Learning the friendly way

In market terminology, a bull market is a period of generally rising prices and investor optimism. The term "bull market" comes from the market that rises steadily and consistently like a healthy bull. A bear market is the opposite: It refers to a condition when prices are falling and investors are pessimistic about future market value. Historical market cycles are well defined and provide a good understanding of market trends.

It's all about cycles

The market cycle helps investors to know whether they should invest or hold back their crypto coins. To avoid making wrong market choices, investors should know market cycles so they can decide whether the crypto market is on the rise or not.

The market cycle helps people to know when the market is already booming and ready to take a plunge. This helps traders to decide which crypto coin to buy at its lowest value, hold it until market bull cycle and then sell it to make a very good profit.

The Bull Market:

A Bull market is a long run of increasing prices and investor optimism where buyers outnumber sellers. As the market bull cycle goes on, more investors will see the market as their opportunity to buy low and sell high. The result is a market cycle that is not as steep as it had previously been.

The Bear Market:

A Bear market is the opposite of a Bull market where prices are falling and investors have low expectations for future market values. The market cycles are frequently broken up into bull markets and bear markets. This market cycle happens when market prices fall and investors sell their coins, this causes market prices to drop even more until the trend reverses.

The case of the Dead/flat market

A Dead market is a term used to describe a period of time where there is not much movement in either direction but it is not a market downturn by any means. This market cycle can occur after prolonged market cycles such as bull (rising trend market) and bear (falling trend market).

The market is not a straight line, it goes up and down so even though the market has gone on for a considerable time without any market fluctuation, market volatility will eventually return.

The market can be dead for a long time but it could cause worry within investors so they should know where market cycles stand.

Since market cycles are consistent it is better to be ready for market volatility, this will help you make informed market decisions when market cycles return.

In conclusion: the market cycle is a repeating market trend that describes market fluctuations over time. When market prices increase, it is called a bull market; when prices fall, it's called a bear market. Knowledge of market cycles is an important asset for investors in the crypto market as the knowledge of swings, downturns and upturns can help make better-informed decisions with investing in cryptocurrencies.

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Got Bitcoin and wondering how to turn it into spendable money? You're not alone. Whether you're looking to realize your profits, pay for goods and services, or simply diversify your investment portfolio, cashing out Bitcoin can be a straightforward process with the right guidance.

This guide breaks down everything you need to know about converting your digital currency into cold, hard cash (or cold digital cash, if you prefer).

How to cash out Bitcoin

There are a few options available to you - all with varying degrees of accessibility and complexities. We’ll run through them below, see which one most resonates with your preferences.

1. Online exchanges 

Online exchanges are probably the simplest option here, depending on the platform. When selecting a cryptocurrency exchange to cash out your Bitcoin, consider factors like security measures, user reviews, trading volume, and withdrawal fees. Look for exchanges that offer a seamless user experience and prioritise the safety of your funds.

While crypto exchanges will charge a small fee, they also allow you to: 

• Sell Bitcoin directly
• Transfer money to your bank account
• Track your transactions easily

Using Tap as an example, the process would be to download the app, create an account, complete the quick identity verification process (<5 minutes) and then transfer your BTC to your unique BTC wallet.

To sell it, simply select Sell, confirm the transaction and choose which currency you would like to receive the funds in. These funds will then be deposited into the relevant wallet in the app, which you can use to pay bills, send to your fiat bank account, spend using your Tap card or withdraw from an ATM. 

Transaction costs: usually 0.5% - 1.5%

2. Bitcoin ATMs

Bitcoin ATMs are darted around countries (see here for specifics) and allow users to withdraw the local currency for Bitcoin. Note that this route is notorious for higher fees, so take note when confirming the transaction. 

The advantages of Bitcoin ATMs:

• Instantly converts Bitcoin to cash
• Get money right on the spot
• Available in many major cities

Transaction costs: 5% - 10%

3. Direct peer-to-peer selling

Kind of like selling something on Gumtree, but for Bitcoin. These websites connect you directly with buyers who want Bitcoin and have varying degrees of security and features. 

Be sure to use verified platforms with good reviews as scams can be rife. Some of these platforms offer escrow services, meaning that they hold the BTC until the payment clears, after which they release the funds. Look at options like LocalBitcoins.

Transaction costs: Varies

Steps to ensure security

Before cashing out Bitcoin, here are a few steps to take to ensure the safety of your funds:

• Use reputable platforms that are licensed and regulated.
• Use strong passwords and enable two-factor authentication for added security.
• Regularly update your wallet/app software to protect against potential vulnerabilities.
• Avoid sharing your sensitive information or private keys with anyone to prevent unauthorised access.
• Consider diversifying your funds across multiple wallets for added protection. 

Tax implications of cashing out Bitcoin

When you sell Bitcoin for cash in the UK, it’s important to understand the potential tax implications. HMRC treats cryptocurrency transactions as taxable events, meaning you may need to report and pay Capital Gains Tax on any profits from the sale.

Consulting a tax professional or accountant can help you understand your obligations and navigate the often complex waters of cryptocurrency taxation. They can ensure you comply with current UK tax laws and provide guidance specific to your situation.

It’s also very important to keep an accurate record of all your crypto transactions. Make sure to document the date of purchase, the sale price, and any associated fees, as these records will make it easier to calculate and report your gains or losses when filing your tax return. (Side note: you can download your statements directly from the Tap app). 

For more information, explore HMRC's guidelines on cryptocurrency taxation. Staying informed and organised will help you manage your tax responsibilities smoothly and avoid potential penalties.

Verification requirements

When cashing out Bitcoin on an exchange, verifying your identity is an important step to ensure the security of your transaction and compliance with regulations. If a platform doesn’t ask for this verification: red flag. 

Overview of the verification process

Exchanges need to complete this verification step to prevent fraud and follow legal requirements. You’ll typically need to provide:

• A valid ID for identity verification
• Proof of address, such as a utility bill
• Sometimes, a selfie for facial recognition

The specific requirements can vary based on the exchange and the amount of Bitcoin you’re selling.

Tips for a smooth verification process

• Have all your documents ready before starting to avoid delays.
• Double-check the accuracy of the information you provide to prevent verification issues.
• Follow the exchange’s instructions carefully to ensure the process is quick and secure.

Security considerations

When submitting personal information, always use a trusted exchange with a strong reputation for security. Look for platforms known for protecting user data to reduce the risk of breaches.

Understanding fees when cashing out Bitcoin

Cashing out Bitcoin usually comes with some costs, so it’s good to know what to expect.

Exchange Fees

Most crypto exchanges charge a trading fee when you sell Bitcoin. The fee varies depending on the exchange and the size of your transaction.

Withdrawal Fees

If you transfer your funds to a bank account or payment method, the exchange might charge a withdrawal fee. These fees can be higher for larger transactions.

Network Fees

Bitcoin transactions also include network fees (or mining fees), which go to miners for verifying and processing your transaction on the blockchain.

To reduce fees, look for exchanges with low rates, choose slower transaction speeds to save on network fees, and compare withdrawal options to find the cheapest one.

Timing considerations traders might pay attention to

Timing can play a big role in deciding when to sell your Bitcoin. Here are some key factors traders often look out for:

Market conditions

Traders recommend staying updated on crypto news and keeping an eye on price trends and market conditions.

Withdrawal limits

Traders advise knowing the withdrawal limits of the exchange before completing their cash out so as to plan their cash-out strategy and avoid delays.

Funds transfer time

Traders plan ahead, knowing that it can take a few business days for funds to transfer after selling Bitcoin (depending on which avenue you took) allows them to manage their finances more efficiently.

Other potential roadblocks

When cashing out Bitcoin, keep an eye out for potential roadblocks, like minimum withdrawal amounts, which could affect how much you can withdraw at once. 

Be prepared for account verification requirements, as exchanges often need you to verify your identity before processing transactions. On some platforms this can take days - not ideal if you’re trying to take advantage of price surges. 

You might also have to deal with geographic restrictions that limit access to certain exchanges based on your location. Be sure to check this before signing up with a platform.

Conclusion

Here we’ve covered the essentials of cashing out Bitcoin, from selecting an exchange to understanding taxes. If you’re new to cryptocurrency, take the time to learn about the process before selling, and remember that what works for one person might not work for another. Being prepared will help you make better decisions and avoid mistakes.

Tip: Start small, learn as you go, and don't be afraid to ask for help! Our friendly Tap support staff are there to help 24/7. 

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When making purchases with your debit card, you’re typically asked to provide a security code, also known as a CVV or CVV2 code. This 3-digit (or sometimes 4-digit) number is an important security feature that helps protect your card from unauthorised use. Understanding what this code is, where to find it, and why it's crucial to keep it safe can help prevent financial fraud and give you greater control over your accounts. In this article, we dive into the details.

What is the security code used for?

The debit card security code serves a critical purpose in verifying your identity and protecting against fraudulent activity. When you provide the code during a transaction, it confirms that you physically possess the card, rather than just having access to the card number alone. 

This helps prevent criminals from making unauthorised purchases, especially for online, phone, or mail-order transactions where the physical card is not present. By requiring the security code, merchants and financial institutions can have an additional safeguard against fraud, giving you greater confidence that your hard-earned money stays secure.

Why are debit card security codes important?

The bottom line is that debit card security codes play a vital role in safeguarding your financial information and protecting your hard-earned money. This security code acts as an additional layer of security beyond just your card number and expiration date and without it, criminals would have a much easier time making unauthorised purchases or accessing your accounts. 

Where can I find my debit card security code?

The debit card security code is typically found in one of two places on your card: 

On most standard debit cards, the 3-digit code is printed on the back of the card, often in the signature strip or just to the right of it. 

Some debit cards may have a 4-digit security code that is printed on the front of the card, usually in the top right corner. 

How debit card security codes work with contactless payments

While debit cards with security codes are primarily used for in-person, online, and over-the-phone transactions, the code also plays a role in contactless or "tap-to-pay" payments. 

When you hold your debit card up to a contactless payment terminal, the 3- or 4-digit security code is digitally transmitted along with your card information. This allows the payment system to verify your identity and approve the transaction, just as it would for a contact-based payment that requires manually entering the security code. 

The security code therefore provides an extra layer of protection, even for quick tap-and-go purchases.

CVV vs OTP

The key difference between a debit card's CVV (card verification value) code and an OTP (one-time password) lies in how they function to verify transactions. A CVV is a static 3 or 4-digit code printed on your physical debit card, which you manually enter to confirm your identity. 

In contrast, an OTP is a dynamically generated code, typically sent to your mobile device via SMS from the bank or an authentication app, that changes with each new transaction. While both add an extra security layer, OTPs provide stronger protection, as they cannot be reused like a static CVV. 

Combining the use of your debit card's CVV code and a one-time password (OTP) provides the strongest protection against financial fraud.

CVV vs PIN

Your debit card's PIN (Personal Identification Number) is different from the CVV (card verification value) code.

The PIN is used to verify in-person transactions when you use the physical card, like at a store checkout or ATM.

The CVV code is used instead for remote purchases, like online or over the phone, where the physical card isn't present.

Closing thoughts

In summary, the debit card security code, also found on a credit card, is an essential safeguard against fraud and unauthorised transactions. By understanding what this code is, where to find it, and how it protects your finances, you can take control of your financial security and enjoy greater peace of mind when using your debit card in the wild or online. 

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Crypto recovery scams involve fraudsters claiming they can recover lost or stolen cryptocurrency for a fee. These scammers prey on individuals who have lost access to their digital assets.

As cryptocurrencies grow in popularity, these deceptive schemes are also becoming more and more prevalent. Being able to identify and avoid such scams is crucial. Not only will it help to safeguard your current investments but will also prevent further financial losses. In this article we’re going to guide you through identifying these scams, and what to do from there. 

Signs of a crypto recovery scam

Spotting a crypto recovery scam can be easier if you know the telltale signs:

• Be wary of unsolicited offers to recover your lost or stolen crypto, as legitimate services don't operate that way. 
• Scammers often demand exorbitant upfront fees before providing any services, while legitimate ones typically charge after a successful recovery.
• Unrealistic promises of guaranteed recovery should also raise suspicion, as legitimate services are upfront about risks and limitations.

Another red flag is a lack of transparency about their methods and processes. Scammers tend to be vague, while legitimate services are open about their approach. 

Finally, watch out for high-pressure tactics like creating a false sense of urgency. Scammers may use these to rush you into a decision, whereas legitimate services allow you to make an informed choice. Acknowledging and staying vigilant about these signs can protect you from falling victim to crypto recovery scams.

How scammers typically operate a crypto recovery scam

In a cunning ploy, scammers impersonate representatives from reputable companies, reaching out to unsuspecting individuals with the promise of recovering funds lost in previous scams. These impostors may even possess specific details about the victims, such as the amount of money they had lost, further lending credibility to their claims.

Once they gain the trust of their targets, the scammers instruct the victims to promptly send Bitcoin or other cryptocurrencies to a wallet address controlled by the scammers themselves. In some cases, the scammers may suggest that the victims create accounts on cryptocurrency exchanges that allow multiple owners for a single wallet, such as Atomic Wallet. In other instances, the scammers may have already set up these accounts themselves and merely grant the victims access, ensuring complete control over the funds.

To further facilitate the transfer of funds, some victims are coaxed into downloading remote access software like AnyDesk, under the pretense of receiving assistance with setting up bank or exchange accounts. This tactic grants the scammers direct access to the victims' devices, providing yet another avenue for diverting funds to their chosen destinations.

How to protect yourself

To protect yourself from crypto recovery scams, it's essential to do thorough research on any company or service before engaging with it. Be sure to scrutinize their credentials, reviews, and track record, and if something sounds too good to be true, it usually is. 

As mentioned above, always be highly sceptical of unsolicited offers or claims, as these are often tactics used by scammers. Instead, do your own homework and find a service that aligns with your needs and sense of comfort. 

Never share your private keys or seed phrases with anyone, as this grants them complete access to your funds. Instead, consider using reputable and trusted crypto recovery services, such as CryptoRecovery.com or CoinRecovered.com, which have established reputations and transparent processes.

While this might sound like scary business, rest assured that by exercising due diligence, maintaining a healthy dose of scepticism, and safeguarding your private information, you can significantly reduce the risk of falling victim to these deceptive schemes.

Reporting crypto recovery scams

If you suspect you have been contacted by a crypto recovery scam service or found one online, report it to the appropriate authorities as well as the Tap team immediately. Many countries have dedicated cybercrime units or financial fraud hotlines where you can file a complaint. Additionally, by alerting Tap we can escalate the report and inform other crypto holders before they potentially fall prey to these scammers.

Always remember that raising awareness is crucial in combating these scams. Share your experience on forums, social media, or with your network to warn others. By doing so, you can help prevent more people from falling victim and contribute to the collective effort against crypto-related frauds.

Key takeaways from this article

Key signs of a crypto recovery scam include unsolicited offers, demands for exorbitant upfront fees, lack of transparency about methods, unrealistic promises of guaranteed recovery, and high-pressure tactics. Exercise extreme caution and conduct thorough due diligence before engaging with any service claiming to recover lost or stolen cryptocurrency.

Additionally, spreading awareness is crucial to combating these scams. Share information about the telltale signs and your experiences with Tap, the appropriate authorities, your network and online communities. By raising awareness, you can help others avoid falling victim to these deceptive schemes and contribute to the collective effort against crypto-related fraud.

For more information, here are the top 5 crypto scams people fall victim to.

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Today, TikTok ranks as the fifth largest social media platform globally, used by 31% of social media users and 30% of all internet users worldwide. Taking things one step further, TikTok is also busy revolutionising social media shopping through its TikTok Shop. Looking to dive in?

If you’re unsure how TikTok Shop works or what payment options are available, you’re in the right place. This guide covers everything you need to know about TikTok Shop payment methods.

What is TikTok Shop?

TikTok Shop is an integrated marketplace where you can purchase products directly through the app. Here you'll find everything from trending fashion items to electronics, all available from both independent sellers and major brands. *It’s worth noting that these are third-party sellers and not from TikTok directly. 

You’ll also need an account to use it. 

Finding TikTok Shop

Getting started is simple:

• Download the TikTok app and create an account if you haven't already
• Look for the Shop icon at the bottom of your screen
• Start browsing products through videos, lives, or the Showcase tab

What payment methods are available on TikTik Shop?

TikTok Shop offers several convenient payment methods to suit your preferences and location:

Card payments

• All major cards accepted (Mastercard, Visa, American Express, Discover - yes, you can also use your Tap card)
• Both credit and debit cards are welcome

Digital wallets

• Apple Pay (iOS users)
• Google Wallet (Android users)
• PayPal

Buy Now, Pay Later

• Klarna: Split larger purchases into four interest-free payments

Making your first purchase

Ready to start shopping? Follow these simple steps:

• Find a product you love
• Click "Add to Cart"
• Hit "Check out" when ready
• Enter your shipping details and billing address
• Select your preferred payment method
• Review your order
• Confirm and place your purchase

Managing your payment methods

To add or change your payment method:

• Visit your TikTok profile
• Select "Your orders"
• Tap "Payments"
• Add new payment methods or set your preferred option

Shopping tips

• Always verify seller ratings and reviews before purchasing
• Check product descriptions and shipping information carefully
• Keep track of your orders through the TikTok app
• Enable notifications to track your order status
• Purchases are eligible for Tap cashback rewards

With these payment options and your Tap card at hand, you're ready to explore everything TikTok Shop has to offer.

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In today's global economy, managing your finances, both crypto and fiat, across borders has never been more important. With this in mind, we’ve created innovative solutions for both personal and business users with the Tap Personal Account and Tap Business Account. 

While both accounts share some core features, they each cater to specific needs. Let's dive into the details to help you choose the right account for your financial journey. 

Shared features: the Tap advantage

Both Tap Personal and Tap Business accounts offer a range of powerful features designed to simplify your financial life:

• Multi-currency capabilities: Hold, send, and receive money in multiple currencies.
• Competitive exchange rates: Enjoy favourable rates when converting between currencies.
• Low-fee international transfers: Send money abroad without breaking the bank.
• Tap card: A versatile debit card for spending in multiple currencies worldwide.
• User-friendly mobile app: Manage your finances on the go with ease.
• Cashback rewards: earn up to 8% Cashback on any card or online transactions.
• Money management on the go: Get real-time notifications on transactions and monthly statements.

Tap Personal Account: personal finance, globalised

The Tap Personal Account is perfect for individuals who:

• Live, work, or travel internationally
• Need to send money to family or friends abroad
• Want to shop online in different currencies
• Seek a hassle-free way to manage personal finances across borders
• Are savvy investors looking to manage multiple currencies in one secure location

Key features of the Tap Personal Account include:

1. Easy account opening: Get started quickly with a simple online process.
2. Free local account details: Receive payments like a local in multiple countries.
3. Instant transfers: Send money to other Tap users in seconds, for free.

Tap Business Account: powering global commerce

The Tap Business Account is tailored for:

• Small to medium-sized businesses
• Companies with international operations
• Startups looking to scale globally

In addition to the features shared with the Tap Personal Account, the Tap Business Account offers:

1. Multi-currency access: Easily set up checkout payment channels for crypto and major national currencies with access to local and international payment rails.
2. Crypto to fiat: Receive and send over 45 cryptocurrencies directly from your account with an institutional-grade OTC desk. 
3. Payment links: Get an individual IBAN and receive and send payments in EUR and GBP with SEPA Instant
4. White card labelling service: Create customisable cards for your business or clients using the integrated service. 
5. Cheaper payroll payments: Avoid bank fees when making multiple payments efficiently, perfect for paying salaries or multiple suppliers.
6. Access to an account manager: each company is assigned a dedicated account manager.

Making the right choice

Choosing between a Tap Personal Account and a Tap Business Account depends on your specific needs:

• If you're an individual looking to simplify your personal international finances, the Tap Personal Account is your go-to solution.
• For businesses of any size aiming to streamline their global financial operations, the Tap Business Account offers the advanced features you need to thrive in the international marketplace.

Both accounts reflect Tap's commitment to providing innovative, user-friendly financial solutions for our increasingly connected world. Whether you're planning your next international adventure or expanding your business across borders, Tap has you covered.

Ready to take control of your global finances? Visit withtap.com to learn more and download the app, and sign up for the account that best suits your needs.