oceancapitalexchange

[oceancapitalexchange]

Cryptocurrency - 1/11/21

The word Cryptocurrency provokes a multitude of reactions, opinions and questions depending on who you’re talking to, from “what on Earth is that?”; to “I don’t understand how something with no intrinsic value can be selling for 10s of thousands of pounds” to “How many SHIB do you own?”. It’s very rare a market erupts in the way the cryptocurrency market has done in the last few years, with some investors documenting thousands of % gains in just days – unthinkable to the traditional investor. 

 While the crypto market brings endless opportunities, some might describe it as the Wild West – these days anyone can develop their own cryptocurrency on networks such as the Binance Smart Chain. This has brought with it the rise of a number of pump and dump schemes, where a ‘token’ developer can create a cryptocurrency, market it with the use of ‘influencers’ on social media; claiming that it’s the next Bitcoin so people buy it a drive up the price, before ‘pulling the rug’ and selling their entire holding for a substantial profit and sending the coin’s value crashing. 

 This begs the question, where’s the regulation to protect investors? As the market becomes more and more mainstream, surely governments need to start implementing legislation with the help of regulatory bodies, such as the FCA? We already know that Central banks around the world are developing digital versions of their domestic currencies, i.e. the digital pound and digital USD. This could suggest that regulation around digital currency must also be round the corner. The question is, what does this look like and how does this impact the market? 

 It’s no secret, that despite having progressive, real-world applications such as providing payment services to people, perhaps in LEDCs, that don’t have access to bank accounts and financial services; Cryptocurrencies could be the payment method of choice for many conducting illicit activities due to the anonymity the method provides. In which case, if the market suddenly became heavily regulated, could the ‘bubble’ burst? Conversely, could regulation cement cryptocurrency’s place in global markets and therefore attract an influx of new investment from those that were perhaps sceptical before about its “lack of intrinsic value”. 

 My personal view is that Cryptocurrency and the big names associated with it such as Bitcoin and Ethereum are here to stay. I guess for me, the main question is how does it transition from a tool for investment to an actual mainstream form of currency? I think we’re a long way off. Imagine accepting payment in cryptocurrency knowing there’s a chance those funds could be worth 20% less the next day; the optimists among us could say “it could be worth 20% more…” but it’s still a huge risk. 

 With all of the above considered, Ocean Capital Exchange have taken the decision to dip our toe in so to speak and are now offering our clients the ability to buy and sell digital assets with the help of a licensed financial institution as opposed to unlicensed exchange, like Binance. Our customers can buy and sell digital assets using their Credit/debit card or by making a bank transfer, they’re benefiting from competitive pricing but they’re sound in the knowledge that they’re dealing with a licensed financial institution and won’t have the issues some people face when trying to pay to or withdraw from the likes of Binance – a number of banks are regularly blocking these transactions. 

 When buying digital currencies, you can’t exactly stuff them under your mattress, you need a ‘wallet’. There are plenty out there to choose from, but if you don’t already have one set up, you can follow the ‘don’t have one?’ link and get one set up; it’s a very straight forward process. We can currently support the following assets AAVE, ADA, BTC, CEL, DEP, DFT, DOGE, ENJ, ETH, GALA, HEDG, KCS, LINK, MATIC, RFUEL, SAND, SHIB, UNI, UOS and XRP and this list is always growing. 

To get started, simply follow this link https://fi.crymbo.com/a/oceancapitalexchange and if you have any questions, please don’t hesitate to contact us on 0207 183 2026 or [email protected]. 

Cryptocurrencies are extremely volatile assets, always do your own research before buying! 

Have a great week ahead. Daniel Swaisland Director – Ocean Capital Exchange Ltd

#cryptocurrency #bitcoin #eth #doge #xrp #shib