The world of technology is racing fast: call it cruising at supersonic speed. Unlike during the Industrial Revolution era, when countries relied on raw materials and machinery to make returns, today’s primary economic driver is service. If you look at the Chinese economy, one of the fastest-growing economies in the globe, 54% of the GDP comes from services.
In the financial services sector, adopting technology for success has become the primary denominator. The latest technology that is defining the financial industry is the blockchain and associated cryptos. Now, almost all industries, from the film sector to law are also riding on technology. In this post, we will look at blockchain technology. Keep reading as we demonstrate unique ways that you can use to read more from blockchain technology and crypto coins.
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Creating, Buying, or Selling Non Fungible Tokens
Non-fungible tokens are digital assets that are used to link ownership to unique digital or physical items, from music to works of art. In the first half of 2021, NFTs sales hit an all-time high of US $2.5 billion. Most NFTs are created and stored on the Ethereum network, which makes it easy for anyone to check and reveal the ownership. When you have crypto coins, especially ETH, you can create these tokens, buy or even trade them on marketplaces.
Staking Your Crypto Coins
If you select a cryptocurrency that uses proof of stake (PoS) protocol, it is possible to use the coins for staking. Staking is the process of committing your coins by locking them to the blockchain network over a specific period to help with governance and confirming transactions. Your coins become a node/ part of a node that helps with the governance of the selected network.
The best way to stake your cryptocurrencies is using a DeFi platform or pool. This means that your crypto is pooled together with others to increase the chances of getting an opportunity to confirm transactions and find the next block in a selected blockchain. Then, the reward offered, whether in the form of transaction charges or new crypto coins, is shared among the coin owners. Some good examples of coins that use POS protocol include:
● Ethereum (is in the process of shifting from POW to POS
One thing that you need to appreciate about cryptocurrencies is that they work just like fiat currencies, but are never printed on paper or minted into coins. Despite this, you can trade the cryptos on the exchanges and make returns. To do this, you need a few things:
● Buying the preferred coins.
● A trading platform (some of the brokerage platforms that offer forex trading are now offering cryptocurrencies as alternative assets for trade).
● A good strategy. The strategy that you adopt helps in determining when to sell and buy a crypto coin. It is very important to closely follow the latest news in the world of cryptos to be able to make good predictions on price movements. Again, you need to adopt an appropriate risk management strategy, such as using stop-loss orders.
Another unique way of getting some returns from your crypto coins in crypto lending. Unlike with the conventional banking system, where people can only take loans from a few lenders, such as banks and online lenders, DeFi platforms are now expanding this space. If you have an urgent need for money and have some cryptocurrencies, you can take a loan with them as collateral. The good thing about it is that you do not sell the coins. See, you get to access the funds to address the need at hand and enjoy high coin value if the selected crypto’s price moves up.
Whether as an individual or business, there is so much that you can do with cryptos, and this is an excellent time to get started. Remember to ensure you select the crypto with high potential and capable of rapid growth. Visit Hi for assistance with all your crypto needs.
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