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Best Bitcoin Social Trading with eToro – Copy other traders

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Best Bitcoin Social Trading

In this article we will discuss crypto and Bitcoin social trading. We will review the world’s giant of social trading services that is eToro. eToro invested early on social trading and introduced services early on such as copying successful trades and copying certain combinations of eToro’s own portfolios. In this article, we will examine what Bitcoin social trading features eToro offers and what are the advantages and disadvantages of their products such as social trading, copying and copyportfolios. We will answer these questions

  • What is Bitcoin social trading?
  • What features eToro offers
  • What are the benefits of Bitcoin social trading?
  • What are the disadvantages of Bitcoin social trading?

Social Trading Definition

Social trading means that you can get information from other traders at a trading community. Via the trading community, it can be possible to share knowledge, follow other users and see their results, and other interactions to learn from each other. In this article, we will focus on Etoro and its social trading platform which we think is the best on the market.

What is Bitcoin Social Trading?

Bitcoin social trading is same as social trading but you have access to trade Bitcoin as well. Usually, other altcoins are also presented. eToro, for example, support all major cryptocurrencies and also several fiat currency trading pairs.

Social Trading eToro Review

eToro is the number one crypto social trading platform. By creating an account at eToro, you get access to several different services eToro offers such as copying, copyportfolios and popular investor programs.

Copy Trader

With the Copy Trader you can easily select a trader to copy. It means that your trading account automatically perform all the same trades as the one that you copy. You can sort traders according to different parameters such as historic results, risk score, number of followers and much more. You can choose to copy any of these investors listed.

Below you can see a printed screen of copy people. In the header menu you can select region, markets, historic results and time period.


And in the next sections you see different top performing traders in different categories. First category is editor’s choice, followed by top investors, and trending. These are followed by more categories out of the picture which are most copied, lowest risk score, medium risk score

CopyFunds, CopyPortfolios CopyPortfolios are investment vehicles that bundle together a collection of financial assets. The assets are picked and re-picked, given a pre-determined strategy. eToro offers a function they call Copy Funds, which means that you do not copy an individual trader without a basket of traders or a basket of cryptographic currencies or other assets (Shares, currencies, Index etc)

These should not be confused with ETFs or hedge funds.

Top trader copyfunds

This is a basket of several trades instead of a trader. All portfolios have a clear strategy and many are management by eToro, ie. they invest in a number of different traders with a pre-programmed strategy. -Market copyfunds This is market access, which is a basket of cryptographic currencies or other asset classes such as shares and currencies. Examples of baskets are

  • CryptoPortfolio: This is a diversified crypto portfolio focusing on cryptocurrencies with a market cap over $ 1 billion and an average daily trading volume or over $ 20 million throughout the month. The weight of each component is decided proportionally according to its market cap, with a minimum of 5%. This is a portfolio management product at eToro.
  • Crypto-Currency: The portfolio´s allocation is based on the market cap of Bitcoin and Ethereum. The portfolio is rebalanced at the beginning of each month and managed by eToro´s investment committee.
  • Examples of other CopyPortfolios are: MobilePayments, Cybersecurity, Driverless, CannabisCare

Popular investor program

When they are copied by other people, Popular Investors earn fixed payments and up to 2% of their annual assets under management (AUM). These payments are in addition to any profits made from their own trading.

What are the benefits of eToro Bitcoin Social Trading?

  • No trading skills required
  • Takes a minute to set up a copy account
  • The crowd wisdom is always better than the individual knowledge
  • Easy to follow several different traders
  • There is a lot of information to learn from each other

What are the disadvantages of eToro Bitcoin social trading?

  • Traders can use several accounts and you only see the good account and think that it is a trader to learn from
  • High fees to copy trader.
  • You can control your own trading when you choose to copy

The post Best Bitcoin Social Trading with eToro – Copy other traders appeared first on Cryptocointrade.

Source: https://www.cryptocointrade.com/crypto-trading-blog/best-bitcoin-social-trading/?utm_source=rss&utm_medium=rss&utm_campaign=best-bitcoin-social-trading

Blockchain

Analysis: Are CBDCs a Threat For Bitcoin or The Opposite?

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Ever since Facebook announced its plans to create a digital payment currency dubbed Libra, central bankers have tried to counter it with an invention of their own.

While Libra is facing regulatory troubles, a BIS report indicated that over 80% of the world’s central banks are currently developing a central bank digital currency (CBDC).

The idea and purpose of a CBDC are fundamentally different than everything Bitcoin stands for. As such, the community has been speculating on possible consequences for the primary cryptocurrency. Will a government-owned digital currency harm BTC’s role in the online world, or will it simply set the stage for its grand entrance?

Scenario A: CBDCs Are Bad For Bitcoin

The CBDCs will represent the cash bills that we use every day, but, as the name suggests, they will be digital-only. There’re still many unknown factors regarding their developments. Which country will be first, what technology will they use, will CBDCs be for retail payments or not?

These questions will eventually receive their answers. However, most people fear that the introduction of a CBDC will give governments absolute control to track, approve, or suspend all future payment transactions.

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Authorities have justified this potential constant surveillance by claiming that they will be able to reduce and even eliminate illicit activities, such as money-laundering.

On the other hand, concerns have emerged within the community that the inevitable launch of a CBDC will harm the industry and its most-well known representative – Bitcoin.

Binance CEO Changpeng Zhao (CZ) recently predicted that a well-designed CBDC could “become a threat” for the first-ever cryptocurrency. He highlighted that most such currencies will be very centralized and won’t provide the same freedom as Bitcoin.

Consequently, world governments will push their own inventions further while be inclined to reduce the role of something as decentralized as BTC.

Bitcoin’s whitepaper described it as an “electronic peer-to-peer cash system.” However, having tons of competition backed by the world’s superpowers could indeed decrease its role. It could be especially harmful if the CBDCs enable cheaper and faster transactions than BTC.

Additionally, their value won’t fluctuate as much as Bitcoin’s. This may be another reason why people would prefer sending or receiving a currency that won’t lose any value by the time the transaction is complete.

Scenario B: CBDCs Will Help Bitcoin As A Payment Tool

On the other hand, there’s the narrative that when CBDCs arrive, they could only open the door for Bitcoin. Major cryptocurrency manager Grayscale Investment recently argued that when launched, CBDCs may “accentuate Bitcoin’s role in the global digital economy.”

This is partly because people would have to become familiar with the digital payment infrastructure, which hasn’t been necessary so far. By educating themselves on the matter, people would be able to find the significant differences between Bitcoin and the government-owned digital currencies.

“Bitcoin is special not because it is digital, but because Bitcoin is a scarce, uncompromising, apolitical currency that is open for anyone to use.”

Scenario C: CBDCs To Help BTC As A Store Of Value

If one assumes that the first scenario comes into reality and Bitcoin stops serving as an electronic peer-to-peer cash system, that doesn’t necessarily mean that it will have no value to society.

Instead of being used to transfer funds from one address to another, BTC may become what many others have argued for years – a store of value.

After all, Bitcoin shares several similarities with the most-widely accepted store of value asset – gold, such as scarcity. The two assets’ price performance has also resembled each other lately. The COVID-19 financial crisis only accelerated their increased correlation.

Even the US Federal Reserve Chair Jerome Powell compared the two and noted that both are a speculative form of a store of value.

Another believer in this thesis is Fidelity’s cryptocurrency arm – Fidelity Digital Asset. In a report compiled earlier this year, the company named Bitcoin an “inspirational store of value.”

So, If BTC is indeed to fail as an online payment resource because of CBDCs, it’s unique setup could prompt it to another, perhaps even a more critical role in today’s (digital) world.

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Source: https://cryptopotato.com/analysis-are-cbdcs-a-threat-for-bitcoin-or-the-opposite/

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Bitcoin Just Had Its Highest Weekly Close Since Jan-18 While ETH Eyes $400 (Market Watch)

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After marking two consecutive yearly highs in the span of a few days, Bitcoin has calmed but still hovers over $13,000. Most alternative coins have remained relatively stable, and the market cap is yet to break above $400 billion decisively.

Bitcoin Stays Above $13k

Although Bitcoin started the weekend with apparent stagnation, the asset entered Sunday on a roll. BTC was trading at $13,100 but sharply exploded to a fresh 2020 high of above $13,350.

Shortly after, though, the cryptocurrency tanked in value, resulting in its intraday low of $12,900. Nevertheless, the bulls intercepted the price drop and drove BTC higher.

It’s worth noting that this was the highest weekly close of Bitcoin since January, 2018.

weekly_close
BTC/USD Historics Chart. Source: Twitter

In the past 24 hours, Bitcoin has been relatively stable. It reached a daily high of about $13,150 and has slightly retraced since then to $13,050. To continue its recent bull run, Bitcoin has to overcome the first resistance at $13,200. Further ahead, BTC could encounter obstacles at $13,400 before having a chance to challenge the 2019 high at nearly $13,900.

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Alternatively, $13,000 serves as the first support in case of a price break down. The following ones are at $12,700 and $12,500.

Market Cap Challenges $400B

The recent price increases have pushed the cumulative market capitalization of all cryptocurrencies to about $400 billion. The metric even surged above that level briefly yesterday but so far struggles to overcome it decisively.

Cryptocurrency Market Capitalization. Source: CoinMarketCap
Cryptocurrency Market Capitalization. Source: CoinMarketCap

Most alternative altcoins haven’t assisted in surpassing the $400 billion level in the past 24 hours. As the graph below demonstrates, most of them have displayed low fluctuations and even some retracements.

Ethereum spiked to about $420 a few days ago but has been gradually decreasing since then. ETH now trades just above $403. Despite a minor increase, Ripple is still around $0.253.

Bitcoin Cash (-0.9%), Chainlink (-2.7%), and Cardano (-1.7%) have lost value from the top 10.

BitcoinSV (5%) and Monero (4.7%) are the most impressive gainers from the larger-cap altcoins.

heatmap
Cryptocurrency Market Overview. Source: Quantify Crypto

Further gains are evident from Velas (20%), Filecoin (16%), and Quant (10%). In contrast, Ocean Protocol (-12.5%), ABBC Coin (-9%), Energy Web Token (-7.3%), Crypto.com Coin (-7%), and Ampleforth (-6.5%) have lost the most on a 24-hour scale.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/bitcoin-just-had-its-highest-weekly-close-since-jan-18-while-eth-eyes-400-market-watch/

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Alibaba Founder Jack Ma: Digital Currencies Can Create Value

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Founder and former executive chairman of the multinational technology conglomerate Alibaba Group, Jack Ma, believes that world regulators need to improve the legislation around digital currencies as they could create value.

Ma: Digital Currencies Could Create Value

In a recent speech reported by Bloomberg, the Chinese billionaire criticized the current global financial regulatory framework for its lack of innovation. He claimed that watchdogs are primarily focused on risk control, which has driven them away from pursuing any developments, and they rarely “consider opportunities for young people and developing countries.”

According to Ma, the Basel Accords are a “club for the elderly” that solves issues only for financial systems operating for years. Countries like China, which are still considered a “youth,” require more innovation to “build an ecosystem for the healthy development of the local industry.”

One area where regulators could increase their focus is digital currencies. Should the world’s watchdogs indeed improve their approach, virtual currencies could play an essential role in building a financial system that will be used in the next 30 years, he added.

“Digital currency could create value, and we should think about how to establish a new type of financial system through digital currency.”

Jack Ma. Source: Nikkei
Jack Ma. Source: Nikkei

He’s (Probably) Not Talking About Bitcoin

Although Alibaba’s founder didn’t specify what exactly he had in mind when using the term “digital currency,” his history suggests that it probably wasn’t Bitcoin. A few years ago, Ma warned people to be careful and said that he’s staying away from the primary cryptocurrency as it could “be a bubble.”

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However, he was significantly more favorable towards Bitcoin’s underlying technology – blockchain. The company he founded has been involved in numerous blockchain-related projects in the past few years. Alibaba even launched two DLT subsidiaries in Shanghai last year.

Additionally, a recent report highlighted that Alibaba is the firm with the most blockchain patents.

So, if Ma’s not referring to Bitcoin as the digital currency with value, he’s perhaps talking about the upcoming China CBDC. Alibaba has partnered with other giant Chinese organizations, such as China Merchant Bank, Tencent, and Huawei, to develop the nation’s central bank digital currency.

Besides, the world’s most populated country has also been openly pro-blockchain while reaffirming that Bitcoin and other cryptocurrencies are officially banned within its borders.

Featured Image Courtesy Of CNBC

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Source: https://cryptopotato.com/alibaba-founder-jack-ma-digital-currencies-can-create-value/

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