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Young People Involvement in crypto-industry

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Young people chasing thrills are using internet applications to invest in high-risk crypto-assets and foreign exchange, despite the fact that most are unable to handle large losses, according to the Financial Conduct Authority of the United Kingdom. The findings show that young people are becoming more and more involved in high-risk investments.  They are mainly young, under 40, and from a BAME background, according to the FCA, and they use social media for tips and news for making decisions. A lot of countries have made special warnings in order to prevent them involving in high-risk virtual coins, for example, bitcoin which is very volatile and risky for not only young people but professionals as well. One of the main reasons for their active involvement in the crypto-industry was due to the global pandemic and people were stuck at home during the lockdown and had a lot of time to try themselves in many different aspects.

The published statement says that emotions and thoughts, such as the excitement of investment, and social considerations, such as the prestige that comes with a sense of ownership in the businesses they invest in, were found to be important factors in many investors’ decisions to invest, according to the study. Sheldon Mills, executive director of the FCA’s market and competitiveness group announced that they were concerned that some investors are being enticed to purchase higher-risk goods that are unlikely to be appropriate for them, often by online advertisements or high-pressure sales strategies. The Financial Conduct Authority is planning to launch a campaign that would make it clear for the newcomers, how important it is to find out valid information about the possible risks prior to investing.

Gen-Z involvement in the crypto-industry

According to the 2019 research, Generation-Z is the largest generation in the world. Du to the fact that they are dominating demographically, they are considered as an important role-player in the crypto-industry and blockchain system.  While just 9% of the overall number owned Bitcoin, 18% of the 18-34-year-olds polled had an interest in the digital currency, according to a Blockchain Resources study of more than 2,000 adults in the United States. Despite the fact that this involves both Gen Z and millennials, it demonstrates that crypto awareness and participation are strongly biased towards the younger generations. For some people, it might sound bizarre that become involved in the financial market in the 20s is very not serious because they do not have enough knowledge and just dependent on luck, however, they are using the tools more wisely in this case and the industry gives them that opportunity too. They receive great help from the specially created software which has implemented different tools, for example, such as Forex news trading signals that are a series of analyses that assist a trader in determining whether to purchase or sell a currency pair at a certain time. They can be based on charting instruments, news-based activities, or technical analysis, and are also known as Forex signal systems.

However, it becomes very difficult to understand what are the main reasons for their interest in the crypto-industry as they prefer to stay anonymous, and more often their voices are not heard about that. However, one of those reasons is to achieve financial independence at a younger age, than it would be possible with using other sources and tools for that.

According to some assumptions, generally young generation should not be able to start the active investment in cryptocurrencies, because it demands savings and they do not have enough income for that. However, they did not take into account that they are well-educated and politically active, have an access to a lot of information that helps them to define the exact steps. Moreover, they are very advanced in using new technologies and software that make them superior to the older generation. Moreover, the field itself gives them the opportunity to become involved in it, as it does not require any age verification, identity cards, or so on, as every step are conducted anonymously, so it does not matter for the system who is executing the exchange, 40 years old person or someone in his/her 20s. Compared to the millennials, Gen-Zs are more GIY generation, which means that they are using different sources or platforms, such as Youtube or TikTok to find out about different strategies and they share the information and tools more often than other generations.

Summing it up

Finally, to sum up, there are a lot of new changes in many different fields and digitization of many of them is a common characteristic. Due to the fact that new generations are primarily raised with contact to many different technologies, it is easier for them to adapt to such kind of changes. When it comes to the financial market, only advanced technical skills are not enough as it is a matter of their own capital and savings and it is way riskier, but we should not forget that they are the DIY generation too and have the ability to absorb the information form anything and anywhere, most commonly online platforms that give them the possibility to share different information and tips widely.

Source: https://cryptoverze.com/young-people-involvement-in-crypto-industry/

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Chinese Banks Received $1t in Forex Deposits in May

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According to the People’s Bank of China’s announcement, foreign exchange deposits in China have crossed the $1 trillion mark for the first time. Economists believe that this will give the Chinese government a lot more freedom to allow the outflow of capital from the country.

A major reason for this increase in foreign exchange flowing into China is a rise in demand for certain Chinese products during the pandemic-related restrictions. Chinese exporters have performed exceedingly well in the past few months and have gathered a large foreign currency store.

Chinese Banks Received $1t in Forex Deposits in May

The rising trend in the Chinese market is also attracting more investors. Many foreign investors exchange dollar currency for the Chinese Yuan to purchase shares in the Chinese stock market. But now China is facing a different problem. It does not have many avenues to invest its foreign currency. Experts believe that the Chinese government needs to urgently introduce some policy reforms in the country so that Chinese investors can spend more of their foreign currency in overseas markets.

At present Chinese banks and lenders are using most of their foreign exchange deposits to fund loans in the country as well as overseas. The heavy inflow of dollars into China, but a relatively lower outflow rate, is now pushing down dollar value in China very fast. So banks are now buying Yuan instead of the dollar currency. This is strengthening the Chinese Yuan. But investors fear that if the Yuan becomes too strong, hot money will flow into the country, and the Chinese import business will face a devastating situation.

Chinese Banks Received $1t in Forex Deposits in May

To curb the issue, China is already trying to control the liquidity of the dollar. The ceiling for investing overseas has been increased to record levels. It has also put in place investment schemes for capital outflow that will allow Chinese investors to invest more than ever before in overseas markets.

George Magnus of Oxford University’s China Center, speaking about the Chinese situation, has said that foreign exchange inflow surges can benefit an economy. Still, these surges are usually temporary and can reverse at any time leading to dire consequences for the economy. It now remains to see how well China can utilize its Forex inflow to prepare itself against potential future reversals.

Source: https://www.cryptonewsz.com/chinese-banks-received-1t-in-forex-deposits-in-may/

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In Times of Volatility: You Should Choose a Stable Exchange

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On June 21st, the negative news from China pulled a turbulent decline in Bitcoin once again. The price of Bitcoin once collapsed to $28,000,  beating May’s price bottom.

Since the start of Q2, Bitcoin’s price fluctuations have been continuing. The correction of the bull market, contradictory statements of KOLs, and the tighter regulations from different countries have made the cryptocurrency market more sensitive and volatile.

In Times of Volatility: You Should Choose a Stable Exchange

The roller-coaster price swings reveal that the cryptocurrency market is far more fragile and unstable than traders expected. Yet, compared with market volatility, the more catastrophic thing is that traders cannot respond in time to the rapid changes in real-time price.

On May 19th, along with the slump in the price of cryptocurrencies such as Bitcoin, Coinbase, the so-called largest digital cryptocurrency exchange in the United States, crashed as well. Coinbase later said in a statement that they had found some problems in Coinbase and Coinbase Pro, and they would provide an update as soon as possible.

In Times of Volatility: You Should Choose a Stable Exchange

Facing the collapse of Coinbase’s website and App, some users expressed complaints on social networks because when the price of digital cryptocurrencies was plummeting, they wanted to take the opportunity to buy the dip but did not succeed, thus suffering huge losses. Affected by this, Coinbase’s stock price fell 10% that day.

Confronted with system outages, server overloads, and unexpected crashes that occur from time to time, users often can do nothing but be exposed to forced liquidation or miss the best time to buy the dip and escape the top.

In a time of volatility, the market fluctuates greatly, and it is easy to suffer great losses if you fail to time the market. According to incomplete statistics, more than 15 system crashes(large or small) of Binance’s servers each year. It means that there will be one collapse of Binance’s servers every month on average. Each system crash could make at least millions of users unable to take action. Therefore, traders need to choose a stable and safe exchange. Bitwells will be the option for you.

Bitwells is a futures trading platform focusing on the Bitcoin market, providing futures leveraged trading of mainstream digital currencies like Bitcoin, Ethereum, Litecoin, Ripple, etc. The company is registered in the UK and is jointly developed by Internet experts, cryptocurrency traders, and financial professionals, trusted by more than 200,000 traders in over 200 countries/regions worldwide. No KYC, no deposit fees, App and PC available, traders can get the most attentive services, including 24/7 customer support on Bitwells.

Bitwells Platform Interface
Bitwells Platform Interface

Why Choose Bitwells?

Simplicity And Security

Bitwells runs a professional technology team and financial operation to provide you with an experience of simplicity and security. The lightning-speed execution ensures speedy and highly efficient trading on your smartphones, tablets, and computers, which largely avoids overload problems. Even in a period of great volatility, you don’t need to worry about being unable to log in due to a system crash.

Accurate Quote

Over 15 market makers guarantee the market liquidity and immediate transaction, which provides users with an accurate price. The Price index on Bitwells is based on calculating the weighted data from 5 major exchanges in the world – Binance, Poloniex, Bitfinex, Huobi, and Coinbase. Suppose any exchange fails to provide quotes due to its service performance or any problems. In that case, Bitwells reserves the right to apply a new Price Index based on the weighted average of the remaining working exchanges immediately.

Transaction Security

Amazon’s super transaction engine and strong basic support ensure that users’ every transaction is accurate, fast, and safe. Bitwells takes security measures similar to banks to ensure that the security of customer assets stored in trading exchanges reaches the highest standards. Several layers of protection have been implemented, such as multi-signature withdrawals and two-factor authentication (2FA).

Low Service Fee

Bitwells does not require deposit fees from users. According to this report, it charges 0.0005 BTC per BTC-withdrawal, which is below the global industry average (being 0.00059 BTC per BTC-withdrawal according to this report).

Demo Account With 10 BTC

Once registered, users on Bitwells will be offered a real trading account and a demo account with 10 BTC. The simulation pattern is user-friendly, which prevents beginners from losing money without knowing the rules. Users can use the demo account to get familiar with the trading process and test trading strategies to improve accuracy.

100X Leverage

Bitwells offers users trading with 100X Leverage. With 100X Leverage, traders can make 100 times of profits from both directions( long or short).

100 Deposit Bonus

Bitwells now offers a 100% deposit bonus as a thank-you gift for every user. When you deposit into Bitwells, the same amount of Bitcoin will be accredited to your account (max. 10 BTC each deposit). If you deposit 1 BTC, you will get 2 BTC, which you can use for transactions and earn more profits.

Explore and Get 100% Bonus at Bitwells
Explore and Get 100% Bonus at Bitwells

During periods of high volatility, a stable and professional exchange will allow you to hedge losses and make profits for yourself. Bitwells is committed to bringing a good trading experience to every user.

Sign up on Bitwells and maximize profits out of your Bitcoin.

Source: https://www.cryptonewsz.com/in-times-of-volatility-you-should-choose-a-stable-exchange/

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Ethereum’s much-awaited EIP-1559 gets deployed on Ropsen testnet

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As announced by Ethereum (ETH) core developer Tim Beiko, the London hardfork upgrade was successfully activated on the Ropsten test network.

Following the last Berlin upgrade, Ethereum’s London hardfork is anticipated to solve the network’s congestion and high transaction fee issues, which raised concerns and criticism regarding its scalability and performance.

We have a block!

“We have a block! Took a bit longer than expected, but London is live on Ropsten,” said Beiko, adding he is “pretty stoked to have sent the first 1559-style transaction included on a public Ethereum network *ever*.”

Beiko noted that blocks were a bit slow at first, due to the lack of miners upgrading: 

“Because mining is altruistic on Ropsten (block rewards are worthless), it can be hard to get folks to upgrade in a timely fashion.”

Following Ropsten, on June 30, the update will be implemented on the Goerli test network and finally Rinkeby will upgrade on July 7.

Controversial EIP-1559

London hardfork is one of the latest network upgrades proceeding the migration of Ethereum (ETH) towards Ethereum 2.0 and implements the Ethereum Improvement Proposal (EIP) 1559:

“The proposal in this EIP is to start with a base fee amount which is adjusted up and down by the protocol based on how congested the network is. When the network exceeds the target per-block gas usage, the base fee increases slightly and when capacity is below the target, it decreases slightly. Because these base fee changes are constrained, the maximum difference in base fee from block to block is predictable.”

Historically, Ethereum priced transaction fees using the ‘first price auction’ model and in order to tackle major inefficiencies, the controversial improvement initiates a dynamic fee structure and periodical fee burnings.

The new fee system means the miners only get to keep the priority fee, with the base fee always being burned (destroyed by the protocol), while ensuring only ETH is used to pay for transactions on Ethereum, cementing its economic value within the platform.

This will largely reduce miner extractable value risks and counterbalance Ethereum inflation.

A major day for Ethereum, as it takes another big leap from its Proof-of-Work (PoW) to Proof-of-Stake (PoS) consensus mechanism. 

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Source: https://cryptoslate.com/ethereums-much-awaited-eip-1559-gets-deployed-on-ropsen-testnet/

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