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Is cryptocurrency risky? What are the rules in India? FAQ answered

Cryptocurrency: It is known as one such mode of transaction that can enable anyone anywhere to send and receive payments. If you have questions about crypto, then here are the faq answered.

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Cryptocurrency

Cryptocurrency is a digital currency that does not depend on banks to verify transactions. It is known as one such mode of transaction that can enable anyone anywhere to send and receive payments. At this point in time, there are a number of cryptocurrencies available in the market but Bitcoin is known to be the best amongst them all.

How cryptocurrency works?

The digital medium is also known as cryptocurrency works through a public ledger called a blockchain. This blockchain keeps the data of transactions that took place by the digital medium holder.

The units of cryptocurrency are made through mining. But this mining is way different as it requires computer power to solve complicated mathematical problems that help to generate coins.

How to buy cryptocurrency?

If you are looking to invest n cryptocurrency, then you need to create an online storage option that works through a third party. After this, you need to find a crypto exchange, and once that is done, the investor will need to create an exchange account through an exchange service.

Is cryptocurrency risky?

Yes, cryptocurrencies are considered risky and there are a few things that a person needs to keep in mind if they want to invest in this digital medium.

The trading of cryptocurrency takes place digitally and a lot of hacking can take place. Apart from this, the crypto market is known to be volatile. The investor needs to keep in mind that a lot of ups and downs can take place.

Will cryptocurrency get banned in India?

Recently, Reserve Bank of India (RBI) Deputy Governor T Rabi Sankar on Monday said that cryptocurrencies should be banned in India and that would be the most advisable choice for the country. He further said that they are worse than the Ponzi schemes or could be worse than that.

Read Also: Experts suggest crypto investors shift their funds to mutual funds before March 31, here’s why

Earlier, Finance Minister Nirmala Sitharaman said that the government has sovereign right to tax profit made from cryptocurrency transactions, and the decision on banning or not banning will be taken based on feedback from consultations.

She also replied to the discussion on crypto in the Union Budget session and said that she is not going to ban it or legalise it at this stage. Banning or not banning will come subsequently when consultations give her input.

Crypto NFT

What is The Next Big Cryptocurrency? Top 5 Most Potential Cryptocurrencies

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meta cade

Due to the bearish state of the cryptocurrency market, only coins with proven value and applications will attract investors in 2023. With so many options, it’s more important than ever to invest in the cryptocurrency that offers the best potential return. This article will cover the top five cryptocurrencies with positive price predictions for 2023. 

Metacade

Metacade is a new blockchain-based project that aims to build the largest play-to-earn (P2E) virtual video arcade in the metaverse. A gaming community hub where players can connect with one another, earn money while playing the best P2E titles, and help lead the Web3 gaming revolution. 

Forecasts predict that the momentum generated by MCADE during the presale will result in high demand, potentially significantly increasing value. The price is expected to break $1 in 2023, thanks to Metacade’s excellent roadmap and long-term potential. 

Ripple

Ripple is a DeFi digital asset that facilitates affordable financial transfers in a cost-effective and efficient manner, enabling real-time global payments. The average customer can save up to 60% on transaction fees when compared to traditional providers. 

If XRP can get past the legal stumbling block, it will be a strong contender for a surge in 2023. The sky is the limit for XRP in 2023, with great gains possible if the coin takes off, thanks to the backing of some of the world’s largest and most established financial institutions. As a result, it is considered one of the most promising DeFi projects for 2023.

Shiba Inu

Shiba Inu has been recommended as a good starting point for those new to crypto investments and the Web3 space. Shiabrium, an Ethereum layer 2 network, will be launched in 2023, giving SHIB token holders a secure, scalable network to receive and send SHIB. It will also continue to assist crypto artists in creating NFT artwork, as well as provide a marketplace for Shiba-inspired art to be bought and sold.

With the launching of Shibarium in 2023, Shiba Inu hopes to shift from a popular meme coin to a significant contender in the DeFi arena. With SHIB trading at more than 90% of its all-time high and hugely appealing plans for 2023 on the horizon, the current minuscule trading price represents an exceptional opportunity for traders to seek high income. SHIB is considered as one of the most profitable DeFi projects you shouldn’t miss in 2023.

Polygon

Being utilized as a layer 2 scaling mechanism to improve the scalability of Ethereum, Polygon enables businesses and developers to build advanced dApps and DeFi solutions on the Ethereum blockchain while gaining increased security, faster transaction speeds, and lower costs. 

Polygon has shown to be one of the most innovative companies, aiding developers in the development of cutting-edge digital services and becoming a global player. With the use of blockchain projected to grow in the coming years, Polygon will play an important role in driving innovation, making it one of the best DeFi projects to invest in.

The beauty of MATIC is that it must be held by anyone who must pay transaction fees. As a result, a growing number of people will need MATIC in their cryptocurrency wallets. This could cause the coin to skyrocket, pushing it past its all-time high of $2.

The Sandbox

Because of its 3-D blocky aesthetic, The Sandbox, a decentralized digital real estate platform, will look familiar to Minecraft and Roblox fans. User-generated content (UGC) such as characters can be created and shared by users while purchasing and utilizing digital real estate plots in a variety of ways.

The Sandbox’s most appealing selling point is its innovative and intuitive creative tools, which allow users with no coding skills to use its plug-and-play interface to develop interesting, entertaining games that users may monetize through premium DeFi staking and a variety of other techniques.

The Sandbox appears to be one of the best DeFi projects to invest in ahead of 2023 and beyond, thanks to its multifaceted offering. Considering this, its current token level of less than $0.50 appears to be excellent value as crypto markets recover and SAND’s value rises significantly.

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Bitcoin at $23.4k; Solana, Ethereum also witness minor dips

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The cryptocurrency market, infamous for its instability and volatile highs and lows, has seen a significant dip in the past few months. Bitcoin, the largest cryptocurrency by market capitalization, dipped by 1.40% and is currently trading at $23,402.75 while Ethereum, the second biggest cryptocurrency was trading at around $1,604.10, a decrease of 1.59%, as of January 30, 2023.

Although infamous for its volatility, the crypto market is currently holding stable with Bitcoin holding stable around the $23,700 mark. The value of Bitcoin has more than tripled since 2021 and remains one of the most popular investments among retail and institutional investors, despite recent price rectifications.

In what is seen as an indication of a strong demand for alternative cryptocurrencies besides Bitcoin and Ethereum, the Solana and Binance Coin (BNB) have increased up to 6 percent in value.

Solana, a high-performance blockchain platform, has been attracting attention due to its ability to handle high transaction volumes and its fast-processing times. On the other hand, Binance Coin is the native token of the Binance exchange, one of the world’s largest cryptocurrency exchanges.

Trading prices of major cryptocurrencies:

    •    Bitcoin :$23,157.54

-2.99%

    •    Ethereum : $1,586.03 USD

-3.54%

    •    Tether : $1.02 USD

+0.59%

    •    USD Coin : $1.00 USD

-0.10%

    •    BNB:  $315.00 USD

-1.28%

    •    XRP : $0.3989 USD

-4.87%

    •    Dogecoin : $0.09418 USD

+4.71%

    •    Cardano : $0.3778 USD

-4.79%

    •    Polygon : $1.11 USD

-5.32%

    •    Polkadot  : $6.35 USD

-5.02%

    •    Tron : $0.06263 USD

-1.26%

    •    Litecoin : $97.14 USD

+0.87%

    •    Shibu Inu : $0.00001205 USD

-1.45%

    •    Solana : $24.77 USD

-5.40%

Crypto prices are notorious for being unstable and massive price swings in either direction is a common phenomenon in the market. However, a recent trend has seen somewhat of a stability on the scene as other cryptocurrencies, alongside Bitcoin are also seeing an upswing.

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Three soccer stars who should have done better at Chelsea 

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The summer transfer market is here again, and teams are battling it out in the Premier League to acquire the best legs. Along with football enthusiasts, punters are flocking to top bookmakers, as well as crypto bookmaker sites, to stake on which teams land the top stars.

Liverpool, desperate to save a failing season, have already procured the likes of Cody Gakpo.

Man United have moved on from the dramatic exit of their once-upon-a-time icon, Cristiano Ronaldo, in the January acquisition of the Dutch mountain man, Wout Werghost.

Chelsea pulled off a coup by landing the skillful Jao Felix from Atletico Madrid in a stunning half-season loan. Of course, there is so much expectation on the shoulders of the young Portuguese to rescue an underperforming Chelsea side.

Just like Jao Felix, there are other players who arrived at Chelsea with similarly high expectations…but FAILED.

In this article, we will discuss three players who could have done better during their time at Chelsea.

Alvaro Morata

When the Spaniard arrived from Real Madrid to Chelsea, he was flaming with confidence. 

Morata had previously played the role of a super substitute for Real Madrid, where he Kareem Benzema a run for the first striker position.s

Acquired for 58 million pounds, many expected him to slot into Antonio Conte’s team and steadily pull of the goals. 

His calm demeanor was also expected to introduce some calm forward, particularly after the unpredictably aggressive Diego Costa fought with almost every Premier League defender.

Indeed, Morata’s first season was not as miserable.

He managed to score 15 goals in 30 starts. But after a bright start, his performances nosedived dramatically. By the second season, Morata was severely short on confidence, haunted by his extensive portfolio of big chances missed.

Notably, in the second season, Morata only had five goals and was already a laughingstock at Stamford Bridge. Injuries didn’t help his cause either, as the Spaniard struggled with reoccurring back issues.

Ultimately, Chelsea would cut their losses by shipping him on loan to Atletico Madrid.

Khalid Boulahrouz

Khalid Boulahrouz played a defensive position for Chelsea from 2006 – 2008. Even in this short time (2 years) at Chelsea, he was loaned out to Sevilla for a year, where he made six appearances and scored no goals.

Due to several issues, Khalid Boulahrouz’s performance in the English Premier League was subpar. 

First of all, he struggled to adapt to the toughness and pace of the English Premier League. Secondly, he had trouble adjusting to the Chelsea team’s tactical demands, which represented a significant improvement above the league he had previously played in.

Ultimately, he could not perform to the greatest standards because of his lack of experience playing at the highest level of European football, which revealed his flaws. Additionally, he was frequently played out of position, which prevented him from using his skill.

In all, Khalid Boulahrouz made a total of 13 appearances, scored no goals, and gave no assist. You can clearly see that Khalid Boulahrouz terribly flopped at Chelsea when put on par with his defensive counterpart, Ashley Cole, who gave several goal assists, scored 7 goals, and made 229 appearances in his stay at Chelsea.

After his loan tenor was over in 2008, Khalid Boulahrouz was later sold off to VfB Stuttgart, where he made more appearances and scored two goals.

Winston Bogarde

Winston Bogarde’s performance at Chelsea was a total flop because, despite his considerable talent and experience, he was unable to have an impact on the team. He struggled to make the first team and was frequently criticized for his lack of effort and dedication to the club.

His ability to get along with the other players was also lacking, and his attitude toward teamwork and training was frequently questioned.

Winston Bogarde’s performance at Chelsea was more like the display of a dying star. Although Winston Bogarde had played full-back for several popular clubs, which includes SVV, Sparta Rotterdam, Ajax, Milan, and Barcelona, he failed to replicate his successes at Chelsea.

Winston Bogarde made a total of 9 appearances, scored no goals, and gave no goal assists in his stay at Chelsea (2000 – 2004). Given his experience playing at popular clubs, the French center-back player, William Gallas, seems to be beating Winston Bogarde at his game with 12 goals in 159 appearances whilst having no prior high-grade experience at any popular clubs.

In the end, when Winston Bogarde’s contract ended in 2004, he refused to accept a wage cut, which led to his eventual dismissal from the team in 2006 and his retirement from football. Now he is pursuing a managerial career at Ajax.

Patrick van Aanholt

Due to a lack of opportunity and playing time, Patrick van Aanholt’s performance at Chelsea was a flop compared to other clubs he had played for. 

Van Aanholt spent five years with Chelsea but only made two appearances and had no goals or assists before being eventually loaned out four times to different clubs.

Due to the presence of more seasoned players like Ashley Cole and Branislav Ivanovic, who had made over 200 appearances and had scored more than six goals, he also had trouble making an impression.

Van Aanholt ultimately failed to join Chelsea’s first team and left the club for Sunderland in 2014, where he made 82 appearances and scored 7 goals. After Sunderland, he furthered his career at Crystal Palace and is now in Galatasaray, where he is making significant progress.

These mentioned players clearly had potential. But somehow, we never saw enough of it at Chelsea.

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