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Decentralized Trading Precautions

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Sajjad Hussain
Photo by Jason Briscoe on Unsplash

There are many decentralized exchanges worldwide offering trading services, some of them are well-known like Uniswap and some of them are unknown but in order to do profitable trading, one must understand the major pitfalls and operating procedures before diving into the trading experiences. Due to a lot of market fluctuation and scammers, you will be cheated by anyone if never learn before starting any decentralized crypto trade. It is strongly recommended that there are very few users who get rich due to decentralized trading therefore never bet too much on decentralizing trading.

  1. Always choose those exchanges which are famous, have many users as well as many coins listed on the exchange.
  2. You have to look at the liquidity pool of the exchange if the pool contains more than 100 ETH then look reliable and you have to careful here because many scammers display the pool as very wealthy and attractive, be cautious here.
  3. You have to be careful against the many counterfeit coins and air coins, you need to do a careful investigation of the background of the crypto project before buying the encrypted asset.
  4. The decentralized marketplace certainly makes you quickly rich, if you select the assets based on technology and financial relations then you always get a good result but the risk is always there.
  5. In order to do any decentralized trading, you must have a wallet, Metamask wallet is a good choice for the beginner level, after setting up the Metamask wallet on your system you need to connect with different networks to start trade, when your wallet properly set up on your system you can swap the altcoin with an altcoin, swap the altcoin with ETH coin and fundamentally always check the price before to start any exchange.
  6. Before going to buy any new coin you should first check the crypto coin followers, Twitter status, Telegram, or any other popular forum, furthermore the official website of the encrypted asset as well as the white paper of the project
  7. Your authorization is very important in order to complete the transaction, never authorize those transactions that offer you the fake tokens against your ETH
  8. Before doing any decentralized transaction you need to know the associated fees against the exchange of crypto asset, if you are exchanging the altcoin with another altcoin, it is often worth under 50 to 100 sister coin, you can’t set up a low fee because if the pending price will fluctuate then the crypto-asset price will collapse. Never make any transaction less than 0.5 ETH, any trade either swap or sell requires a fee, therefore, you need to consider 10% of profit to cover the cost of the transaction.
  9. If you think and found some altcoin a good strategy for earning, you should check the official website off the encrypted asset and check the contract, always copy the contract on decentralized exchange to find the corresponding coin.
  10. If your transaction takes more time then try to cancel the transaction by sending the 0 ETH, especially in MetaMask you can send the zero Ethereum from wallet A to B with handling fee higher in this manner the previous transaction is overwritten and equivalent to cancellation, if your existing wallet does not support the zero Ethereum transfer you can import your wallet to those wallets which supports the zero transfer.
  11. Finally, the centralized exchanges are easy to operate and always offer very low fees but in the case of unknown coins which simultaneously listed on both centralized and decentralized exchanges create huge confusion for traders over the actual price of the coin.

Source: https://medium.com/cryptocurrencies-ups-and-down/decentralized-trading-precautions-e52d2847b1cb?source=rss——-8—————–cryptocurrency

Blockchain

Active Bitcoin Addresses Reach the Lowest Level in 12 Months

BTC traders remain uncertain about the price action due to the latest market volatility.

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Bitcoin network activity has decreased significantly due to the recent price volatility. The world’s largest cryptocurrency dropped below $29,000 earlier this week but posted a strong recovery yesterday after BTC jumped above $34,000. However, bearish market sentiment returned in the last 24 hours as Bitcoin dropped below $32,500.

According to the latest data published by Santiment, the crypto analytics platform, the total number of active Bitcoin addresses dropped below 900,000 in June 2021, the lowest level since July 2020.

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“Bitcoin is back at $32.4k after a rebound above a $34.6k high Wednesday. What remains to be seen is an uptick in address activity. On the 30-day rolling scale of daily active address scale, July 13, 2020, was the last time the BTC network was this low,” Santiment mentioned.

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Earlier this week, Finance Magnates reported about the surge in liquidations across the crypto market due to the recent dip in Bitcoin and other digital currencies. During the last few weeks, Bitcoin-related investment products saw significant outflows. According to the latest report published by CoinShares, nearly $89 million worth of investment left BTC investment products last week.

Bitcoin Uncertainty

Despite the latest rebound in BTC and other cryptocurrency assets, traders remained uncertain about the future price action of the world’s most valuable digital asset. “Bitcoin’s fear, uncertainty, and doubt (FUD) remain high, as traders are polarized on whether prices can push back below $30k again. For now, though, prices have jumped back on crowd fear. Markets move in the opposite direction of crowd expectation,” Santiment highlighted on Twitter. The total market cap of BTC is currently hovering at around $600 billion. During the last 24 hours, Bitcoin’s crypto market dominance dropped nearly 1% after the latest surge in digital currencies like Dogecoin (DOGE) and XRP.

Earlier this week, Jim Cramer, an American television personality and the host of CNBC’s Mad Money, expressed his concerns regarding China’s Bitcoin mining crackdown announcement and mentioned that he has dumped his Bitcoin holdings.

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Source: https://www.financemagnates.com/cryptocurrency/news/active-bitcoin-addresses-reach-the-lowest-level-in-12-months/

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Bank for International Settlements backs Central Bank Digital Currencies

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The BIS, which is often called the central bank to the world’s central banks, set out recommendations on June 23 as to how a CBDC should be.

It estimated that around 56 central banks and monetary authorities around the world are now looking at digitizing their currencies as commerce shifts online, as reported by Reuters.

The momentum comes as usage of physical cash has fallen in the wake of online e-commerce portals and pandemic-induced lockdowns.

The big bankers also see decentralized currencies such as Bitcoin and “Big Tech” as a threat, especially the likes of Facebook and its plans for its own cryptocurrency Diem, formerly known as Libra.

Head of the Innovation Hub at BIS, Benoît Cœuré, warned that without CBDCs, digital money would become increasingly dominated by big tech firms. Describing the scenario as a loss of control of sovereign money, he added:


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“That is a place where you don’t want to be, where governments don’t want to be,”

China Leading CBDC Race

According to the report, The Bahamas became the first country to officially launch a general purpose CBDC, known as the Sand Dollar, in October.

China is well on the way to becoming the second.

Earlier this month, Chinese authorities hand out $6.2 million in digital currency to citizens of Beijing for a trial of its digital currency/electronic payments (DCEP) platform.

The Beijing Local Financial Supervision and Administration Bureau allowed citizens to apply for the handout by using two banking applications. The giveaway was part of a lottery system using “red packets” valued at 200 Yuan a piece (around $30).

The southwestern city of Chengdu handed out around 40 million Yuan in digital currency in February this year. Shenzhen also completed a digital currency trial in October 2020.

China also has plans to expand the trials with foreign visitors at the 2022 Beijing Winter Olympics.

More Study, More Regulation

While China forges on, governments in the West are dragging their feet over regulatory woes.

Earlier this month, Republican Maxine Waters announced a task force on Financial Technology that will study cryptocurrencies and CDBCs and their impact on the U.S. economy.

In April, CryptoPotato cited a PwC report that revealed 70% of the world’s central banks are “nowhere near” launching their own CBDCs.

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Source: https://cryptopotato.com/bank-for-international-settlements-backs-central-bank-digital-currencies/

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John McAfee’s Strange Suicide Leads To Even Stranger Conspiracy Theories

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Today is a sad day for the crypto-verse. For good or bad, John McAfee, one of the most eccentric, bizarre, and influential personalities of the ecosystem, said his goodbyes to the physical world in a no less eccentric, bizarre, and controversial way: He committed suicide by hanging himself from a rope in his prison hours after learning that the Spanish justice system had approved his extradition to the United States.

The news was first announced by his lawyer and later confirmed by the government of Catalonia, the region of Spain where McAfee was imprisoned.

“Everything indicates that it could be a death by suicide.”

Immediately after the news broke, the Crypto Twitter community quickly shared their shock. Some paid respect, others criticized… and others questioned everything that happened.

Don’t Trust…

The conspiracy was easy to imagine, given McAfee’s background. Several cryptocurrency influencers began trying to tie up loose ends to understad what happened. They relied on several tweets from McAfee claiming that he would never commit suicide, that he was being threatened, and that he knew some secrets that the elites needed to silence.

But something that blew everyone’s minds was a picture uploaded post-mortem to his official Instagram account. A black letter Q, presumably pointing to the QAnon movement, though without explanation.

The last post by John McAfee: A Letter Q.
Source: Instagram

QAnon, or simply Q, is a conspiracy movement that claims that a group of satanic pedophiles dominate government and media elites. Its followers claimed that former President Donald Trump was waging a battle to destroy this group.

The movement gained momentum with the arrest of Harvey Epstein on sex charges. The suspicious causes of his controversial suicide prior to his testimony further heightened suspicions that he had in fact been murdered in order to be silenced.

The slogan “Epstein didn’t kill himself” went viral and is still observed when references are made to corrupt government practices in the United States.

And, of course, McAfee had a thing or two to say about this. He pointed out to similarities between his case and Harvey Epstein’s in many times, and assured he had many secrets that the government wanted to hide. If his allegations are true, and the QAnon post means anything, we could soon find out what he knew.

“McAfee Didn’t Kill Himself”

A Twitter user attempted to contact the administrator of the controversial right-wing news site Zero Hedge and introduce him to a Spanish journalist who claims to have video recordings and reports that Joe Biden allegedly teamed up with the Prime Minister of Spain, Pedro Sanchez, to fake McAfee’s suicide.

MMCrypto, a cryptocurrency trader, also questioned McAfee’s suicide. He shared a tweet from McAfee in which he assured that if he were to appear dead, it would not be by his own decision, and everything could be a set-up “a la Epstein.”

Tweet from MMCrypto
Source: Twitter

Podcaster Peter McCormack shared the ticker $WHACKD in reference to another McAfee tweet showing a tattoo as a reminder that he would never commit suicide despite threats from US Officials.

Also, Kim Dotcom, the man behind Mega.nz and active Bitcoin Cash advocate, claimed to be working with McAfee on an initiative to fight government surveillance shortly before the tragic news.

And finance lecturer Vladislav Ginko also shared several tweets warning about the danger of McAfee and his family suffering from deaths caused by USAMRIID, the Department of Defense’s (DoD) lead laboratory for medical, biological defense research.

So far, no official autopsy has indicated his cause of death. In the meantime, theories will continue to emerge. But if there is one thing that everyone – conspiracy theorists or not – can agree on, it is that John McAfee lived his own way until the end.

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Source: https://cryptopotato.com/john-mcafees-strange-suicide-leads-to-even-stranger-conspiracy-theories/

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