Bank of America Files Blockchain Patent for Data Validation Bank of America (BoA) has filed a patent for a blockchain-based system allowing the external validation
The retail giant Walmart has been awarded a patent for a blockchain system which stores patient medical records in a highly secured database. This information can quickly be retrieved in an emergency situation if the patient is unresponsive with first responders. In order to secure the privacy of patients, medical information stored on the blockchain will only be accessed on emergency specific cases.
The Walmart patent describes a wearable device (ideally a wearable bracelet) which would serve as a storage unit for the blockchain database. A biometric scanner would then be used to obtain patients information through a RFID scan from the wearable device.
In case of emergency, the patient with the wearable device would be scanned by the first responder, which would then be able to acquire an encrypted private and public key from the patient.
In order to decrypt the private key, a feature of the patient must be scanned. This could be the retina, Iris, fingerprints, or face. Once the private key has been decrypted, the patient’s medical record can be obtained from the blockchain database.
The blockchain system outlined within the patent will allow medical personnel to be fully briefed on patient’s vital medical records before they arrive at a particular facility. This is not only a time-saving system but potentially life-saving as well. The patent was initially filed by Walmart on December 14 of 2016 and has since then been awarded on June 14, 2018.
Many other Walmart blockchain patents have been awarded here recently. A blockchain electrical grid patent was awarded as of last week. Another blockchain patent was awarded last month regarding a digital marketplace which would allow customers to resell items as well as maintain a history record of that particular item.
The US retail giant Walmart, recently won a patent to develop an electrical grid that will be powered by Bitcoin or other cryptocurrencies according to the patent application published on June 14 by the US Patent and Trademark Office.
Walmart initially filed a patent back in December 2017. The main focus of the system, outlined within the patent, is to help companies better manage energy consumption as well as regulate demand.
The patent states that both large companies and households can use blockchain based networks to assign each device a specific amount of BTC (or other except the cryptocurrency) which is used to purchase energy from a utility vendor.
The patent further explains…
Each unit of cryptocurrency is represented by a unit of energy. For example, one cryptocurrency coin can be set to be equivalent to 1 kWh. Electricity capped totals can then be implemented for a month of spending at that current rate.
The patent also outlines which devices on the network will be able to share funds between each other if one particular device exceeds its allotment of cryptocurrency. This will ensure its continued operation during the billing cycle. The blockchain based system also indicates which device consumes the most power compared others. The remaining volume of electricity can be distributed to other networks which will support each other if one consumes less energy.
This will allow the utilization of cryptocurrency to be operated independent of a central database system like a central bank or central authority operated by the energy provider.
Walmart has also applied for various other patents in order to integrate blockchain technology into its supply chain cycles. This includes a service that will record customer purchases on the blockchain ledger allowing their customers to resell items on a sales platform using the record of purchase.
Another patent employs a “Smart Package” blockchain based tool which would allow the tracking of packages, environmental conditions, locations, and other details.
The company is also working on allowing suppliers to put food on the blockchain which will reduce its waste and improve contamination management.
The US retail giant, Walmart, filed a patent on May 17 regarding a blockchain based marketplace for reselling purchased products. The patent was filed with the US Patent and Trademark Office, which describes the service as a record of customer purchases on a blockchain ledger. This would allow customers to resell the items on a sales platform utilizing the blockchain record of purchase.
The patent states that customers don’t always plan to utilize items they purchase at their stores for their entire lifespan. These items are generally left to be arranged for resell after a subsequent time.
The architecture within this blockchain patent will provide additional support to ease and facilitate the reselling of items purchased at Walmart. The interface of this blockchain app is still undecided; however it will be both browser and mobile based.
Walmart intends to stay competitive within the “nontraditional shopping space” as there is an incentive for brick-and-mortar stores to stay ahead of cutting edge technology which could improve their customer’s experience.
In March, Walmart also filed a patent for their new delivery mechanism which uses the blockchain based tool for tracking packages, locations, and environmental conditions. The name of the patent is labeled as the “Smart Package” delivery system.
Walmart submitted 2 US patent applications utilizing blockchain technology for integration of their courier services into their online shopping platform as reported on April 20.
Walmart is diving deeper into blockchain technology and has already hired a team of five programmers from the US and one from the UK to had their patent applications or a Courier Shopping System and Vendor Payment Sharing System.
The Walmart development team is hoping to corner the market with this blockchain technology that weaves together vendors, couriers, and customers into a shopping network where payments are collected and paid out among vendors and couriers using a permission-based blockchain.
The blockchain would also include peer to peer shopping and delivery services among its participants and include a written reputation and rating based system.
The patent covers philosophical theories of human psychology and eliminates several paragraphs of more complex wording to substantiate obvious points. The wording is used to establish a basis for what is considered a common sense approach to the matter, while leaving out more of the technicalities.
Overall, the submitted patent hopes to monitor individual’s behavior and choices over a period of time. It maps out its customers value system in order to target products and services they might prefer along with how they want them delivered.
The patent claims..
“Depending upon what sensors a person encounters, information can be available regarding a person’s travels, lifestyle, calorie expenditure over time, diet, habits, interests and affinities, choices and assumed risks, and so forth. This process will accommodate either or both real-time or non-real time access to such information as well as either or both push and pull-based paradigms.”
The blockchain patent essentially allows the monitoring of an individual’s every move so their behavior can be predicted (pretty creepy). It also referenced the use of artificial intelligence and integration into “Internet Of Things”.
The blockchain patent still remains fairly vague as its missing actual programming details and technical specifications on how this behavior monitoring will be achieved.
It seems that Walmart is trying to cover the broad concept of monitoring customer’s behavior so that it may be able to be the sole collector of any valuable profile data. This would essentially create a snapshot on every customer who uses their system and would enable the blockchain technology to store this information forever.
With the recent questioning of Mark Zuckerberg, and the US government questioning of the accused Facebook on violating public privacy, it’s very disturbing to find out that there may be more sinister violations of privacy brewing within the US patent offices within Walmart HQ.
Volkswagen Patent Allows Vehicles to Communicate via Blockchain
Volkswagen has applied for a patent allowing vehicles to communicate with each other through a blockchain-based network aimed to increase road safety by warning of nearby vehicles and alerting the driver to potential collisions.
The system could potentially be used to negotiate actions like merging lanes, overtaking, and a number of other high-risk activities on the road.
“In Vehicle-to-Vehicle communication messages are exchanged between vehicles to enable novel safety-relevant use cases. Most of the currently known use cases provide warnings to alert a driver about an imminent event, such as two vehicles colliding with each other,” read an excerpt from the patent. “To this end, Vehicle-to-Vehicle communication is based on single messages, which are signed by the sending vehicle.
The signature provides integrity and non-repudiation. A natural extension to safety warnings are cooperative manuevers, which allow increasing both safety and efficiency of road usage.”
The patent deals with self-driven and manually-driven cars and aims to either display information for a driver to see or simply inform self-driving cars on their next move. A cooperative inter-driver contract is described which will allow drivers to enter agreements aimed to increase their road safety.
|“Cooperative manoeuvres can be performed in a variety ways. One efficient way is for two vehicles to negotiate a contract. Once this contract is complete, the manoeuvres of the negotiated contract are carried out. In case a need for a change of plans arises, this change needs to be agreed upon as well.”|
The crux of the patent is the concept of exchanging inter-vehicular messages which are cryptographically signed and serve to create a network of nearby cars in order to better avoid collisions and work with the flow of traffic.
The patent explains that messages are first exchanged between one vehicle and another, with each message containing a “hash pointer” which indicates where relevant information is stored on a blockchain. After the messages have been exchanged the pointer to the last of the messages is signed by each participant and published on the blockchain. If the resulting contract has to be changed, a further message is added and the process continues.
Volkswagen is the latest major company to apply for a blockchain patent to enhance their business, with Walmart patenting a system for accessing medical records on a blockchain with other blockchain patents under review and Mastercard patenting anonymous blockchain transactions. and Samsung seeking blockchain patents to improve their logistics and operational efficiency.
Ford Motors has also patented a cryptocurrency-fueled vehicle technology allowing for preferential lane access while on the road among other functions, with cryptocurrency exchange being a feature of the system. It’s possible that the Volkswagen contract system will handle similar negotiations if approved.
One of 17 institutions chosen for Ripple’s $50 million academic pledge, the University of Texas at Austin will receive $2 million from San Francisco-based industry giant Ripple.
The McCombs School of Business at UT will receive $2 million from Ripple over the next five years to fund research at the institution’s Blockchain Initiative program, a report by university student newspaper The Daily Texan has revealed.
McCombs hosted its first blockchain conference in April 2018 to much interest among faculty and students from different universities including its own, the report suggested, pointing to an increasing demand and appetite to explore the decentralized technology commonly associated with cryptocurrencies like bitcoin.
The conference was attended by 300 people, including Ripple executives, students and staff. Notable attendees included Goldman Sachs’ senior FinTech equity researcher Jim Schneider and Walmart vice president of food safety Frank Yiannas who delivered keynotes alongside other panelists from USAA, the SEC, ICE and IBM.
“That [conference] was the catalyst for really seeing that there was a lot of demand from students and industries and companies for having a central focus inside the business school to basically harness the demand for blockchain technology,” program director Cesare Fracassi said.
The initiative lays out three main objectives behind its foundation, namely supporting faculty and graduate students on blockchain research “across colleges” at UT, teach students “the main concepts related to blockchain, cryptocurrency and digital payments”, and be “the hub of knowledge for external relations” with the industry, policymakers and media.
While relatively new, McCombs’ Blockchain Initiative will use the funding from Ripple to finance projects, research and outreach programs that connect students to companies in the city, Fracassi added.
Austin is a pretty large hub (for) blockchain technology companies, so I see the initiative as a way to link faculty and students to those companies.
The subject of blockchain technology is also being taught “in several classes” at McCombs with students learning about the “technological, legal and business opportunities and challenges” faced in the rollout of blockchain-powered solutions.
The funding is part of Ripple’s broader $50 million pledge to fund academic blockchain research in seventeen universities around the world. As reported by CCJ, the University Blockchain Research Initiative (UBRI) includes universities in Australia, Brazil, Canada, Cyprus, India, Luxembourg, the United Kingdom, Netherlands, Korea and the United States.
Bank of America Files Blockchain Patent for Data Validation Bank of America (BoA) has filed a patent for a blockchain-based system allowing the external validation
Boeing to Use Blockchain Tech to Track Unmanned Air Vehicles for Future Flight Industry Boeing, the the world’s biggest aviation company, recently announced their intention
Binance Invests in Plans of First Decentralized, Tokenized Bank in Malta Binance, the world’s second largest cryptocurrency exchange platform, is planning to create a blockchain
South Korean Officials To Develop New Cryptocurrency Exchange & Blockchain Regulations The Korea Times reported today that South Korean regulators are finalizing drafts of bills
Sirin Labs Plans to Release First Blockchain Smartphone in November Swiss smartphone developer, Sirin Labs, plans to release a blockchain based smartphone in November of
IBM Signs $740 Million Deal With Australian Gov’t for Blockchain Data Security IBM has signed a five-year AU$1 billion ($740 million) deal with the Australian government to use blockchain and
Volkswagen Patent Allows Vehicles to Communicate via Blockchain Volkswagen has applied for a patent allowing vehicles to communicate with each other through a blockchain-based network
South Korea Develops Industry and Classifications for Blockchain Industry The South Korean government is drafting major new industry classification standards for the domestic blockchain industry, local crypto news outlet
Malta Passes Blockchain Bills to Establish Framework for Blockchain Technology Malta’s Parliament passed three bills today in order to establish a regulatory framework for blockchain
$731 Million Stolen from Crypto Exchanges in 2018: Can Hacks be Prevented? Blockchain security firm CipherTrace recently reported that $731 million worth of cryptocurrencies
Kaspersky Labs Reports “Cryptojacking” As #1 Threat over Randsomware Kaspersky Labs recently released a cyber security report that notates a significant decline in ransomware as
Mastercard Wins Patent to Anonymize Transactions Via Blockchain Mastercard, the financial services giant, was granted several new patent approvals this week regarding implementation of several
Stanford University Launches Blockchain Research Center Stanford University has recently created the Center For Blockchain Research according to their Stanford Engineering website posted on June
Cointelegraph Launches DAppHub Aggregator for Platform Discovery Cointelegraph announced on June 19 that that they launched a decentralized application aggregator (DApps) for analysis and easy
Walmart Awarded Patent for System That Stores Medical Records on Blockchain The retail giant Walmart has been awarded a patent for a blockchain system which
CryptoZombies Creator Launches Kickstarter Campaign for Blockchain Trading Card Game The development team behind CryptoZombies, the website that teaches people how to code Ethereum DApps,
Walmart Wins Patent for Electrical Grid Powered by Bitcoin The US retail giant Walmart, recently won a patent to develop an electrical grid that will
Oxford Plans World’s First Decentralized Blockchain Based University Professors at Oxford are looking to open the world’s first blockchain University according to sources at CoinTelegraph.
Blockchain App, Adblock Plus Used to Detect Fake News The developer for Adblock Plus claimed that they’ll be utilizing blockchain technology for their Trusted News
First Crypto Mining Blockchain Company to be Listed on London Stock Exchange Argo Blockchain, will soon become the first blockchain company to be listed on
Huobi, 3rd Largest Crypto Exchange Creates US Cryptocurrency Trading Platform The world’s third largest cryptocurrency exchange volume, Huobi, just created a new cryptocurrency trading platform
Switzerland Bank is First Country to Offer Business Accounts to Crypto Companies Hypothekarbank Lenzburg is the very first Switzerland bank to provide business bank accounts
Samsung Launching Finance Blockchain Platform Nexfinance Samsung, the South Korean electronics giant, announced on June 4 that they’ll be launching their own blockchain platform titled
DHL to Partner with Blockchain Finance Platform TradeIX DHL announced today that they would be partnering with the blockchain trade finance company TradeIX, according to
One of China’s four major state owned oil companies, Sinochem Corporation, has completed a shipment of gasoline from China Singapore utilizing blockchain technology entirely as reported on April 2.
This was the first time the blockchain technology has been applied to all key participants in commodity training process. The shipment was sent by Sinochem Energy Technology from Quanzhou, China to Singapore.
In December 2017, Sinochem Group completed its first crude oil blockchain import transaction. The blockchain technology has been used in both logistics and shipping. The Chinese retail giant JD.com will also be using blockchain technology to monitor your orders and ensure customer product quality.
United States Postal Service recently filed a patent to use blockchain technology for its customer identity verification.
Walmart has also reported that will be using blockchain technology for their “smart package” system. This system will use blockchain to track the contents, location, and environmental conditions of their packages.
JD.com states that customers will be able to monitor their meat from a farm in Australia. This means that customers will be able to follow the order from when it was raised, butchered, and transported, to their doorstep.
This blockchain technology provides a solution to boosting consumer confidence as it allows them to verify the origins of their meat in seconds, as there was an incident in 2016 where 319 pigs were contaminated by prohibited drugs and were discovered in Southeast China. The new system will reassure consumers they have purchased safe and reliable products for their families.
Blockchain has also proven, with their distributed ledger system, to have the capabilities to track the origin of foodborne illnesses like salmonella. This method would also allow for more accurate tracking from the supplier to consumer chain in order to locate the source of contaminated products that could lead to less food waste and much higher food safety recalls.
Also worth noting, the US retail giant Walmart partnered up with IBM to build a blockchain platform to which they could identify and recall foods from their product list. JD,
Walmart, and IBM are all members of the Chinese Blockchain Food Safety Alliance.
This extensive beginners guide to cryptocurrency trading will introduce you to a wide range of fundamental investment and trading strategies you’ll need to learn before moving onto more intricate topics like technical analysis.
I hope this guide can help serve as an introduction to those looking to get into crypto trading. Many of its lessons I had to learn the hard way, so buckle up and try not to make the same mistakes I did. Regardless of how careful you are, just know that you’re going to make mistakes. As long as you learn from them, and move forward, you’ll be successful in this new and highly exciting cryptocurrency era.
If you’re just starting out, I highly recommend you bookmark this guide and start from Step 1. If you consider yourself a moderate to experienced trader, by all means, use the table of contents below to zip down to exactly what you need to know!
Ready? Good! Let’s get started…
Don’t just join one, join them all. You’ll find that one exchange will be slower to transfer fiat currency than another during certain times of the year. It’s always good to have backups of your backup.
You’ll need to submit a driver’s license, passport, etc in order to get into most serious crypto exchanges. You might as well kill two birds with one stone and apply to all these exchanges, at once.
|PRO TIP: there’s no need to purchase a whole number of a cryptocurrency. You can own small fractions of any denomination, so don’t really worry about fulfilling an entire Bitcoin for example. There are millions of investors and traders who only own fractional amounts of multiple coins.|
|If you’re impatient like me and don’t feel like waiting several days for your deposit to complete, check out LocalBitcoins This place accepts everything from cash, credit card, and even Walmart card payments into crypto.|
Everything on this site is sold through third-party sellers so be careful and make sure you purchase through a reputable one who has reviews on their local user ID (think eBay for crypto).
With this option you’re not paying ridiculously high fees. However, you will have to get up off your ass and make the transaction yourself either through bank account transfer or cash in hand.
4. Set up a direct deposit or wire transfer from your bank account for the quickest possible deposit into any one of these exchanges. Depending on the time of day, alignment of the stars, season of the year, etc… it can take anywhere from 1 to 7 days for the funds to reach your account.
To be quite honest, it really depends on how busy your current exchange is at any given moment. Coinbase tends to be the busiest and most widely used so if you’re in a hurry, you may not want to use this one immediately…unless you have time to kill.
|Now that your deposit has hit your account, and you have that beautiful cryptocurrency on-hand (because I know it’s burning a hole in your digital pocket) let’s move on to the next step, trading on crypto exchanges.|
PRO TIP: – when you sign up to Coinbase or any other “US-based” exchange, your transactions will be reported to the IRS. Do yourself a favor and make sure you’re tracking all transactions.
A great service that provides this for you, without having to do it manually (which is an extreme headache) is CoinTracking. I highly recommend this service to everyone who intends on trading more than a few coins per year.
This is where the rubber meets the road. If you want to invest or trade in a cryptocurrency other than Bitcoin, Litecoin, Ethereum, or Bitcoin Cash then you’re going to need to get real familiar with a cryptocurrency exchange trading platform.
These exchanges can be a bit intimidating to the weary newcomer, however believe me when I say, once you learn one, you’ll know how to use all of them.
I’ll go over the intricacies of how to use each one, however let’s stay on course and get you signed up to a few of these beginner friendly exchanges.
Also worth mentioning is GDAX, however you essentially get access to that exchange when you get accepted to Coinbase. It’s the official trading platform for their users. I don’t currently use that platform but realize that there are a lot of other beginners that do, so it’s worth checking out.
|PRO TIP: learn what “dollar cost averaging” is before you start trading. This basically means that if you want to invest $1000 total into a coin, you want to split that up into segments of 4 ($250).|
For example…let’s say you want to invest in Litecoin (LTC). You invest $250 to start. After a month, you want to invest another $250. Keep repeating this process every month, until you have fully invested your full $1000 capital.
This strategy ensures that you get the best price over time. To ensure you get the lowest price, invest on monthly dips. Over the course of 4 months, you’ll end up investing at a much lower price than you would have dumping your entire investment in one lump sum.
|PRO TIP: – Stay tuned to our Youtube channel where I’ll cover more details behind trading and technical analysis on different platforms as well as several different beginner trading strategies.|
Watch this video to get acquainted with the Binance trading interface
Be sure to check out our Technical Analysis, Candlesticks, and Chart Patterns section of our site where I cover all the standard details of crypto trading.
Trading Platform Order Types
There are 3 different order types you’re going to use when buying or selling at any crypto exchange. You should be comfortable with each one in order to be a successful trader.
Note that all orders, both buy and sell, have fees attached to them. They are relatively small (fractions of a percent), so don’t worry about them too much.
Market Orders – these orders allow you to get into a trade right away at the current market price. Orders are immediately filled within an order book at the best available rate. The advantage of this order is, it’s completed immediately. On the other hand, you don’t always receive the best price..
Limit orders – This order type allows you to set a specific price. The market can then fill that order at the specific price. The drawback to this order type is, your order may not always be filled before the price inevitably increases. You may notice that the order book is full of buy and sell orders. Once you place a limit order you’ll be able to view where your order is within the order book, usually indicated by an arrow pointing to your exact order. On other exchanges your order is in bold print.
Stop Orders – (AKA – “stop losses”) The disadvantage to having a stop order is that there are cases where a price will drop significantly during a small period before it rallies (increases) to meet your original goal. This is a way for market-makers to eliminate stop losses before increasing price action for a more prominent bullish run.
I cover more intricate details about stop losses within this guide. I highly recommend you read it before implementing this feature into your trades.
PRO TIP: Trading is all about minimizing losses and maximizing your gains. No one and I mean no one is going to win them all (not even close). You just have to make sure that your losses are small while keeping your gains relatively large. Obviously this is an oversimplified statement, but it covers the basis of trading.
Many technical strategies and money management techniques go into making this statement a reality.
Candlesticks and Trading Patterns – you want to get yourself familiar with these indicators as they are the basic foundation of trading cryptocurrency. We cover a wide variety of these patterns on our candlestick and trading patterns section. I highly advise that you check these out now and study them while you’re waiting for your exchange approvals to facilitate.
|If you’ve been in the crypto world for more than a week, then I’m sure you’ve heard of the website CoinMarketCap.com. This handy crypto tool should be your ever-loving sidekick when it comes to checking on the latest trends, prices, exchange listings, and news for anything crypto coin related.|
The only real issue that I’ve had with a CoinMarketCap is that it’s not updated in real time and can showcase older prices (by an hour). However if you want to view real time cryptocurrency price updates, I highly recommend you check out our live crypto chart page for up to the minute price updates.
So let’s just pretend you’ve been living under a rock for the past few months and heard about a new cryptocurrency that’s bound to change the way we view reality. I know, tough sell. The very first thing you want to do is check CoinMarketCap and place a search for that coin.
Once you find it, click on the link and look under the tab labeled “Markets” to view what exchanges sell the coin. You’ll typically notice that it’s being traded on several exchanges, unless it’s brand new.
You can also view other relevant information on the coin like their website, latest news release, forum gossip, market value over time (charts), and so much more. There’s a ton of information for you to dissect on CoinMarketCap, so you have no reason to not do your due diligence before investing.
This should be one of the very first places you explore before trading or investing in a new altcoin. Alternatively, our CCJ Live Trading Charts give you the same information offered on CoinMarketCap.
Transfers seem to be common occurrence for cryptocurrency trading, even more than any other trading commodity in the world (forex, stocks, options, etc), so let’s make sure you do it right, ok?
One aspect to coin transfers that you really need to get acclimated to our the fees. Transfer fees from one cryptocurrency exchange to another can vary greatly.
For example, at the time of this release, Bitcoin transfer fees are fairly high, whereas Litecoin offers a much cheaper rate. Always make sure you check the transfer fees before submission. They are displayed within a pop-up box right before you submit the transfer.
Also take note of the transfer time, which is equally as important as the fees. Check out bitinfocharts to see what the current coin transfer rates and fees are before setting up a transfer.
Once the transfer is complete, you can easily purchase the cryptocurrency that you intend to trade pairs with (typically BTC, ETH, or USDT).
Deposits and Withdrawals
These both work in the same manner and are fairly easy to accomplish. Once you complete the process once, you’ll most likely be able do it again without hesitation. In this example, we’ll be depositing BTC into Binance from Coinbase. You want to start out by retrieving your deposit address (the exchange you will be sending coins to). From here you want to click on the deposit button and copy your deposit address.
Take that deposit address and place it into the Coinbase Send/Request tab under Recipient. Once you click the “Send Funds” button, the transfer is complete. Now that wasn’t too hard was it?
Important Note – If you want to check on the status of your transfer, keep your deposit address handy and place it into the search bar located on blockchain.info
|PRO TIP : Always, and I mean always enable the two factor authorization for all exchanges you currently use. Most exchanges use the authenticator app or Authy app which reside on your smartphone. This will ensure that no unwanted guests have access to your account without also having access to your smartphone. This little added security feature is what you want to have when there are thousands of dollars on the line.|
Congratulations young grasshoppa! You’re one step closer to becoming the next crypto millionaire. However, there is one aspect to crypto that you want to make sure you adopt in the early stages of your career. SECURING YOUR PROFITS!
Weekly news regarding exchange hacks and crypto scams are prevalent within this budding industry. Cryptocurrency is in its “Wild West” stage of adoption so everyone’s out to grab a little piece of your digital nuggets.
Many of the low level hacks that tend to go under reported however occur on at daily basis are spoof sites scams. These are websites that look like real crypto exchanges you frequent. The scammer requests that you login to the fake exchange and once you login with your credentials, you can say goodbye to your precious crypto coins. That’s why utilizing 2 factor authentication is so important. Make sure you have that feature turned on before you start trading.
You can also utilize sites like HaveIBeenPawned and input your information there so the site can scan for security breaches to see if your username, password, or other information has been leaked. Sign up for their notifications so they can let you know of future breaches as well.
Securing Your Profits via Digital Wallet
Now that you’ve acquired your little stake of currency within the crypto sphere, you need a secure place to store. There are 4 mediums in which you can do just that.
Crypto Exchanges – this is the easiest option, however the most risky as well. It allows for fast liquidation of assets. You don’t have to wait for your crypto to transfer to your exchange of preference. You can easily exchange your coins for others altcoins and diversify your portfolio from within these virtual crypto shopping malls.
The biggest disadvantage to these venues is the fact that you don’t have full control over your wallet. If the exchange is hacked (many of the newer and less established exchanges are) and they declare bankruptcy, you might end up holding the bags for it. Mt Gox is a great example of this. This infamous exchange is constantly being referred to when it comes to these types of scenarios. [LATEST: they are currently in process of returning customer funds]
Soft wallets – this solution includes storing your crypto on a computer software program like Exodus. All your coins will be stored on your desktop or laptop computers for safekeeping.
When using the solution, you need to make sure you keep your private key safe in case something happens to your computer, like a virus or hardware malfunction. This private key will enable you to retrieve your funds if an unfortunate event like this occurs.
Make sure that this private key is secured in a safe place. Like other utilities that have private keys, you’re still the susceptible to having them stolen if you’re not careful where you place it.
Online Wallets – this offers users you way to keep your cryptocurrency online, within a secure environment, without the worry of being hacked or shutdown. Services like My Ether Wallet (MEW) offer an option to access your wallet from anywhere in the world, while maintaining full control of your funds. You’ll always have access to your private key when needed.
The main advantage of this service is, portability of funds. The disadvantage is that your private key is still susceptible to being stolen if you keep it on your computer or somewhere easily found within your home. It’s a very small chance, but still a chance.
Hardware Wallets – the introduction of wallets like Ledger Nano S can take care of your private keys for you so that you’re off the hook with regard to keeping your key in a safe place. This ultimately means that hackers will never be able to steal your private key via key loggers, file scanners, etc.
If that wasn’t good enough, you’ll have a backup of your secret key, which you can access if you ever lose sight of your Ledger Nano. The only disadvantage (if you’re really reaching for one), is that you’ll have to pay a transfer fee when you decide to transfer your coins from your wallet to an exchange. I wouldn’t really categorize that as a disadvantage as it simply comes with the territory regardless of what wallet you decide to use
In order to get you moving in the right direction I want to cover a few proven ways to make money trading cryptocurrency. Many of these techniques have been carried over from traditional stock market trading, however, unlike traditional stocks you won’t find the volatile swings we see every day with cryptocurrency. This means more opportunities for us.
A Little Technical Analysis Goes A Long Way
First and foremost, you’re going to want a get a good grasp on technical analysis and trading patterns. Please check out the technical analysis section of our site where I cover all the fundamental chart patterns, candlesticks, as well as indicators. You’ll need to study these in order to achieve a high chance of success with trading. I also cover more detailed technical analysis over on our YouTube channel along with several different trading strategies.
If you’re more of the investor type and you plan on investing in numerous altcoins for the long haul, it’s still good to have a fundamental understanding of technical analysis.
So what exactly is technical analysis?
Technical analysis is the study of past price patterns in order to receive a high probability of a potential outcome. This tends to equip us with a unique ability to identify future opportunities of profit. The cryptocurrency market, more than any other traditional trading marketplace, have a herd like mentality. The tendency for inexperienced traders is to buy when the price is high (rallying) and sell when the price is low. We can take clear advantage of this with proper technical analysis.
It’s much easier to nail down fundamental analysis, simply because everyone has the ability to stay up-to-date on the latest cryptocurrency news due to all the information we have at our fingertips. In order to become a successful trader, we need to utilize fundamental and technical analysis at all times.
Note: technical analysis is not an all-in-one strategy. It is only one of the tools we use to help execute our overall strategy.
Be careful to not dump 100% of your funds into one single coin. Spread your funds out over several different coins or use dollar cost averaging, which I covered above.
Trading Tools For Technical Analysis
Tradingview, in my honest opinion, is the very best charting platform on the net. They not only offer you a free chart to hone your technical analysis skills with, but it’s also a great social networking site for beginner and advanced traders. You can really learn a lot by following how other traders are plotting their trades.
Plotting chart patterns, as if you had real money in the coin, helps a lot with learning the basics of technical analysis, however it can never prepare you for the emotional side of trading when using your own money.
Once you feel comfortable with technical analysis and think your skills are up to snuff, I highly recommend starting out with very small amounts to trade, in your beginning stages. This will ensure you are actively trading, perfecting your TA abilities, as well as honing your emotional skills which greatly come into play when trading with currency.
Build Your Strategy and Be Consistent With It
One of the easiest ways to lose money trading is to bounce around from one strategy to the next without really using one particular strategy for any decent amount of time. Crypto traders need strategies and need to be consistent with them.
A solid strategy will always answer these questions…
Just remember, a solid strategy will allow you to win only half of your trading battles, and still keep you in profit.
|PRO TIP: This is definitely worth repeating. Finding a proven strategy that has worked for you and sticking to it is the most important thing you can do along your crypto trading journey.|
With that being said, it also might be one of the toughest. You’re not going to win them all, but if you can at least win close to half of them, you’re going to come out ahead (as well as using proper money management skills). Remember; don’t fix it if it ain’t broke!
We’re almost done, so I congratulate you for sticking with me so far (unless you cheated and skipped to the end). By now, you should have a fundamental understanding on cryptocurrency trading. Hell, you might even think this was more simple than you had originally thought. Better start preparing for that “lambo life” by the end of the year right?
Yeah, yeah….don’t get too far ahead of yourself young grasshoppa. Even though some of these more simplified concepts may sound easy to grasp, the truth of the matter is, the emotional part of trading is a lot more difficult.
You might think you’re a Zen master now, but just wait till you start trading with your own hard earned income. It’s going to take some solid work (and pain) before you really master the concepts within this guide. The only way to do it is through experience and trade discipline.
When trading with real money, you’ve rightfully earned, you’re going to make mistakes. Just realize that now and be ok with it. There’s not a trader out there that hasn’t lost a ton of trades. So let’s close this guide out with a few of the most common mistakes beginner traders (yes you) will make.
Keep Your Cool
Perhaps one of the most frequent and careless mistakes a trader can make is letting their emotions get the best of them. If you have the wrong mindset, you will always lose in the long run. Set a clear goal for the profit goal you wish to obtain for the day or week and just “walk away” once that goal is met. Set up the same for losses to ensure you don’t keep digging yourself a hole.
If your losses for a particular day become too great, walk away and come back another day when opportunities are more present.
2-3% profit per day is a great goal for an initial investment of $1000. Reinvest that money and compound interest to allow your profit to work for you.
Protect Your Investment
Let me sum this up in one word, stop loss! That’s all there really is to say. If you don’t know what a stop loss is, read this article. To me traders fail because they don’t set proper stop limits. This is an easy fix so don’t let it happen to you.
Let Opportunity Come To You
Use technical analysis in order to determine when a particular trading strategy is open, in order for you to take up a position. If you find a chart pattern that’s about to break out and have two or three indicators confirming the pattern, you should feel confident about taking the position.
Also make sure to set trading alerts for when your favorite coins reach an all-time low or break out of a major support. Wait for the trade to come to you as opposed to forcing one. This will save you many painful days of regret.
Watch For Paralysis By Overanalysis
Technical analysis is not a prediction into the future. If that was the case we’d all be billionaires by now. Studying charts for hours is not going to produce consistent income. If certain charting patterns and signals don’t feel right or indicators are not confirming your strategy, then it’s best you trust your gut. Save your money to trade another day.
There will be plenty of times where chart patterns and indicators point to a potential breakout and it doesn’t happen. Don’t let it get to you as the market is made up of too many irrational factors for it to be too predictable. Continue to use a strategy that works for you and implement it on a consistent basis.
Only Invest What You Can Afford To Lose
I realize you’ve heard this statement 100 times over but it does bear repeating. There are too many stories of novice traders investing in a trade, in which they take money out from their bank account (or worse savings) that they can’t afford to lose.
This is not only a bad idea for trading but for any investment opportunity as well. You’ll also realize that your emotions get the best of you when you’re trading money that you can’t afford to lose. Trading with the mindset of not giving a damn is one of the most powerful mindsets that you can bring to the table.
I hope this guide helps you on your journey towards wealth and independence. Be sure to check out our other guides related to technical analysis, trading fundamentals, and crypto trading tools. They’ll help you along your path to crypto millions. Good luck and happy trading!
For an updated list on trading guides, visit our crypto trading section here.
Leave a Comment
Latest Crypto News
CryptoKitties Donates Over $25,000 to Charity From Rare Digital Kitty CryptoKitties, the world’s largest blockchain game, teamed up with Marine conservation organizations in order to create a rare crypto kitty named “Honu Kitty”. ACTAI Global
Essential Cryptocurrency Trading Tools for 2018 & Beyond Whether you’re looking to save up for retirement or just want to try your hand at compounding your income instead of it collecting digital dust in your
CoinMarketCap Removes Volume Requirement for Cryptocurrency Exchanges CoinMarketCap, the cryptocurrency data aggregation site, recently removed their volume requirements for crypto exchange listings on their platform, citing data transparency and clarity concerns. The giant cryptocurrency portal
HSBC Bank Could ‘Cautiously Be Looking’ at Cryptocurrency Investments in the Future Josh Bottomley, the Global head of digital act HSBC, stated that their bank is “cautiously looking” at cryptocurrency for several use cases as
India’s Supreme Court Sets September Date For Hearing on Cryptocurrency Ban India’s Supreme Court has upheld the central bank’s directive of prohibiting banks from offering services to the domestic cryptocurrency sector following a hearing
JPMorgan Pursues Blockchain Patent to Issue ICO Tokens American investment banking giant JPMorgan Chase is pursuing a patent for a distributed system that uses blockchain technology to issue virtual depository receipts that sound suspiciously like
IBM Backs Dollar Pegged Stablecoin on Stellar Network The San Francisco-based financial institution, Stronghold, has been developing a trade-in payment ecosystem which is launched an asset backed token on the stellar network. Buyers will be
The Fastest Cryptocurrency Transaction Speeds for 2018 The development of blockchain technology and cryptocurrency in general have everything to do with the inadequacies of the current financial system. Consumers are sick and tired of the
U.S. Congress Struck a Positive Tone on Cryptocurrency in Latest Hearing A congressional hearing before the U.S. House Committee on Agriculture today struck a positive tone towards the impact that cryptocurrency and digital assets can have for
Wells Fargo Files Patent for Tokenization System to Protect Data San-Francisco-based bank Wells Fargo has outlined a patent for a tokenization system that would protect data, according to a filing published by the U.S. Patent and Trademark Office (USPTO)
Bank of America Files Blockchain Patent for Data Validation Bank of America (BoA) has filed a patent for a blockchain-based system allowing the external validation of data, according to a United States Patent and Trademark
Decentralised Capital Launches Australia’s First Cryptocurrency Vault Blockchain and investment company Decentralised Capital has announced the launch of Australia’s first ever cold storage vault for digital assets. The vault was created in partnership with Custodian
Bitmain Opens 20,000 Square Foot Office in Silicon Valley The cryptocurrency industries largest crypto mining company, Bitmain, just opened their new office in Silicon Valley ahead of its planned Initial Public Offering (IPO) later in
Boeing to Use Blockchain Tech to Track Unmanned Air Vehicles for Future Flight Industry Boeing, the the world’s biggest aviation company, recently announced their intention to tap into blockchain technology by utilizing it for their
BitPay Becomes the First Crypto Payment Processor to Obtain a BitLicense BitPay, the cryptocurrency payment processor, has become the 8th firm to receive a BitLicense from the New York Department of financial services (NYDFS), which
The World’s Largest Asset Manager, BlackRock, Seeks Potential Interest in Bitcoin Futures BlackRock, the world’s largest asset manager announced the formation of a working group to assess the potential involvement in Bitcoin. This reported by
Sign Up Below!
Airdroppin the Latest Crypto News, Trading Strategies, Tools, & Reviews
Crypto Guides & Tutorials