(Eqtsad)- From his makeshift camp in northern Syria, Taha Zeid has been working in cryptocurrency trading for a while after learning how to trade it from specialized platforms.
Zeid, 28, couldn't take advantage of Bitcoin's recent jumps but his trading is depending on other currencies, he told Eqtsad.
"My 'capital' is very modest and I can't buy Bitcoin, which is high in value compared to other cryptocurrencies," he said.
Taha uses his mobile phone to register with platforms and websites specialized in trading virtual currencies such as (ethereum-ox-tether-Nem) and keeps watching them up and down in order to collect some profit.
Economist Yahya Sayyed Omar says it is not possible to shorten the issue of cryptocurrency cannot be summarized as an electronic bank account, as most traditional banks now have electronic accounts. For any traditional bank, you can perform all banking operations. The analogy of electronic currencies with electronic accounts is a false analogy, and this analogy is often intended to say that it is a currency like any other, and this proposition is incorrect.
Mohamed Halawa, 35, another Syrian displaced and a computer sciences graduate, has also followed training courses to enter the cryptocurrency market in the last rebel-held stronghold in Idlib region.
Halawa told Eqtsad that dealing in cryptocurrencies has become very easy "as we rely on well-known platforms to buy and sell through."
Halawa adds that there is no specific capital to enter the trading market but it is better to at least $100 to collect a good profit.
Halawa also explains that the process of buying and selling is not arbitrary but by following the methods of cryptocurrency analysis, and there is a time, classical and technical analysis of each currency, through which the indicator can be known up or down.
According to Business Insider, Bitcoin may first seem completely disconnected from the coronavirus pandemic, but the health crisis' fallout has played a critical role in supporting token prices. Governments around the world passed several trillion dollars worth of fiscal stimulus to pad against the pandemic's economic damage.
Bitcoin has more than doubled in less than a month, leaving analysts and investors stunned and concerned about a possible market bubble.
The influx of fresh currency and easy monetary conditions boosted the case for bitcoin as a hedge against inflation, JPMorgan analyst Nikolaos Panigirtzoglou said in November. A limited supply of 21 million tokens and insulation from policy decisions saw the token serve as an alternative to gold and other hedge assets.
"That money printing has meant that everyone in the world has been searching for hard assets to invest in, something that isn't going up in terms of supply," Borthwick said.
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