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The First Cryptocurrency

In this episode of Crypto Corner, Eddie and Anton talk about Bitcoin and how it was the first cryptocurrency to gain popularity and kickstarted the crypto market as we know it today. 

The ability to conduct transactions and have them recorded on a decentralized network was one of the initial reasons Bitcoin was adopted. This network is able to function without a central party due to the concept of proof of work, which simply means that the ledger with the most computational work is the one that is trusted. 

However, there is still room to improve for Bitcoin, as it sees low transaction speeds and limited applications outside transferring funds.

 

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What is the Blockchain? 

In this episode of Crypto Corner, Eddie and Anton talk about what the blockchain is and how it works.

A blockchain is a shared, immutable ledger that records transactions and tracks assets. This ledger is distributed to all network participants, and they are able to see every transaction recorded, but nobody can alter a transaction after it has been approved and recorded to the ledger. 

One of the benefits of transactions on a blockchain is that they can utilize smart contracts, which are programs stored on the blockchain and then run when set conditions are met. 

 

 

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How Does a Blockchain Work?

In order for a transaction to occur and be recorded on a blockchain, a series of steps must be done. First, a block is created to hold the necessary information for the transaction, such as the amount, a signature, and the hash of the previous transaction. 

After a block is created, it is sent to everyone on the network and verified, through a process known as mining – which is basically guessing and checking. Once verified, the transactions are bundled together and chained to the existing blockchain via the hash of the previous block.

 

 

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The Economics of the Blockchain

With crypto’s infrastructure based on computing power processing transactions, the biggest cost of the blockchain lies in energy consumption, computing power, and sending information. Over time, those costs are expected to decrease, making blockchain more feasible to use on a global scale, but this decline in costs must outpace the increase in users. 

The biggest current risk to the entire crypto economy is the looming presence of regulation. Since crypto is a direct threat to existing government sponsored and controlled currencies, this puts crypto at the top radar for all governments to limit. 

 

 

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How Currencies Get Their Value

In the first episode of Crypto Corner, Anton and Eddie from the tastytrade Research Team discuss where decentralized currencies and centralized currencies derive their fundamental value from. A successful currency that is used in everyday transactions and as a store of future spending power has three main components to it. 

The currency must be trustworthy; it must have anti-counterfeit measures, and it must be accepted by a large number of participants. Both crypto and traditional currencies must have these in their systems, but they achieve it in different ways. 

 

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Ethereum

You might have heard of Bitcoin, but what about Ethereum? Ethereum was the biggest evolutionary crypto since Bitcoin, because it expanded the scope of what crypto and blockchain technology could be used for. Both Bitcoin and Ethereum use a centralized ledger, they are both decentralized, and they both use the same mining methods as of now. Later in 2022, Ethereum is planning to switch to a much more efficient, proof of stake method to verify transactions rather than the energy consuming proof of work. Proof of stake is not the fundamental difference between Bitcoin and Ethereum, but it will be a differentiating factor going forward.

 

 

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Use Cases of Cryptocurrencies

Crypto use cases have dramatically increased over the last year. From being only a transactional benefit a few years ago, there are now many uses and platforms to use different crypto on. 

In addition to payments, crypto can be used for decentralized financial services (de-fi), intellectual property protection (NFTs are the biggest example for this), investment diversification, and privacy protection. Most notably, with these increased use cases, there have been many more people gaining exposure to crypto in one of these areas, which has helped spread the growth of the industry.

 

 

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Storage and Ownership of Crypto

What's in your wallet? The most common way to store your crypto assets is via a wallet. A wallet is like a digital bank account for your crypto, and you can store, send, and receive assets via a wallet. The first type of wallet is a hot wallet, which means that it is always connected to the internet. 

There are two types of hot wallets, custodial or non-custodial, and each offers its own set of benefits and drawbacks. The less common but more secure type of wallet is a cold wallet, which is only connected to the internet when you want to make a transaction. This can come in the form of a physical wallet, similar to a USB stick, or a paper wallet, that simply contains your wallet address and private key.

 

 

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    • EURUSD Elliott Wave Analysis Trading Lounge Day  Chart, 5 March 24   Euro/U.S.Dollar (EURUSD) Day Chart EURUSD Elliott Wave Technical Analysis FUNCTION: Trend   MODE: Impulsive   STRUCTURE: Blue wave 1   POSITION:black wave 3   DIRECTION NEXT LOWER DEGREES:blue wave 2     DETAILS: black  wave 2 looking completed at 1.06985  .Now blue wave 1 of 3 is in play . Wave Cancel invalid level: 1.06985   The "EURUSD Elliott Wave Analysis Trading Lounge Day Chart" dated 5 March 24, offers a comprehensive analysis of the Euro/U.S. Dollar (EURUSD) currency pair using the Elliott Wave methodology. Conducted on the daily chart, this analysis aims to provide insights into the prevailing trend dynamics and potential future price movements within the broader wave structure. The identified "FUNCTION" is "Trend," indicating a primary focus on determining and navigating the existing trend in the EURUSD pair. This suggests an emphasis on identifying and capitalizing on sustained directional movements over an extended period. The specified "MODE" is "Impulsive," suggesting that the current market conditions are characterized by forceful and decisive price movements aligned with the overall trend. This implies a strong and sustained directional momentum in the EURUSD pair, conducive to impulsive waves. The described "STRUCTURE" is "Blue wave 1," representing a specific phase within the Elliott Wave pattern. The analysis concentrates on the development and progression of blue wave 1, indicating a significant upward movement within the broader wave structure. The identified "POSITION" is "Black wave 3," highlighting the current placement within the larger Elliott Wave pattern. Black wave 3 signifies a powerful phase in the upward trend of the EURUSD pair and suggests a sustained directional move. Regarding "DIRECTION NEXT LOWER DEGREES," the focus is on "Blue wave 2." This implies an anticipation of the next corrective phase within the Elliott Wave pattern, suggesting a temporary pullback or consolidation after the completion of the impulsive black wave 3. In the "DETAILS" section, it is noted that "Black wave 2 looking completed at 1.06985." This signifies the conclusion of a specific subwave within the Elliott Wave pattern. It further states that "Now blue wave 1 of 3 is in play," indicating the initiation of the next higher-degree wave. The "Wave Cancel invalid level" is set at 1.06985, serving as a crucial reference point. A breach beyond this level would invalidate the current wave count, necessitating a reassessment of the analysis. In summary, the EURUSD Elliott Wave Analysis for the daily chart on 5 March 24, emphasizes the impulsive and trending nature of the market. The analysis anticipates the continuation of the upward trend, with specific attention to the completion of sub waves and the initiation of the next higher-degree wave. The Wave Cancel invalid level at 1.06985 serves as a critical marker for potential shifts in the wave count and trend dynamics.       EURUSD Elliott Wave Analysis Trading Lounge 4 Hour  Chart, 5 March 24   Euro/U.S.Dollar (EURUSD) 4 Hour Chart EURUSD Elliott Wave Technical Analysis FUNCTION: Trend   MODE: Impulsive   STRUCTURE: red wave 3   POSITION:blue wave 1   DIRECTION NEXT LOWER DEGREES:Red wave 4     DETAILS: Red  wave 2 of 1 looking completed at 1.07958  .Now Red wave 3 of blue wave 1 is in play . Wave Cancel invalid level: 1.06985   The "EURUSD Elliott Wave Analysis Trading Lounge 4 Hour Chart" dated 5 March 24, provides a detailed analysis of the Euro/U.S. Dollar (EURUSD) currency pair using the Elliott Wave methodology. The analysis is conducted on the 4-hour chart, aiming to discern the prevailing trend dynamics and forecast potential future movements within the broader wave structure. The identified "FUNCTION" is "Trend," indicating that the analysis primarily focuses on identifying and navigating the existing trend in the EURUSD pair. The emphasis is on capturing the directional movement of prices over a more extended period. The specified "MODE" is "Impulsive," suggesting that the current market conditions are characterized by forceful and decisive price movements aligned with the overall trend. This implies a strong and sustained directional momentum in the EURUSD pair. The described "STRUCTURE" is "Red wave 3," representing a specific phase within the Elliott Wave pattern. The analysis focuses on the development and progression of red wave 3, indicating a significant upward movement within the broader wave structure. The identified "POSITION" is "Blue wave 1," signifying the current placement within the larger Elliott Wave pattern. Blue wave 1 represents a higher-degree wave, suggesting a powerful phase in the upward trend of the EURUSD pair. Regarding "DIRECTION NEXT LOWER DEGREES," the emphasis is on "Red wave 4." This highlights the anticipation of the next phase within the Elliott Wave pattern, suggesting a corrective move after the completion of the impulsive red wave 3. The "DETAILS" section notes that "Red wave 2 of 1 looking completed at 1.07958." This signifies the completion of a specific subwave within the Elliott Wave pattern. It further states that "Red wave 3 of blue wave 1 is in play," indicating the continuation of the upward trend and the start of the next higher-degree wave. The "Wave Cancel invalid level" is set at 1.06985, serving as a crucial reference point. A breach beyond this level would invalidate the current wave count, necessitating a reassessment of the analysis. In summary, the EURUSD Elliott Wave Analysis for the 4-hour chart on 5 March 24, emphasizes the impulsive and trending nature of the market. The analysis anticipates the continuation of the upward trend, with specific attention to the completion of sub waves and the initiation of the next higher-degree wave. The Wave Cancel invalid level at 1.06985 serves as a critical marker for potential shifts in the wave count and trend dynamics. Technical Analyst : Malik Awais Source : Tradinglounge.com get trial here!    
    • Elliott Wave Analysis TradingLounge Daily Chart, 5 March 24, Bitcoin/ U.S. dollar(BTCUSD) BTCUSD Elliott Wave Technical Analysis Function: Follow Trend Mode: Motive Structure: Impulse Position: Wave III Direction Next higher Degrees: wave (III) Wave Cancel invalid level: 31046.25 Details: The five-wave increase in wave (III) may be complete Watch out for Corrective Bitcoin/ U.S. dollar(BTCUSD)Trading Strategy: Bitcoin's rise continues higher From the rise of the third wave This is likely to break the all time high of 68997.75, but in the final stretch of the rally we still lack movement. Two more times to complete the large Impulse structure, watch out for corrections. Bitcoin/ U.S. dollar(BTCUSD)Technical Indicators: The price is above the MA200 indicating an Uptrend, Wave Oscillator is a bullish Momentum. TradingLounge Analyst: Kittiampon Somboonsod, CEWA Source : Tradinglounge.com get trial here!         Elliott Wave Analysis TradingLounge 4Hr Chart, 5 March 24, Bitcoin/ U.S. dollar(BTCUSD) BTCUSD Elliott Wave Technical Analysis Function: Follow Trend Mode: Motive Structure: Impulse Position: Wave III Direction Next higher Degrees: wave (III) Wave Cancel invalid level: 31046.25 Details: The five-wave increase in wave (III) may be complete Watch out for Corrective Bitcoin/ U.S. dollar(BTCUSD)Trading Strategy: Bitcoin's rise continues higher From the rise of the third wave This is likely to break the all time high of 68997.75, but in the final stretch of the rally we still lack movement. Two more times to complete the large Impulse structure, watch out for corrections. Bitcoin/ U.S. dollar(BTCUSD)Technical Indicators: The price is above the MA200 indicating an Uptrend, Wave Oscillator is a bullish Momentum.    
    • In the wake of a brewing conflict between the Nigerian government and Binance, cryptocurrency enthusiasts find themselves on edge, uncertain about the future of their digital investments. Rumors abound that Binance, along with other platforms, might be exacerbating the Naira's devaluation against the dollar, prompting the government to take a hard stance against the exchange. Despite longstanding allegations of wrongdoing, recent events have propelled the government to escalate its actions. The situation has escalated dramatically, with Binance's P2P platform disabled and a staggering $10 billion fine imposed for alleged illegal activities. This punitive measure, coupled with last year's $4.3 billion fine by the SEC, underscores the gravity of the situation. However, skepticism lingers regarding the astronomical sum demanded by the Nigerian government. While Binance has faced regulatory challenges in other jurisdictions, its resilience and market dominance have largely endured. Yet, the potential ramifications of losing access to a key crypto market like Nigeria cannot be ignored. Complicating matters further, the Nigerian House of Representatives has summoned Binance CEO Richard Teng, issuing a seven-day ultimatum for him to address allegations of terrorist financing and money laundering, among other charges. This development casts a shadow over the future prospects of Binance in the country. Amidst the uncertainty surrounding Binance's operations in Nigeria, users are scrambling to identify alternative platforms. While other centralized exchanges (CEX) remain operational within the country, the pressing question remains: which platform will emerge as the most dependable alternative should the situation worsen? https://punchng.com/reps-summon-binance-boss-over-alleged-terrorism-financing/
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