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Are you ready to invest in cryptocurrency?

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You might be amazed at the high returns the crypto-world has to offer or just fascinated with this new talk-of-the-investment-town. The reason can be anything; the purpose is that you want to kick-start your journey in this world. But, before you do so, it is important to spare time and understand how to go about it. People who are making money on this platform didn’t just wake up one fine morning and started getting results. That is not how it works.

The first step is to reckon that you aren’t financially mature enough, and there is a lot of work involved behind the scenes to make a difference. Otherwise, if not at once, at some point in the way ahead you are sure to lose money. It is simple, see cryptocurrency as an asset and just like before investing money in an asset, you try to learn about its returns, the production process, and other factors. Why not do that with crypto as well?

Below, I have compiled a list that works for the same purpose: to establish your standing for a head-start in the world of crypto. Keep reading.

Don’t jump into crypto without a clear understanding

Just because your friend from work made a fortune from cryptocurrency doesn’t mean you will jump into it without any knowledge about its basic functioning and conditions. Of course, you can also earn the numbers you desire but rushing and hurrying is definitely not the way ahead.

Thus, if you are here for the long run, you must first understand its course of action. For instance, how many of you know the central bank does not regulate cryptocurrency? It is instead built on a peer-to-peer network. What are the factors that cause their rates to multiply and divide? What led to the crypto boom in the year 2018? Is this approach to earning secure enough? If there was even one question in this set that went unanswered, then get back to the ground and start researching!

The employed principles of cryptocurrency ensure that everything is secure and safe from the viewpoint of third parties. Crypto operates on a similar mechanism like foreign exchange. It works through transactions, which is the transfer of funds between wallets. When the transactions are confirmed they are referred to mining and are stored in the public ledger. Of course, all of this is a lot more complex. So before you dump in your first investment in the crypto game, make sure your research is on-point and you are well-aware of the basics of cryptocurrency.

Note: Browse latest updates and news in the crypto niche here https://top10bitcoinrobots.com .

Expects Ups and Downs

If the primary reason you are beginning to invest in crypto is because you think the graph only rises, DON’T!

In fact, crypto is a very volatile market and expect-the-unexpected kind of genre of investment. Just because it has been going up for a while, does not mean it will always go up. There are more chances than not that the bubble will burst very soon.

Like I mentioned earlier, the policies of the central bank don’t apply to cryptocurrency, which means politics will not play a role. But, on the other hand, there are a lot of other factors that majorly affect its value, that requires individual attention and learning

Here’s a quick example for you to explain the volatility of the crypto market: Back in the year 2017, there was an unprecedented boom of Bitcoins. But a few weeks into 2018, and Bitcoin plunged nearly by 60%. You read that right!

If I had to put it in a sentence, it would be “Cryptocurrency isn’t for the faint-hearted.”

Move ahead with a Strategy

All your research work on crypto will be useless if you haven’t used it to carve out a plan of action or strategy of your own. If you are business, accepting payments in the form of crypto can prove to be a legitimate approach and a threat to other businesses. However, you must be aware of all the businesses/industries that accept payments in crypto.

Even though there has been a lot of discussion on this topic: I think, initially, you must consider cryptocurrency as speculating rather than investing. You can also invest conservatively considering the volatility, despite all the mainstream attention. Whatever it may be, work on a strategy, because if you go with the flow, you might just be drowned in losses.

Research! Its common sense

The numerous benefits of this point make me emphasize it EVERYTIME. When it comes to buying cryptocurrency, a go-to strategy will be to buy when the price is considerably low. That is what most people do. However, if its value is on a constant slide and is expected to fall more in the near future, it’s wise not to invest in it.

The more you research the more you will observe charts and other analysis tools on trends and price movements. That’s the thing, the more you research the more you will be able to predict appropriate future movements.

Although, you can reach out to a cryptocurrency broker who will do all the research work for you. However, remember no one can replace self-research.

Practice Investing

It is when you have performed the above 4 things with efficiency, I believe you are now actually ready to invest and practice on the markets.

This is when you have got a better understanding of cryptocurrency and you can kick-start the real game. Before you invest, as I said, crypto and forex hold similarities; you can try your newly-learned skills on demo foreign exchange accounts. This will actually advance your senses on how crypto actually works. You will get real-time experience on how to spot opportunities, trends, risks and learn how to make transactions.

Securing Cryptocurrency

Back in 2017, Bitcoin’s relation to fraud tripled. So, securing your crypto is a must. Try to use a highly secure wallet or only use the ones that have positive reviews, reputable names and are dependable. Although nothing comes with a guarantee, this is relatively more authentic. Also, remember to use strong passwords and two-factor authentications. Try to be as rigorous as you can.

Wrapping up!

Investing in cryptocurrency is a process and not a regular ‘If I can do this, I can do crypto also’. There is a lot of groundwork that must be invested to actually make a fortune or even living from the same. Especially for a newbie, try not to make rookie mistakes. After all, it is your real hard-earned money on the stakes.

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Finance

Potanin’s core business unfazed by personal sanctions

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The news agencies’ report that Vladimir Potanin the president of MMC Norilsk Nickel PJSC was first mentioned in the UK government’s restrictive measures caused an immediate increase in the price of metals used by electric car production clusters around the world and, as a consequence, worries about the labor market.

Great Britain on Wednesday announced sanctions against Potanin, news agencies reported.

Potanin, known as Russia’s “Nickel King”, was included in the latest wave of sanctions by Britain which included entrepreneurs, banks and other entities.

Potanin is one of Russia’s richest people, although his net worth depends largely on the value of his stake in Nornickel, the world’s largest producer of palladium and refined nickel.

Bloomberg reports that, palladium rose as much as 7.7% on the news, while nickel prices jumped 9.2% before paring gains.

The turnover of Norilsk Nickel in finnish Harjavalta last year amounted to about 1.2 billion euros, and the raw materials it processes come mainly from Russia, according to the Finnish business outlet Kauppalehti.

The Harjavalta Refinery is the main reason why the value of Russian nickel imports to Finland has outstripped oil imports, according to the Finnish customs data.

At Harjavalta, Norilsk Nickel produces about 5% of the world’s pure nickel supply.

In Finland, Norilsk Nickel is closely linked to the industrial center of Harjavalta, which employs a total of 1,000 people. Nornickel Harjavalta employs about 300 people.

If the EU and the US follow the UK’s lead, Nornickel could face a production freeze and nickel prices could soar. This, in turn, jeopardizes EU’s planned investments in battery factories, according to Kauppalehti.

As explained by the law firm Neuschwil and Bayer, unlike US sanctions, British sanctions apply to companies only if the sanctioned person owns 50 percent of its shares or over.

The other two big shareholders of the Russian nickel giant, Oleg Deripaska and Roman Abramovich, are under UK and US sanctions, and together with Potanin, their combined stake exceeds 50 percent.

As Neuschwil and Bayer explained, as long as only Potanin is involved in the operational management of Norilsk Nickel, there is no risk of sanctions for the company, even if other countries introduce sanctions against Potanin.

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Uganda Can Rein in Debt by Managing its Public Investments Better

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In the wake of a waning COVID-19 (coronavirus) pandemic and upon full re-opening of the economy, optimism—regarding expected acceleration of growth and a clearer outlook for oil production with the signing of the Final Investment Decision in February 2022—has been dampened by new global shocks, including the impacts of the war in Ukraine.

The 19th edition of the Uganda Economic Update (UEU): Fiscal Sustainability through Deeper Reform of Public Investment Management, a biannual analysis of Uganda’s near-term macroeconomic outlook, estimates growth at 3.7 percent in 2022, which is lower than pre-COVID-19 projections of over 6 percent. Uganda’s gross national income per capita stood at about $840 in FY21 and has increased only marginally in the year since.

Real gross domestic product grew by 4.3 percent in the first half of 2022 supported by a strong and speedy recovery of the service sector upon the opening of the leisure and entertainment industry, accommodation, and food services, as well as sustained buoyancy of the information and communications sector. The report projects a 5.1 percent growth rate in FY23, 0.5 percentage point below the December 2021 forecast, increasing to about 6 percent in FY24.

Rising commodity prices and the overall increase in cost of living pose new risks to livelihoods, that had just begun recovering from the effects of COVID-19. These and other shocks are threatening to stall socio-economic transformation, thus increasing the likelihood of the people falling deeper into poverty,” said Mukami Kariuki, World Bank Country Manager for Uganda. “It is therefore crucial for the Government of Uganda to adopt targeted interventions to support the vulnerable while managing debt and rising inflation.”

The UEU proposes four policy actions that will enable Uganda to sustain a resilient and inclusive recovery: i) accelerate vaccination efforts against COVID-19; ii) adopt targeted interventions to support the vulnerable – such as building shock responsive social protection systems; iii) maintain prudent fiscal and debt management to support the fiscal consolidation agenda; and iv) cautious monetary tightening in the face of rising inflationary pressures.

The report also recommends accelerating longer term structural reforms to (i) strengthen revenue mobilization through the implementation of the Domestic Revenue Mobilization Strategy; (ii) improve public investment management; (iii) rationalize public expenditure to support faster, sustainable, and inclusive growth by investing strongly in human capital development; and (iv) improve the trade and business environment and enable green investments.

The UEU notes that fiscal consolidation is needed to rein in debt and to create the necessary space to respond to shocks that could hurt or stall recovery. This can be done through better Public Investment Management (PIM) building on important reforms that have been undertaken by the government.  The benefits of these efforts are starting to show.

Uganda has a great opportunity to harness Public Investment Management by making sure that beyond preparing good projects, effort is also directed at ensuring that they are efficiently funded, implemented, monitored, operated, maintained, and evaluated.  These steps ensure that the country can reap the maximum value of public investments,” said Rachel Sebudde, World Bank Senior Economist and the lead author of the Uganda Economic Update. Strategic capacity building for government officials is crucial as it will improve the Ministries, Departments and Agencies’ effectiveness across the PIM cycle.”

Notwithstanding the progress achieved in the PIM process, key challenges remain. These include low execution rates on donor and own-budget projects; long implementation delays; cost- and time-overruns on projects; and high commitment fees in the case of non-concessional externally funded projects. Overall, the improvements around the administrative processes of the pre-investment phase of PIM are being discounted by challenges in critical areas, including project prioritization and selection, budgeting, and implementation.

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Cambodia’s Economy Growing but Must Weather Oil Price Shock

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Cambodia’s economy will grow by 4.5 percent in 2022, according to the latest World Bank projections. Weathering the Oil Price Shock, the Bank’s June 2022 economic update for Cambodia, shows that while domestic economic activity and goods exports continue to recover from the slowdown caused by COVID-19, growth remains uneven, with the war in Ukraine driving inflation.

The report shows that during the first quarter of 2022, goods exports rose to $4.8 billion, up by 26 percent on last year. Traditional growth drivers, especially garments, travel goods, and footwear continue to expand but newer manufacturing industries, such as for electrical and vehicle parts, are also emerging, while exports to the US are surging.

Although domestic economic momentum is strong, recovery is held back by deteriorating global demand. Rising global energy and food prices are fueling higher inflation, and in Cambodia, poor and vulnerable households with limited savings are likely to bear the brunt of the oil price shock. The fiscal deficit is expected to widen to 6.3 percent of GDP, as the government will need to continue spending programs to support the poor.

“The government’s Living with COVID-19 strategy has allowed Cambodia to reopen, enabling economic recovery,” said Maryam Salim, World Bank Country Manager for Cambodia. “However, the road ahead remains unclear. Rising energy and food prices due to the war in Ukraine are imposing additional burdens on the poor, and this will slow the pace of poverty reduction. The government’s cash transfer program, which has been vital to poor households during the pandemic, will continue to be needed.”

Over the medium term, the economy is expected to grow at around 6 percent annually, with the new investment law, together with free trade agreements, helping to boost investment and trade. The report recommends policies that can help sustain economic recovery. These include continued efforts to contain COVID-19 infection, strengthening consumer and investor confidence, promotion of exports, particularly in agricultural commodities, by facilitating trade and reducing the costs of doing business, and stabilization of retail prices.

The report also includes a special focus section on post-pandemic supply chain disruptions. It suggests strategies for reducing logistic costs and emphasizes that efforts to increase Cambodia’s trade competitiveness and enhance its connectivity will require a systematic approach that goes beyond improvement of physical assets. Efforts are needed to strengthen the entire supply chain by monitoring the efficiency of trade gateways and routes, expanding the “Best Trader scheme” to the wider logistics sector, developing a longer-term business plan for railways, and establishing the “Roadwatch,” hotline, through which traders and citizens can report irregularities. Implementing these reforms will require an institutional approach and a lead government agency that can oversee logistics development at the national and gateway levels.  

The Cambodia Economic Update is a biannual report that provides up-to-date information on short- and medium-term macroeconomic developments in Cambodia.

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