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TIPS FOR GETTING STARTED WITH CRYPTOCURRENCY

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Cryptocurrency has taken the world by storm in recent years. After years of operating under the radar, it has exploded into the mainstream and captured the imagination of millions across the world. If you are new to the world of cryptocurrency, it can be impossible to know where to begin. By following these handy tips and tricks, you can find out everything you need to know about trading cryptocurrency and prevent yourself from getting caught up in the hype and making a number of mistakes that can cost you time and money in the long run.

 

Pick a strategy

The process of getting involved with cryptocurrency can be stressful. There are a number of steps you can take early on to ensure you are putting your best foot forward and protecting yourself and your assets at all times. Before you dive in and get lost in the sheer volume of cryptocurrencies available to the everyday trader, you must first choose a strategy. This will provide you with a basic framework to guide you from start to finish. It can also mitigate the financial risk involved with trading cryptocurrency by making a series of decisions for you on your behalf. A strategy is not required but it is recommended. It can allow you to respond accordingly and bounce back in the event of a sudden market crash. There is no universal correct answer when it comes to selecting the right one for you. It will usually include asset classes, setups, tools, and triggers. You can also use your strategy to set out how and when you will trade. By establishing a personalised schedule ahead of time, you can inject some structure and routine into your trading strategy. There are plenty of strategies out there, including DeFi Yield investing, which allows you to earn interest on crypto that you hold and stake it against other coins. Check out a reputable DeFi Yield platform such as Unagii, to see if this is the right option for you.

 

Pick an exchange

Before you invest in cryptocurrency, you must research which companies offer exchange services. A cryptocurrency exchange, or digital currency exchange, is a business that allows you to trade cryptocurrencies for assets or money. This can influence where you trade, how you trade, and the community within which you will trade. These are all important factors that must be considered before you embark on your cryptocurrency journey. As you gradually familiarise yourself with the ins and outs of trading, it may benefit you to stick to reputable, well-known sources and purchase your cryptocurrency from reliable exchanges. You may end up spending a bit more than you intended to, but you are less likely to be ripped off. By knowing how to spot fraudsters from afar, you can prevent yourself from losing time and money and earn high yield staking rewards on your assets. Once you complete a transaction, all sales are final. There is no way to retrieve your cash, and banks will be unwilling to help. If it seems too good to be true, it probably is.

 

Automate your trading

Cryptocurrency is a 24/7 global market. It never sleeps. It is impossible to keep up to date with each minor or major development that may affect your assets. The constant desire to track each cryptocurrency can lead to burnout, dependence and even addiction over time. To prevent this from happening, you may benefit from automating your trading strategy. There are a number of tools and platforms out there designed to help you monitor your cryptocurrency without becoming exhausted. They work by tapping into a series of algorithms and processes to trade based on asset price, technical indicators and the proportion of value within your portfolio. Modern automated cryptocurrency trading platforms may also operate on the blockchain. This can be a great option for those new to the world of cryptocurrency trading or with a little less time to spare. Shop around to find the right trading bot to suit you and your lifestyle.

 

Build a portfolio

A solid cryptocurrency portfolio can stand the test of time. There are several factors you must consider when deciding which cryptocurrencies to invest in to build on your existing portfolio. Putting all of your eggs into one basket is never a good idea. By diversifying your assets, you can provide a sense of stability and dependability within such a volatile and destructive market. You can also reduce the risk of financial ruin in the event of a market crash. When it comes to establishing a portfolio and welcoming a brand-new addition, you must evaluate market cap, circulation supply, and total supply. Investing in a single asset can be a recipe for disaster. Distribute risk to a number of different coins and manage your portfolio by making small changes or adjustments over time.

 

Be patient

Patience may not be the first thing that springs to mind when you think of trading cryptocurrency, but it should be. Those looking to make a quick buck are often disheartened to learn that it takes time and patience to make a solid return on investment on cryptocurrency. The market may be volatile, but your net worth is unlikely to skyrocket overnight. Take the time to implement the right strategy and ensure it is working for you. Investing in cryptocurrency is a learning curve. Without the right training and guidance, you will make mistakes along the way. However, this equips you to deal with any future problems and allows you to overcome and adapt as necessary. By surrendering to your inexperience and trusting the process, you can learn the ropes and master your strategy over time.

 

Ask for help

There is no shame in admitting defeat or asking for help. Whether you have blown your savings or have a burning question regarding a prospective investment opportunity, it can be easy to try to keep up with the excitement only to find yourself getting lost in the hype. But do not fear; help is out there. Fellow traders were in your position at one point or another. Most people will be willing to help out and provide you with wisdom and advice to help send you on your way. Those involved in cryptocurrency trading are determined to see others succeed and will encourage you to overcome obstacles and keep going in any way that they can. There are countless cryptocurrency trading communities out there. You can interact with others that share the same passions and interests as you and receive help and advice whenever and wherever you may need it. Communities may be established around assets, strategies, beginner guides, universal adoption of cryptocurrencies, or trading platforms. Trading is a personal journey. Joining a cryptocurrency community may provide you with a number of benefits, but you must remember not to become a victim to the hive mentality.

Cryptocurrency can be a minefield. When it comes to investing, it can be difficult to know where to begin. With so much to learn, mistakes are almost unavoidable. By following these handy tips and tricks, you can enter the world of cryptocurrency trading equipped with all of the tools and information required to make an informed decision. Once you have picked a suitable strategy, selected a reputable exchange, automated your trading, and built a portfolio, the fun can begin. You must also remember to be patient and ask for help if and when necessary.

 

Business

2023 crypto trends that businesses need to know about

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By Marcus de Maria, Founder and Chairman of Investment Mastery

 

As cryptocurrencies have started to enjoy wider global acceptance in recent years, businesses and financial institutions have been slower to join the trend. Perhaps wisely, the business community has been more cautious in its approach to adopting cryptocurrencies than previously anticipated when Bitcoin first launched in 2009.

The tide is shifting though. The ever-changing digital marketplace has meant we’re now seeing increasingly more household name brands such as Microsoft, Google and Starbucks embracing payment in Bitcoin for some or all of its services or certainly trialling it. As 2022 draws to a close, over 15000 companies are excepting Bitcoin as payment around the world.

As more businesses take the plunge into the crypto world and off the back of one of the most volatile years in crypto history, what changes can we expect to see over the next year?

John Castro, CEO of Investment Mastery shares his 2023 cryptocurrency predictions below.

Marcus de Maria

Like the stock markets the crypto market is struggling against a backdrop of high inflation, the soaring cost of living, and a recessionary environment. As such prices have dropped a lot. However, sit up and take note for businesses who are looking into cryptocurrencies, 2023 could be looking promising for these three key reasons:

  1. The entering of institutions: What we are seeing now and what we will be seeing more of in 2023 are institutions entering the market. Pension funds are adding cryptos to their assets for the first time, news broke earlier this year that BlackRock is partnering with Coinbase to deliver crypto to their customers, and Fidelity and Citigroup are joining with their millions of clients. As the market inevitably becomes more regulated, we can expect this trend to continue which will encourage market growth.
  2. The formation of partnerships: As well as reputable institutions entering the market, 2023 will be bolstered by new partnerships between crypto and big business. We’re seeing Amazon partnering with either Ethereum and Solana among other cryptocurrencies and blockchains to host their cloud service. This has made the idea of crypto payment more attractive to global business leaders. As more businesses adopt cryptocurrency, we are likely to see a more stable crypto market in 2023.
  1. Bad players leaving the game: Like any market, crypto has had its share of bad players. In 2022 the market lost a lot of value thanks to the likes of Celsius ftx. This has inevitably shaken investors’ faith having a knock-on effect on price. But as these bad payers are knocked out, we predict that much needed trust will be rebuilt throughout the next year which will help lead to an increase in value.

With reputable institutions entering the market, powerful partnerships being made and the removal of those giving crypto a bad name, the prediction for 2023 is that demand for cryptocurrencies and blockchain technology is only going to increase. With supply staying the same thanks to the very nature of crypto, we can expect the price to inevitably increase.

So could a Bull market be upon us in 2023? Time will tell but one thing is for sure, cryptocurrencies are here to stay. It’s time for businesses to put their game faces on…

 

About Investment Mastery

Founded in 2003, Investment Mastery is a premium training and education company delivering easy to follow and profitable trading and investing strategies.

Today, Investment Mastery delivers training seminars and workshops, online and live in-person, annually. They have educated over thousands of people across 25 countries, while also developing and delivering industry-leading online support and training that is delivered in three different languages.

Led by founder and chairman Marcus de Maria and his expert team of real traders and investors in the fields of stocks, cryptocurrencies and forex, Investment Mastery’s training education is influenced by the exact same proven techniques that Marcus uses to trade and invest his own money.

The team at Investment Mastery do not just help clients to strengthen their finances, but their mindset too. This helps clients uncover, address and breakthrough their limiting beliefs behind wealth creation and find their reasons ‘why’. This unique approach is what sets them apart from other wealth creation educators and is why clients achieve such incredible results.

 

 

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The big cash squeeze: will fortune favour the bold?

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With a new political landscape, rising inflation, a cost-of-living crisis and increasing pressure from HMRC for payments, many businesses are preparing for a big cash squeeze in 2023. This could push demand for credit management services to a new high, so how will the industry fare and could fortune favour the bold?

At a recent roundtable event in Cardiff, chaired by the Chartered Institute of Credit Management (CICM) and hosted by accountancy firm, Menzies LLP, experts from across the industry discussed the challenges and opportunities that lie ahead for businesses.

During times of economic hardship, credit managers have a particularly challenging, frontline role to play in helping businesses to protect cash flow, while mitigating financial risks. However, a strong focus on cash management and credit control can also generate opportunities to increase revenues and boost profitability.

Challenges lie ahead, not least skills shortages

Prime Minister, Rishi Sunak, has warned that the UK is facing a ‘profound economic crisis’ and while this isn’t a surprise, many businesses feel ill-prepared. The fall-out from Brexit remains a major issue for many industries, particularly those trading in Europe, driving up costs and administration and leaving a legacy of staff shortages that is impacting productivity. High take-up of Government-backed loans during the COVID-19 pandemic, has left many businesses struggling to meet their repayments with reduced revenues and depleted cash reserves, all at a time of record inflation and a war in Ukraine, which is driving up energy costs to exorbitant levels that are simply not sustainable for some businesses.

According to delegates at the roundtable, the biggest and most immediate challenge that businesses are facing is the staffing crisis. Sue Chapple, chief executive of the CICM, commented: “Members are reporting significant staff shortages right across industry sectors. In particular, businesses note a lack of graduates and skilled young people – some of whom are choosing to delay the start of their careers. In sectors such as construction, food manufacturing and hospitality, reduced access to non-UK workers is a major problem.”

While sharing examples of best practice, Nicola Johnson, head of credit and cash processing at PHS, explained that credit management professionals need to invest more time encouraging workers to develop their skills and progress their careers. She said: “We have six workers about to start  CICM qualifications at the moment, supported by the business, and we hope that this will encourage them to stay and further their careers.” Other firms reported that more apprenticeships are being taken on to grow the skills base.

For recruiters serving the industry, the lack of candidates for jobs in areas such as credit assurance and risk data analysis is inflating wage expectations, which makes it even more challenging for businesses to recruit the people they need. Jason Pallister, managing director at DCS Credit Management & Recruitment, said: “Some businesses are being priced out of the market by larger companies that are able to offer more attractive reward and remuneration packages. Things are getting increasingly competitive and unrealistic wage expectations are a growing problem.”

Referring to staff shortages in other sectors, Craig Evans, head of new business sales at credit ratings provider, Company Watch, added: “Staff shortages are so serious in some industries that businesses are unable to trade and some are choosing to wind up now, rather than wait for the situation to get worse. This is a growing area of credit risk that our customers are seeking information about – particularly regarding the number of winding up petition applications.”

While there is no silver bullet to the staffing crisis, employers are aware that they need to remain flexible and understand what workers want. Hans Meijer, EICC director at Coface, said: “We are recruiting in London and Watford at the moment and the demographic of the candidates for vacancies at each location is quite different. Understanding this and staying flexible to individual worker preferences when it comes to hybrid working is helping us to attract the right people. Greater focus on training and skills development is also helping.”

Rising tide of insolvencies

With inflation rising and ongoing uncertainty surrounding trading conditions, the challenges facing businesses are expected to continue through 2023. The hike in energy costs, due next April, could be a pivotal moment for some businesses. A survey conducted recently by the Office for National Statistics (ONS) found that one in 10 UK businesses reported being at a ‘moderate-to-severe’ risk of insolvency, with rising energy costs cited as a major factor. Smaller firms with fewer than 50 employees were among those most likely to report being at risk.

Bethan Evans, business recovery partner at Menzies LLP, said: “Corporate insolvencies in England and Wales rose to a record level in Q2 and some businesses are seeking advice about entering an insolvency process now, because they know that cost and staffing pressures, as well as market uncertainty, are not going away. They are already on the brink and the rise in the energy price cap next April could push them over the edge.”

For in-house credit management teams, reading customer behaviour and spotting red flags is increasingly important. Some businesses are still working through customer issues caused by the pandemic restrictions. In some cases, contracts have been successfully re-negotiated or ‘Covid credits’ issued. However, in other instances, demands for payment and legal action for breach of contract have proved unavoidable. Overall, there is a willingness to be flexible but, with more customers favouring short-term contracts and seeking greater control over when and how they make their payments, credit managers are feeling the strain.

Sue Chapple commented: “It has never been more important for businesses to know their customers and understand the pressures and risks they are facing. Through effective communication, credit management professionals can help to build a more complete picture.”

More focus on supply-side risks

Customer risk isn’t the only source of financial risk requiring senior-level attention. Companies understand the importance of underwriting customer credit risk, but a growing number are now seeking advice about how to mitigate supply-side risks too. “Communication is vital, as businesses need to understand where external risks lie and how to identify them. They also need accurate data about where risks might arise in the future, so they are better informed,” commented Craig Evans.

Simon Philpin, head of trade credit at credit assurance provider, Markel, added: “We have seen increased demand for credit assurance linked to suppliers. Unfortunately, businesses in some sectors have been experiencing defaults or delays, which can be highly disruptive and financially damaging.

“Fraud is another major risk factor for businesses across industry sectors. Sometimes it is linked to the activities of financiers, such as invoice discounters, and we are advising businesses to be particularly cautious when auditing their suppliers and customers. Fraud linked to the misuse of Government-backed loans is also widespread.”

Fortune favours the agile

Despite the many challenges that businesses and their credit management teams are facing on a day-to-day basis, there will also be commercial opportunities in the year ahead. As some businesses demonstrated during the pandemic, those that are quick to diversify to meet new or growing areas of demand could reap rewards. According to Bethan Cooke, senior lawyer at Admiral Money: “While risk understanding is important, businesses should also be thinking about how they might expand products or service lines in the year ahead. In particular, digitisation can deliver better quality data about customer journeys to support cross-selling or other revenue-generating initiatives.”

Even in the midst of a ‘profound economic crisis’, some businesses will succeed in growing their market share or expanding into new markets. Craig Evans added: “In the 2008/09 recession, we worked with a construction business that took on more risk and increased its market share as a result. Now they are back and looking to do the same thing again. As long as they can quantify the risk they are taking on and don’t over-stretch, it could be another case of ‘fortune favours the bold’.”

 

This report is based on a roundtable event for employers and credit management professionals, chaired by the CICM and hosted by accountancy firm, Menzies LLP.

 

First published at Credit Management magazine.

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