You’ve heard of several instant-millionaire stories of people trading cryptocurrencies. But how does it really work? Can you really get rich quick dealing with crypto? What is the relevance of crypto exchanges in all of these? Today, Ronny separates fact from fiction in another episode that you shouldn’t miss. #MondaysWithRonny
How does trading of cryptocurrency work? Stick around and by the end of this episode, you will have a very good idea about it.
MONDAYS WITH RONNY
The basic things are that a cryptocurrency exchange is not much different than a normal stock exchange. In order to be an accredited trader on an exchange, you need to be registering your account at the exchange first and go through a certain process.
The process then includes a KYC (Know Your Customer) procedure, where the exchange will require you to identify yourself normally with a photocopy of your passport or your identity card and with a proof of residence so that the exchange knows that you are a real person.
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KEEP GOING, THIS IS INTERESTING.
Now, a step-by-step procedure would be for example, you registering as a customer of the exchange first, then transferring fiat currency into exchange and then basically starting to buy the cryptocurrencies that you have identified that you want to hold in your portfolio.
Now, when it comes to the cryptocurrencies that you should or you should not buy, it is again as important as on a normal stock exchange to do your research, to see what and who stands behind the cryptocurrency, what is its potential, what is its technology, and then to make an informed decision before you jump in.
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SO, DUCATUS COIN IS JUST LIKE BITCOIN OR ETHEREUM?
Ducatus Coins, in this respect, are not different. We are at the moment only listed on one exchange called CoinBene. So in order to trade Ducatus Coins, you would have to register with the CoinBene exchange, then transfer Bitcoins into your CoinBene Wallet, and then you are able to purchase Ducatus Coins.
Now, if you’re holding Ducatus Coins already, you can obviously sell Ducatus Coins on the exchange as well and receive Bitcoins instead.
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ANY TIPS TO AVOID MASSIVE LOSSES?
First of all, you do not put all your money on one cryptocurrency. You have to basically diversify. You have to put it on various cryptocurrencies. Now, observe the markets, see which cryptocurrencies are performing well, see which ones are low in trading volumes, and then you take your decision. Normally, the ones with higher trading volumes have also higher volatility.
Only use the money that you can afford to lose, don’t play with big amounts, and secondly, follow the trends, you can see those trends on the charts of the exchange. Buy low, when you make a certain kind of profit, get out of the market, don’t expose yourself too much.
At the moment, CoinBene is the only exchange that you can trade Ducatus Coins on. We are planning to include other exchanges very soon. So over the next couple of months, you will see Ducatus Coins not just traded on CoinBene, you will see it being traded on multiple exchanges including our own where we will pair it with multiple other cryptocurrencies.
RONNY WILL ANSWER YOUR QUESTIONS, AS MANY QUESTIONS AS POSSIBLE, IN 60 SECONDS.
Question: Are there plans for Ducatus to be on Bitcoin exchanges such as Coinbase or eToro? Why or why not?
Ronny Tome: Currently, the plan is definitely there. To be listed on these exchanges right now is very expensive, so we wait until our trading volume on other exchanges will be bigger first.
Question: How many branches of Ducatus Cafe do you have? I always read about the one in Singapore.
Question: Are there other branches of the cafe in other parts of the world?
Ronny Tome: We have a second one in Bali, we are planning to open a third one in Italy very soon, and in Vietnam as well, all before the end of this year.
Question: I own Ethereum. What do you think of Ethereum? They are quite different from Bitcoin no?
Ronny Tome: Yes, Ethereum is different from Bitcoin. It’s the second major cryptocurrency on the market. I don’t have any, I’m more of Bitcoin fan.
Question: Why are there so many cryptocurrencies? It’s very difficult to select which one I should invest in.
Ronny Tome: That is true. Why are there so many? Everybody likes to have their own. Which one? Go for one of the top ten.
Thanks again for all the great questions guys. Keep sending them via Instagram Twitter and Facebook using the usual hashtag #MondaysWithRonny or send them to my email at MondaysWithRonny@gmail.com.
Monday’s are great you are great.
Montage sind großartig, Ihr seid großartig.
Ronny Tome is the CEO of Ducatus Global. Ducatus Global Pte Ltd is a Singapore-based company that is the administrative heart of the Group worldwide. Our globally distributed management team provides management and professional support for the whole Group. Centurion Global Limited, based in the Cayman Islands, is responsible for the production and global distribution of the coins through the Ducatus network. Additional group of companies in Dubai and Singapore are responsible for charity projects, education and training, e-commerce, franchise cafés, health, travel and property. For more information, visit https://ducatus.net