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All You Need to Know Before Investing in Cryptocurrencies

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Cryptocurrency is a form of digital currency that exists only on the internet. Unless you utilize a service that allows you to exchange cryptocurrencies for a physical token, there is no actual coin or bill. Are you perplexed by cryptocurrencies such as bitcoin and Ethereum? You’re not the only one who feels this way. It is best to understand how it differs from other methods, as well as how to avoid cryptocurrency scams before you make an investment.

 

How is cryptocurrency different?

Unlike fiat currencies and other investment options, cryptocurrency accounts are not guaranteed by the government. This means, if you keep bitcoin with a third-party firm and it goes out of business or is hacked, you are not going to get any help or assistance from the government to get your investment back.

 

Another major factor that is also important to note with cryptocurrencies is that their value can fluctuate dramatically, even hourly. Many variables influence this, including supply and demand. A thousand-dollar investment now might be worth only a few hundred dollars tomorrow. And there’s no assurance that the value will rise again if it falls. One factor that had driven the popularity of cryptocurrencies and Bitcoin, in particular, is that it is built on blockchain technology which is considered to be extremely safe. This also minimizes the risk of your Bitcoin getting stolen.

 

Avoiding Scams

Unfortunately, even the robust security that blockchain technology offers is not enough to keep cyber criminals at bay. In fact, cyber criminals are always coming up with new ways to take your bitcoin. Anyone who insists on paying in bitcoin is a definite indicator of a scam. For instance, someone who suggests paying via wire transfer, gift card, or bitcoin is a con artist. Another popular method adopted by cyber criminals is by making unsolicited pitches that appear to be from legitimate “investment managers.” These cyber criminals claim that if you give them the bitcoin you purchased, they can help you increase your money. However, after you go into the “investment account” they set up for you, you’ll discover that you can’t withdraw your funds until you pay a certain amount in vague fees.

 

One of the tell-tale signs of a scam is if they guarantee that you are going to make a lot of money if you invest your Bitcoin. New investors are advised to watch out for any of these scams when they are investing in Bitcoin.

 

Bitcoin Transactions Aren’t Completely Anonymous

This will come to many as a surprise, but Bitcoin transactions aren’t all anonymous. For example, it is not unheard of for cryptocurrencies to use a public ledger called a “blockchain” to record transaction information. This is a public record of all bitcoin transactions, including both the payment and reception sides. This means personal data such as transaction value and the wallet’s address of the sender and recipient may be published on the blockchain. This could be used to identify the names of the people involved in the transaction. However, instances of data theft such as this have not been reported as of late. This is mainly because technologies and security features have gotten better and more secure. The growing interest in Bitcoin trading is going to further drive better security and other safety features for investors.

 

If you are new to Bitcoin investing, then the chesworkshop is a great platform that comes with all of the resources one could need for investing in Bitcoin. Whether you are a first-timer or an experienced Bitcoin investor, the app offers real-time updates and the latest market trends to help Bitcoin investors make a more informed decision.

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Source: https://Blockchain.News/news/All-You-Need-to-Know-Before-Investing-in-Cryptocurrencies

Blockchain

Outplay raises USD 7.3 million to make outbound sales scalable

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4X growth in revenue since the seed fundraise with customers spread across 50+ countries

  • Series A funds raised from Sequoia Capital India

San Francisco, 21st July 2021: Multi-channel sales engagement platform, Outplay today announced its $7.3M series A fundraise from Sequoia Capital India. Outplay will use the funds raised to invest in technology and hiring exceptional talent across the globe.

Businesses today rely on a combination of inbound and outbound sales models to drive revenues. While the inbound sales process has rapidly evolved over the last 10 years, outbound sales hasn’t. Outbound sales teams typically use high-volume tactics to drive revenue. But this approach is not scalable and the revenue eventually becomes a function of the size of the outbound sales team. This is because outbound sales teams don’t have a data-driven approach for targeting prospects that are most likely to convert and end up spending time emailing or cold-calling hundreds of prospects hoping to convert a few.

Launched in 2019, Outplay is on a mission to change this by bringing predictability to outbound sales and help every salesperson talk to the right prospect at the right time through the right channel. The platform helps outbound sales teams plan, execute, track, measure and optimize interactions between companies and their prospects across multiple channels like email, phone, SMS, social media as well as live chat.

Laxman Papineni, CEO of Outplay commented, “Outbound sales teams are truly the dark horse of the sales organization – the targets are high, but the methods aren’t scientific. Outplay is committed to making outbound outreach data-driven, so that sales teams are talking only to the warmest prospects at any given point across multiple channels, optimizing time and resources. The continued partnership with Sequoia Capital India is a testament to the fact that the sales engagement space, which is poised to be a $5.59B market by 2023, is a huge opportunity for Outplay.”

With Outplay, sales managers can create data-backed sales playbooks to coach their team members and help them achieve their sales targets. The platform’s combination of automation and personalization helps teams start genuine conversations at scale, enabling them to stay on task by using multiple channels through a single interface to drive more meetings. Sales reps are thus able to build a multi-channel outreach plan for their prospects across email, phone, SMS, LinkedIn, Twitter and chat.

For example, Outplay helps sales teams engage with warm prospects by notifying them when their prospect visits their business website. Enabled by Outplay’s industry-first outbound live-chat feature, Magic Outbound Chat, the rep can initiate live chat and have a contextual conversation with the prospect. Customers have been able to qualify prospects faster and grow their pipeline by 300% using the tool alongside inbound chat.

“We continue to be very excited by Outplay’s mission of making every sales rep perform like the best rep on the team. Outbound sales needs are evolving rapidly and reps now need personalized, automated and contextual tools to drive sales which Outplay is successfully enabling. Sales reps spend an average of four hours per day on Outplay,  demonstrating the effectiveness of the product which has category-leading customer reviews. Additionally, rapid digitization due to COVID has been a significant accelerant for the business and we believe these tailwinds will continue as outbound sales becomes more digital.” Harshjit Sethi, Principal, Sequoia India

Outplay also offers support to ensure software adoption across customer teams is done within days, not weeks or months. Since the seed fundraise – USD 2 Mn from Sequoia Capital India’s Surge early this year, the company has grown 4X in revenue, 3X in team size and has customers from more than 50 countries. Outplay was a part of the Surge 04 cohort.

About Outplay

Outplay is a multi-channel sales engagement platform that ensures outbound sales teams deliver the most powerful message at the perfect time in the buyer journey through the right channel. With features like dynamic sequencing, magic outbound chat and detailed analytics, Outplay gives sales development representatives (SDRs) and business development representatives (BDRs) the right signals so they only work on the warmest prospects across multiple channels like email, phone, SMS, LinkedIn, Twitter and Chat.

Source: Platodata Intelligence

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Blockchain

As Banks Begin to Embrace Blockchain, Cross-Chain Interoperability Will be Vital to Mass Adoption

The post As Banks Begin to Embrace Blockchain, Cross-Chain Interoperability Will be Vital to Mass Adoption appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Back in September 2017, JPMorgan Chase CEO Jamie Dimon ridiculed Bitcoin, calling it a fraud “worse than tulip bulbs.” For the uninitiated, he was referring to the 17th century Dutch tulip market bubble, one of the craziest bubbles in recorded history. Fast forward a few years, JPMorgan and other banking giants have been dipping their …

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Back in September 2017, JPMorgan Chase CEO Jamie Dimon ridiculed Bitcoin, calling it a fraud “worse than tulip bulbs.” For the uninitiated, he was referring to the 17th century Dutch tulip market bubble, one of the craziest bubbles in recorded history.

Fast forward a few years, JPMorgan and other banking giants have been dipping their toes in the blockchain world. Blockchain enables the untrusted parties to securely transact without middlemen that add to the cost and slow down the transaction speed. Thanks to the self-executing smart contracts, it offers a simple and secure way to establish trust in a transaction. 

Can’t afford to get left behind

It’s not just network efficiency or cost savings that attract banks to blockchain. Blockchains can dramatically improve the security of digital transactions and remove the potential for errors, confusion, and fraudulent transactions

Blockchain and the distributed ledger technology (DLT) are disintermediating the key services that banks provide such as payments, clearance & settlement systems, fundraising, borrowing, lending, customer KYC and fraud prevention. They help simplify the movement of money and sensitive data across the globe.

Large banks have now become far less hesitant to experiment with blockchain. According to a Global Blockchain Survey conducted by Deloitte, more than 95% of the participant banks said they would make at least some investment in blockchain or DLT.

Blockchain today is a lot like the Internet of the 1990s. Organizations reluctant to understand and exploit its capabilities will likely be left behind. It is disrupting almost every industry, including banking – just like the Internet disrupted many in the 1990s.

Embracing blockchain

A growing number of banks have joined blockchain consortiums such as the Hyperledger project and R3 to advance the global blockchain adoption. 

Banks joining different consortiums highlights the facts that there is no standardized implementation of blockchain technology.

There are hundreds of public, private, and consortium blockchains deployed around the world. Even if a bank is part of a consortium, it won’t be able to communicate or exchange information with banks outside the consortium. 

Today, blockchains exist in isolation. They might not gain mainstream acceptance until users are able to seamlessly access value and utility across the entire ecosystem. End users cannot be locked into a single blockchain or standard.

Cross-chain bridges would drive the future adoption

Cross-chain platforms provide interoperability between two relatively independent blockchains. They allow the siloed networks to speak to one another and exchange information. 

Given that banks are building their Dapps on different blockchains, they would rely on cross-chain platforms to talk to one another. Projects like Wanchain have been building cross-chain bridges to connect the different networks to help blockchain reach its full potential.

Earlier this year, Wanchain launched the world’s first BTC-ETH direct bridge. It already offers decentralized bridges connecting Bitcoin, Ethereum, Wanchain, EOS, Binance Smart Chain, Litecoin, and XRP Ledger. 

Wanchain’s cross-chain bridges use unified decentralized collateral pools maintained by its Storeman Group. When a user initiates a cross-chain transaction, the Storeman Group locks the original asset on the origin blockchain before minting a new token, pegged 1:1 to the original asset, on the destination chain.

Any blockchain – whether public, private or consortium chain – can easily integrate with Wanchain to establish connections between different ledgers and perform low-cost inter-ledger asset transfers.

Wrapping it up

The number of blockchain projects is growing rapidly as developers keep coming up with innovative ways to leverage blockchain’s capabilities. There are a wide variety of blockchain ecosystems such as Ethereum, Cardano, Polkadot, Solana, and others – each with their own set of advantages. It’s highly unlikely that there will be a single perfect blockchain platform that all the world’s banks could use to build their Dapps. 

Cross-chain interoperability solutions like Wanchain enable the transmission of the world’s digital assets and data between various isolated blockchain networks in real-time. Truly decentralized and open finance must be connected to make banking services fast, secure, and affordable.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
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Source: https://coinpedia.org/news/banks-begin-to-embrace-blockchain/

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Blockchain

MATIC Price Back In Action, $15 Target Set For Polygon By EOY!

matic stable

The post MATIC Price Back In Action, $15 Target Set For Polygon By EOY! appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

The crypto space was flowing through immense negative sentiments in the past couple of weeks where many assets plunge with a massive margin. The constant rejections of Bitcoin prices at $40K initially and later at $35K had shaken the space. Therefore other popular tokens like Litecoin price, XRP price, MATIC price, etc also suffered more …

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The crypto space was flowing through immense negative sentiments in the past couple of weeks where many assets plunge with a massive margin. The constant rejections of Bitcoin prices at $40K initially and later at $35K had shaken the space. Therefore other popular tokens like Litecoin price, XRP price, MATIC price, etc also suffered more than 60% drop from yearly highs. While the other assets follow an unhurried race, Polygon price takes a gigantic long jump.

The MATIC bulls entered the ring right in time and ease the accumulated selling pressure. The price has experienced an extreme drain off in the last trading day, that it was on the verge to mark the lowest levels that the mid-may crash. However, the asset retraced like a giant accumulating more than 30% gains.

maticprice

The price was following a descending channel where-in each attempt to break the channel resulted in lower lows. The extreme sell-off that initiated since the beginning of July compelled the price to break the lower support levels. However, the fresh surge kept the hopes of a notable surge above $1 alive.

As mentioned in the chart, the Polygon price needs to clear the upcoming barriers at $0.85, $0.97 and finally at $1.06. This would confirm the uptrend into a substantial bullish trend which may also push the price above the ATH. With a notable rebound, the targets remain unchanged or can say escalated. A popular analyst, CyrilXBT predicts a $15 target for MATIC price by EOY.

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Source: https://coinpedia.org/latest-post/matic-price-back-in-action-15-target-for-polygon-price/

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Blockchain

Synthetix (SNX) and Bancor (BNT) Technical Analysis: What to Expect?

Synthetix and Bancor prices are down double digits in the last trading month. BNT/USDT is capped below $4, while SNX/USDT will soar if bulls overcome $10.

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Synthetix and Bancor prices are down double digits in the last trading month. BNT/USDT is capped below $4, while SNX/USDT will soar if bulls overcome the middle BB.

Synthetix (SNX)

The Ethereum protocol, Synthetix, allows traders to access a variety of highly liquid derivative assets. SNX is the platform’s governance token.

Past Performance of SNX

The SNX/USDT price is in a downtrend — sellers are clearly in control.

Of note, from the leg up of the last four weeks, SNX prices have recoiled from July highs, dropping to the 78.6 percent Fibonacci retracement level.

READ  R3’s Corda Gears Up For DeFi With XDC Crypto Tokens

There could be the hope of recovery. However, this largely depends on the reaction of bulls in the lower time frames.

At present, SNX is up four percent versus the USD as buyers benefit from NY session gains.

Day-Ahead and What to Expect

In all, DeFi and crypto markets appear worn out and defeated.

From a top-down view, every pullback offers an unloading opportunity.

Continued support at spot rates may plug the bleeding.

However, it is a convincing high-volume bull bar above $10 unwinding losses of July 19 and 20 that might draw demand.

SNX/USDT Technical Analysis

Synthetix Price Daily Chart for July 21

SNX bulls’ chances are still slim if price action in the daily chart leads.

The short-term bear target is $5.

On the flip side, rejection of lower lows and SNX/USDT floating above the middle BB to $10 may see prices racing back to $14 in continuation of buying pressure of late June.

READ  Polkadot (DOT) and Kusama (KSM) Technical Analysis: What to Expect?

Bancor (BNT)

The Bancor protocol is one of the earliest DeFi swapping dApps. It rides on Ethereum and EOS.IO chains, using BNT as an incentivizing and governance token.

Past Performance of BNT

BNT bulls are overwhelmed by sellers, reading from price action in the daily chart.

At the time of writing, BNT is up five percent.

Still, prices are within a bear breakout pattern, evident in the daily chart.

Notably, after impressive gains in the better part of Q1 2021, BNT has given out gains, dropping by over 70 percent from H1 2021 peaks.

Day-Ahead and What to Expect

Admittedly, sellers are in control. BNT/USDT prices are inside a descending channel, capped to the upside by the main resistance line—the middle BB.

Technically, it would require a high-volume, wide-ranging bull bar racing above the liquidation line and $4 to signal a trend reversal.

READ  CipherTrace Files Patent For Tracing Monero Transactions

BNT/USDT Technical Analysis

Bancor Price Daily Chart for July 21

Despite early gains, the selling momentum is strong; BNT/USDT bars are aligning along the lower BB as the two bands diverge, suggesting volatility.

Unless otherwise there are series of higher highs countering the primary selling trend accompanied by a significant uptick in trading volumes, confirming today’s gains, BNT sellers may search entries on pullbacks targeting $2.5—the 78.6 percent Fibonacci retracement level of the H1 2021 trade range.

#Bancor prices #BNT/USDT #DeFi #SNX/USDT #Synthetix prices

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Source: https://www.cryptoknowmics.com/news/synthetix-snx-and-bancor-bnt-technical-analysis-what-to-expect

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