If you have an asset. Then how you use that is called the entrepreneurship mind. It reflects how good of a businessman you are. When you collect maximum revenue from your limited resources then as a trader, what do you have? What quality? What asset do you have?
I think you have the skill to trade, the skill to read charts, the skill of price action, the skill of strategies, the skill of patience. How do you earn money from the stock market? Because you know a few things. But, if I say let’s do Crypto trading then you will say No I don't know, I have no knowledge, it is hard”. Everything is hard at the start. Change is so difficult. Some of the people, maybe can earn a lot of money from the forex market and from the crypto market.
First Point
What are Benefits?
Crypto is a new generation asset class. You not only trade in Reliance or SBI today, if you want you can trade in gold as well. You can do trading in crude oil. Did you know that crude oil is shot up due to war? Crude oil traders earned a lot of money by this, do you know?
You can also do it. Just as crude, gold, and forex are currencies, in the same way, we have a new asset class that we call cryptocurrencies. In the past, the very first cryptocurrency was Bitcoin. Bitcoin was the 1st blockchain based cryptocurrency whose work is to keep the leisure of its transactions but keeping it in public.
By this, there will not be fraud taking place. Due to
that, it is decentralized, and centralized meaning the power is with the
company. The minors of bitcoin around the world, apparently those are too much.
So, it is open to the public. Bitcoin became a cryptocurrency whose demand was
high. You know there were Ukraine wars, Russia wars. The global 30% have
fallen, and have broken. Maximum Russians have put their money into
cryptocurrency, Bitcoin, in Ethereum. Because they have the trust that it won’t
break beyond this and it has a better future. This is a safe haven for a lot of
things. Now, this is some utility.
Second Point
Cryptocurrency is Ethereum
It took itself a level above, now on my blockchain you cannot just keep the account you can make software just like IOS is a base. Mean Android is the base. The applications are made just like the YouTube application. Like that, Ethereum said to make any application on itself which will be decentralized in which you can put anything. Ethereum gave the power of making a lot of applications on itself by which a lot of applications were made which we call as DAPP. There are too many decentralized applications. There is a DEFI thing that has come because of Ethereum.
Decentralized finance
Centralized means all the money, all the power is of HDFC, all the power of ICICI. Decentralized Finance means the power is of no one. This is the power of all those participants who are participating together in this process.
Decent finance came by which the use
increased and a thing came as NFT, Non Fungible Token. This is Bitcoin,
Ethereum. By watching Ethereum, 10 more competitors were born. Solana, Polka
Dot, Cardano, we don’t know how many more competitors were formed. Their price
increased. As you used to think it is air and there is no fundamental, it is
not like that, there are a number of usages. These developments were done in
the crypto space. A little bit of fundamental was done.
Third point
What is Crypto?
crypto is a necessity, it has demand. Where there is demand, supply there you get the opportunity of trading. Wherever people are buying and selling even for investment purposes, there comes the opportunity of trading.
Fourth Point
It is not legal at all
A lot of people from among us think that it is not legal. If you live in India, then you must have heard that India has put a 30% tax. If the government has put a tax on anything, is the government taking a tax on drugs? It isn't because doing so is against the law. The government can take tax from only those things whom it expects to be a legal entity.
let’s assume there is debate on this tax talk the Indian government forex company is illegal, and that can’t work. You will not find even one forex company that would be registered in India that does trading. All of them are registered from outside and doing their work. You will find a lot of Crypto companies that are registered in India. Just google Indian Cryptocurrency company. The registered companies that are working on India’s land.
In India, bitcoin is not accepted as money. Only Indian rupees are legal
tender in India. Even gold is not a legal tender in India and the share of reliance
is also not a legal tender. Similarly, Bitcoin is also not legal tender in
India but trading is legal. To start first of all what do you need? The need an
account to trade a Cryptocurrency. We need some trading strategies. We do use
the simple price action trading strategy.
What is Price Action?
The price action trading strategy
is simple where you are drawing a horizontal line, you are doing the trend
line, where you are doing the moving averages. By using all these you are
making your strategies.
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