technology. The ERC -20-based token is certainly HOT at the moment after rising 29.96% in the past 24 hours.

Price: $0.02 AUD (March 2021)

6. Siacoin (SC)

Sia was founded by developers David Vorick and Luke Champine back in 2013 when the then computer science students decided to develop a decentralized cloud storage platform similar to Dropbox. Currently down 2.75% in the past 24 hours.

Price: $0.03 AUD (March 2021)

7. Nervos Network (CKB)

Nervos Network is a layered crypto-economy made up of a collection of protocols that solve the biggest challenges facing the blockchain. The price of CKB has soared in the last 24 hours, rising by 27.54%.

Price: $0.05 AUD (March 2021)

8. Dogecoin (DOGE)

You may recognise the Dogecoin logo from the famous internet meme that went viral in 2013. Despite being introduced as a joke currency in December that year, the coin was a big hit and reached a market capitalisation of US$60 million within weeks. Dogecoin has gone down 0.7% in the past 24 hours.

Price: $0.07 AUD (March 2021)

9. IOST (IOST)

IOST is a decentralised blockchain network that aims to build an online structure that meets the security and scalability needs of a decentralised economy. Launched in January 2018, IOST rose by 2.55% in the last 24 hours.

Price: $0.07 AUD (March 2021)

10. TRON (TRX)

TRON’s mission is to build a free, global, digital content entertainment system with distributed storage technology. The Ethereum-based coin was founded in 2017 and has gone up by 4.06% in the last 24 hours.

Price: $0.09 AUD (March 2021)

Like all cryptocurrencies, these Bitcoin penny stocks are extremely volatile, and susceptible to immense market fluctuation at the drop of a hat, or a tweet for that matter. But the above coins and tokens are some of the cryptocurrencies that are currently offering the most potential in the fast-paced world of digital assets.

Categories
Australia Crypto News Cryptocurrencies Investing

Approximately 3.3 Million Aussies Own Crypto, According to Research

A recent survey shows an estimated 3.3 million Australians own crypto and 40% of Aussies are still likely to buy in 2021.

According to a survey conducted by Savvy, one of Australia’s largest online financial brokers, 40% of Australians range from “likely” to “extremely likely” to buy cryptocurrency in 2021.

Savvy Survey

With 17% of respondents saying they currently own crypto, 35% stated that they would like to own some cryptocurrency in the future.

Savvy Survey

The biggest barrier, according to 79.8% of Australians, it that they feel there should be more safeguards in place and that crypto should be more regulated to protect the consumer.

Younger Generations More Interested in Crypto

Close to a third of Australian crypto owners are Gen Z and 24% are Millennials. Younger generations show much more interest in digital assets and believe they have value. In comparison to traditional assets, 40% of Australian Millennials and 31% of Gen Zs would prefer to invest in crypto rather than property.

This month’s Millionaire Survey conducted by CNBC showed that nearly half of millennial millionaires put at least 25% of their wealth into crypto.

Female respondents expressed a higher interest in learning about the technology compared to men. However, more men than women claimed exceptional or average understanding of cryptocurrencies. Altogether, 71% of Australians either understand or are interested in learning more about cryptocurrency.

How Much are Aussies Investing in Crypto?

Savvy found 15% of Aussies had invested up to $5,000 in cryptocurrency, 2.5% had thrown in $5,000 to $10,000, and the 1% in the upper echelons had invested between $10,000 and $20,000.

This could mean more than 500,000 Australians have sunk at least $5,000 to $10,000 into cryptocurrency. With such heavy investing going on down under, the Australian Tax Office is bound to make sure Aussies are paying taxes.

Cryptocurrency may very well be the currency of the future. It’s time for the wider finance sector to embrace it rather than treat it as a fad, or they’ll be left behind.

Bill Tsouvalas, Savvy Managing Director
Categories
Blockchain China Crypto News Cryptocurrencies Cryptocurrency Law

Censorship Freedom: Hong Kong Newspaper Launches on the Blockchain Using DeFi Protocols

Hong Kong activists are scurrying to preserve the back catalogue of pro-democracy newspaper the Apple Daily by uploading thousands of articles onto the censorship-proof blockchain platform ARWeave.

ARWeave is a decentralised file storage platform that breaks down a file into bits of information distributed over an open network of anonymous computers around the world. It describes itself as a “collectively owned hard drive that never forgets“.

After a 26-year run, the Apple Daily was forced to cease publication on June 23 after being targeted by a national security crackdown for breaching “vaguely formulated offences“ as China’s grip over free speech tightens.

Five Executives Arrested, Assets Frozen

Last week, 500 officers raided the newspaper’s headquarters, going through reporters’ notes and other journalistic material. Police froze assets of companies linked to the Apple Daily and arrested five executives.

Following the raid, the Apple Daily closed its website and erased all its social media platforms. In anticipation of popular demand for its final print run, the paper printed 1 million copies, more than 10 times its usual run.

Staff members of Apple Daily and its publisher Next Digital with the final edition at the paper’s headquarters in Hong Kong, June 24. REUTERS/Tyrone Siu

Democratic Leaders Condemn Closure of Apple Daily

The shutdown is the most serious blow yet to Hong Kong’s media freedoms. US President Joe Biden described it as “a sad day for media freedom in Hong Kong and around the world“, adding that the Apple Daily had been “a much-needed bastion of independent journalism in Hong Kong“.

British Foreign Secretary Dominic Raab asked China to respect the agreement signed in 1997 committing to continue allowing free media in Hong Kong after the colony’s reversion to China from British rule.

We certainly view what’s been happening with the closure of the Apple Daily and the arrest of journalists very, very seriously. We call on China to respect the terms that it freely signed up to and we think that’s a matter of trust as well as important for the people of Hong Kong.

Dominic Raab, British Foreign Secretary

Apple Daily owner Jimmy Lai has been behind bars since last December over unauthorised rallies during Hong Kong’s mass pro-democracy protests in 2019. Lai is facing three national security charges, including colluding with a foreign country, and is already serving several jail sentences.

As the fight for free speech in Hong Kong continues, blockchain technology is playing a vital role in advocating for human rights in China – providing a platform where repressed citizens can resist centralised power by accessing decentralised networks that are immune from state censorship and impossible to silence.

New Blockchain Platform LikeCoin Embraced

Programmer Kin Ko has been building a decentralised registry called LikeCoin, which helps internet users identify metadata (creator, date, time, location, version) of content through a unique code called an International Standard Content Number (ISCN), similar to a book’s distinctive International Standard Book Number (ISBN). Any changes made to content would be recorded and tracked through a digital fingerprint. LikeCoin has been embraced by pro-democracy activists such as Citizen News, already using the platform to catalogue its online images.

The open-source transparency and immortality of blockchain technology poses a grave threat to those in power in China, who are desperate to keep authoritarian control over the narrative of the country’s media.

Categories
Bitcoin Crypto News Cryptocurrencies

“We’re Adopting Bitcoin for the Benefit of the People,” Says President of El Salvador

On 10 June 2021, El Salvador became the first country to adopt Bitcoin as legal tender. In an interview with Bitcoiner Peter McCormack on the “What Bitcoin Did” podcast, President Nayib Bukele provided additional context to the historic move, outlining how it would be implemented and how it would ultimately benefit Salvadorean citizens.

The Purported Benefits

In the discussion, President Bukele highlighted a number of key benefits to the newly enacted law, including:

  • Receiving remittances at the speed of light with almost no costs, compared to the slower and more costly fee structures of Western Union and the like. Importantly, personal remittances account for almost a quarter of El Salvador’s GDP
  • Providing financial inclusion to the 70% of the population who remain unbanked
  • Becoming less dependent on the output of new US dollars and resultant inflation due to an unprecedented increase in the money supply; in short, El Salvador wants to take back some control of its monetary system as it enjoys no benefit from the increased supply of US dollars, only the downside
  • Increased levels of financial investment and the attraction of global talent, particularly when coupled with forthcoming residency-by-investment laws.

Bukele noted that as the smallest country on the continent whose people had benefited little from the current system, it made sense for El Salvador to be at the forefront of an economic revolution by adopting a system that is open and free, rather than one dependent on another nation (referring to the US) which doesn’t necessarily consider the impact on countries such as El Salvador that use its currency.

The Roll-Out Plan and Government Wallet

The President is working towards having the law fully operational within 90 days, a target that is considered a stretch but achievable with requisite considerable effort.

El Salvador President Nayib Bukele

Within this aggressive timeline, government is also looking to roll out its non-mandatory government wallet which the President stressed would compete with free-market alternatives and existed simply to “fill in the gaps”. Specifically, the government wallet would provide transactional services (ie, free internet access) to those without reliable connectivity:

We don’t want a law that is only for the rich, not only for the middle class, we want a system that works for everybody … we want the most vulnerable economically to benefit from that.

Nayib Bukele

Is El Salvador the First of Many?

Since El Salvador adopted Bitcoin as legal tender and is potentially paying government employees in BTC, the question on everyone’s lips has been which country would be next. Following Bukele’s announcement, a slew of Latin American legislators adopted the Bitcoin laser-eyes on their Twitter profiles, signalling their intention to follow suit.

Reports suggest that Paraguay is likely to be next, but if we’ve learnt anything over the past 12 months in crypto, a lot and almost anything can happen in a very short space of time.

Categories
Crypto Memes Crypto News Cryptocurrencies Cryptos Events Sports

‘WTF Coin’ Crypto Streaker Hits Euro 2020 Match

Running up on stage or out onto the sports field has become a popular way to hijack mass audience attention, if only for a moment, and perhaps shill your shitcoin at a big event.

What The Actual?

Interrupting a June 22 Euro 2020 match in Saint Petersburg, Russia between Belgium and Finland, a young woman ran onto the football pitch wearing just a smile, a black bodysuit and tiny shorts. Across her chest in big letters read ‘WTF’ and in smaller script a website address, yoursafe.wtf. The woman lasted about half a minute before she was captured by security and escorted off the pitch.

To save yourself the trouble of looking up the WTF coin, here are the highlights:

  1. The artwork is pretty cool. That’s all.

Regular Football Fan Also Invades Pitch

The WTF woman was not the only pitch invader of the day. In the other Group B game between Denmark and Russia, a Russian fan made it onto the field before also being stopped by security. However, this fan was not promoting anything. He was simply wearing a Russia jersey and was there to support his team.

For more wacky behaviour, check out these highlights of the Bitcoin 2021 Miami Conference shenanigans.

Categories
Blockchain Crypto News Cryptocurrencies Events

Key Topics at the 2021 APAC Blockchain Conference to be Held in Sydney

The APAC Blockchain Conference, an event where the industry comes together to share ideas, insights and accelerate the adoption of blockchain technology across Australia, will be held in Sydney from September 14-16 to discuss all things crypto.

Date: 14-16 September 2021
Location: Crowne Plaza, Darling Harbour, Sydney
Click here to register

The conference has been running since 2017 and has become a key event for any business or company embracing blockchain technology. In attendance at this year’s event, to be held at the Crowne Plaza in Sydney’s Darling Harbour, will be start-ups to developers, financiers to government, exchanges to blockchain platforms, and the like.

Topics Up for Discussion

  • Australian government update and policy review
  • Disrupting the status quo: Blockchain and the future of finance
  • Preparing the way for the next evolution in blockchain technology
  • Embracing emerging challenges and opportunities in cryptofinance
  • Governance, regulation and security in the blockchain industry
  • Blockchain technology and digital identity management protocols
  • Legal updates: insights into smart contracts
  • Blockchain in practice: how innovation and change are becoming a way of life for Australian businesses
  • Cross chain technology and its role in large-scale adoption
  • Bitcoin and its role in the future of day-to-day business
  • Addressing blockchain security and vulnerability issues

CoinJar CMO Will Speak About Decentralised Finance

Among the line-up of key speakers will be: Dominic Gluchowski (chief marketing officer at CoinJar, who will be speaking about DeFi), Simon Callaghan (head of OTC Markets at Celsius), Maximilian Marenbach (head of APAC Expansion/head of Banking and Payments at Kraken Digital Asset Exchange), and many more.

With the Bitcoin Conference hosted in Miami earlier this month, 2021 continues to be another exciting year for crypto. But will the APAC Blockchain Conference be as colourful, with surprise Dogecoin enthusiasts storming the stage, and hecklers interrupting speakers?

Categories
Cryptocurrencies Investing Trading

6 Important Lessons Learnt from Real Crypto Traders

Over the years, people have made a lot of money from crypto – most of whom have done lots of research so they know what they are getting into.

Unfortunately, a lot of promoters, mainly on social media such as Twitter, Facebook and YouTube, feature enthusiastically small cap coins they found profitable and lead plenty astray.

Here is a quick list of six important things to keep in mind while trading crypto (with quotes from real traders via Redditors):

1. Don’t Invest What You Can’t Afford To Lose

Trading crypto is a fundamentally risky endeavour – so only invest what you can afford, as these crypto traders found out.

This crypto trader lost all his crypto while he was sleeping.

I woke up this morning realising that I just lost all of my hard earned money and savings in about 2 hours. Someone got access to my private key (or at least I think so) and everything was gone.

Crypto Trader on Reddit

This crypto trader lost his all his savings by “mistakes”.

Right now I am sick to my stomach, I cannot sleep, and can barely function. After losing money left and right, I finally tipped last night and lost the last bit of a big chunk of my savings that I had ‘invested’ in Cryptos. This story is very hard for me to tell, because I am ashamed. Ashamed of how naive I have been, and how I made mistake, after mistake, after mistake. Saving the dumbest mistake for the last.

Crypto Trader on Reddit

This crypto trader explains the pain of losing money you can’t afford to lose.

For real guys, DON’T put money you can’t afford to lose, it hurts mentally and physically because you get depressed, really thought I was prepared to do that.

Crypto Trader on Reddit

2. The Bear Market Can Strike At Any Time

Over the years, we have seen plenty of bear markets, and they can hit at any time, as these crypto traders found out.

This crypto trader explains how quick the bear market can hit.

Obviously hindsight is 20/20 but I think it’s important to realise that things can seemingly look normal and suddenly you find yourself in a bear market. Some of these were pretty spot on, others not so much.

Crypto Trader on Reddit

This crypto trader explains why “this time is not different”.

Please, please, please be aware that this time is not different. The bear market will return, and it will destroy all of your gains, and at first you’ll tell yourself that it’s just a small correction, and then everyone on Reddit will say it’s just the Chinese new year or something like that, and then you’ll kick yourself for not selling sooner and you promise you’ll sell as soon as there’s another price increase, but it never comes, and you finally give up and accept that you lost a ton of money because you thought this time was different and you thought you could time the market. But it’s not and you can’t.

Crypto Trader on Reddit

3. Partly Cashing Out Can Pay Off

As these crypto traders found out, once you’ve made enough to recoup your initial investment, a partial cash out can pay off, especially in an unpredictable market.

This crypto trader was in relief that he cashed some out before a dip.

I sold a small amount to recover my initial $3000 investment as the price rose; this was a strong psychological barrier for me as now I was purely playing with house money, [so] I literally cannot lose as long as I don’t go chasing losses […] I cashed out $200k yesterday, enough to make an impact in my life while still holding on to a majority of my HODLings. This was literally minutes before yesterday’s dip happened so the sense of relief that came over me was only further reinforced by the dip that soon followed.

Crypto Trader on Reddit

This crypto trader took his family on a holiday with the profits he took.

For the first time … tonight … I took profit!! I didn’t want to do it. I didn’t want to take money away from the investment. I’m thinking long term with what I put in.

We don’t take many vacations as a family. We cut the month tight with bills and our planned vacation got REAL tight. So I sold some profit, not a lot. Enough to enjoy time with my fam!! I thought I may regret it, but I didn’t!! It was totally worth it.

Crypto Trader on Reddit

This crypto trader did not take profits and was feeling the pain of “losing his gains”.

I lost 250k gains and now at losses. 🙁 I joined crypto around March and I was proud that I bought coins that gave me 70% gains because of HODL. But I was too greedy that I didn’t take profit because I didn’t want to let go of the coins I bought for cheap. Now those coins are back to my entry price and even lower. All my gains gone. I don’t know what to do 🙁 If I sell now, what haunts me is that I could’ve sold with all the gains but instead, I’m now selling with losses. I feel bad about this huhu.

Crypto Trader on Reddit

4. Sometimes HODLing Is The Best Strategy

I think we’ve all seen a coin boom after we just sold it. Sometimes just HODLing a coin can pay off, especially when the market follows cycles, as these crypto traders found out.

This crypto trader feels the pain of not HODLing and what might have been if he did, just, HODL.

I watch another bull run happen without being on board, in Dogecoin, the one I got rid of. My holdings would have been worth over $1 million if I held. I track down my old doge wallet info desperately hoping I’m remembering wrong and that I’m still holding some, but it’s empty. The ETH I traded it for is up nicely, but a small fraction of what the doge would have been worth. Strange how upsetting it is to be up 1000% on an investment when you realise you could be up 10,000%.

Crypto Trader on Reddit

This crypto trader’s plan was to just HODL until the next bull run.

I had been through enough bull cycles by this time to know that if/when the next one would eventually came it would dwarf all others. And by the time that happened, what I had learned was that I needed to have a solid plan in place so I could execute it without making irrational decisions.

Crypto Trader on Reddit

5. Day Trading Is A Dangerous Game

Timing the market is not an easy thing to do and trying to predict the bottoms is like “trying to catch a falling knife”. Day trading cryptocurrencies is not an easy game as these crypto traders found out.

It’s really hard to predict which direction the market is going short term. You might see a quick spike up sell a bit and wait for the correction. Then it comes back down and you buy it back. What goes wrong is when you wait a little too long and it starts going back up again, and your buy order never goes thru bc the price is rising / holding / rising / etc….. You bid a penny below value and it just doesnt dip back until it’s past your sell point anyway, now you lost.

Crypto Trader on Reddit

This crypto trader’s friends all lost trying to day trade.

A friend of mine made 400K with day trading. All my other friends lost an insane amount of money trying to do the same. Unless you have the time to become pro I wouldn’t recommend it.

Crypto Trader on Reddit

This crypto trader was trying to “revenge trade” to recoup his losses.

It got to the point where my bank account had no money left to fund my Bitmex account and that’s where I made my biggest mistake. I decided to “borrow” funds from my BTC and ETH cold storage to try to recuperate everything I’ve lost so far on Bitmex. And as I now know, revenge trading never works. Today marked the end of my crypto career, all my alts were liquidated when BTC broke 9k and pretty much dumped right after.

Crypto Trader on Reddit

6. Keep Your Crypto Safe

If you hold your crypto on exchanges, then they control the wallets’ private keys, so they effectively “own” the crypto. Having your crypto stored in a safe location can pay off in the long run, as these crypto traders found out the hard way.

College roommates convinced me to buy bitcoin back in 2010, i ended up buying 10,000 bitcoins for $60-80 and storing them on my laptop, forg[o]t about it until 2014 when my friend randomly mentions it hitting $1k and a good buying opportunity, i rush home to look for my old broken laptop which had the bitcoins on it in the hard drive to discover my mom threw it out and the bitcoins were gone forever, i become severely depressed and affected by this and til this day cant help but think what if i had those bitcoins.

Crypto Trader on Reddit

This crypto trader lost his crypto he had stored on his phone.

Lost .5 BTC off my phone which is a lot to me :(, I recently switched from blockchain wallet to the bitcoin wallet by andreas schildbach which i backed up, but the file was on my phone. I got a new phone HTC one m8 and was excited, had the people at ATT factory reset my note 2 without even thinking in excitement… And its all gone. I cannot find the private key 🙁

Crypto Trader on Reddit

This crypto trader’s hardware wallet is now swimming with the fishes.

It was a tragic boating accident. I just moved all my bitcoin to a hardware wallet, when it happened to slip my hands and into the ocean. Any further transfers done on that wallet are because of Poseidon.

Crypto Trader on Reddit