Five crypto activities to keep you productive during the COVID-19 quarantine
1. Analyze your crypto-based financial operations
Today’s hectic lifestyle frequently deprives people of opportunities to properly maintain financial discipline. Take your time while in quarantine to summarize your transactions so you can thoroughly look at what you do with your savings. Otherwise it might come back to bite you later, especially if you hold some digital assets in your virtual pocket. Since COVID-19 started severely impacting global markets, be it traditional or crypto, Bitcoin along, with all the wider market, is becoming much more volatile than they used to be.
This is particularly important for crypto investors and advanced traders who always strive to gain maximum profit with minimal loss. Of course, you can always operate with your professional gut, but managing your crypto portfolio to make rational investment decisions never hurts. And besides, there is a huge number of cryptocurrency portfolio trackers that can help you monitor your activity with Gem, Blockfolio and CoinTracking being among the most appealing for daily use.
2. Calmly examine the market situation
Do not rush to join panic selling when you see cryptocurrency prices falling as it won’t help you solve the problem anyway. The point is that most people refuse to see the whole picture, mistaking a single factor for reality. Large transactions from so-called ‘whales’ and regular traders along with the industrial segment being hit by the COVID-19 and institutional investors backing out are only some of the reasons for the industry’s vulnerability. And that’s why you could devote your quarantine time to reviewing market behavior.
But so many men, so many minds to follow. Choose at least 5 of the crypto community’s credible media or experts you personally trust and compare all the news, statistics and predictions they share. This will help you stay objective and level-headed while making your own decision whether to buy, sell or hold digital assets in the current situation. In case you’re afraid to miss something, there’s one more solution to keep up with the constant flow of information by using crypto news aggregators like Coinlib or CryptoPanic. Digging into Bitcoin’s 30% price drop case in 2017 will also contribute to your awareness of how the crypto market corrects itself and returns to basic valuations on normal business fundamentals.
3. Try different strategies of crypto trading
During this devastating period, no one wants to risk their fortunes in order to enhance their cryptocurrency experience. But what if you don’t have to waste your time waiting for a happy future? As many exchanges, such as eToro, BitMEX or Bitfinex, now allow you to use demo modes so you can practice safely without any financial investments.
These training platforms can be useful for both newbies and professional traders as they allow you to develop best-suited trading strategies with no fear of potential fund losses. All the market data provided by a particular crypto exchange is real-time, which is designed to take you not far from real trading while the seamless UX for mobile and laptop versions takes you not far from your bed. Besides, you can always track your trading history as each transaction is included in a special diary. However, crediting yourself with test funds doesn’t mean you can select from the number of existing simulators irresponsibly. Search the web to reflect on the pros and cons as well as on user preferences just to make the best use of your practice.
4. Remember the true purpose of blockchain
The realities of our new digital era are such that more and more crypto enthusiasts see cryptocurrency as an investment and not as currency itself. In other words, they use it as a means to make a profit, which causes much mess around future digital assets’ credibility. The point here is that Satoshi hardly invented Bitcoin to improve some people’s incomes. It was initially intended to be the perfect solution to borderless and intermediary free payment transactions.
Give your attention to the market of online crypto wallets that are cheap in price, easy to use, and can be accessed from all around the world. The opportunity of buying crypto with a credit card right from home is a more attractive feature implemented in some of these wallets, for example, Atomic Wallet or Guarda Wallet. Explore how you can benefit from instant and reliable exchanges, multi-currencies, and low transaction fees. By the way, some wallet providers support free transfers within their transaction ecosystems which is pretty advantageous if you’re concentrating on saving money due to an unstable economy. This is the case for all the wallets from the Freewallet family.
5. Entertain yourself with crypto gaming
Yes, the state of our world is no cause for rejoicing, but everyone needs to shut their brains down for a while. Do not hesitate to research the potential of crypto in interactive media like video or online gaming where non-fungible tokens in the form of collectibles are monetized with the use of blockchain.
Have fun buying unique digital cats from the CryptoKitties platform’s marketplace or participate in fantasy football tournaments on Sorare, which is supported by Juventus, Atlético de Madrid, AS Roma and 30+ clubs following the list. This definitely won’t let you feel very bored while world football is on pause.
6. Relax
Don’t worry, because what is regarded as a necessary quarantine might easily be turned into a great opportunity to slow down and take a deeper look into your cryptocurrency experience. Moreover, being involved in the aforementioned activities will help you stay on top of the crypto space on a regular basis. And, of course, don’t forget to sleep well as it’s such a rare chance you have now. Fun fact: Coronavirus is reluctant to attack those who feel chipper.
OhNoCrypto
via https://www.ohnocrypto.com
Solomon Brown, Khareem Sudlow