Cryptocurrency market has become very popular and every trader is looking to make it big with bitcoin trading. It is however a very volatile market that can be hard to keep up with, especially considering that this is a market that never sleeps unlike the stock market. To make things easier for traders, trading bots have been developed. A trading bot can be defined as software program which is designed to interact with financial exchanges directly so relevant information is obtained and interpreted so orders can be bought and sold on the traders' behalf.
In essence, the bots make decision through market price movement monitoring and use of pre-programed rules so that losses can be stopped. The bot analyzes market actions like price, volume and orders according to your preferences and tastes as a trader and makes the decision. If you are into bitcoin trading, then you may want to choose the best bitcoin trading bot to ease out the process for you. But with so many bots now available, how do you know which one is best? Yee Kok Siong explains some important points below you need to consider:
Customization and ease of use
The interface of a good trading bot should be easy to use by any kind of trader including those who know nothing about coding. All information necessary should be easy to find and the gains clearly shown together with all aspects of the trading that matter including buy orders and current sell. All you should be required to do is enter your pairs and numbers and then start your trading with a click of a button. Apart from being straightforward even for first time users, a customizable trading bot is even better. With this function, you will be in a position to change how the skin looks so you can have a program that you are happy to use every time.
Operating system compatibility
Not all bots are designed the same and not all traders will use the same operating systems. For this reason, you want to get a platform that functions on all the operating systems. With this kind of bot on your side, you can access your trades from Linux, Mac or Windows depending on the device you are using. With your orders and settings on a USB, you will only need to plug into any computer to continue trading with the operating system notwithstanding. A standalone bot that requires no installation and is compatible with all systems will prove very convenient in the end.
Support for pairs, coins and exchange
Apart from bitcoin, you could be a trader interested in other pairs, exchanges and coins. It can therefore be more helpful to find a trader bot that can accommodate different coins offered by major exchanges. A full stacked crypto bot will work great for a spontaneous kind of trader.
Other bot features that could prove to be helpful are notifications and reporting, real time and historical back testing among others. Find out what the trader bot can do and select accordingly.
Dogecoin is a peer-to-peer internet currency that enables instant payments to anyone in the world. The good side with the currency is that it can be efficiently mined with consumer-grade hardware. The coins also provide faster transaction confirmations (usually of about 2.5 minutes).
The dogecoin network uses a memory-card which serves as a proof that the currency can be mined using regular CPUs and computers used by many people.
How it can be used?
For you to use Dogecoins you need to have a digital wallet. This is an address that you use to receive the coins. When you have a new wallet, the dogecoin network generates a private key that is given to you.
The network also generates a public key that you use when exchanging the coins with other users.
The private key is kept as a big secret and the owner is the only person who knows it. The reason why it's kept as a secret is because anyone who knows it can claim complete ownership of the funds associated with it.
Due to the importance of the key, it's vital that you guard it as much as you can. This is because if you reveal it to other people it can easily result to loss of your money.
This is a place where all the transactions that you engage in are maintained. Many experts equate the block chain to a logbook. Since the block chain records every transaction that you engage in, it's updated every time that you complete a transaction.
To eliminate errors in the records, all the transactions are first verified before they are written permanently. For example, if you send money to a friend, the transaction is first added to the most current "block" after which it undergoes verification for authenticity.
Once the verification is complete it's written permanently. The verification process is done by "miners".
How to acquire Dogecoins?
There are a number of ways you can acquire the coins. Some of the ways include: mining, faucets, tips, and changing of other forms of currency to dogecoins. The most common method of acquiring the coins is mining. Here you only need to have a computer and software that allows you to mine the coins.
To mine faster you may be required to purchase an ATI/AMD video card. You need to note that the better the card you have, the faster you will mine the coins.
Also read: What You Need to Know About Dogecoin?
The big question of how to get bitcoins.
After acquiring a basic knowledge of what bitcoin is and how the wallet really works, you may want to get into the digital currency world and get some bitcoin for yourself. Thus the big question arrives to your mind: How do I get bitcoins?
After you get the knowledge of the origin of every single bitcoin, which is based on a mining process, you'll believe that the best way to get them is by joining this mining process. The thing is that, this has become very difficult, because the fast popularity grow of the crypto currency.
Sell products or services.
Every single bitcoin comes as the result of a previous transaction. Thus, the way to get them, when you don't have any, is by receiving a transaction from someone else, when you purchase them using cash or also by mining new bitcoins.
When you know an individual, who uses bitcoins, you can ask him/her to get bitcoins. In case you don't know anyone who posses them, you can get bitcoins by offering another kind of transaction with just another bitcoin user, resulting you getting paid in bitcoins. The alternative option is by mining them yourself.
In case you cannot purchase bitcoin from someone else, you can get them by mining them. The term mining here means: solving a complex mathematical problem, which intention is to validate other individuals transactions. In return you're awarded with bitcoins. Receiving bitcoins is sometimes free, but a fee may be included for sending them, it depends on the online platform you use. Before getting into mining bitcoins, you need to understand, that it's not an easy way to get bitcoins, it requires some tech knowledge, which may not be practical for you.
In case, you don't know anyone who posses bitcoins, you don't have anything to sell to exchange for bitcoins, there's a way to buy bitcoins. There're several online platforms, these sell bitcoins by a process called trading/exchanging. Here I list some ways you can purchase bitcoins:
Buy bitcoins from a person.
There are online marketplaces where you can buy bitcoins in a person-to-person scheme. You can pay these individuals with cash or by other ways. The good think is that you and the seller can arrange the payment method: cash in person, cash by deposit, bank wire, PayPal, etc. The key element here is to find someone trustworthy. A good tip is using an escrow online service, this way you can protect yourself against any kind of fraud. The good thing about these online escrow platform, is that everyone should upload their scanned ID, this guarantees security during the transactions.
Buy bitcoins from an exchange and outlet.
Bitcoin exchanges or outlets are basically online services that make it easier for buyers and seller to do bitcoins transactions. To be part of one of these, all you need is to create an account and get your identity verification before you can buy or sell bitcoins.
Buy bitcoins through an ATM.
Some cities around the world offer physical bitcoin ATMs. You just get your bitcoins through them using local fiat currency. Governments regulate the uses of these ATMs for security purposes. Sometimes finding a bitcoin ATM near your location may be difficult, because even the location where these are installed is regulated.
What are the economic consequences of digital cash? What are its implications from the view of economics? In recent years, several proposals for electronic cash have appeared in cyberspace. In several cases, forms of digital cash are already in use. The economic consequences of these transactions have not yet been fully examined. To some observers, one important economic consequence of electronic cash is the free issue of private currency by commercial banks or other non-firms. However, if we look at the history of money, it is not easy to make privately issued currency credible in the eyes and wallets of the public.
As long as there is competition between banks, private banks will sometimes become bankrupted. Nothing is more debilitating to the credibility of privately issued currency than bankruptcy. The most important characteristic of digital cash is its Trans-nationality.
Digital cash does not recognize national borders. It is not controlled by any central bank of any national state. The unprecedented efficiency of international payments with digital cash may indeed increase the instability of the global monetary system. This efficiency indeed may lead to conflicts between digital cash providers and users and the central banks of nation-states. There are over a dozen proposals for electronic payment systems on the Internet.
In comparison to using cash in the real world, transmitting a credit card number over the Internet might lead to the following difficulties. First, there is the entire question of security. Credit card numbers may be viewed by unauthorized individuals because the Internet is an open system. In the real world, there are a number of means to minimize fraud. A customer using such a card will usually opt to carry out transactions at trustworthy or familiar facilities, stores, and markets. Second, those cards can be used only at authorized stores. Unauthorized small businesses or individuals generally cannot carry out transactions with these plastic-items. In other words, credit cards cannot be used for peer-to-peer payment.
As Yee Kok Siong says that cash encourages peer-to-peer payments. Third, such electronic payments usually charge a small fee. Although the cost is low, it can be significant when the payment itself is very small, such as less than 1 Dollar. As a result, those electronic items cannot be used for micro-payments. A cash payment is used for even the smallest financial transactions. Finally, receipts from these card payments leave residual records of expenditures. Those who issue electronic cash know exactly what kind of goods and services have been purchased, as well as where and when they were acquired. In other words, user's expenditures by using debit cards can be traced while cash payments are untraceable. Electronic payment systems, more or less, try to cope with the above issues. According to the extent to which those systems cope with these problems,
Only time will tell if the history of virtual commerce will be peaceful, successful, and tightly coupled with current operational features of the international financial community.
To learn more, visit here: https://yeekoksiong.wordpress.com/
Near Field Communication technology has been a very highly anticipated and desired feature for smart phones and other "E-Wallet" devices. The technology is already available in newer model smart phones and is being used mostly for exchanging pictures and documents from one phone to the other by doing nothing more than quickly touching the phones together.
NFC technology has recently been explored for making mobile payments with your smart phone or "E-Wallet" device. If successful it will eliminate the need to ever have to carry a credit card or cash again.
As with any new technology there are issues that need to be resolved before it can catch on like wildfire. A few of those issues are:
Security is the absolute most important factor when considering a new device or piece of software that is to be used for handling sensitive information. As soon as a new technology is born, almost immediately you will find somebody trying to exploit it for their own gains. We need to be 100% sure that the only people capable of using our bank information to run a charge are people we have authorized to do so.
How are we supposed to use the technology and expect to leave our wallets at home when 9 out of 10 stores that we shop at do not support our new found favorite thing ever? Simply speaking having the technology is not enough, we need to make sure that it is worth taking the potential security risks outlined above for the convenience of making payments on the go.
Is the device really worth having? There are literally hundreds of new inventions every day, most of them you never even hear about because they do not really serve an important enough purpose to care about. Most popular devices do a great job of showing you a huge problem that you never knew you had and then present itself as the solution to that problem. Remember, every dollar saved is a dollar earned.
It has been said that Near Field Communication is the wave of the future. So far it has not really caught on the way that has been expected. The jury is still out on whether or not the technology will actually be the next big thing or a passing fad. You can bet that you have not heard the last of it considering the amount of money that is being spent trying to implement the idea and solve the problems that the technology currently faces.
Yee Kok Siong for one is a big fan of using the technology for mobile payments. "The easier it is for me to spend money the more money I wind up spending, not to mention an increased exposure to banking and/or identity theft", says Yee Kok Siong.
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