Learning the friendly way

In today's fast-paced world and ever-evolving financial landscape, cryptocurrencies have emerged as a revolutionary digital asset class. With their blockchain technology, decentralized nature, and potential for high returns, there’s no denying that cryptocurrencies have captured the attention of both novice and seasoned investors. 

In this article, we will delve into the advantages and disadvantages of cryptocurrency, shedding light on their accessibility, potential returns, and security, as well as the challenges they pose to beginners. If you’re curious about cryptocurrencies or are on the fence about whether they’re a viable addition to your portfolio, we hope the following can shed some light on the matter.

The pros of cryptocurrency

Accessibility and inclusivity

Cryptocurrencies have democratized financial systems, providing individuals around the world with access to previously inaccessible financial services. Powered by blockchain technology, their core aim is inclusivity.

By eliminating intermediaries like financial institutions, digital currencies offer greater financial freedom and empowerment to anyone, anywhere. This includes lower transaction fees and around-the-clock operations as cryptocurrency markets never close.

Additionally, the reduced transaction costs associated with cryptocurrency transactions make them an attractive alternative for cross-border payments, for both individuals and businesses alike. Transactions that previously took days to complete through financial institutions can now be executed in minutes for a much lower cost thanks to cryptocurrency markets and the ability to transfer funds directly.

High-risk, high reward

Cryptocurrencies are renowned for having volatile price movements, however, this isn’t always a negative thing. The volatile nature of cryptocurrencies presents unique investment opportunities. While this volatility comes with risks, it has also been the catalyst for the success stories of early adopters who have seen substantial returns on their investments. 

For beginners with an appropriate degree of risk tolerance willing to navigate the market carefully, cryptocurrencies can offer the potential for significant financial gains.

Security and privacy

Cryptocurrencies make use of cryptographic encryption to ensure secure crypto transactions and protect user privacy. The underlying blockchain technology provides a transparent and immutable ledger that safeguards against fraud and tampering thereby giving users greater control over their financial information. With the use of a private key system, retrieved when creating a crypto wallet, users have sole access to their cryptocurrency at all times.

Due to the nature of blockchain, cryptocurrency transactions are pseudonymous (and on some decentralized networks offering private transactions, anonymous) allowing for greater privacy when it comes to one’s financial matters. This means that when conducting Bitcoin transactions, for instance, the wallet address of the sender and receiver will be stored on the blockchain ledger as opposed to the names associated with the accounts.

The cons of cryptocurrency 

Volatility and risk

While discussed as a pro of trading cryptocurrencies, volatility can also be a con. The biggest one is that the unpredictable price fluctuations of a digital currency can be intimidating for beginners. Market uncertainty, driven by factors like regulatory changes and investor sentiment, can result in significant losses. 

Additionally, the lack of regulations in the cryptocurrency market makes it susceptible to scams and fraudulent activities such as money laundering, which can pose a risk to unsuspecting investors. Always ensure that you are using a reputable platform to trade and manage your digital currency.

Technical complexity

As cryptocurrencies operate on complex technological frameworks, it's often assumed that there is a big learning curve for beginners entering the crypto markets. Understanding concepts such as how a digital wallet works, what a private key is, and blockchain can be overwhelming initially but with our library of informative and easy-to-digest content, users can bypass the overwhelm. Our content is created to empower crypto enthusiasts looking to navigate the world of digital assets and decentralized currency.

Ensuring the security of cryptocurrency holdings and managing wallets require a certain level of caution and online security to prevent loss or theft. To bypass this obstacle Tap has created an easy-to-use app that allows for the management of multiple crypto and fiat currency in one hyper-secure place. 

Limited acceptance and adoption

Perhaps the greatest hindrance to the world of cryptocurrency is its slow-paced adoption. While the acceptance of cryptocurrencies is growing, it remains limited compared to traditional fiat currencies. 

Not all merchants and businesses accept cryptocurrencies as a form of payment, which restricts their usability in daily financial transactions. On top of this, the lack of mainstream recognition and regulatory frameworks presents challenges for the wider adoption of crypto transactions.

Conclusion

As a beginner exploring the world of cryptocurrencies, it's crucial to weigh the advantages and disadvantages before diving into the cryptocurrency market. While digital assets offer accessibility, the potential for high returns, and enhanced security and privacy, there are also the disadvantages of cryptocurrency such as risks related to volatility, technical complexity, and limited acceptance. 

When investing or trading cryptocurrency, it's essential to proceed with caution, conduct thorough research, and consider personal risk tolerance and investment goals. By staying informed and always conducting their own research, beginners can navigate the digital asset landscape effectively and make informed investment decisions.

Remember, cryptocurrencies are a rapidly evolving space, and continuous learning and adaptation are key to staying ahead. Stay informed, monitor market trends, and explore reputable resources to expand your understanding of digital assets and blockchain technology and their potential in the ever-changing financial landscape.

Tap, announces a temporary suspension of XTP locking/fees payment for all its users, reflecting a steadfast commitment to regulatory compliance and global collaboration.

In alignment with our regulatory-first vision, Tap announce the temporarily suspending XTP locking and fee payment in XTP. This strategic move reflects our dedication to regulatory compliance in every aspect of our operations.

At Tap, we prioritize responsibility alongside innovation. This temporary suspension underscores our commitment to regulatory compliance and our ability to effectively serve all our users in the United Kingdom, aligning with the new FCA regulations set in place.

In accordance with the Financial Conduct Authority's (FCA) financial promotion rule, we regret to inform our UK residents that the utilization of XTP for locking or payment is temporarily suspended. The FCA has classified the use of digital assets for obtaining discounts as a financial incentive, thus preventing its extension to any UK resident.

The temporary suspension of services in the UK has necessitated a pause in functionality across our entire platform due to its unified nature. Nevertheless, our team remains unwavering in our commitment to restoring Locking/Paying Fees in XTP for our global community. 

While this transition may present temporary challenges, it also represents an opportunity for growth and collective progress.

We extend our heartfelt appreciation to our users for their unwavering support and patience as we navigate through this transition. Rest assured, Tap remains steadfastly committed to delivering an unparalleled digital asset experience that is compliant, secure, seamless, and transformative for users worldwide.

Hey Tapper! 🎉

We've hit a milestone that we couldn't have dreamed of when we started this wild fintech adventure. We've reached the dizzying heights of 200,000 users, and we're still climbing!  To put this in perspective, that's roughly the population of a small city. If only we could host a city-wide party with virtual confetti and digital fireworks – that would be something, right?

This incredible journey hasn't been a solo expedition. It's been a collaborative and thrilling adventure filled with talented professionals, a supportive community, and a pinch of good old-fashioned fintech humor (yes, that's a thing). We wanted to take a moment to share our heartfelt gratitude and a peek behind the scenes of how we got here.

The Dream Team‍

To begin, let's shine a light on the incredible individuals who work tirelessly behind the scenes – our talented team. Think of us as the Avengers of the fintech world (minus the capes, of course). Our journey started with a small but mighty group of financial enthusiasts. Picture us gathered around a conference table, armed with laptops and spreadsheets, brainstorming ideas that would transform the financial landscape.

Our engineers are wizards with lines of code, turning dreams into reality faster than you can say "crypto." Our designers are artists, making your digital experience a masterpiece. And our customer support team? Well, they're the real superheroes, dealing with every question, concern, and the occasional squirrel jumping in the office (yes, it happened 🐿️) with grace and humor.

To our team, we say this: Thank you for your unwavering dedication, your late-night coding sessions, your creative genius, and your limitless passion for making our vision of managing finance come to life. We couldn't have done it without you – not even close!

Our Community: The Wind Beneath Our Digital Wings‍

As we embarked on this journey, we stumbled upon something incredible – a community of users who believed in our vision as much as we did. They were the wind beneath our digital wings, the driving force that kept us going when the spreadsheets threatened to overwhelm us. From the first user who trusted us with their financial transactions to our 200,000th user who just joined the party, you've made this adventure worthwhile. 🙌

We've seen you share your success stories, engage in lively discussions on our social platforms, and even send us the occasional meme that made us snort coffee through our noses. Your feedback has been priceless, and your support has been our fuel when the fintech rollercoaster took a wild turn🎢 (trust us, it's been quite the ride).
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But here's the deal about fintech: it's not all about numbers and algorithms. It's about people, dreams, and the shared pursuit of financial freedom. So, as we celebrate this milestone, we also want to raise a digital cup to you, our amazing community.

Thank you for your trust, your patience, your loyalty, and your sense of humor. You've made this journey feel like a joyful adventure with friends.  

The Future: Buckle Up, There's More to Come‍

As we celebrate this incredible milestone, we want you to know that we're just getting started. We've got big plans, crazy ideas, and enough determination to make Elon Musk jealous (just kidding, Elon, we love your rockets). We're committed to improving your financial lives, one digital transaction at a time.

So, what's next? More features, a fresh app design, more innovation, and more reasons for you to smile while managing your finances. Because, let's face it, finances can be stressful, but with a dash of humor and a supportive community by your side, it becomes a thrilling adventure.

In closing, thank you, dear users and supporters, for being the heart and soul of our fintech journey. Here's to 200,000 users and beyond – we can't wait to see where the next part of this adventure takes us. Until then, keep those financial dreams alive and your digital wallets handy. We're here to make it all a little bit easier, a lot more fun, and we'll always be just a click away.

With heartfelt thanks and a virtual high-five,

The Tap Team ✨

We are delighted to announce the listing and support of Lido (LDO) on Tap!

LDO is now available for trading on the Tap mobile app. You can now Buy, Sell, Trade or hold LDO for any of the other asset supported on the platform without any pair boundaries. Tap is pair agnostic, meaning you can trade any asset for any other asset without having to worries if a "trading pair" is available.

We believe supporting LDO will provide value to our users. We are looking forward to continue supporting new crypto projects with the aim of providing access to financial power and freedom for all.

Lido's liquid staking service allows users to tap into the benefits of staking rewards without compromising their tokens' liquidity. Lido aims to empower users to put their staked assets to use, supporting a number of PoS cryptocurrencies. The platform offers a liquid staking solution that provides users with a system that allows them to earn rewards on staked coins while also receiving a tokenized version of the staked coins which can generate returns in other DeFi protocols.

The Lido DAO token (LDO) is an ERC-20 token, the native utility token to the Lido protocol used to reward users. The token has a total supply of 1 billion tokens and serves three primary functions.

The LDO token grants holders with governance rights in the operations of the Lido DAO, as well as the removal or addition of Lido node operators and helping with the management of fee parameters and distribution.

Get to know more about Lido (LDO) in our dedicated article here.

We are delighted to announce the listing and support of Loopring (LRC) on Tap!

LRC is now available for trading on the Tap mobile app. You can now Buy, Sell, Trade or hold LRC for any of the other asset supported on the platform without any pair boundaries. Tap is pair agnostic, meaning you can trade any asset for any other asset without having to worries if a "trading pair" is available.

We believe supporting LRC will provide value to our users. We are looking forward to continue supporting new crypto projects with the aim of providing access to financial power and freedom for all.

Addressing the speed and cost concerns associated with the Ethereum platform and decentralized cryptocurrency exchanges, Loopring delivers a new layer to the DeFi space. Describing itself as “an open-source, audited, and non-custodial exchange protocol,” Loopring is bringing something new and innovative to the space.

The Loopring Exchange aims to offer a hybrid platform combining the best features of centralized exchanges and decentralized exchanges, addressing issues like structural limitations and transparency. The platform combines centralized order matching with decentralized blockchain order settlement, using zero-knowledge proofs (ZKPs) for enhanced privacy, reduced costs, and high speeds.

The Loopring cryptocurrency, LRC, plays a crucial role in the operations of the protocol.
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To operate a decentralized exchange on Loopring, a minimum of 250,000 LRC needs to be locked up. This allows the exchange operator to utilize on-chain data proofs. Alternatively, an operator can stake 1 million LRC to run an exchange without this feature.

LRC serves as an incentive for the proper utilization of the Loopring network. Exchange operators who deposit LRC may face confiscation of their deposits by the protocol if they operate exchanges poorly. These confiscated funds are then distributed to users who choose to lock up LRC.

Get to know more about Loopring (LRC) in our dedicated article here.

We are delighted to announce the listing and support of Ethereum Name Service (ENS) on Tap!

ENS is now available for trading on the Tap mobile app. You can now Buy, Sell, Trade or hold ENS for any of the other asset supported on the platform without any pair boundaries. Tap is pair agnostic, meaning you can trade any asset for any other asset without having to worries if a "trading pair" is available.

We believe supporting ENS will provide value to our users. We are looking forward to continue supporting new crypto projects with the aim of providing access to financial power and freedom for all.

Ethereum Naming Service is a branch from the original blockchain network which aims to make the crypto space, particularly within the DeFi and Web3 sectors, more user-friendly and accessible. Similar to how Domain Name Service made the internet more accessible, Ethereum Name Service aims to do the same and become a fundamental component of these sectors.

Users can register a name through various ENS domain registrars or directly through the ENS manager. Once registered, the name is added to the Ethereum Name Service Registry, and the user becomes the owner of that name. ENS uses a hierarchical system of domains similar to the DNS system used for the internet. 

Once registered, the user can then set the resolver, which is a smart contract that provides information about the Ethereum wallet address associated with the ENS name.

The Ethereum Name Service (ENS) system is similar to the DNS (Domain Name System) used on the internet. Users can register an ENS domain name under the .eth top-level domain and associate them with their Ethereum addresses by using the platform's smart contracts.

The Ethereum Name Service (ENS) did not have its own token until recently. In 2021, the ENS team announced the launch of a new governance token called ENS, which is separate from the old ERC-20 token with the same name.

Get to know more about Ethereum Name Service (ENS) in our dedicated article here.