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Did you know that you can stop looking where to buy Bitcoin, and can do it from the comfort of your home in less than 10 minutes from start to finish? Once you have found a suitable broker, it’s just a case of making a deposit and deciding how many Bitcoin tokens you wish to buy.

In this beginner’s guide, we explain how to buy Bitcoin in the USA, how to buy Bitcoin UK, and where to buy Bitcoin by using a low-cost broker that is regulated by the SEC and offers a wide range of payment methods.

to buy – Quick Steps

The 4-step process of how to buy Bitcoin can be found below. Follow the steps to buy Bitcoin from eToro for just $10 right now.

Step 1: Open an eToro account – You will first need to open an account with the top Bitcoin exchange eToro. Follow the on-screen instructions by entering your contact information and personal details.Step 2: Deposit Money – Next, choose your preferred payment method and deposit at least $50. At eToro, you can choose from debit/credit cards, e-wallets, and online banking.Step 3: Search for Bitcoin – Enter ‘Bitcoin’ into the search bar and click on the ‘Trade’ button. You will now see an order box appear on your screen.Step 4: Buy Bitcoin – Specify how much you wish to invest in Bitcoin – ensuring that you meet the minimum of $10. Finally, click on the ‘Open Trade’ button.

It’s as simple as that – and what’s more, eToro lets you buy Bitcoin with a typical spread of just 0.75%.

Buy Bitcoin on eToro Now

68% of retail investor accounts lose money when trading CFDs with this provider.

to Buy Bitcoin – Best Place to Buy Bitcoin Online

When learning where to buy Bitcoin online, you should ensure that you choose a trusted broker to complete the process. Your chosen broker should also offer low fees and support for your preferred payment type.

In the sections below, we discuss where to buy Bitcoin cost-effectively and securely.

1. eToro – Overall Best Place to Buy Bitcoin in 2022

We found that eToro ticks all the right boxes when it comes to buying Bitcoin online. This broker is heavily regulated – with licenses from the SEC, FCA, CySEC, and ASIC. eToro is also a FINRA member and is tipped to go public this year. In total, more than 20 million clients use the eToro website to buy and sell financial instruments.

In terms of how to buy Bitcoin from this broker, you will first need to open an account and make a minimum deposit of $50. You can do this via a debit/credit card payment, bank transfer, or through an e-wallet like PayPal. The minimum amount of Bitcoin you can buy at eToro is just $10 and your trade will be executed on a spread-only basis.   

As such, this makes eToro one of the cheapest places to buy Bitcoin. We also like the passive investment tools offered by eToro. For instance, the CryptoPortfolio allows you to invest in a broad basket of digital currencies through a single trade. This portfolio will be managed by the eToro team. The broker also offers a fully-fledged Copy Trading feature.

The good thing about eToro is that you can buy Bitcoin and store it in their etoro wallet. The eToro wallet is one of the best bitcoin wallet available today.

If you can’t stomach the risks that come with investing in cryptocurrencies, you could invest in publicly traded companies that utilize blockchain technology and cryptocurrency trading. As such, many crypto-hungry investors interested in how to buy Bitcoin stock will find a bunch of Bitcoin stocks on eToro with low fees and cutting-edge charting tools.

Buy Bitcoin on eToro Now

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection. Your capital is at risk. Additionally, 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

2. Webull – Good Place to Buy Bitcoin With Small Stakes

Next up we have Webull – which is a popular online broker regulated by the SEC. Webull serves millions of clients across the US and allows you to open an account without needing to meet a minimum deposit. You can fund your Webull account via ACH or bank wire. Once your account is set up, you can proceed to buy Bitcoin at 0% commission.

Take note, the spreads at Webull are less competitive in comparison to eToro. Nevertheless, Webull supported fractional investments – so you only need a couple of dollars to buy Bitcoin. You can also invest in other cryptocurrencies at this brokerage – as well as ETFs, stocks, and funds. Webull also offers retirement accounts and a top-rated mobile app.

Buy Bitcoin on Webull Now

Your capital is at risk.

3. Coinbase – Popular Place to Buy Bitcoin for Beginners

Coinbase is a popular cryptocurrency exchange and broker that allows you to buy Bitcoin with ease. You can pay for your Bitcoin investment with an instant debit card payment, albeit, this will cost you 3.99% in fees. You can also transfer funds via ACH for free, but you will still be charged a commission of 1.49% when you complete the trade.

You will find the Coinbase website and mobile app very simple to use – as both platforms were designed with beginners in mind. Coinbase also offers dozens of other digital assets – including ERC-20 tokens and DeFi coins. You can also apply for a Visa debit card that allows you to spend your crypto holdings in the real world. If you’re looking for more information on this crypto exchange read our in-depth Coinbase review here.

Buy Bitcoin on Coinbase Now

You should be aware that the risk of loss in trading or holding Digital Currencies can be substantial.

to buy Bitcoin and Where to Sell Bitcoin – Tutorial

If you’re wondering how to buy and sell Bitcoin online in a low-cost and burden-free manner – below you will find a comprehensive walkthrough.

Simply follow the tutorial below to buy Bitcoin via SEC-regulated broker eToro in under 10 minutes.

Step 1: Open an Account

As you will be buying and selling Bitcoin with US dollars, you will first need to open an account. You can do this by visiting the eToro website and providing the broker with some personal information.

Buy Bitcoin Now

After choosing a username and password, confirm your cell phone number. Finally, enter a few details about your historical trading experience and proceed to the verification stage.

Step 2: Upload ID

eToro is regulated by multiple licensing bodies – including the SEC. As such, you will now need to provide the broker with a copy of your government-issued ID. This can be a passport or driver’s license. eToro will automatically verify your document – so you should be able to proceed in under two minutes.

Step 3: Deposit Money

You can now deposit funds into your account. This needs to be at least $50 and if you are depositing in US dollars – no fees apply.

Choose from a debit or credit card to buy Bitcoin instantly. PayPal, Neteller, and other supported e-wallets are also processed without delay. ACH and traditional bank wires might take longer.

Step 4: Search for Bitcoin

You can now proceed to buy Bitcoin via the eToro website. Simply enter Bitcoin into the search box and look for the digital asset to appear from the drop-down list of results.

Once you click on the ‘Trade’ button, you will see an order box appear on your screen.

Look out for the ‘Amount’ box and enter the size of your Bitcoin purchase in US dollars. As noted earlier, the minimum at eToro is just $10 – so you can enter any amount above this figure.

To complete your Bitcoin purchase, click on the ‘Open Trade’ button.

Buy Bitcoin on eToro Now

Different Ways to Buy Bitcoin Online

With so many brokers and exchanges active in the cryptocurrency arena – you now have many ways to buy Bitcoin online.

Below we discuss the most common methods of investing in this digital currency for your consideration.

to buy Bitcoin With Credit Card

The easiest and most convenient way to buy Bitcoin is with a debit/credit card issued by Visa or MasterCard. All you need to do is open an account with a suitable broker and enter your card details to complete the investment process.

However, be sure to check what fees apply – as many brokers will charge in the region of 3-5%. eToro, on the other hand, allows you to deposit funds with a debit/credit card fee-free (USD only).

Buy Bitcoin on eToro Now

How to Buy Bitcoin with PayPal

If you have some money in your PayPal account, this is another option for you to consider. eToro is one such broker that allows you to buy Bitcoin using PayPal with ease.

Simply select PayPal from the list of deposit options, choose how much you wish to add to your account, and enter your login details.

After confirming the transaction, eToro will add the funds to your brokerage account instantly.

With Neteller or Skrill

The other way to buy Bitcoin online is to use an alternative e-wallet like Neteller or Skrill. These e-wallets, alongside Klarna, are also supported on the eToro platform.

Buy Bitcoin on eToro

to Buy Bitcoin near me?

Bitcoin is a volatile asset class that won’t be for all financial profiles. As such, be sure to perform lots of research before you proceed. Before we move on, a popular question that gets asked is ‘where to buy Bitcoin’. While there isn’t a perfect time to buy BTC, some market analysts suggest Monday could be the ideal time for HODL. There are many brokers available in the USA and UK for you to buy Bitcoin. eToro, Coinbase, and Webull are just the ones worth mentioning.

To help you along the way, below we explain some of the main reasons why you might decide to buy Bitcoin today.

Significant Returns

Had you invested just $100 into Bitcoin when the network was first launched in 2009 – you would now be a millionaire. The good news is that Bitcoin is still generating huge financial returns. For example, in early 2017, the digital currency was priced at just $1,000.

In 2021, Bitcoin hit highs of almost $69,000. This means that by holding Bitcoin for just five years during the aforementioned period, you would have seen gains of over 6,800%.

Store of Value

Although the Bitcoin network can facilitate fast, secure, and low-cost transactions – many market commentators argue that the digital currency is more congruent as a store of value. This is because there is a limited number of Bitcoin tokens and the supply cannot be manipulated.

Furthermore, some believe that Bitcoin operates well as a hedge against the broader financial markets. For example, while many stocks suffered huge losses in 2020 as per the pandemic, Bitcoin rallied.

Perfect for DCA Strategy

Another reason to consider buying Bitcoin is that the digital currency is perfect for a dollar-cost averaging (DCA) strategy. This is because brokers like eToro allow you to buy Bitcoin at a minimum outlay of just $10.

This means that you could, for example, invest just $10 every week for 12 months. In doing so, you would obtain a different cost price on each transaction, and thus – you would not need to worry about the volatile nature of Bitcoin.

Buy Bitcoin on eToro Now

to buy Bitcoin in USA

We will cut straight to the point. The best places that you should look into where to buy Bitcoin in the USA is either eToro or Webull.

eToro has over 10m users worldwide, and Webull has one of the best taxes in the market.

If you’re still wondering where to buy Bitcoin in the USA, then you should pick either one of those two.

Buy Bitcoin Now

to buy Bitcoin UK

Same as the last paragraph, if you’re looking where to buy bitcoin UK, you should invest in either eToro, as it’s regulated by the FCA, or other options like Coinbase. The problem with Coinbase though is that their fees are rather high.

There are places where you can buy Bitcoin in the UK which are just smaller shops that have a Bitcoin ATM in them for example.

If you’re looking to buy Bitcoin online, then you should definitely look into eToro.

How Much Bitcoin Should I Buy?

If you are wondering how much Bitcoin to buy, this will ultimately depend on your financial objectives, available budget, and risk appetite.

As noted in the above section, perhaps the best way to buy Bitcoin is through a DCA strategy – as opposed to investing a one-off lump sum.

This will give you the best chance possible of avoiding wild market pricing swings. Nevertheless, at eToro, you can buy Bitcoin by meeting a minimum investment of just $10. Furthermore, you’ll only have to pay a typical spread of 0.75%.

Conclusion

This article has outlined how to buy Bitcoin using a fully regulated crypto broker like eToro. Most beginner crypto traders ask how do you buy Bitcoin in 2022? We found eToro to be the cheapest and safest option when it comes to adding Bitcoin to your investment portfolio.

To complete the process in under five minutes, simply open an account with eToro and instantly deposit funds with a debit/credit card on a fee-free basis.

Then, you can proceed to buy Bitcoin from just $10 upwards.

Buy Bitcoin on eToro Today

FAQs

How do you start to buy Bitcoin?

Open an eToro account, deposit some funds, and proceed to buy Bitcoin for $10.

you buy Bitcoin with PayPal?

Yes, you can buy Bitcoin with PayPal at SEC-regulated broker eToro.

is the best place to buy Bitcoin?

After reviewing dozens of brokers, we found that eToro is the best place to buy Bitcoin in 2022. This is because there are no deposit fees, low fees, and the typical spread involved when buying Bitcoin is just 0.75%.

for $10?

Yes, the minimum Bitcoin investment requirement at eToro is just $10.

When is the best time to buy Bitcoin?

If you execute a dollar-cost averaging strategy, you can buy Bitcoin at any time.

you buy Bitcoin anonymously without an ID?

If you want to buy Bitcoin with fiat money, you will need to provide your chosen broker with some ID. Alternatively, you could use a decentralized exchange (DEX) to buy Bitcoin anonymously.

What can you buy with Bitcoin?

Wearables, some automobiles, and certain food outlets accept Bitcoin as a payment method. As more institutional investors start adopting BTC, you can expect the list of things you can buy with the leading crypto to increase.

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One of the most-discussed cryptocurrencies of late has been Saitama (CCC:SAITAMA-USD). Indeed, this new dog-inspired token is looking to take the market by storm in 2022. The cryptocurrency’s website touts the Saitama crypto as “the future of finance,” a significant statement for any individual cryptocurrency.

Source: Shutterstock

So, what’s all the hype about?

Well, Saitama is looking to launch a community-driven platform to help the little guy with his finances. Decentralized finance applications have long sought to provide real-world utility for the average person. Now, via the launch of SaitaMask on Jan. 8, this goal will hopefully become closer to reality.

SaitaMask aims to be the crypto exchange of the masses. Unique features include crypto analysis tools, the ability to trade cryptos easily, and a passive income opportunity for users on the SaitaMask platform.

That said, today, SAITAMA is down approximately 3.5%, as risk assets drop following the Federal Reserve meeting today. For those interested in this cryptocurrency, let’s discuss where investors can buy this token right now.

to Buy the Saitama Crypto?

According to CoinMarketCap, the top five exchanges carrying Saitama are the PoloniexLBankMEXC

On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, >©2022 InvestorPlace Media, LLC

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Cryptocurrency has offered a diverse set of options for investors. From Bitcoin to Ethereum, there are many crypto coins to choose from and they carry both benefits and shortcomings. Improvement is the new buzzword in the crypto industry and many new platforms are being built or modified to maximise the appeal of these virtual coins.

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Allowing smart contracts, Tron helps developers build and deploy decentralised applications (dApps) that can be designed for practically any purpose — including online games, decentralised exchanges, yield farms and open lending platforms. Tron's fundamental goal is to give people access to content that isn't restricted by geography, censorship, or limits. Users of the network use TRX to pay the content creators to access their applications without needing any corporate middlemen such as Amazon or Netflix. Simply put, it means those who own Tron will have absolute control over the data they create, including how it is distributed to the audience. Users can store their crypto assets on a desktop, mobile phone, or hardware wallet.

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How Can It Be Bought In India?

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A CRYPTO trader has shared how he became a millionaire after selling his toys to buy Bitcoin when he was just 11.

Dadvan Yousuf, 21, is now the youngest self-made millionaire in Switzerland and has even launched his own digital cryptocurrency.

The 21-year-old Kurdish refugee fled with his family to Ipsach, Bern, in 2003.

He started trading when he was only a child, in a bid to raise funds for his grandmother's surgery.

One day eleven-year-old Dadvan laid down a carpet in a parking lot and sold all his toys including his Nintendo, Pokemon, Yu-Gi-Oh and puzzles, making 250 Swiss Francs (£200).

He told The Sun: “I grew up in very bad conditions, we were very poor and my grandmother needed money for an operation.

“First of all we had no money and second it was not possible to send it at the time- the only possible way was to give cash to someone flying there.

“I heard my parents talking about it and I wanted to do something."

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Dadvan said his family couldn’t afford games but when someone would leave them on the street they would take them. 

He said: “The people on our street knew we were poor so they helped a lot as well.

“I am 100 per cent sure that most people who bought my games that day thought ‘What a sad boy, it must be from a poor family, let’s help’.

“Even 250 Swiss Francs was a lot of money back then, my family couldn’t believe it."

Trying to find a safe way to send money abroad, the young boy started researching banks and digital currencies and joined forums where he first came across the term Bitcoin.

He added: “I was a little bit of a tech guy so I started googling about banks.

“That was the first time I read about Bitcoin. People were talking about the next big thing that is going to change the world.

“I had no idea what bitcoin was- nobody knew back in the day.

“The first thing I did was go to a kiosk and ask for bitcoins -the woman at the counter didn’t even know what bitcoin was.

“I told my father I wanted to buy Bitcoin and he thought I was joking. 

“He told me ‘Are you stupid, you want to use real money to buy game money?’"

According to online advice site Parentzone, there are technically no age-restrictions for trading or mining in cryptocurrencies.

But it said trusted and established sites such as Coinbase and Paypal require users to be at least 18.

It also warned that some kids could face addiction, but the greatest risk was falling victim to scams.

Gareth Shaw, head of money at Which? told Mail Online: "The rise in young people investing in cryptocurrencies is very worrying, especially as fraudsters have flooded social media with scam investment adverts that prey on victims who may have little or no experience of investing."

The risks of buying with cryptocurrencies

Investing and making a purchase in cryptocurrencies such as Bitcoin is risky .

Their value is highly volatile and City watchdog the Financial Conduct Authority has warned investors should be prepared to lose all their money.

Investing in cryptocurrencies is not a guaranteed way to make money.

You should also think carefully about making purchases with a cryptocurrency.

For example, Bitcoin has had wild price fluctuations in recent months and the price can change on an almost hourly basis.

The price of a Bitcoin was at $40,258 on January 9, according to Coindesk, but fell to $34,214 just three days later.

That's a 15% drop.

These price swings are risky for a business as you could sell an item for a Bitcoin at one price and the value may drop soon after, leaving you with less money from a sale.

Similarly, the price of Bitcoin has soared by more than 21% since the start of this week so it can be hard for a shopper to get an accurate idea of the price of an item if its value changes on a daily basis.

Dadvan spent a few days trying to convince him but he eventually succeeded and his father handed over his credit card- he bought 10 Bitcoins for €15 each.

“I had no idea what a wallet was, how it all works - I started to think I made the biggest mistake in my life and that my father was right," he recalls.

About a year later the young boy made his first big deal buying 1000 Bitcoins at $13.53 a piece for €11,200.

He continued to trade over the years and in 2016 he invested in Ethereum for the first time, buying 16,000 for €134 000.

Dadvan became a millionaire at the age of 17 but did not cash in anything until 2020.

He has now moved to the Dolder, a famous five-star hotel in Switzerland.

His foundation named Dohrnii aims to provide free financial education to people so they can have the "chance to be successful traders."

But Dadvan's success is by no means guaranteed for everyone in crypto trading.

Crypto can be riskier than other investments because they are volatile and speculative - their price often rises and falls very quickly, sometimes seemingly for no reason.

Many cryptocurrencies have a short track record, making them difficult to understand and predict.

This type of investment is also not protected by the regulator which means you have no protection if things go wrong.

Matt Damon stars in cryptocurrency adTopicsCryptocurrencyYOU MIGHT LIKERECOMMENDED FOR YOUMORE FOR YOU

In less than a week, investors can pop the champagne corks and celebrate another successful year. Through Dec. 22, the widely followed S&P 500 was higher by 25%, which more than doubles up its average annual total return of around 11%, including dividends, since the beginning of 1980.

But it's the cryptocurrency space that's delivered the juiciest gains of all. Since the year began, the aggregate value of all digital currencies came close to tripling. Not surprisingly, Bitcoin (CRYPTO:BTC) has been one of the biggest contributors to this nominal value increase, with a year-to-date gain of 67%. It accounts for 40.5% of the entire $2.27 trillion cryptocurrency market.

Image source: Getty Images.

more than doubled up the S&P 500 gains in 2021

Bitcoin's gains, which recently reached as high as 8,000,000,000% from where it began trading in early July 2010, have come on the heels of numerous catalysts.

To begin with, Bitcoin's first-mover advantage has made it the most-popular cryptocurrency with retailers. As of late 2020, small-business financing platform Fundera estimated that 15,174 businesses worldwide accepted Bitcoin as payment -- and this figure has assuredly grown since.

To build on the above point, Bitcoin was also recognized by El Salvador as legal tender in September. It's the first country to allow Bitcoin to be used as accepted currency, and could pave a path for other nations to follow.

The world's most valuable digital currency has benefited from rapidly rising inflation in the U.S. and abroad as well. Since Bitcoin has a perceived cap of 21 million tokens, it's viewed as an inflationary hedge against a rapidly growing U.S. money supply and price hikes. In November, the Consumer Price Index for All Urban Consumers jumped 6.8% in the U.S., marking the biggest year-over-year jump in 39 years.

Investors look to be clearly excited about the upgrade potential for Bitcoin, too. In November, the long-awaited Taproot upgrade took effect. Taproot allows for smart-contract transactions to occur on the network, which opens the door for a broader use of the Bitcoin blockchain. Smart contracts are protocols that help to verify, enforce, and facilitate a contract between two parties.

Lastly, even the fear of missing out (or FOMO) has played a role. After watching Bitcoin gain 8 billion percent, crypto investors appear to be more than willing to overlook any threat of a reversion.

Image source: Getty Images.

I'm still not buying Bitcoin, and you shouldn't, either

Although Bitcoin has proved me wrong over the past year, I still wouldn't buy the most-popular digital currency on the planet with free money -- and I'd suggest others avoid it, too. Below are some of the reasons I simply can't buy into the hype surrounding Bitcoin.

For starters, it isn't the scarce token it's made out to be. Take gold as a comparison. Since we can't use alchemy to make any additional gold, what remains in the ground and what's been already mined is all there will ever be. In terms of physical scarcity, that's a true line in the sand. As for Bitcoin, lines of code are what limit its "cap" of 21 million coins. Even though consensus is unlikely to increase the number of outstanding tokens above 21 million, it's not impossible that it happens. Thus, Bitcoin only offers the perception of scarcity and not true scarcity.

Another big issue for Bitcoin is dilution. But I'm not talking about the modest coin inflation that comes with cryptocurrency mining. Rather, I'm alluding to Bitcoin being a first-generation blockchain network that's being left in the dust by third-generation blockchain innovation. There's absolutely no reason for Bitcoin to be worth $913 billion when blockchain projects at a fraction of its value can scale better, process faster, and handle far more complex transactions. Bitcoin may be benefiting from a first-mover advantage, but the first to the foray is rarely the victor.

Image source: Getty Images.

History provides yet another reason I want nothing to do with Bitcoin. Major price swings are somewhat commonplace in the crypto space, and reversions following huge gains happen often. Bitcoin was up 8 billion percent at one point since July 2010 and has yet to demonstrate that it truly has staying power. Since it's been unable to decouple from the stock market, I would be betting on a significant reversion following its pandemic-low bounce.

To build on this previous point, there now are considerably more avenues to bet against Bitcoin than there have ever been. The rise of Bitcoin-focused exchange-traded funds and Bitcoin futures offers a safer way for big-money players to bet on downside in the world's most-popular crypto. In other words, Bitcoin becoming more mainstream as an investment will hurt more than help.

And finally, history also tells us that investors have a really poor track record of estimating the adoption of next-big-thing technologies. Looking back on the internet, business-to-business commerce, genomics, 3D printing, and so many next-big-thing advancements reveals that their adoption took far longer than expected. This isn't to say that blockchain can't become a mainstream technology in payment and nonfinancial applications at some point in the future. But it's important to recognize that businesses aren't willing to jump at the chance to use blockchain until it's been thoroughly vetted in the real world. We're just not anywhere close to that yet.

There are plenty of cryptocurrency projects that are really intriguing and could change the course of payment processing or supply chain management. Bitcoin just isn't one of them.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer. Stock AdvisorS&P 500642%146%Join Stock Advisor

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In the past few years, Bitcoin has been seen as a valuable investment for those wise enough to get on board with this new currency. However, many people wonder what they can spend their bitcoins on since many stores and businesses do not accept it. Bitcoin trading has become more popular in recent years; thus, if you’re looking for the best trading platform, you must check the Bitcoin Trader app for crypto trading. This blog post will talk about all those things that you can buy with bitcoin.

Let’s look at these options.

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You can buy cars with Bitcoin through a dealer or an individual seller. Lamborghini Newport Beach in Costa Mesa, California, advertises that you can purchase luxury and sports cars, including Ferraris and Bentleys, using BTC as payment. You should not use your car to store large amounts of bitcoins because most states have laws requiring the registration of any vehicle purchased with cash or involving trading one product for another – like bitcoin for a car. 

If you want to trade something other than a motor vehicle for cryptocurrency, it is possible but always check local regulations first, as they vary from state to state.

You can buy a wide range of technology products and e-commerce items using bitcoins. This includes computers, laptops, tablets, smartphones, gaming consoles, digital cameras, software, and online subscriptions. Many major retailers now accept bitcoin payments for their products and services. 

These include Dell, Newegg, Overstock.com, TigerDirect.com, and Microsoft Store. You can also use bitcoins to purchase gift cards from various merchants, including Amazon.com and Walmart.

You can buy all sorts of jewellery and watches with bitcoins. More popular items include necklaces, rings, bracelets, and luxury watches like Rolex and Cartier. If you’re looking for a unique gift for someone special or just want to treat yourself, buying jewellery or a high-end watch with bitcoin is a great option. And since these items are often expensive, you’ll get a lot of bang for your bitcoin.

You can use bitcoins to pay for insurance policies. For example, you can buy car insurance, health insurance, or travel insurance with bitcoins. Some companies even allow you to purchase life insurance policies with bitcoins. So if something happens to you and you need money quickly, your bitcoin wallet could provide the funds you need.

Bitcoin has been featured in many news stories, focusing on its volatility and relationship to the Silk Road, an online black market for illegal drugs. The media narrative surrounding Bitcoin has gone through several phases; it was initially thought that Bitcoin would be a grassroots payment method free from government interference or control.

Bitcoin is a new kind of money, growing in popularity. As an example, you can find millions of people using Bitcoin to pay for their Amazon purchases. More stores will continue to adopt this digital currency because it saves them money when they accept Bitcoin payments, plus there is no risk involved like with credit cards or wire transfers. The more popular Bitcoins become, the higher their value, making many early adopters rich.

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The cryptocurrency sector has attracted many individuals from the traditional financial sector. Brenda Gentry, a former mortgage underwriter from the state of Texas, has fully embraced the crypto sector, and she is now earning big from her decision.

Gentry, also known as MsCryptoMom, resigned from her banking job to pursue a career in the crypto sector after making her first crypto investments in 2020.

NFT and DeFi advisory services

According to Gentry, there were “unprecedented opportunities offered by crypto.” Currently, she runs the Gentry Media Productions. This firm offers services related to decentralized finance (DeFi) and non-fungible tokens (NFTs). These services have generated the firm up to 20 Ether per month.

Crypto Now

Speaking on this development, Gentry stated, “It was early 2020 during the lockdown. I bought Bitcoin, Ethereum band Link on Coinbase. When I started, I almost gave up multiple times. I just want to help others have a more streamlined way to get into crypto.”

Over time, Gentry has learnt a lot about the DeFi sector, hence her diversified investment into altcoins. Gentry has a website where she offers educational content to the crypto sector. She also organized seminars to educate the public about navigating the crypto sector.

Gentry runs her new business with her younger daughter, Imani. Imani noted that she was interested in how people followed the trends in the market and awaited the outcome of their investments.

Giving back to the community

Gentry noted that she does not want anyone to be left behind in matters to do with crypto investments. She is also giving back to the community, noting that she can help people break the generational curses of poverty through crypto investments.

Before the year ends, Gentry noted that she wanted to visit her home country, Kenya, to offer crypto education to her non-profit organization, Educate a Child. She noted that she will equip the organization “with knowledge about this new asset class and the opportunities that blockchain technology affords.”

She has, however, cautioned against blind investments. She cautioned those who want to invest in crypto to do proper research to understand crypto’s good and the bad side. Research can also help new investors avoid falling victim to scams.

“When it comes to investing in crypto, the opportunity to gain financial freedom is well worth the cost to watch a few educational crypto YouTube videos or read a book on this topic,” she added.

Crypto Now

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How to buy cryptocurrenciesHow to buy bitcoinAli RazaPRO INVESTORadministrator

A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.

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With cryptocurrency being the talk of the town, people are trying to explore the space as easily and seamlessly as possible. Any amount of volatility scares the average investor, which is why fixed-income assets like bonds have so much capital allocation towards them. 

Some new crypto projects have caught on and employed new marketing tactics to target people who don’t want to risk their hard-earned capital. One of the main means is through airdropping: acquiring crypto without buying it. 

Sounds too good to be true, right? This article examines how crypto users are getting thousands of dollars for free.

Contents

Cryptocurrency Airdrops ExplainedStandard AirdropsHolder AirdropsExclusive AirdropsBounty AirdropsPopular Cryptocurrency AirdropsENS AirdropLooksRare AirdropBitcoin Cash AirdropUniswap AirdropNFT AirdropsWhere To Buy CryptocurrencyeToroCoinbaseWebullHow To Be Eligible For Crypto AirdropsHow To Store Crypto and NFTs SafelyHow Much Can You Get From Crypto Airdrops?Cryptocurrency Airdrops Explained

 A cryptocurrency airdrop is a free transaction from a cryptocurrency project to a consumer’s wallet.

Developers find a variety of reasons for launching an airdrop, but an airdrop follows one basic principle: the investor receives a certain amount of coins or cryptocurrency tokens, generally for free or in exchange for completing a simple task. It requires you to connect a wallet to receive your rewards, and while you’re at it, you will probably want to find an awesome crypto wallet to use.

The answer as to why a crypto project would airdrop its crypto lies in the fact that it is arguably the most powerful marketing tool at this stage. Free money is what every consumer wants, which is why this tactic is so enticing to novices, experts and everyone in between. Alternatives in coin launching like initial coin offerings (ICOs) exist, but these methods generally don’t garner as much attention for projects.

The process for an airdrop is streamlined and basic whether it is following social media accounts or subscribing to a newsletter. Most people can participate in the majority of airdrops; however, many projects have begun to increase exclusivity. 

You can take part in four main types of airdrops: standard, holder, exclusive and bounty.

Standard Airdrops

The standard airdrop functions as the most basic of airdrops. Generally, a small quantity of the token is awarded, and supplying your wallet address as well as following very basic steps will reward you. Marketing-wise, if everyone can get a piece of the pie, more people will flock to the airdrop, which is a great technique to attract new members.

Holder Airdrops

Holder Airdrops are also basic. Holder airdrops are awarded to wallets that contain particular tokens or non-fungible tokens (NFTs). Bitcoin Cash was awarded in a 1:1 ratio to Bitcoin holders before its launch. 

Exclusive Airdrops

Exclusive airdrops go only to loyal or verifiable members of a community. People who have consistently followed up with news about the project or first followers on a social media account are rewarded with the project’s currency. 

This common type of airdrop rewards early adopters of certain applications. Projects like Uniswap and Ethereum Name Service (ENS) Domains have airdropped thousands of dollars to early users for free.

Bounty Airdrops

Bounty airdrops are generally promotion-based, often using a paid promotion through Instagram, Meta Platforms Inc. (NASDAQ: FB) or Twitter. Sometimes projects will incentivize users who interact with larger audiences. 

Popular Cryptocurrency Airdrops

Many highly impactful airdrops have occurred within the crypto space over the past year. Most large airdrops are exclusive airdrops that reward early users of certain Ethereum applications. 

ENS Airdrop

The massive ENS airdrop occurred at the end of 2021. Depending on a user’s involvement with using ENS Domains, $13,000 to $84,000 was given to each person who qualified. To qualify, you needed to register an ENS domain name before Oct. 31, 2021. 

LooksRare Airdrop

The LooksRare coin LOOKS was dropped to people for having traded over three Ethereum on OpenSea during the latter half of 2021. Depending on the amount of Ether spent on OpenSea, those who received the airdrop got anywhere from $500 to over $50,000.

Cash Airdrop

Bitcoin Cash’s BCH airdrop on Aug. 1, 2017, matched Bitcoin holdings with BCH. The price of Bitcoin was around $3,000 at the time, and each Bitcoin Cash was trading for a few hundred dollars.

Uniswap Airdrop

The Uniswap airdrop for its token UNI is valued at well over $5,000 today. The basic qualification for 400 UNI is to have interacted with the Uniswap network before Sept. 1, 2020. If you missed out on this drop, being involved in growing communities could help pave the way for participation in the next big airdrop.

NFT Airdrops

Cryptocurrency airdrops are common in the crypto space. Almost just as common but lesser-known are NFT airdrops. Done just as perfunctorily as crypto airdrops, NFT airdrops generally are given to holders of previous collections. These airdrops are known as holder airdrops.

Some of the most touted NFTs include the Bored Ape Yacht Club (BAYC) and the highly sought-after CryptoPunks. These collectible items have airdrops for owners to generate and maintain hype, such as Mutant Ape Yacht Club and Meebits. 

To Buy Cryptocurrency

You can access a number of good trading platforms to buy crypto. Benzinga recommends choosing a safe exchange that you can easily move money in and out for peace of mind. Here are a few.

eToro

eToro is easy to exchange various cryptos through as well as a variety of other traditional financial assets. On eToro, without paying commissions, you are granted all of the safeguards that come with being a qualified and licensed platform. This brokerage allows you to communicate with a large number of other investors who have accounts on the site, as well as imitate other traders’ actions automatically.

Coinbase

Coinbase Global Inc. (NASDAQ: COIN) is an online solution that integrates wallet, trading and commerce features into a single user experience. The founders’ primary objective is to establish Coinbase as an outstanding international brand for converting cryptocurrency to fiat currency.

In the United States, where the operations are situated, Coinbase is a regulated corporation. The platform supports well over 50 coins and tokens.

Webull

Investors of various levels of expertise can establish a crypto strategy with Webull. Webull has designed an excellent trading platform that is suitable for both amateur and advanced traders. Webull distinguishes itself as a top exchange for seasoned clients thanks to its comprehensive charting and research tools.

Best ForLow MinimumsOverall Rating Read Review get startedsecurely through Webull’s website More Details Best ForLow MinimumsN/A1 Minute Review

Webull, founded in 2017, is a mobile app-based brokerage that features commission-free stock and exchange-traded fund (ETF) trading. It’s regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

Webull offers active traders technical indicators, economic calendars, ratings from research agencies, margin trading and short-selling. Webull’s trading platform is designed for intermediate and experienced traders, although beginning traders can also benefit.

Webull is widely considered one of the best Robinhood alternatives.

Best ForActive tradersIntermediate tradersProsNo charges to open and maintain an accountNo account maintenance fees or software platform fees Intuitive trading platform with technical and fundamental analysis toolsConsOnly offers 14 coinsBest ForEarning RewardsOverall Rating Read Review earn free cryptosecurely through Coinbase’s website More Details Best ForEarning RewardsN/A1 Minute Review

Coinbase is one of the Internet’s largest cryptocurrency trading platforms. From Bitcoin to Litecoin or Basic Attention Token to Chainlink, Coinbase makes it exceptionally simple to buy and sell major cryptocurrency pairs. 

You can even earn cryptocurrency rewards through Coinbase’s unique Coinbase Earn feature. More advanced traders will love the Coinbase Pro platform, which offers more order types and enhanced functionality.

Though Coinbase doesn’t offer the most affordable pricing or the lowest fees, its simple platform is easy enough for complete beginners to master in as little as a single trade.

Best ForNew cryptocurrency tradersCryptocurrency traders interested in major pairsCryptocurrency traders interested in a simple platformProsSimple platform is easy to operateComprehensive mobile app mirrors desktop functionalityCoinbase Earn feature rewards you with crypto for learning about available coinsConsHigher fees than competitorsBest ForCrypto TradingOverall Rating Read Review get startedsecurely through eToro’s website More Details Disclosure: eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.Best ForCrypto TradingN/A1 Minute Review

eToro, headquartered in Cyprus, England and Israel, has provided forex products and other CFD derivatives to retail clients since 2007. A major eToro plus is its social trading operations, including OpenBook, which allows new clients to copy trade the platform’s best performers. Its social trading features are top notch, but eToro loses points for its lack of tradable currency pairs and underwhelming research and customer service features

Best ForU.S. based cryptocurrency tradersSocial and copy tradersSimple user interfaceCommunity engagement and following other tradersPros25 cryptocurrenciesExpansive network of social trading featuresLarge client base for new traders to imitateConsU.S. traders can only buy cryptocurrencyHow To Be Eligible For Crypto Airdrops

To be eligible for crypto airdrops, you need an Ethereum wallet that can connect to decentralized applications on Ethereum’s blockchain. MetaMask is a wallet that connects seamlessly to websites that require it.

MetaMask is a renowned Ethereum and Binance smart chain (BSC) digital wallet that is available immediately to use. Chrome, Firefox and Microsoft Edge browsers offer it as an extension. MetaMask makes sending and receiving Ethereum tokens a delight. To execute a transfer, go to the application or browser extension’s send tab, input the recipient’s Ethereum address, select your gas cost threshold and send.

As mentioned previously, many crypto airdrops have some level of exclusivity that can include promoting the project or having held onto particular cryptos or NFTs before the drop. You’ll want to diversify your wallet while you support projects that you are passionate about.

How To Store Crypto and NFTs Safely

Although most blue-chip digital wallets and brokerage accounts are generally extremely safe, the safest place to store crypto is in a physical hardware wallet. 

Ledger is one of the most popular hardware wallets on the market with its best-selling wallet the Ledger Nano X. The portable gadget is handy and trustworthy, with an LED display for transaction verification and a password for confirmation. The hardware wallet works with most cryptocurrencies, by connecting to your laptop through a USB. The device’s only limitation is that all programs require your computer to be connected to the internet and run on Google Chrome.

Best ForERC-20 tokensOverall Rating Read Review buy nowsecurely through Ledger Hardware Wallet’s website More Details Best ForERC-20 tokensN/A1 Minute Review

Launched in 2014, Ledger has transformed into a fast-paced, growing company developing infrastructure and security solutions for cryptocurrencies as well as blockchain applications for companies and individuals. Born in Paris, the company has since expanded to more than 130 employees in France and San Francisco.

With 1,500,000 Ledger wallets already sold in 165 countries, the company aims at securing the new disruptive class of crypto assets. Ledger has developed a distinctive operating system called BOLOS, which it integrates to a secure chip for its line of wallets. So far, Ledger takes pride in being the only market player to provide this technology.

Best ForERC-20 tokensAll experience levelsPros Easy to set up and use Supports more than 1,500 different digital assets Tamper proof Portable Long-lasting batteryBluetooth connectivity featuresCons Can be quite priceyHow Much Can You Get From Crypto Airdrops?

As mentioned throughout the article, crypto airdrops come in all shapes and sizes. They are a great way for the project to get community engagement and for the consumer to make a quick buck. Often, airdrops give as much as $1,000 to users who partake in active communities. You could make even more from high-profile airdrops. For the average crypto trader who follows projects casually, free money from airdrops is attainable. 

Bitcoin price has made a significant dip this week, dropping more than 11% and returning levels not trades since August 2021. Etheruem price hits new three-month lows, threatens a return to the $2,300 value area. XRP price looks determined to push lower to the $0.65 support zone before generating another bull run.

Bitcoin price enters buy zone; downside risks limited

Despite the substantial drop, Bitcoin price has gotten very close to one of the most intense support levels on its weekly chart: the bottom of the Ichimoku Cloud (Senkou Span B). Within the Ichimoku Kinko Hyo system, the strongest support and resistance level is Senkou Span B.

Senkou Span B sits in a value area between $37,500 and $38,000 – a value area currently being tested by Bitcoin. It is very likely that support has been hit, generating a buy zone for Bitcoin. There is a regular bullish divergence between the candlestick chart and the Composite Index, supporting near-term support occurring at $38,000. Additionally, the Optex Bands oscillator resting just above the extremely oversold level adds to the thesis that support has been found.

BTC/USD Weekly Ichimoku Kinko Hyo Chart

If Bitcoin experiences a close where the Chikou Span is below the bodies of the candlesticks and the close is below the Cloud, then a much more violent sell-off would likely occur, pushing Bitcoin to the $20,000 value area very quickly. Upside potential is likely limited to the $49,000 price level.

Ethereum price remains above primary weekly Ichimoku support zones but closes in on solid support

Ethereum price remains above the top of the Cloud (Senkou Span A) at $2,500, a price level that ETH could quickly drop to and test. Ethereum may likely need to hit Senkou Span A before a new rally can begin, but it is not necessary. From an oscillator perspective, reasons abound why Ethereum may bounce very soon.

The Relative Strength Index remains in a bull market and is currently testing the last oversold condition at 40, hovering just above at 42. The Optex Bands oscillator, likewise, has moved into extreme oversold conditions. Finally, the most critical oscillator condition is the location of the Composite Index. There is a dramatic, almost imperceptible hidden bullish divergence between the candlestick chart and the Composite Index.

It’s important to note the historical significance of these oscillator values. The last time the Optex Bands oscillator was near its present value area was in December 2019. The Relative Strength Index is trading at the same level it was in March 2020. Finally, the Composite Index has hit lows not seen since September 2019.

The combination of Ethereum near a strong support price level, the RSI near its final oversold level, the Optex Bands at extreme oversold conditions with the hidden bullish divergence in the Composite Index creates a concoction that could generate a flash spike higher for Ethereum at any time .

ETH/USD Weekly Ichimoku Kinko Hyo Chart

Downside risks for Ethereum could most certainly drop to the bottom of the Cloud (Senkou Span B) in the $2,300 value area – any weekly close below that zone would initiate an Ideal Bearish Ichimoku Breakout move that could trigger a flash-crash towards $1,500. Upside potential is likely limited to the $4,000 value area.

XRP price approaches new five-month and 2022 lows – but just inside a buy zone

XRP price action has certainly been some of last year’s most boring, bearish, and disappointing. The combination of US customers essentially blocked from buying XRP to the SEC’s ongoing legal issues has put considerable fear, uncertainty, and doubt into Ripple. Any weakness in the broader market seems to impact XRP with a little more strength than other altcoins.

However, XRP price is not without some hope. XRP price is quickly approaching one of the most potent support zones on its chart. The 50% Fibonacci retracement at $0.65 and the Volume Point Of Control at $0.61 represent the single most vital support zone on XRP’s chart. As a result, traders should expect significant volatility and whipsaws in price action (even anomalous wicks down to the $0.50 range) the closer XRP gets to $0.61 – but in the end, support should hold.

XRP/USDT Weekly Ichimoku Kinko Hyo Chart

A weekly close below $0.60 would position XRP into an Ideal Bearish Ichimoku Breakout setup and invalidate any remaining bullish outlook.

Sources

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The bears in Bitcoin (BTC-USD) are back! So, it's a great time to pay attention to Bitcoin's price action now as these bears start populating their bearish thesis on the world's most widely-followed cryptocurrency.

We last covered Bitcoin in September, where we highlighted: "Is Bitcoin a Buy or Sell Now? Wait for the Double-Bottom." We saw surging optimism again by bullish crypto traders/investors. But we cautioned that the upward momentum had already lifted off by then. Therefore, it pays to be patient and wait for the momentum to wane before adding exposure.

Alas, the opportunity has presented itself again, as Bitcoin's momentum spike has been digested since it went on to establish an all-time high (ATH) of $69K in November.

As Bitcoin is testing critical support levels now, we think it's an opportune time to update our readers whether Bitcoin is a Buy/Sell/Hold now.

Will Bitcoin Drop Again?

We can easily observe that BTC-USD was rejected at the critical resistance level of $65K for the second time in November. However, it's currently being supported above the $40K bear-trap level, which could support further consolidation. Otherwise, we envisage potentially more robust support at the $30K level if the $40K level fails to hold. We can't tell exactly whether near-term volatility will continue to impact Bitcoin's price causing it to drop again. However, these are two critical levels of support to sustain the long-term uptrend of Bitcoin. Therefore, investors are encouraged to monitor these levels closely.

In addition, the crypto fear & greed index is now back reflecting "extreme fear." It is a contrarian indicator, and thus it also offers additional confluence to our price action analysis. Previously in October/November, it was well into the "extreme greed" zone.

Is Bitcoin a Long-Term Buy?

Bitcoin bulls have often lauded that Bitcoin is a hedge against macro assets volatility due to its relatively low correlation. However, Coindesk highlighted that BTC-USD's correlation to equity markets crept up towards the end of 2021. Moreover, it also coincided with a period of heightened volatility in the equity markets as growth stocks sold off. Hence, market observers noted that Bitcoin's price movement is increasingly correlated with risk assets, particularly growth stocks.

The International Monetary Fund also warned that such increasing correlation could raise the "risk of contagion across financial markets." In addition, Morningstar data also showed that Bitcoin's average correlation with the S&P 500 increased to 0.36 in 2021, from 0.22 in 2020. Notably, it was negative in 2017 and 2019, while its correlation was just 0.04 in 2018. We believe that such a trend will likely continue in the future. However, it may affect investors who wanted to use Bitcoin to diversify their equity portfolios. Therefore, these investors may find Bitcoin less attractive now with its increasing correlation. Notwithstanding, we believe this is a positive development for long-term Bitcoin investors.

The S&P 500 index is undoubtedly in a long-term uptrend, through the peaks and troughs over the years. We are not expecting Bitcoin to exhibit such long-term stability yet, given that it's still a nascent digital asset. However, we believe that the increasing participation by retail investors, corporations, and institutional investors will lend credence to its long-term legitimacy. Thus, Bitcoin's traditional tenet as a store of value is extended further as a viable trading asset as more investors participate in its growth story.

Moreover, we have seen more companies investing in Bitcoin over the past year.

In 2021 alone, more institutions added bitcoins to their balance sheets. As of 31 December 2021:

MicroStrategy (MSTR) holds 124.4K bitcoins Tesla holds 48K bitcoins worth $2.3B Galaxy Digital (OTCPK:BRPHF) holds 16.4K bitcoins Square holds 8K bitcoins

Notably, MicroStrategy continues to pile on to its Bitcoin holdings, as it added 1,914 bitcoins in late December. It now holds nearly 124.4K bitcoins, with an average price of about $30K. CEO Michael Saylor believes that there are multiple ways to monetize the growing horde accumulated by his company. He emphasized that MicroStrategy could monetize its holdings through special lending arrangements, as a partnership investment, or even as collateral for long-term debt funding. With the increasing participation by institutional investors, Saylor is looking well ahead to capitalize on hoarding BTC at "reasonable value" for future monetization purposes.

Moreover, the thesis behind Bitcoin's finite supply of 21M has been thoroughly discussed even though it isn't expected to peak until 2140. But, Bitcoin's total supply has already crossed 18.93M (as of 16 Jan'22) from 18.16M a year ago. The demand/supply dynamics will likely continue to favor a long-term uptrend if institutions and corporations continue to increase their adoption of Bitcoin moving forward.

In addition, Bloomberg's senior commodity strategist Mike McGlone, who was among the first to call out BTC-USD reaching $50K emphasized (edited):

Bitcoin comes with a "lack of supply elasticity." Because the pace of new Bitcoin production is already set by the underlying blockchain's programming, a higher price won't automatically lead to more supply. Supply, demand, adoption, and advancing technology point to Bitcoin continuing to outperform fossil fuel in the next 10 years. (Coindesk)

What Risks That Investors Must Know

Readers must be prepared to ride out Bitcoin's inherent volatility during times of momentum spikes (downward or upward spikes), exacerbated by greedy and fearful traders at the peak and troughs of Bitcoin's price trend. Therefore, we encourage readers to adopt a long-term investing mindset and not one where you move in and out of the currency regularly. Moreover, if you use leverage/margin, you must ensure that you understand the risks of how such volatility can potentially decimate your positions if you do not adopt robust risk management frameworks. But, given Bitcoin's high volatility, we strongly discourage using any leverage at all.

Moreover, regulators have also become more interested in Bitcoin's developments. While they have not endorsed Bitcoin's legitimacy in general, it indicates that they want to have a role in ensuring that Bitcoin's ascendence does not interfere with the proper functioning of the economy and financial markets. Furthermore, the aspect of regulation is still unclear and still being debated. Therefore, we don't believe there will be a clear outcome over Bitcoin's role soon as a regulated asset class. Hence, any adverse near-term developments could introduce additional volatility in Bitcoin's price movements.

Is Bitcoin a Buy, Sell, or Hold?

We are long-term bullish on Bitcoin, and we don't trade in and out of the asset regularly. We have used deep retracements like this to add to our Bitcoin positions. We had also reduced our exposure at the $65K resistance level, selling into strength. But, we were always ready to increase our exposure when presented with an attractive opportunity. And we think the opportunity has presented itself again.

We continue to add exposure to the asset over time. There's no need to rush. The time to rush in had long gone when Bitcoin was less than $10. There are also other currencies like Ethereum and alternative coins to consider to diversify our crypto holdings. We view BTC as a long-term asset that we don't intend to trade in and out regularly.

Moreover, the bear-trap level from May to July continues to be a critical level of support. So, we have also kept our funds ready if the market makers are keen to bring BTC-USD back to those levels. However, if it does, we will increase our exposure more aggressively as we think those levels are likely to hold.

Consequently, we revise our rating from Neutral to Buy on Bitcoin.

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This article was written by

JR Research9.57K FollowersAuthor of Ultimate Growth InvestingSifting through the ultimate growth stocks for your portfolio

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As investors reduce their crypto exposure in a market in which Changpeng Zhao’s company has great sway, the Binance CEO, the 14th richest billionaire, has seen his net worth decline dramatically.

After his net worth dropped by $13.3 billion, the CZ’s net worth is now $75 billion, according to Bloomberg Billionaires Index

During Thursday’s late session, the Nasdaq 100 Index was corrected, sending cryptocurrencies into a downturn overnight. Nearly $200 billion was lost in the crypto market.

Related postsBinance CEO, CZ, now Asia’s richest man as net worth hits over $96 billion January 10, 2022Binance adds $2 billion worth of Bitcoin to its portfolio January 7, 2022

The billionaire still remains one of the world’s most eligible bachelors on earth. Zhao’s net worth of $75 billion can buy 40.5 million troy ounces of gold 853 million barrels of crude oil.

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Binance was banned by the government of his home country, China, but CZ, also a Canadian citizen founded and runs the company which is today the biggest crypto exchange.

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In spite of recent crackdowns by US and UK authorities, it now generates billions of dollars in revenue every year.

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Zhao made his fortune through Binance, a crypto exchange. Zhao estimates that Binance had more than 90 million users at the end of 2021, according to its website.

As of 2021, Binance is expected to generate $19.5 billion in revenue. This figure is based on the company’s average annual spot and derivative trading volumes, as tracked by research sites Coingecko.com and Nomics.com, and the company’s average transaction fees, calculated separately for the spot and derivative volumes as disclosed on Binance’s website.

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In regions where ownership is publicly disclosed, Zhao is credited with controlling 90% of Binance.

In addition to Bitcoin, he is investing in Binance Coin. The amount of cryptocurrency held directly by the billionaire is not included since it is unknown how much he holds.

--> -->Tags: BinanceChangpeng Zhao

What justifies the infatuation with cryptocurrencies? According to the Nobel laureate Paul Krugman in the US, the explanation is political rather than economic. And it must be sought in the distrust of the institutions advocated by Trump and his followers. Krugman throws the stone into the pond and deserves attention, whether it can be shared or not

The New York Times hosts a new speech by Paul Krugman on crop currencies. This time the Nobel laureate does not tackle the issue from an economic point of view but from a political one. Um, maybe he’s not as good in politics as he is in economics.

It’s true: since their appearance, Bitcoins have established a close correlation with some cornerstones of a certain American political thought, the one that refers to libertarianism and to the theories of the minimum state that has one of the cornerstones in money. In some ways, Bitcoins seem to be the fulfillment of the theories of these thinkers. Basically the power returns to the people and runs away from the control of the institutions. It is a bit like the dream of anarchists of all reams.

Krugman, however, goes beyond this known and declared filiation to glimpse a new karst alliance between the strategy of the alt-right and the new American right and what Bitcoin can represent for it. Basically the discourse concerns the concept of trust in democratic institutions.

Although highly questionable, and even partial, Krugman’s speech deserves careful consideration whether it is rejected or shared.

INFATUATION FOR BITCOIN

Josh Mandel, a Trump supporter vying in the primaries for the Republican Party Senate in Ohio, tweeted his broad program: “Ohio must be a religious state, supporting family and promoting Bitcoin.”.

Indeed, there has been a robust link between Bitcoin and the new right for some time – evoking the historical one between the conservative world and gold. But today the infatuation with Bitcoin is even stronger than that with gold.

What is the cause of this phenomenon?

Now, the fact that many Bitcoin enthusiasts use them for wild talk, per se, doesn’t mean cryptocurrencies are a bad thing. People can support right causes for wrong reasons.

For example, I’m sure many people accept science’s unanimous support for vaccines not because they are convinced of the results of scientific research, but because they are fascinated by people in white coats who work in laboratories and who speak hard.

This is why it is important to understand the reasons behind the cryptocurrency cult.

DIGITAL MONEY IS ALREADY THERE!

First of all, a little bit of economics.

I am continually reminded that we live in a digital age and therefore we should use digital money. But we already do! Like many of you, I pay for most things with the click of a mouse, using a credit card or pressing a button on the phone. I used to keep a few dollar bills in my wallet to buy fruit and vegetables at the stalls that line the sidewalks of New York, but now they accept too. PayPal.

All these payments are based on trust: people accept credit cards like Apple Pay, VISA because underneath there is a checking account guaranteed by the bank.

The purpose of Bitcoins, as stated in the “white paper” that established them in 2008, was precisely to eliminate that type of fiduciary guarantee: they would have validated payments using cryptographic methods – that is, through a string of code.

Bitcoins aimed to create a pear-to-pear payment system, totally independent from any third party financial mediation.

WHY BITCOIN?

But why introduce such a thing? Maybe the banks are so lacking in trust? I have attended many meetings where cryptocurrency skeptics have asked, in the most respectful way possible, for simple examples of things that can be acquired more effectively with cryptocurrencies than with other forms of payment. I still haven’t received a single clear example that doesn’t involve illegal activities – which can, to be honest, be done more easily if you use cryptocurrencies.

And the truth is, although Bitcoins have been around for a long time by internet standards – a whopping 13 years! -, they and other cryptocurrencies have made very little progress as coins, i.e. as a means of exchange for purchasing goods and services. The exact figures are not there, but it seems that a large part of cryptocurrency transactions involve the speculative activities rather than the ordinary affairs of life.

However, Bitcoin and its competitors have now reached a market valuation of over one trillion dollars. So, what goals do they plan to achieve with cryptocurrencies?

One could be to find shelter from the erosion of wealth by the government. As noted in a recent Bloomberg article, some billionaires are buying cryptocurrencies in case the value of the money “goes up in smoke”.

In fact, there have been as many as 57 hyperinflation around the world. However, all of them occurred in the midst of political and social chaos. Now can anyone really think that in such a context one could go online and redeem their Bitcoins?

Then there is the FOMO – which is “fear of missing out – fear of being excluded”. Bitcoins have grasped a kind of weak point in the market: they look like something highly technological and futuristic, and at the same time they give vent to some political paranoia.

The success of Bitcoin has led many apolitical investors to descend into politics, and has also prompted public figures like Eric Adams, the new Mayor of New York, to promote Bitcoin because they imagine it makes them appear forward-looking.

But these confused and inconsistent logics inherent in Bitcoin will lead to the implosion of this technology? Not necessarily. After all, gold has ceased to function as a medium of exchange for generations, but its value has not collapsed.

And we shouldn’t underestimate either the importance of illegal activities. There are approximately $ 1.6 trillion in circulation in $ 100 bills that make up 80 percent of all US currency. It is very difficult for large denomination banknotes to be used by ordinary consumers. What do you think people are doing with all those “big bucks”?

But let’s leave market forecasts aside and ask ourselves how can we explain the increasingly close alliance between Bitcoin and the new right that supports Trump and his program?

The answer, I would say, is that Bitcoins set out to create a monetary and payment system that is independent of trust in an institution – and the modern right aims to promote distrust. Covid is a hoax; the elections were stolen; California forest fires have nothing to do with climate, but were caused by Rothschild-controlled space lasers.

In this context, it is perfectly natural for right-wing politicians to demand an end to a monetary system that works through banks – we all know who controls them, right? – and which is based on a currency which is linked to the institutional system. While there is no evidence of widespread monetary abuse, for the far right this is not very important.

The point, then, is that while there are real economic issues associated with cryptocurrencies, their growth has a lot to do with the insane political context more general that keeps American democracy on the edge of a precipice.

From: Paul Krugman, The Strange Alliance of Crypto and MAGA Believers, The New York Times, January 10, 2022

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One of the more intriguing crypto-related companies is Coinbase (NASDAQ:COIN). A company that's inherently tied to crypto markets, but moves independently, could see a surge in interest from new opportunities. On the Jan. 5 episode of "The Crypto Show" on Backstage Pass, The Motley Fool's Eric Bleeker and Fool.com contributor Chris MacDonald discuss one potential catalyst for Coinbase.

Eric Bleeker: "The race is on to be the App Store for crypto, a major lesson of Web 2.0 was that consumers love platforms. I don't think that's going to change for Web 3.0. Currently, there is no crypto platform that owns the customer relationship and aggregates suppliers. I predict that in 2022 many companies will race to build this platform with Coinbase in the lead as it integrates DeFi and NFTs."

Now, Chris, part of why I wanted to put this in is, there is somewhat of a duality in crypto that is built on the idea of decentralization and you look at Web 3, taking that to a whole new degree, so to say that a platform, is in many ways the most valuable idea of this can seem a little incongruous. And yet, you do look at an opportunity with Coinbase here. We noted when they had first announced their NFT platform, the kind of interest that was in it precisely because of what we just talked about, which was, people need trust in these markets, and while there is some level of first adopters that tend to drive initial narratives, you see in that next wave a lot of people looking for a level of simplicity.

My question here, I have personally held off on buying Coinbase in part because I feel like I already have exposure to the same things that drive that stock, and you just look at its past history and how closely it aligns with price movements and specifically Bitcoin. Could there be something bigger here that investors are missing in the future where Coinbase potentially has an opportunity to be a lot larger platform because a lot of people only focus on the risk factors of them losing fees for trading? Is there another side that they could become a dominant feature in things like DeFi and NFTs that investors are simply overlooking today?

Chris MacDonald: I think that is a very interesting thing to think about, Eric. The level of centralization that's needed to get things done.

Even going back to the LinksDAO conversation that we just had, one thing that we didn't talk about was the idea that in order to actually buy a golf course, they would need to set up a company which is inherently centralized. Maybe the DAO, the voting structure is decentralized and maybe you can invest via cryptocurrency, which is decentralized. But ultimately, at some point, a centralized entity needs to be in place in order for some real-world progress to happen.

Coinbase is interesting and that obviously it's a publicly-traded company, there's a CEO. A lot of innovation is happening right now via companies in the crypto space that are centralizing and organizing to achieve a goal. In some senses when you think about decentralization, it's a good thing because everyone has a say. It's truly democratic.

But at some point, this goes back to the messy comment from the previous slide. There can be a lack of focus or a lack of structure, and sometimes that structure is a good thing. That is an interesting argument for Coinbase.

Personally, I don't own it for some of the risks that you highlighted there relating to trading fees and margins and stuff like that, fundamentals. But that being said, this idea that Coinbase could be a leader in building a platform that aggregates suppliers and builds the platform that's necessary to create a lot of the change that people hoped for in a decentralized way. But being that centralized entity to do it.

It's a very deep discussion. We can probably talk about that for an hour, but it's somewhat of a paradox right now in the crypto world because in some ways that lack of focus that decentralized entities can bring. There's good and bad to both and I think people and investors are starting to see that.

Bleeker: Yeah, duality paradox it can be a lot to wrap your head around.

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Over the past two years, the Ethereum network has experienced a surge in activities fueled by the rise of decentralized finance, nonfungible tokens, and crypto gaming,

For newcomers to crypto, those words alone can seem intimidating. New users often struggle to pin down where they can get started amid a kaleidoscopic web of products. 

Many retail investors have rushed to trade cryptocurrencies on centralized exchanges. But any functions beyond that, from minting an NFT on OpenSea to interacting with DeFi protocols, would require a crypto wallet in order to move forward. 

Some crypto wallets are custodial, meaning that a third party secures users' funds by controlling their private keys, which are passwords that give people access to their tokens. Other wallets are non-custodial, which means that users hold their own private keys. 

Among them, MetaMask is the most popular non-custodial wallet for interacting with the Ethereum blockchain. Since 2020, it has increased its monthly active users 38x to about 21 million as of November 2021, according to its parent company ConsenSys. The firm said the wallet allows users to interact with 3,700 Web3 applications spanning NFT marketplaces, play-to-earn games, decentralized autonomous organizations, decentralized finance applications, and metaverse worlds.

Jacob Cantele, lead of operations at MetaMask, explained why people need a crypto wallet in a recent RealVision interview. His core argument was that a Web3 wallet represents not only users' funds but also their identities in a way that allows them to control their personal data rather than giving it away to the tech companies.

"You can say to a site, you can see this, you can see that, you can interact with me," he said. "And this way I can send and receive funds, or join a community, or participate in decentralized finance, or play a video game or dozens of other use cases in ways where I have a self-sovereign ownership over my identity."

How to set up a MetaMask wallet 

With all that being said, below is a step-by-step guide to setting up your MetaMask wallet. 

1. Download MetaMask as a Google Chrome extension.

While MetaMask is also available as a mobile app, many find it more secure and convenient to set it up as a browser extension. Here we highlight Google Chrome but MetaMask is also compatible with Firefox and Brave browsers.

2. Set up a new account.

3. Keep your assigned secret recovery phrase safe by writing it down or storing it in a secure location.

4. Once you confirm your secret recovery phrase, you can send crypto to your MetaMask wallet.

5. Send crypto to MetaMask from trading platforms such as Coinbase or buy ether through Wyre or Transak depending on your location.

6. After funding your account with ether, you can start connecting your crypto wallet to Web3 applications. Here is an example of where users can connect their wallets to the metaverse world Decentraland.

Author's note: I bought and expensed $100 worth of ether through Wyre on MetaMask for this story. Before publication, I sold the ETH (by then worth $80) and received $57.94 after gas fees. The proceeds were donated to charity.

How to get started in Web 3.0

Having a crypto wallet is only the first step to exploring the Web 3.0 space. To learn how to navigate the complex world, some analysts suggest that users start with simple things they can do on decentralized exchanges such as sending and receiving tokens. 

"For example, you can send some USDT to a decentralized exchange, see how it works, and try to understand the process of how long it takes, what's the block, the transaction hash, and the whole mechanics behind it," Armando Aguilar, an independent crypto analyst and ex-Fundstrat digital strategist, said in an interview.

Interacting with decentralized exchanges will also teach users to track their transaction costs and plan their trading activities strategically. 

"When you are sending at peak times and the network is really busy, your gas fees might be higher," he said. "So it gets you thinking about when you should be trading or doing other things."

To be sure, gas fees, which are costs to compensate for the computing energy required to process and validate transactions on the Ethereum blockchain, could be a barrier to new users looking to get down the crypto rabbit hole. Due to the explosion in Ethereum-based DeFi, NFT, and gaming activities, gas fees on the network have surged to a much higher level than those on other blockchains. 

"If you were to send money to your MetaMask wallet and then you had to perform a swap on it, you are probably paying more than $50 in just transaction fees for doing a simple swap," Tristan Frizza, core contributor to decentralized derivatives exchange Zeta Markets, said in an interview. "I think for a lot of retail investors who might just fund it with a couple hundred or thousand dollars, you suddenly spent quite a large amount of your money just in transaction fees, which is usually not super appealing to people."

Frizza chose to build Zeta Markets on the Solana blockchain, which is known for supporting cheap, fast, and scalable transactions. He considers Solana more newcomer-friendly and has directed friends towards the Phantom wallet, which is a Solana-specific wallet. 

"They were pretty amazed because you can just open it up, fund it and pay less than a cent or something in terms of transaction costs," he said. "And then you can put that in a bunch of DeFi protocols or NFTs that are on Solana."

Admittedly, the Solana blockchain is not perfect either, having experienced network issues three times within six months, but Frizza agrees that the optimal way to learn about crypto is to get hands-on. 

"The best way for anyone to learn about DeFi is, rather than reading about it in an article somewhere, to actually go open up a wallet and start playing around with it," he said.

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One of the proof-of-stake cryptocurrencies that's gaining a lot of attention right now for its eco-friendly status is Cardano (CRYPTO:ADA). Here's Fool.com contributors Chris MacDonald and Jon Quast to discuss what Cardano is up to in this regard, and why this could be a competitive advantage for this blockchain. This discussion took place on the Jan. 12 edition of "The Crypto Show" on Backstage Pass.

Jon Quast: The one thing we do know is right now it does take up a lot of energy and that does create a lot of controversy regarding the environmentally friendliness of cryptocurrencies and in some environmental-free friendly news, we did want to talk about Cardano. Cardano, symbol ADA.

Cardano is announcing that it is going completely carbon negative via planting trees. As I saw it, I think it's called Cardano Forest is looking to plant one billion trees over the next few years. It's next several years, but already hitting a milestone of a million trees.

Chris MacDonald: Yeah, it's pretty incredible. They're making quite a bit of progress on this. There are a lot of environmental folks who tout tree planting as probably a bigger solution than necessarily cutting back on certain forms of energy consumption. And with electricity and not being fully renewable yet, this is something that investors have their eye on more.

Even with proof-of-stake, there's some energy consumption along the value chain. For Cardano, the ability to offset that with planting trees, it's definitely an interesting strategy to be the greenest cryptocurrency out there. Cardano is proof-of-stake now, it's faster and the fees are lower than some of the larger competing blockchains. It's one that's certainly on the radar of a lot of investors as a true proof-of-stake play.

But this is an interesting element with it. I dove into a little bit here in this particular piece. It's something that I think a lot of true eco-friendly investors that are looking at cryptocurrency is that future and want to think of the future as one that we would want to hand down to our grandkids, might want to consider as an investment rather than something that's much more energy-intensive. It's definitely an interesting value proposition for investors.

Quast: As a wannabe farmer myself and somebody who is very interested in soil ecology, it's something that I found really interesting. I had to look up where are they planting these trees. A couple of the countries that I saw mentioned on here, we're Haiti and Madagascar. Those are two countries that really have had their landscapes just shredded [laughs] over the years by just poor environmental practices.

You look especially in Haiti where they share an island right with the Dominican Republic. On the Dominican Republic side, lush tropical, beautiful. On the Haiti side, very depleted. But it's the same chunk of land. It has the ability with some little bit of help. It looks like this is a chance for Cardano to come in here and do some good. Man, you fix a landscape, you really improve the lives of the people, you improve the water situation, all that kind of stuff. I really was interested in this and I'm glad that you brought it to the table.

MacDonald: Yeah. I think it's an interesting way to maybe "market" the Cardano cryptocurrency. There are other tokens, for example, Crypto.com (CRYPTO: CRO) Coin that had that bigger unit deal with what was the Staples Center announced now is the Crypto.com Arena. There's some tokens that are out there that are promoting themselves and marketing themselves.

But something like this is something that's real, it's tangible, and it's meaningful for a lot of investors. Those who actually really care about the environment and they view cryptocurrency as maybe a threat to the environment, well, Cardano is out there trying to actually solve a problem and do it in a way that's not going to necessarily endanger the future. That's something that maybe a lot of investors can really get behind.

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The WAX blockchain is one of the most popular platforms for Metaverse crypto coins. It features the most popular NFT game in crypto – Alien Worlds – and WAX’s blockchain design makes it easy to host applications that require a high amount of transactions. This article looks at the top five most popular Metaverse crypto coins built on the WAX blockchain, ordered by 30-day users, lowest to highest.#5 Office Land (OCOIN) – 6.04k

Launched in November 2021, Office Land is a Metaverse game that enables users to create businesses, collect staff, and use them to earn cryptocurrencies. Office Land NFT allows users to create their own NFT-based business and make a passive income.

Office Land features their Metaverse crypto coin called OCOIN, that’s used as the native currency on the platform and is given to users who run businesses in Office Land.

The game is available for users to check out by connecting with their WAX cloud wallet. To start playing, users need to buy staff. The most accessible place to buy staff members is through the AtomicHub NFT marketplace and searching the officelandio collection.

Currently, users can purchase a staff member for as low as $1.8. Once users buy a staff member, they can place the NFT in one of their five slots and assign a task to a staff member. The tasks last a few hours and reward users with OCOIN.

If you’re looking for a simple NFT staking game with a low entry point, I highly recommend Office Land. Especially with the bear market, prices for NFTs are down, which could be a good entry point for new players.

Launched in November 2021, BlockchainRPG is a digital item Metaverse set in the fictional faraway lands of Aurum. The game revolves around hunting monsters, gaining resources, crafting better tools, and competing against others.

The game offers a play-to-earn model where users can earn GOLD and rare NFTs for participating in the BlockchainRPG ecosystem.

BlockchainRPG is built with Unity, and users can currently check out their Open Beta by logging in with their WAX cloud wallet.

Players can start hunting for monsters immediately, even without purchasing any items. However, if users purchase the GOLD token from the Alcor exchange, they can upgrade their setup and earn higher rewards for their hunts. Users can also trade their resources on the exchange, as each resource has a dedicated WAX token assigned to it.

BlockchainRPG is a highly underrated game with unique play-to-earn mechanics. It is no surprise that it’s the fourth most popular game on this list, with over 6k users.

Launched on WAX in December 2019, Prospectors is the longest-running Metaverse crypto game on this list. Originally built on the EOS blockchain, Prospectors moved to the WAX blockchain because of its high transaction throughput and low fees.

Prospectors is a massive multiplayer online real-time economic strategy game. The game’s goal is to grow your wealth by performing jobs and earning resources.

Players start with three characters, each performing various jobs and earning Prospectors Gold (PGL) tokens. If players purchase tools with their tokens, they can take on more jobs that pay higher rates.

If you’re into strategy games and are looking for a way to make an extra passive income, I highly recommend Prospectors. Don’t expect to make any significant gains without any investments, but this game is a must for those looking to get their foot in the door with Metaverse crypto gaming.

Launched in June 2021, Farmers World is the first NFT-based farming game. It’s the second-most popular game on the WAX blockchain and the top choice for fans of idle farming games.

To start playing, users need to purchase an NFT tool from the official Farmers World collection on AtomicHub. An Axe and a fishing rod are recommended for new players and cost roughly $6 and $81.

Once users purchase a tool, they can start mining for Farmers World Gold. The game has three primary resources Wood, Food, and Gold. Wood can be earned by using an Axe, Saw, or ChainSwa, Food can be earned by using a Fishing Rod, Fishing Net, or Fishing Boat, and Gold can be earned via a Mining Excavator.

Players can buy or sell any tokens on the Alcor marketplace if they’d rather purchase the tokens instead of mining them.

As one of the most popular NFT crypto games on the WAX blockchain, I highly recommend users check out this game if they’re fans of idle farming games.

Launched in December 2020, my favorite game is Alien Worlds. The game features an NFT collection on AtomicHub that enables users to mine Trillium on various planets.

Alien Worlds provides two main ways for users to earn Trillium on its platform. Users can choose to either mine Trillium with their NFT tools or stake their TLM on the Binance Smart Chain and earn rewards and rare NFTs that way.

As the most popular Metaverse crypto coin on this list, I recommend Alien Worlds. With the recent bear market, TLM price dropped significantly, which could be a great entry point for new players.

Staking your BSC trillium for periods of 2-12 weeks will net you between 5-20% for every staking period, which is quite significant.

TLM is traded on the open market, and you can purchase it from most major exchanges like Binance, KuCoin, FTX, Bittrex, and more.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency.

Also Read:

Top 3 Metaverse Crypto Coins Gaining The Most Price Today (MNG, MEGA, XDOGE)

Follow us on Twitter @thevrsoldier to stay updated with the latest Metaverse news!

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Written by Chris MacDonald at The Motley Fool Canada

Among the many cryptocurrencies that have taken the market by storm this past year, meme tokens such as Shiba Inu (CRYPTO:SHIB) really have shaped how many retail investors think about cryptocurrencies. Indeed, the growth this token has seen in such a short amount of time has been something to behold.

On the downtrend of late, Shiba Inu bulls may wonder what’s in store for this token. Let’s take a look at what a $100 investment in this token a year ago would translate to for investors.

As with many meme tokens, Shiba Inu got its start as a community-oriented token. With little value outside of edge cases, Shiba Inu’s valuation has soared alongside investor sentiment.

Just how high has this token soared?

Well, over the past year, Shiba Inu is up more than 21,000,000%. This would make a $100 investment in SHIB a year ago worth $21 million.

Now, what’s perhaps even more incredible is that this token has lost approximately three-quarters of its value since its peak in late 2021. Accordingly, most of these gains took place in the matter of a few months, allowing many investors to hit the lottery in a very short window of time.

Okay, so this meme token has officially mooned. The question is — what’s behind that move?

Well, it’s not so clear what’s driven this token other than simply intense retail buying pressure. Like any asset, supply and demand from investors dictates price. If enough participants in the market take the view that something has unstoppable momentum, we can see what happened with Shiba Inu and even other meme stocks.

There’s nothing particularly special about Shiba Inu relative to its meme peers or other tokens. This project is built on the Ethereum blockchain, like so many others. It’s got a dedicated trading site called ShibaSwap and other projects that are reportedly under development.

But for the time being, it’s generally perceived to be a momentum gauge for the market. Unsurprisingly, sentiment is down right now, as investors reassess how much risk they’re willing to take on right now.

So, where does Shiba Inu go from here? That’s a good question.

I think the answer really depends on how manic or depressed sentiment is in the market. As we’ve seen to start 2022, most investors appear to be taking a risk-off approach to assets. For tokens like Shiba Inu, that’s not a good thing.

Accordingly, I think this token could see continued selling pressure, at least over the near term. Another 21,000,000% increase is almost certainly out of the cards. However, the crypto space is one where crazy moves happen all the time. Accordingly, this will be a fun token to watch this year.

The post $100 Invested in Shiba Inu Would Be Worth This Much Today appeared first on The Motley Fool Canada.

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Bitcoin was trading at $35,572, while other major altcoins were also down by double digits, at 5 pm, Saturday, on Coinbase. Bitcoin has dropped 17% in the past week, Ethereum 26.66%, Binance Coin 28.74%, Cardano 19.43%, and Solana 31.90%. The popular meme coin, Shiba Inu, dropped 30.03%, while DogeCoin slid 32 % in the past seven days. At 5 pm on Saturday, the Coinable website said the overall market was down 12.19%. “I started investing last year after being influenced by friends and business partners,” said Gopala Somani, a Delhi-based crypto investor. “I kept investing even till the last week, thinking it was time to buy the dip. But now I am stuck. My portfolio is down and in the red. If I sell, it will be a significant loss.”

Crypto experts say that investors should carefully evaluate the current dip in prices and that the volatility shouldn’t scare them off.

Bloomberg reported that the latest crash erased more than $1 trillion in crypto market value. Several Indian crypto investors such as Somani are panicking as the extreme volatility the asset class has exhibited over the last few days has sharply eroded portfolio value and many are in the red after having invested in such coin during the 2021 bull run. “The seasoned investors were expecting this correction, but the average investor wasn’t. The charts were showing bearish patterns. Most people who got into crypto last year are at a loss. They are now trapped. They can’t buy a dip because they don’t have money and don’t want to sell to incur large losses. Currently, it’s a crypto bekaar hai phase,” said Vishal Gupta, a popular crypto commentator. “Indian masses had unrealistic expectations of crypto. A lot of Indian investors were led by the ads put out by the exchanges.”

Discover the stories of your interest “We need to take an eagle’s eye view of the global financial markets to get the real picture,” said Jay Hao, CEO of OKX.com, the world’s second-largest cryptocurrency exchange. “The financial markets across the globe are under tremendous pressure due to growing inflation and the strict monetary policies of powerful nations like the US. Every market goes through a correction phase, and the crypto market is undergoing a correction phase after touching the $3 trillion mark in November last year.”

The sharp dip in Bitcoin, the world’s largest cryptocurrency by market cap, is especially a worry for serious investors. But market watchers say investors shouldn’t panic.

“Bitcoin peaked twice above 60k in 2021 and retreated back to the average traded rate of January 2021. The price of Bitcoin is still way above the highs of 2020, where the bull run started,” said Praveen Kumar, founder and CEO of Belfrics Group. “If the market sentiment remains weak, there could be a run down to test various technical support levels and a physiological level of $30k.”

BuyUcoin CEO Shivam Thakral said investors should look at the dip as an opportunity to buy more assets. “It was January 15, 2021, when Bitcoin was hovering around $36,000, so its current dip in price seems more of an opportunity rather than a crisis,” he said.

On Thursday, it was the Russian central bank’s proposal to ban the use and mining of cryptocurrencies that spooked the crypto market, while the correction on Friday was due to the tech stock sell-off in the US. The Nasdaq Composite dropped 2.7% to 13,768.92 on Friday.

A combination of factors is weighing down the crypto market–tightening of monetary policies by central banks, regulatory confusion, a prevailing broader sell-off across assets like equities, inflation worries and Omicron-related uncertainty. “The global investors seem to have reduced their risk appetite,” said Gaurav Dahake, CEO and founder, BitBns.

Experts said there is a strong correlation between tech stocks and Bitcoin. The other coins broadly mirror Bitcoin. Bloomberg reported that the 100-day correlation coefficient between Nasdaq and bitcoin reached .40, a reading that is among the highest going back to 2011. “The correlation between the crypto market and other speculative markets has resulted in widespread losses,” said Dahake.

Crypto investors are also looking at tech firm Microstrategy’s tussle with the Securities and Exchange Commission with interest after the US regulator rejected the company’s Bitcoin accounting strategy. The company holds 124,391 Bitcoins and its chief executive, Michael Saylor, is one of the biggest corporate cheerleaders of the currency.

Last year was a landmark year for digital currencies in India, as cryptocurrencies became part of the Indian investor’s lexicon. According to industry sources, about 20 million people in the country joined the crypto bandwagon in 2021, and Indians hold crypto assets worth $5.3 billion.

A bull run that saw coins touch record highs, high returns on initial investments by early investors, high-decibel advertising campaigns run by exchanges, and aggressive campaigns by social media crypto influencers all contributed to India becoming the world’s fastest-growing crypto market last year.

Cryptocurrency—Price—Performance in last 24 hours

Bitcoin—$35,572—(-8.46)

Binance

Cardano- $1.02—(-17.39%)

Solana-$98.02—(-20.55)

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El Salvador purchases more bitcoin worth $15 million on market dip January 22, 2022, 10:26AM EST · 2 min read the block Quick TakeEl Salvador purchased 410 more bitcoins for $15 million, president Nayib Bukele tweeted on Friday.The country has now purchased at least 1,801 bitcoins, based on announcements to date. advertisement

El Salvador has purchased an additional 410 bitcoin for $15 million, according to a Friday tweet from its president Nayib Bukele.

“Some guys are selling really cheap,” Bukele wrote in English, referring to bitcoin hitting a six-month low the same day.

According to CoinMarketCap, the price of bitcoin dipped to about $36,630 at 4:54 p.m. before Bukele’s tweet at 5:18 p.m. It continued to decline throughout the evening.

The Jan. 21 tweet was in response to an older one from Jan. 14, where the president had written “I think I might have miss[ed] the dip this time.” But he started this most recent update by saying “Nope, I was wrong, didn’t miss it."

Most of what we know about the quantity and timing of El Salvador’s bitcoin purchases comes from Bukele’s tweets, in which he often mentions that the country had just “bought the dip.” That phrase refers to a strategy of purchasing bitcoin at a “discount” when it significantly decreases in value, which in theory would create gains for the buyer when the price eventually rises again.

El Salvador has now bought at least 1,801 bitcoins, based on what we know about the country’s purchase history. Before the latest tweet, El Salvador had amassed 1,391 bitcoin according to Bukele’s announcements. In a January 12 news story, Bloomberg calculated that Bukele’s announced purchases up to that time would have cost El Salvador $71 million.

El Salvador bitcoin purchases, based on Bukele’s tweets

Total BTC to date: 1,801 

Jan. 21, 2022 - 410 BTC (worth $15 million at time of purchase)

Dec. 21, 2021 - 21 BTC

Dec. 4, 2021 - 150 BTC (purchased at average USD price of ~$48,670)

Nov. 26, 2021 - 100 BTC

Oct. 27, 2021 - 420 BTC

Sept. 19, 2021 - 150 BTC (bringing total to 700)

Sept. 7, 2021 - 150 BTC (bringing total to 550)

Sept. 6, 2021 - 200 BTC  (additional coins)

Sept. 6, 2021 - 200 BTC (first purchase)

Source: The Block's analysis of Bukele’s tweets relating to bitcoin purchases

But Salvadorans and industry analysts alike have raised questions about how the country purchases bitcoin, not only due to market conditions but also in light of Bukele’s comments on social media. For example, on December 4 Bukele tweeted: “Missed the f***ing bottom by 7 minutes.” The same day, he also revealed that he trades bitcoin from his phone. And when Bloomberg mentioned the phone trading nugget in a tweet about their recent article, he responded with another single word: “naked.” 

Not surprisingly, people are wondering how exactly Bukele decides when and how to buy bitcoin. When finance minister Alejandro Zelaya appeared on the local interview program Frente a Frente in early January, he mentioned the existence of a team fully immersed in trading bitcoin. One viewer asked what kind of methodology the government is using for buying and selling bitcoin, wanting to know if that strategy included tools like an asset manager, algorithmic trading or technical analysis.

“Of course there is use of technology, and of course there are procedures used for the purchase of coins as such,” Zelaya said, without giving specifics.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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