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Wallstreetbets

History

WallStreetBets

7 min reading

What is the role of the WallStreetBets (or WSB) in the evolution of crypto? Let's get to the bottom of this question.

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Who are the Wallstreetbet

Who are the Wallstreetbets?

What is it? WallStreetBets (or WSB) is a stock exchange community, mainly composed of hobbyist investors, on the Reddit brokerage platform. Participants discuss trading stocks and options, talk about investing, share trading tips. Considering he’s on Reddit, it’s accompanied by the traditional Reddit-house style that often includes profanity, irony, and a huge dose of memes.

WallStreetBets is known for its aggressive strategies which involve short-term stock trading. The participants of this platform are young traders and investors who trade and speculate, ignore the basic investment principles and risk management methods, and therefore their activity is equated with gambling.

The emergence of the WSB cryptocurrency

WallStreetBets originated a few years ago, but it hasn’t been a long time since the cryptocurrency has become popular in its own right in the short-term squeeze of GameStop in 2021 due to the publication of a WSB member. It was a criticism of the hedge fund Melvin Capital, which went short on GameStop. A user of the Reddit platform found the company’s promises. Since that time, traders began to buy securities of unveiled companies, and the popularity of the WallStreetBets forum began to grow. Now the number of participants is over 8 million. The creator of this platform is Jaime Rogozinski, and the reason for this was the idea of creating a community where people could exchange their aggressive investment ideas. But now he does not take the fate of the trade, as he was hailed from the community for violating the rules of Reddit.

Activity

Reddit members are opposed to hedge funds that make money off falling stocks. Redditors at WallStreetBets began buying up assets from businesses that weren’t making a profit. And as a result, the value of the securities of these companies increased. And the first such company was GameStop. The share price of this company has grown several times, and from this hedge funds are suffering great losses. And there are several such companies. And all these actions lead to a massive stock market crash. The community can have a significant impact on individual stocks, it cannot change the entire landscape of the global market.

Impact of WSB

Since the beginning of the year, there has been a significant impact of the WallStreetBets community on the crypto industry, and the new WSB coin is up more than 130%. But it is worth understanding that the impact of WallStreetBets on stocks and asset values is fleeting. In most cases, sometime after subreddit investors and the community lose attention to the flash mob, stock and asset values will begin to gradually return to their original value. However, even such a short-term spike in value and attention can give a company a second chance.

And what will happen next with WallStreetBets is impossible to predict as the cryptocurrency market is very dynamic, volatile, and unpredictable.

Conclusions

  • WallStreetBets (or WSB) is a stock exchange community, where participants discuss trading stocks and options, talk about investing, share trading tips.
  • WallStreetBets is known for its aggressive strategies. The participants ignore the basic investment principles and risk management methods.
  • The WSB cryptocurrency appeared a few years ago, since the beginning of the year the new WSB coin is up more than 130%.
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Exchange

Basics

Exchange Crypto

5 min reading

The article considers the issue of exchanging cryptocurrency. Keep reading if you are interested.

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How to exchange crypto

How To Exchange Crypto

The crypto industry develops rapidly and cryptocurrency has all chances to become a means of global payment in the future. If you have bought some crypto, then it is time to exchange it for real money or buy other crypto-assets. In the article, we will consider the issue of exchanging cryptocurrency and how to exchange one crypto for another. 

Market nuances

First of all, keep in mind the fact that the cryptocurrency market is highly volatile and is not regulated by anyone. The asset rates may appear quite unpredictable. Thus, no one can guarantee that you will not lose your money as a result of a failed transaction. There is a wide range of places or services available, where you can exchange crypto coins for your fiat currency. It is only your choice, based on your feelings and recommendations. 

About crypto exchange platforms

The crypto exchange platform is the most popular way to exchange assets. The first cryptocurrency exchangers began to appear actively in 2014 when the crypto market began to grow rapidly and money turnover on it reached enormous proportions. An exchange service functions like a mediator that helps people make transactions with coins and guarantees security. You can pay by bank card or digital money. The exchange platforms work in the following way: having some amount of crypto-assets in your wallet, you can exchange it for other cryptos, using the special form on the site. Keep in mind that some exchange services can raise a commission or fees. It could depend both on the cryptocurrency and the platform. 

You should also take this fact into consideration before conducting transactions on each particular site. While withdrawing the cryptocurrency, its rates can change in the blink of an eye. In order to prevent losses, some exchange services provide their customers with the opportunity to fix the price of the asset for the short time. As a rule, such platforms may take the additional commission for the services. 

Cryptocurrency regulation

Moreover, if you decide to exchange crypto, then you should find information on how your government considers cryptocurrency and are there any taxes on crypto to pay. It is likely that some countries may take the taxes on the income (such as cryptocurrency). There are also such countries that are quite friendly to crypto-assets, like Singapore, Malta, Belarus, Japan, Switzerland, etc. In any case, you should take into account the fact of the legislative regulation of crypto.

Nevertheless, the crypto exchange platforms remain the most reliable and secure services, as you need to go through bank verification in order to make transactions. There are cases when you need to buy some exotic cryptocurrency that can be exchanged only for a particular crypto-asset, not for fiat money. Then, it is better to choose an exchange platform with a wide choice of stocks to buy. Also, before making a deal, check if a desirable crypto-asset is available on the platform and what are the ways of withdrawing money.  Finally, check the information about taxes and fees in your country for cryptocurrency transactions and feedback concerning the exchange platform you want to use.

Conclusions

  • Since 2014, the crypto exchange platforms are believed the most popular way to exchange assets.
  • Before exchanging, get the information on how the government considers cryptocurrency and are there any taxes on crypto to pay.
  • Be sure you know how to withdraw money after exchanging.
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