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The question posed in the headline to this article ought really to be turned around and asked: Did John Templeton’s formula (of using price action to determine a successful currency trade) ever fail consistently? And the answer is: No. It hasn’t. Not in all the years since there have been markets to trade in. In fact, it is what many, if not most, successful professional forex traders use as their main guideline for finding successful trading opportunities. According to John, if you are looking for a trading robot (also known as “Expert Advisors” or EAs) to help you trade the forex market, you are barking up the wrong tree when it comes to finding profitable trades. “The trading markets are way too complicated to let a robot do the trading for you.” There are just too many variables that can come into play for any self respecting forex trader to allow a robot to do the trading for him. Besides that, it just doesn’t make any sense, at least with the data that most of these robots are being programmed to gather and decipher. In other words, the data they are considering and deciphering is not always actionable data. And what about those who trade using “special indicators?” Special indicators are interesting in theory; and they certainly make an intriguing selling point for those who sell forex trading strategies based on using these indicators. However, they only tell you what has already happened. They show a trend already half way through its life cycle. But they certainly aren’t able to predict where the market is likely to go for very much longer. And by the time you enter your trade using these indicators, you’ve already lost half the profit you might have made. So, what good is that! Let’s examine an indicator like stochastics. According to the so-called “experts,” this indicator is meant to show you when the market is oversold or overbought. But how does this apply to the forex market, where what you are buying is one currency as against another and not a product oriented stock competing against similar product oriented stocks? As John asks: “Just because this indicator is telling you that a currency is overbought or oversold, does that really mean that it’s time to buy or sell?” The currency market is a different animal from traditional commodity or product oriented stock investments. John sees himself as being a technical trader who is laser-beam focused on price action, which is why he decries all these gimmicky theorems for investing in the foreign currency market. “Once traders can get rid of this kind of mindset, and start focusing on what’s important for a technical trader, which is price movement, then you can start to call yourself a trader.” Finding profit potential trades based on price movement or price action is what John’s educational material Trading in the Buff teaches. And he is not just making a pitch for his forex trading product; he is speaking from experience: “When I first started trading forex, I had to take my lumps, just like anybody else. I bought one gadget after another. And after all that, it became obvious to me. No gadget is going to do the work for me. I wasn’t going to be able to push a button and become a millionaire.” Instead, he hunkered down and began studying the only forex trade signals he needed to give him a heads up as to what currency pairs to invest in: price movement. Which currencies you invest in varies depending on the conditions of the market, which are always in a state of flux. Market conditions are going to change depending on whether it’s a ranging market or a trending market. But you have to be able to look at the bare statistics and know what you are looking at in order to be able to tell what is happening in the current moment. Fashionable forex trading systems will come and go, just like any other trading fad. Yet, if you really want to make money trading on the currency exchange market, you’d better pay attention to the basics. And that means watching price action and the fundamentals that move price action. That’s where the actionable data is at.

There is an uncompromising upward trajectory when it comes to crypto prices. There is a drastic increase in the number of individuals investing in digital currencies and as a result, cryptocurrencies like Ethereum and Bitcoin are hitting their all-time highs. Every year, we witness new entrants in the global digital currency wallets, leaving plenty of options for the investors. All of this means that there will be an increase in the demand for cryptocurrency wallet development.

Cryptocurrencies can be stored in a variety of wallet options. Similar to a password, the cryptocurrency wallets store a private key for every individual coin. The best way to recharge cryptocurrency to a digital wallet is to do it via a cryptocurrency exchange that people use to buy currency (Id Est Gemini or Coinbase). However, many mainstream companies like Robinhood and Paypal also incorporate options to buy, store, and sell cryptocurrency.

What is Cryptocurrency?

Protected by cryptography, cryptocurrencies are a form of virtual currency that is nearly impossible to counterfeit or double-spend. Most of the cryptocurrencies are built on distributed ledgers and use decentralized networks which are built on blockchain technology. Cryptocurrencies are not issued by central government authorities, which makes them immune to government policies across the globe.

How Do Cryptocurrency Wallets Function?

• The wallet stores crypto transactions in an unalterable blockchain network.
• The cryptocurrency wallet contains all the public as well as private keys related to the currencies.
• When a wallet user sends cryptocurrencies to another user, he actually transfers the digital coin ownership to the recipient.
• The users are only allowed to transfer their digital coins if their private key matches the public key.
• The public key is used to receive the funds whereas the private key is used to validate the transactions.

Types of Cryptocurrency Wallets1. Desktop Wallets

Desktop cryptocurrency wallets can be downloaded on a desktop PC or a laptop and only be accessed via that particular computer. Most desktop wallets are secure, however their security can be compromised if there is a cyberattack on your computer. In the case of a virus or hack, the users would lose all of their funds. Some popular examples of desktop wallets are Bitcoin Knots and Armory.

2. Virtual Wallets

Virtual wallets for cryptocurrency are based on the cloud and can be accessed from any location using any device. Storing private keys online has become safer and convenient with the advent of blockchain technology. Still, they are vulnerable to cyberattacks, and there is a chance of theft, as cloud services are controlled and managed by third-parties.

3. Mobile Wallets

These cryptocurrency wallets can be accessed from mobile devices using an app. Many retail stores and supermarkets accept payments via mobile cryptocurrency wallets. However, mobile wallets have more limited cold storage capacity than desktop wallets. Some popular examples of mobile cryptocurrency wallets are Bither, Green Address, and BitGo.

4. Hardware Wallets

Hardware wallets are very different from mobile, desktop, and virtual wallets, as they don’t store user’s private keys online. Instead the keys are stored on a hardware drive like USB. These cryptocurrency wallets incorporate robust security measures and are capable of executing online transactions. Hardware wallets support various digital currencies and are compatible with different web interfaces. Some popular hardware wallets are Ledger Nano S, Keep Key, and Trezor.

5. Paper Wallets

Paper cryptocurrency wallets are the most secure means to store cryptocurrencies. The software generates the private and public keys that can be printed. The wallet holders can easily transfer funds from their software wallets to a paper wallet. The users can scan their QR codes to transfer friends back to the software wallets.Bitaddressis a perfect example of paper cryptocurrency wallet.

Current Cryptocurrency Trends in the Market

Bitcoin was the first cryptocurrency developed and all other cryptocurrencies developed post-bitcoin launch are often denoted as Altcoins or alternate coins. Being the best alternative to fiat currency, cryptocurrencies will surely disrupt the current monetary system.

As per Markets and Markets, In 2019, the cryptocurrency market was valued at $1.03 billion. Moreover, by the end of 2024 the market is projected to grow to $1.40 billion with a CAGR of 6.18% during this period. The high cost of cross-border remittance, monetary value fluctuations, investment growth in crypto venture capital, and the transparency that distributed ledger technology brings have influenced the market growth.

Source:MarketsAndMarkets

Leading Cryptocurrency Wallets in 2021

Majourly, the cryptocurrency wallets can be divided into two categories – Software Wallets and Hardware Wallets.

Best Hardware Wallets for Cryptocurrency1. Ledger Nano S

Since its inception in 2014, the Ledger Company has made big strides. This hardware wallet is perfect for anyone who is serious about their cryptocurrency security. Ledger Nano S has its own operating system called BOLOS and features 2-factor authentication.

2. Trezor One

Trezor is renowned for developing the first hardware cryptocurrency wallet using modern cryptography. The Trezor One crypto wallet was designed and developed in Czech Republic by a stellar cyber security team and cryptocurrency advocates. In Czech, the word trezor translates to “vault”. Similar to Ledger Nano S, Trezor One also use two-factor authentication to authenticate transactions.

Best Software Wallets for Cryptocurrency1. Coinbase

With a motive to enable anyone access Bitcoin anywhere, Coinbase is the catalyst in creating an open financial infrastructure. Currently, more than 35 million users across 100 countries trust Coinbase for their cryptocurrency related transactions.

2. Gemini

Gemini is the industry-leading cryptocurrency exchange accessible via both mobile and PC. The app users can track cryptocurrency prices in real-time using the app itself. The app also allows users to set price alerts so that the users can act immediately on price fluctuations.

Steps for Cryptocurrency Wallet Development

It isn’t easy to develop a cryptocurrency wallet that is user-friendly and secure at the same time. The cryptocurrency wallet developers need to have a clear understanding of which type of wallet application they want to build. The following are the typical process for cryptocurrency wallet development:

1. Define Your Cryptocurrency App Type and Concept

As there are several cryptocurrency wallet apps already out there, there is no need for you to reinvent the wheel. Your app idea can be similar to the existing cryptocurrency wallets; hence, you can learn from your competitors and speed up your cryptocurrency wallet development process.

Your answer to the following questions will help you define the crowdfunding app concept:

• What type of cryptocurrency wallet do you want to develop?
• What will be the USP of your cryptocurrency wallet?
• Which cryptocurrencies do you want to support with your app?
• How will you differentiate your app from the competition?

2. Evaluate Existing Market Scenario

When you know the type of cryptocurrency app that you want to develop, it’s time for you to analyze the market. In the earlier section of this article I’ve talked about the types and trends of cryptocurrency wallets, and the top existing cryptocurrency e-wallets in the market.

I recommend you to do a SWOT (Strengths, Weakness, Opportunities, and Threats) analysis to know how to win the competition. Try to identify the USP of top cryptocurrency wallet apps and replicate the strategies for your app.

3. Design UI/UX

Yes, designing FinTech apps is quite challenging. ManyFinTech developersdirectly skip to UI/UX designing without creating mockups for their apps. To be noted that mockups are essential when it comes to FinTech app development. Wireframes and mockups allow FinTech companies to identify user flow and build user-friendly information architecture. At Nimble AppGenie, our designers use Mockingbot and Axure for wireframing and mockups.

4. Develop Technical Architecture and Backend

Your cryptocurrency app performance heavily depends on the technical architecture. Several aspects like user interface, database, workflow, service tools are part of the technical architecture. You can refer to the following illustration to understand technical architecture better.

When your cryptocurrency app’s technical architecture is ready, you should start developing the backend. Backend development is a lengthy process as the developers would have to set up the development environment and build internal and integrate external APIs to create robust app’s backend.

For backend development, you either use a SaaS solution or develop the entire infrastructure by yourself. I prefer using a ready to implement SaaS solution i.e. Cloudkit, AWS Mobile Hub, and Firebase. By using SaaS software solutions, we are able to save time and money for our clients. However, apps that require personalized features and have rigid requirements need to be developed from scratch.

Some other recommendations for cryptocurrency wallet backend development are:

Use Bitcoin libraries for iOS and Android.Since most of the cryptocurrencies are open source, there is no need to reinvent the wheel to create your cryptocurrency wallet. It is sufficient to utilize specific libraries like Coinbase SDK or Bitcoin SDK. Based on the type of your cryptocurrency wallet, we can suggest the best technology for developing your app.

Synchronize your wallet into the blockchain via several APIs. Distributed ledger Application Programming Interfaces (APIs) will allow you to synchronize your cryptocurrency wallet with the blockchain ecosystem. The most common APIs are Factom, Bitcore, and Coinbase.

Add payment feature. If you want your users to make payments via your app, you should empower them with the ability to pay via cryptocurrency. You can integrate cryptocurrency payment services like BitPay or BitPOS to enable this functionality in your app.

5. Frontend Development

First thing first, you need a responsive design. Your app should respond immediately when users input a command. The user experience needs to be top-notch. The most crucial thing about the cryptocurrency wallet frontend is that it should prove the crypto benefits with a sense of reliability. The wallet will be accessing real-time crypto market data, which is very essential for their decision making.

TheFinTech UX/UXdesigners will replicate the designs created during the wireframing and mockups process. HTML, CSS, and JavaScript are among the primary technologies UI/UX designers use to develop app frontend. They’ll be integrating several third-party APIs to gather real-time currency data from the market.

6. Testing

Testing is an indispensable part of everysoftware development life cycle. No matter whichsoftware development methodologyyou are using, testing will be there at the end of every sprint. The quality analysts check the app functionalities and code, and also compare it with theoriginal requirement document.

When the first testing spring is done, the QA team forwards the software code back to the development teams and asks them to resolve the errors/bugs. Afterwards, the development team makes the required changes and sends the final draft back to the QA team. The app can only be released when it gets a green flag from the QA team.

Necessary Features for Cryptocurrency Wallets

Features for cryptocurrency wallets are no different than other FinTech applications. Starting from the seamless registration process, followed by KYC and AML compliances, the cryptocurrency app would require you to pay significant attention to the user experience because app abandonment rate is high when it comes to FinTech apps.

Features like Trading and exchange are quite difficult to implement in comparison to the process forinvestment apps. Cryptocurrency apps are required to be integrated with the cryptocurrency ecosystem in order to receive real-time updates.

However, following are the feature you should consider incorporating in your cryptocurrency wallet app:

1. Seamless onboarding
2. User account management
3. Robust security
4. QR-code scanning
5. Cryptocurrency management (send, receive, and store cryptocurrencies)
6. Trading and exchange cryptocurrencies
7. Push notifications

Conclusion

Indeed, cryptocurrencies are the future of digital payments. The rise of bitcoin has impacted the global monetary ecosystem. Several studies have revealed that the cryptocurrencies market will continue to grow and reach unprecedented levels.

Keeping this growth in mind, it is evident that there will be an increase in the demand for cryptocurrency wallet development. If you’re looking for a FinTech software development company that has extensive knowledge in developing technology solutions for the banking and finance industry, feel free to reach out us atcontact@nimbleappgenie.com

Submitted by: Haven Frbiz

In order to curb the inflow of hot money led to exchange rate fluctuations, the ruling party said on Wednesday that South Korea may be starting as early as January next year, foreign investors held back on the South Korean Ministry of Finance and central bank bills, 14% of the tax levy. The accused was suffering from the capital control measures now has become a multi-country Asia and Latin America to protect its economy, “meat and potatoes.”

Yonhap news agency on Sunday also quoted unnamed government officials as saying that South Korean National Assembly during this regular meeting will seek to recover debts to foreign holders of Korean withholding tax, may adopt a more flexible rate.

The report said the South Korean government will also discuss with effect from January next year, foreign bank branches in foreign exchange forward transactions from the current 250% limit adjusted for 200% of total capital. It is reported that the program or will be held today, the Group of 20 (G20) summit in Seoul announced.

The withholding tax rate, the official said, initially (pre-tax) rate in 14%, but taking into account the tax convention, a number of countries for 10% to 12% tax rate, so the South Korean government is looking into the technical details , as in “no representation, no tax on” (no taxation without representation) under the premise of this principle, to set a range of flexible rates.

South Korea suspended in May 2009 on government bonds and monetary stabilization bonds to foreign buyers of capital gains tax in order to attract long-term foreign capital.

Since June this year, the won appreciated against the U.S. dollar more than 9% appreciation in Asia outside Japan after the Thai baht currency. And, as most of the problems faced by Asian countries, currency appreciation is threatening the export-oriented Korean economy.

Asia, South America, have shot

To the G20 summit in Seoul recently, the Fed announced last week to buy 600 billion U.S. dollars U.S. Treasury bonds to promote economic growth, the United States has also become the world’s “common knowledge”: from Asia to South America and more States have expressed dissatisfaction, saying that the move may will have down the dollar and accelerating capital outflows to emerging markets and other side effects.

Similar situation with South Korea, these countries and regions have also recently introduced a similar blow hot money inflows, currency appreciation against the series of initiatives and asset bubbles.

In order to control hot money inflows, the Thai government announced last month, Thai Foreign investors collected profits bond market gained 15% withholding tax.

Brazil also last month, foreign investors will be on the local fixed-income assets, income taxes have tripled. Brazil’s Ministry of Finance decided to October 19 from foreign investors in Brazilian financial operations tax rate from the current 4% to 6%. Brazil on October 5 just the tax rate from 2% to 4%. In addition, foreign markets in Sao Paulo trading futures margins will be increased.

Middle East also hot money “of fear.” It is reported that Saudi Arabia said last month that plans to further open markets to foreign investors, but the fear of “hot money” speculation, only gradually opening up. At this stage, Saudi Arabia has been open to foreign investors in the stock market, but only through indirect ownership or through exchange-traded index funds (ETFs) trading.

The accused was suffering from capital controls in emerging market countries today has become the “meat and potatoes.”

Quantitative easing by the Fed is threatening and cause Asian stock markets, currency markets and asset bubbles in real estate market, Asian economies or the need to restore capital controls.

Capital controls in the period 1997 to 1998, was banned and berated, but now the capital of the world has become a systemic problem, all countries that may be necessary to take temporary capital controls. More targeted temporary capital controls may be targeted under the current circumstances to produce better results, the Government can consider introducing policy measures to guide the flow of capital to more productive long-term foreign investment.

You can build the global financial tax system to subsidize the spread of global liquidity due to the loss of local taxpayers. He pointed out that if the global financial system sound, must have such a tax, in the hot money coming in, gradually increase the tax rate.

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