My Thoughts On Cryptocurrency
I first heard about Bitcoin $Bitcoin(BTC.CC$ when I was still a student but dismissed it as a viable form of investment. It seemed like a new-fangled fad that would peter out eventually and I could not envision a world where cryptocurrency would be widely accepted. Why would we need a digital currency when fiat currencies had been serving us well? Investing in companies was safer as it was the traditional way, easily accessible through licensed brokerages and the value of a company was backed by its financial statements.
Fast forward to 2020-2021. Bitcoin has been dominating headlines for hitting new highs in market value at a time when companies are struggling to cope with mandatory lockdowns and shifting to a new paradigm of working from home, teleconferences, online shopping and contactless deliveries. People who invested in Bitcoin in the early days are now millionaires. Corporations in other industries are investing in Bitcoin. More companies are accepting it as a form of payment. These developments make me re-evaluate digital currencies in a new light. However, I am daunted by the staggering number of coins to choose from, some which I have never even heard of $Ethereum(ETH.CC$ $Litecoin(LTC.CC$ $Cardano(ADA.CC$ $Dogecoin(DOGE.CC$ $Polkadot(DOT.CC$ . Which will be the next Bitcoin? Cryptocurrency is not yet regulated as a form of investment in Singapore; current rules are for detecting money-laundering and not to protect the interests of the investor. A retail investor has to jump through a series of hoops to transfer money to invest in cryptocurrencies as well as to cash out.
Fast forward to 2020-2021. Bitcoin has been dominating headlines for hitting new highs in market value at a time when companies are struggling to cope with mandatory lockdowns and shifting to a new paradigm of working from home, teleconferences, online shopping and contactless deliveries. People who invested in Bitcoin in the early days are now millionaires. Corporations in other industries are investing in Bitcoin. More companies are accepting it as a form of payment. These developments make me re-evaluate digital currencies in a new light. However, I am daunted by the staggering number of coins to choose from, some which I have never even heard of $Ethereum(ETH.CC$ $Litecoin(LTC.CC$ $Cardano(ADA.CC$ $Dogecoin(DOGE.CC$ $Polkadot(DOT.CC$ . Which will be the next Bitcoin? Cryptocurrency is not yet regulated as a form of investment in Singapore; current rules are for detecting money-laundering and not to protect the interests of the investor. A retail investor has to jump through a series of hoops to transfer money to invest in cryptocurrencies as well as to cash out.
It thus comes as great news to me that Moomoo has plans to add cryptocurrencies to its trading platform sometime in 2021. I will not need to go through the hassle of opening another account or installing a new app and the deposit and withdrawal of funds will hopefully be as easy as investing in stocks. I also hope Moomoo will have more educational courses on cryptocurrencies. In the meantime, I can monitor the cryptocurrency market easily through the Moomoo app at Quotes > Markets > Crypto.
A concern I have as more products and features are added to the platform is the impact on the stability and speed of the servers and the app. Reliability and speed of execution are very important to traders but I have confidence that Moomo will rise to the challenge.
Disclaimer: The above is not financial advice and should not be taken as a recommendation to invest. Please do your due diligence and consult your financial advisor before making any investment decisions.
If you enjoy reading this, read my opinion about how to invest during earnings season and like and/or comment. Thanks! ➡️https://www.moomoo.com/en-sg/community/feed/106662127665158?lang_code=2
A concern I have as more products and features are added to the platform is the impact on the stability and speed of the servers and the app. Reliability and speed of execution are very important to traders but I have confidence that Moomo will rise to the challenge.
Disclaimer: The above is not financial advice and should not be taken as a recommendation to invest. Please do your due diligence and consult your financial advisor before making any investment decisions.
If you enjoy reading this, read my opinion about how to invest during earnings season and like and/or comment. Thanks! ➡️https://www.moomoo.com/en-sg/community/feed/106662127665158?lang_code=2
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
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Meta Moo : Good sharing
High Profit Low Loss : I agreed with Dadacai, all questions need to ask had been raised by him/her. Thank you for the insights!