SR UNIQUE TRENDS

Hello Crypto Enthusiast,

Our today’s topic is based on a cryptocurrency whose name is “LITECOIN.” Before starting the topic, I would like to acknowledge you with some of the basics and history of cryptocurrency and its technologies.

When it comes to cryptocurrencies, the first name which comes in our mind is ‘BITCOIN.’ As we all know that Bitcoin was the first cryptocurrency ever recorded in history to be successfully launched and released in the year 2009 by Satoshi Nakamoto. A Bitcoin is a digital currency which is used for transaction purposes between peoples. Due to its anonymity, decentralized properties and low transaction fees it has been considered as the most valuable asset in the market. Bitcoin works on “Blockchain Technology.” It is a technology which makes Bitcoin to efficiently transact between users by hiding their identity. Since, we are here to know about “LITECOIN” and its features, so I’ll provide additional links in the bottom to know more about Bitcoin and Blockchain Technology.

However, we’ll start with our topic.

What is Litecoin?

Now, you all are well aware about the first Cryptocurrency – Bitcoin. Right!

Since, after the release of Bitcoin many other cryptocurrencies came into the market. These currencies are known as “Altcoins” or “Alternate Coins.” So, Litecoin is an alternate coin, as it was released after Bitcoin.

The native coin of Litecoin is abbreviated as ‘LTC’ represented with a symbol Ł. Officially, Litecoin was released on 7^th October, 2011 on Github by Mr. Charlie Lee. The official website was also released by Mr. Charlie Lee. The owner of Litecoin was a Former Engineering Director at Coinbase and an Ex – Employee of Google. In 2015, the first version of the website was released but in 2018, Franklyn Richard took over the charge from Charlie Lee and released the second version of the website. Currently, the website is handled and controlled by Franklyn Richard itself. In May 2017, Litecoin was listed in top 5 Cryptocurrencies and now in 2020, it is under top 10. It is also known as ‘A Fork’ or ‘Split’ of Bitcoin.

Now, we’ll know about the Features and services provided by Litecoin.

· Litecoin also known as LTC is a Peer to Peer currency which is used for transaction purposes, Nationally or Internationally. It’s like a normal bank transfer from one account to another but in a cryptic manner. The sender and receiver remain anonymous but the transactions are recorded on Public Ledger, where anybody can see the transaction history but not the identity.

· The fees taken here is near to zero in cost and can be initiated anytime, anywhere in the world.

· It is an open source network and supports global payments options to the users 24x7.

· It is a decentralized digital currency which means it doesn’t come under any governing authority’s control.

· The major facility it provides to the users is the fastest transaction, confirmation times and improved storage efficiency.

· It is an exchange which is a true, tried and tested secure medium of exchange.

· It works on Blockchain Technology with Scrypt Algorithm.

Many of you might be wondering about the differences between Bitcoin and Litecoin. Right!

Let’s crack it down.

· Bitcoin is considered as “Digital Gold” in the cryptocurrency market whereas Litecoin is considered as “Digital Silver.”

· The block time taken by Bitcoin to get mined is usually 10 minutes whereas Litecoin takes only 2.5 minutes to mine a block successfully.

· The transaction fees in Bitcoin is slightly higher than the transaction fees of Litecoin.

· Bitcoin works on the “Proof Of Work” system whereas Litecoin works on “Scrypt Algorithm.”

· Both currencies work on Blockchain Technology.

· Bitcoin has a higher hash rate whereas Litecoin has a low hash rate which makes Bitcoin more secure.

However, it’s not a debate or comparison between Bitcoin or Litecoin but a source of some information which is important for all the users to be known and understood properly.

Thank You for Reading.

ADDITIONAL LINKS –

>> BITCOIN <<

>> BLOCKCHAIN <<

>> PROOF OF WORK <<

>> HISTORY OF CRYPTOCURRENCY<<

Hey readers,

If you are new here, then I’ll first suggest you to read about ‘BITCOIN’ and its functions. This will help you to understand today’s topic accurately. When it comes to investment, only 5% of the total world’s population do it effectively. The investment can be of several types, forms and patterns but we are covering the investment related to Bitcoins and Cryptocurrencies. So, the question is –

Is BITCOIN a good investment or smart investment?

Well, this is one of the commonly asked questions. Investment is not a task or any forceful practice which must be carried out by everyone. If you can’t control the influence then it’s a blind investment. A good investor always seeks for knowledge first, then he invests. In case of investment related to Cryptocurrencies, there should be certain qualities and things you must know before investing in it.

Let’s begin with some of these points.

1. KNOWLEDGE OF CRYPTO

The first thing you must possess is Knowledge. It may be considered to any type of investment. When you enter into any kind of business or company, the first thing you get is training and knowledge of that particular field. Similarly, when you think of entering into Digital Currency investments, you must study and collect information to gain knowledge related to that field. If you don’t research or understand the concept, then you’ll definitely face failure which will demotivate you for further investments. Be clear and open for investments only when you are fully prepared and ready for it. Bitcoin is not a fast money but a perpetual money with smart calculations.

“No Earning Without Learning”

So, a good investor will always study first and then make the right decisions. Knowledge is the actual key to success.

2. DECISION MAKER

As you know, Crypto investments are considered as the most volatile and unpredictable investments because it is a market which can go up/down anytime. The main quality you need here is ‘Patience.’ If you can wait then you may get your expectations fulfilled. Even ‘Barry Silbert’ (Founder and CEO of Digital Currency Group) has stated once – Investment in Cryptocurrencies means;

“Highest Risk, Highest Return”

A good investor always thinks right and invests smartly when he decides. It doesn’t mean that decisions are always positive. Sometimes decisions are proved wrong also but one must learn from it, not run from it. Cognitive bias decisions can be unhealthy in this field. Decisions must be taken mindfully, not emotionally.

3. RISK TAKER

One of my favourite parts from this blog is ‘Risk Taker.’

Taking risk might be challenging for many, but very few take this risk as an opportunity. You’ll be shocked to know that only 1% of the community takes risk. Taking risk doesn’t signify someone’s potentiality or power. It is just a quality and decision taking skill which is imbibed in those risk takers. Once you have made up your mind for investment then you are a risk taker who knows about the circumstances and benefits well.

Investment in Bitcoin is a risk until you don’t understand it properly. If you are just curious and hyped by the term “BITCOIN INVESTMENT” then this is not at all for you. You must take risks but in a positive way and direction. If someone guarantees you for best returns in a specific given period and no risk, then it’s a wrong commitment. Don’t trust wrong people and depend on them. Just do your research and take risks as per your ability. My only formula for taking risk is –

“First learn To Swim, Then Embrace To Dive”

4. MINDSET

This is one of the most important factors to be considered while investing in Bitcoins. Investment can only be done, when you are mentally ready for it. Otherwise, no external powers can influence your decisions. The thought of investing is the first thing that comes to mind then it is processed to mindset. If your mindset is positive and you believe in your actions then the results will also be positive.

“A Positive Mind Allows Positivity

Whereas

A Negative Mind Leads Negativity”

The world’s 4^th wealthiest man is an investor, philanthropist and a well-known businessman from America. He is the CEO of Berkshire Hathaway and a stock marketer since his younger days. His net worth is USD $88.9B as of December, 2019. He is also considered as the most successful investors in the world.

Do you know who I’m talking about?

Any Guesses!!!

Absolutely! Right.

He’s WARREN BUFFETT.

Whatever he had achieved in his lifetime is just because of his Mindset. His quote for new entrepreneurs and generations is-

“The Best Investment You Can Make,

Is An Investment In Yourself.

The More You Learn;

The More You Earn.”

I hope the confusion related to investment in Bitcoin will get clear through this blog and you’ll identify find your interest based on investments. Keep supporting us by your immense love and happiness.

Thank You for reading the blog. I believe this will change your mindset.

Additional learning links below;

>> CRYPTOCURRENCY– EVERYTHING YOU MUST KNOW <<

>> BLOCKCHAIN <<

>> 8TIPS EVERY CRYPTOCURRENCY INVESTOR MUST KNOW <<

( NOTE - Investment is subject to market risk. We don't encourage investments through our blog. The materials are only for Educational Purposes.)

If you are not aware of the term Technical Analysis, then don’t worry my friend. Today, in this blog I’ll be explaining the actual meaning and practical use of Technical analysis in trading. I believe you all are aware of different markets like Cryptocurrencies, Stocks, Forex, commodities, etc. In all these markets the traders and analysts use Technical Analysis as a prior tool to study the market situation properly. Now, the question is –

What is Technical Analysis?

Technical Analysis is also abbreviated as TA in short. Technical Analysis is a study which involves looking at past statistics of the Cryptocurrency including factors like Market Volume and Movement. TA involves using real- world data to try to predict the future.

Normally, it is carried out to trade effectively and accurately by just studying the market stats and predicting the future value. This doesn’t mean that the prediction is always right. Sometimes, there are wrong predictions too. So, TA aims to make predictions regarding market psychology and cryptocurrency. The traders usually use patterns and, charts, charting tools, etc to determine the probability.

How helpful is it?

Well, it depends on how you perform it. The study involves years of practice and experience. If you are a trader and expertise in this field then you’ll be more knowledgeable and accurate than others. It’s just a game of proper knowledge. The analysts use a wide range of tools to find trends and patterns on charts. The tools such as moving averages, support and resistance levels, Bollinger bands and more are used mostly to locate entry and exit points of the given trade.

It is also helpful in many ways. Traders and users who trade in Traditional assets, Stock Markets, Commodity Market, Currency Market, Forex, etc always use Technical Analysis before attempting a trade. Let’s check on what basis a TA is performed.

TRENDS

Trends are related to the volume of that currency. There are usually 2 types of trends – Upward Trend and Downward Trend. Whenever the market is bullish then the trends will be in upward direction and when the market is in bearish then the trends will be in Downward positions. This helps the traders and analysts to judge the market and figure out the right time to get inside. The trends can be seen through graphical charts.

CANDLESTICKS

Since, olden times this method is used by the traders to predict the price of the goods. The 3 key uses of Candlesticks are Visual Dynamics, Precision Timing and Enhances Technical Analysis Techniques. When candlesticks are combined then they form patterns that serve to predict the short-term and long-term price movements of an asset. The price motion and variations can be easily checked through this. Even the past records of the currency/ product can be easily accessed and checked as per Minutes, Hours, Days, Weeks, Months, Years and All times. To know more about it, kindly click >> CANDLESTICKS <<

TRADING VOLUMES

A trading volume is the total amount of shares of a security that were traded during a period of time. Before trading always make sure to check the trading volumes. This is very essential because it shows whether a trend is significant or not. When the trading volume is higher, then it tends to indicate a significant trend whereas when the trading volume is lower, then it tends to indicate a weaker trend. Always look for lower volumes in the declines and higher volumes in the increase. There are several websites which provide the services of trade volumes for the users to check the live scenarios. Market caps are usually referred to check the stability of the coins and liquidity before placing a bid or trade. Always note –

· When the Market Cap is large, it is more stable.

· When the market cap is small, it is less stable.

So, Technical Analysis also involves observation and research before a proper trade. If you want to check the latest Trade Volumes and Market caps, then the best I can suggest to you is Coin Market Cap.

To know more about it click here >> Coin Market Cap <<

MY REVIEW

I’ve been trading for a very long time. Usually, I use candlesticks and patterns to predict the future prices and as per the analysis I place my bids. Most of the traders prefer Intraday, Short-Term and Long-Term trades. These trades are plotted and executed on the basis of TA but there are many times when the prediction fails and traders incur a heavy loss.

Yes, this happens.

Still people believe and get back to the business. My only point was to make you well aware about the Technical Analysis. This will help you many times but sometimes it may fail also. So, if you are a trader and reading this blog, then you’ll fully agree with it. Overall, it is the best to understand and implement.

Thank you very much for reading and do let me know your feedback by commenting below.

Happy Learning.

(NOTE- Investment is a subject to market risk. Beware and be sure before investing.)

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