While the debate about how sustainable cryptocurrency energy is rolls on, it’s reasonable to ask ourselves whether we are prepared for a future in which transactions are conducted in digital currency. Though risky and volatile, cryptocurrencies deserve much attention from payment facilitators. PayPal and Visa were the first, but not the only ones, to include cryptocurrencies into their payment network. Even though governmental regulations may not always work in favor of this goal (take the examples of Iran and India), cryptocurrencies are set to become a universal phenomenon—they will gradually but steadily embrace all spheres of human life.
The effect is slowly being seen globally, from Tesla founder Elon Musk to some of the world’s largest investment banks. Bitcoin is now on its way to being on par with Fiat, though regulation remains a crucial step on the path to wider adoption. It’s not yet known whether cryptocurrencies will ever go beyond being an ‘asset’ type. However, this has not prevented traders from using cryptocurrency price volatility to make gains, especially throughout the pandemic. Thus, the most popular cryptocurrency, Bitcoin, broke the record high of $3 billion in single-day trading volume at the beginning of this year while still being a fringe entertainment.
Such trading volume numbers and many other factors have already forced many traditional investors, even skeptics, to reconsider their views and start giving cryptocurrencies their due credit as investment opportunities. Right now, everyone from celebrities to professional traders wants to benefit from a price rise before it’s too late. And here comes the need for a professional and easy-to-use trading platform that can satisfy these needs, and Decoin seems to fit this bill. With its copy-trading platform called Dtrade, it allows anyone to participate in social trading, regardless of their experience level.
With an intuitive and accessible interface, the platform boasts a strong security shield and 24/7 support service. However, its most significant feature is that it allows you to copy the strategies of successful traders. Using the platform’s in-built evaluation tool that assesses one’s expertise level, you can decide whom to add to your ‘follow’ list and, thus, trade successfully without any effort. But this is only one part of what they offer. Dtrade also has many supplementing features, like its inbuilt communication tool, staking, and enabling you to obtain and use a credit card.
Being a fan of the platform, I called Shay Perry, CEO of Decoin, for an interview. We discussed the possibilities of earning online during the uncertain times of COVID-19, the future of the global economy, and the ways in which blockchain can fundamentally change the trajectory of future technological development.
Hi, thanks for joining me. Could you please tell me one thing—What do you see as the biggest opportunity in the current cryptocurrency market, and why? Would you say that now is the right time to bet on the market, especially in light of the COVID-19 pandemic?
Many people will say that the NFT market is the biggest opportunity these days, but I’m not sure that it’s not just another trend that will vanish in a few months. I still feel that Bitcoin is the best investment in both the long and short term.
2020 was a significant year for the crypto market. We saw more and more financial institutions embrace cryptocurrency after they realized they could not ignore it.
What lessons can we take from the COVID-19 pandemic? In your opinion, is it more of a threat or an opportunity? How has the pandemic helped traders make fortunes through cryptocurrency investments?
During the COVID-19 pandemic, Bitcoin has been a safe place for investors since it has an independent infrastructure that cannot be affected by a global crisis or any government’s financial conditions.
Nevertheless, Bitcoin showed strength compared to other traditional investments, which boosted the interest of financial institutions in it.
How would you describe the current crypto environment? Knowing that several massive whales are dominating the market, how can it affect traders?
On the positive side, we see a movement of funds from the private wallets of the “whales” to exchanges, which means they are becoming less dominant in the market, and the price is still going up.
On the other hand, financial institutions are becoming the “new whales”, which means that a significant amount of the money is still being controlled by a small percentage of the population.
Is there any way to predict how the cryptocurrency market will behave next? I know there are many optimistic predictions, especially after the 2,000% increase since last year. But what are the chances that it is a bubble?
As institutional investors are starting to purchase Bitcoin, it can lead to a very bullish move. Most analysts predict that Bitcoin prices will cross the 100k price mark this year, and will be worth 200k-400k in the next 4-5 years.
The risk is that governments see Bitcoin as a threat to the local currencies. This scenario can lead to heavy regulations and restrictions on investing in cryptocurrencies.
In your opinion, can online trading in crypto-assets compensate for the losses incurred during the pandemic or even become a part-time occupation for those who have lost their stable source of income? What are the most essential skills for this?
Cryptocurrencies have changed the financial situation of many investors, from passive investors (Hodlers) to active investors. Researching and analyzing trading techniques can lead to huge profits in the short and the long terms.
However, trading without professional guidance can lead to heavy losses, so we decided to offer our users the option to imitate the strategies of top traders, whom we choose based on strict criteria.
In general, the volatile markets provide ample opportunities for those who know how to take advantage of them.
The enthusiasm that has been created by Bitcoin worldwide, would you say it’s justified? What would you suggest one looks at while chasing the next appropriate crypto investment?
Bitcoin is a unique example of giving power back to the people. Its price represents a real balance between supply and demand without any intervention.
I suggest constantly expanding your knowledge about the cryptocurrency world and following the latest trends and revolutions that frequently occur.
Now let’s talk about Dtrade—What are the main benefits of social trading, and how did you decide to incorporate this important feature into your newly launched platform?
We were trying to find a simple way to give novice traders the option to start investing in crypto markets as fast as possible, with minimal risk and opportunities for big gains. Immediately the idea of trading just like the most experienced top traders came to our mind. It is always good to consult with professionals, especially when your savings are at stake.
Can you tell us about the trading tools available within the Dtrade range and what gives your platform an edge over its competitors?
DTrade allows users to follow top traders live and see how professionals make decisions in real time. Live sessions are recorded, and you can view them later if you miss the live stream.
All historical trades are transparent and can be seen on DTrade.
COCO/OCO orders give you the option to place a stop limit and a limit order on the same chart.
Our unique multi-chart view gives you the option to follow four different pairs at the same time.
And to conclude—What advice would you give to novice traders, and what, in your opinion, is the safest approach to follow in crypto trading to avoid volatility pits and come out with gains despite the direction of the cryptocurrency market?
For a beginner, I suggest learning exactly how to operate a private wallet so that they can secure their funds in the best way.
The other way is to deposit their funds in a trusted exchange like Decoin.io and trust them to secure their funds at all times.
Trading-wise, I suggest learning from proven profitable traders—watch their recorded sessions, understand when they choose to trade and when they prefer to “sit out”, and find top traders with strategies that can connect to and fit their needs.
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