Convert Cash To Bitcoin, The Right Time?

Bitcoin has outperformed itself in recent weeks, the fact that it has also made a few significant price drops is another story. None of us would like to miss the opportunity to make more money, so it the right time to morph cash into Bitcoin? 

Interesting question coming at an eventful moment for cryptocurrency. Plenty of crypto positivity in the air, plenty of media hype. Should you convert your cash reserves into BTC. At the corporate level, we do hear of cases where a portion of company reserves have been converted to Bitcoin. This report focuses more on individual or personal finances. Corporates can generally take a higher degree of risk, buffer a fair degree of losses and have, better access to finance as and when the need arises. This is surely not true for most individuals. 

Is it time to hold Bitcoin and lower your cash balance or savings? Let's presume for a moment that you did just that - converted a part or whole of your cash holdings to Bitcoin or for that matter, to any cryptocurrency. Now presume that you woke up the next morning and found that, Bitcoin prices rose by 10%. You would obviously be thrilled and even think of, shedding some more cash in favor of BTC. This is the scenario that most crypto media channels, seem keen to reveal. 

Now back to earth and visualize a situation where, Bitcoin prices slumped within a day or in the near future - you could be a bit disappointed, unhappy or severely inconvenienced. This visualization is important as it would reveal, just how much of your cash could be invested in BTC. Having said that there is no denying the fact that, you could consider developing a productive investment portfolio, even without involving any cryptocurrency.

We talked about visualizing two scenarios in the above paragraphs, we must mention here that Bitcoin is no stranger to either of them. This is precisely the reason why, you need to evaluate just how much you could safely invest in BTC. There is no formula to calculate a safe crypto investment number, your personal finances and financial commitments need to be factored in. 

The bottom line is that cryptocurrency is speculative, the degree of volatility can keep varying. BTC has no magic equation to escape speculation. So when you invest in Bitcoin you need to be mentally and financially prepared. Keep in mind that predictions from celebrated crypto 'analysts' have often fallen by the wayside. If you would like to invest in cryptocurrency take the time to study, market trends and volatility. This could help you invest wisely and possibly to even reduce risks.

 

 

GLITZKOIN: A quick recap of the Glitzkoin project and the GTN crypto token.  The project was launched to improve the demand for natural diamonds and to enhance, the efficiency and productivity of the multibillion dollar industry. 

The DiaEx diamond trading platform was developed using Stellar blockchain resources. The GTN token was launched as part of the project and is designated, as the mode of payment on DiaEx. Promoted by second generation diamond veteran Navneet Goenka, Glitzkoin assigned a multifaceted role to the GTN token.  

The trading platform was completed in 2019 and was put through rigorous testing in early 2020. A team of diamond dealers subsequently did a pilot run on DiaEx with, actual transactions made on the platform.  This process was largely successful and revealed a few areas for improvement. The Glitzkoin tech team was handling the minor adjustment when, the pandemic and subsequent lockdowns slowed down the process. The management will reschedule the full launch of DiaEx once the health crisis eases. 

Talking about the multifaceted nature of the GTN token, the project is also focused on further increasing usage for the crypto – this aside from crypto exchange trade and the payment usage on the DiaEx platform. The concept is to have operators of various businesses, accept the GTN token as a mode of payment in their operations. Moving this idea forward Glitzkoin has confirmed a partnership with online ticketing giant Myticket.asia, wherein clients of the ticketing portal could use the GTN token as a mode of payment. Technical requirements for the integration of systems on both sides is at an advanced stage, nearing completion. Reviewing the challenges that the entertainment industry has been going through during the COVID pandemic, both managements have decided to set a launch schedule when the situation starts to normalize. The arrangement setup between Glitzkoin and Myticket.asia will form the blueprint, for similar deals to be negotiated with other business operators.  

                                                                                     

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