The world has been thrust into a chaotic state and that is being automatically reflected on the global economy. It is pointless to consider that the cryptocurrency market will be spared from the horrific consequences of the looming financial crisis. The latter is inevitable, as evidenced by the collapse of three major banks in the United States within the span of just 72 hours. The risks involved in the scenario that is being forecast by the majority of economists are immense and the rest of the world will reel if the economy of the United States suddenly buckles under the weight of its own systemic faults.
It is no secret to anyone that the economy of the United States and the might of its reach across the globe is founded on the fact that the United States Dollar has been historically accepted as the global reserve currency. The given fact has allowed the United States to control, manage, subjugate and even blackmail the majority of states across the world and integrate a vast number of controlled authorities as global overseers to manage the flow of US Dollars and effectively keep in line all states using it. Such an approach is no longer viable in a geopolitical landscape that is fostering acceptance into the global economy as major powerhouses of new and developing economies, which include Brazil, states of the Arabian peninsula, India, and others. The shift of global economic focus onto new markets is effectively undermining the power of the Dollar and making way for the loss of its status as a global reserve currency.
The cryptocurrency domain is coming into light with renewed vigor and interest for investors in light of the collapse of the Silicon Valley Bank and the domino effect it spawned across the American and British financial industry. As the traditional banking system is showing signs of collapse and weakening on the global transactions market as a reliable partner, investors, especially those who have incurred financial damages as a result of bank failures, will start looking at alternatives, one of which is the cryptocurrency domain.
The global banking system itself has been severely shaken since 2020 up until the crisis in Europe in 2022, when it was forced to impose restrictions and sanctions on the Russian Federation, effectively proving that it is under the control of political forces. The vulnerabilities exposed by such an illegal move from an international law point of view have made it clear that new instruments are needed for ensuring the free and unrestricted flow of international settlements. The resulting need spawned the proposal to introduce transactions in national currencies on the basis of state-issued stablecoins, which are being considered as a means of settlements between countries currently under sanctions.
And while the global financial system is struggling to untie the proverbial Gordian knot tied up by its founders, the cryptocurrency market is experiencing an upheaval. The price of Bitcoin experienced a rollercoaster ride over the course of last week as investors worried about the collapse of leading western banks scrambled to reinvest their funds into alternative assets, among which were major cryptocurrencies like Bitcoin and Ethereum. However, while many investors are thinking of buying up more cryptocurrencies, others are looking for the best place to sell cryptocurrency portfolios. In fact, many are thinking of what the best place to sell Bitcoin might be, since the asset is prone to high volatility and has been experiencing bearing dynamics throughout a year.
Best Place to Sell Cryptocurrency and How
The easiest thing in the world in modern times is to make a mistake regarding investments. Most people do not even think through what they are doing, much less think of making sound investment decisions. These two factors are the main reasons why so many people are still poor and why marketing and advertising work so well for companies seeking to sell some goods or services. Most people do not think at all when making choices and are impulsive. The absolute same factors apply to the cryptocurrency market, which is a long-term environment that does not favor any fear, doubts, impulsive behavior or unsound decision making.
The cryptocurrency market is a place where anyone can choose from a variety of assets to invest in and consider almost any of them a chance for making money. Even if the account you use is determined for other purposes, investment should always come first, since cryptocurrencies are not utilities, they are investment instruments. Anyone thinking that cryptocurrencies are a means of using the Web3 or a way of making payments online should use the following table to make some judgments:
- Cryptocurrencies are volatile and thus unfit for making payments;
- No single cryptocurrency project, apart from networks or exchanges, has yet achieved popularity;
- All platforms accepting cryptocurrencies as payment eagerly accept fiat currencies as well;
- Cryptocurrency projects are not intended for mass use, but cater to a small community of users;
- All blockchain-based projects can operate without the blockchain basis or cryptocurrencies.
These simple and evident truths, as well as many others, are irrefutable evidence of the fact that cryptocurrencies are more of a superstructure on the existing financial system than a real asset to be used in everyday life. Every operation with cryptocurrencies can be replaced by traditional fiat and cryptocurrencies are used as trading instruments for profit making. Traders are a select breed of users who know how to make money on cryptocurrencies and therefore leverage their knowledge and experience to do so. Most users cannot make such operations, since they do not have the necessary knowledge or skills, therefore limiting their cryptocurrency investment options to either hold and sell strategies, or resorting to DeFi instruments, many of which are simply insecure.
As for the best place to sell cryptocurrencies, one has to think of which cryptocurrency they hold and wish to sell at the best price. Another important factor to consider is the user’s geographic location, since many cryptocurrencies change value from one region to another, depending on local demand for them. There is no such thing as a single market price for a cryptocurrency, since the price depends on the exchange offering the asset and the price the specific user is willing to sell their asset at.
As such, if Ethereum is to be considered as an asset of choice for sale at its current market price, then the first thing the user needs to do is ensure that their wallet is secure enough to prevent any hacks. Non-custodial wallets are best suited for this purpose, as they operate much like your bank. Any new bank on the crypto market, or any platform using the prefix of a financial instrument, must offer its users enough guarantees of security of their funds.
When seeking to buy and sell any asset, users must first examine the instrument of choice and read many reviews about the platform in question. The USD Coin is often used as a means of settlement, but most users prefer to receive their payouts in fiat currencies, preferably native ones. The buy and sell operation itself is easy to conduct, since it relies on a few clicks and the availability of buyers willing to pay. If the underlying platform is a Peer-to-Peer exchange, then the price of the asset is set by the seller and then they can agree with the buyer on an individual basis. The maker in the operation is the seller, since they hold the right to sell the asset or keep looking for a better offer.
Best Platforms
The abundance of exchanges on the market makes it impossible to quickly make the choice, since many platforms are international and their offers can change depending on the location of the user. You can, however, resort to big platforms like Binance, which are both secure and have the necessary reputation of reliability based on years of operation and the presence of a broad range of instruments tailored for a variety of operations with cryptocurrencies.
A major advantage of Binance is that it focuses on user preferences and is known to have the best prices. However, the platform often provides preferences only for holders of its native BNB token, which can be quite expensive on the open market and is very seldom handed out at airdrops. The BNB are the native coins that provide specific discounts and other advantages, such as access to early distributions and other perks.
Most often, competing exchanges go out the window when the search engine provides a readout on a query regarding cryptocurrency exchanges. Crypto realities are such that Ethereum can be sold on virtually any platform and the demand for it is global throughout the community of decentralized asset users. The pro versions of many exchanges offer special options, such as sales of NFTs and access to specific instruments like advanced training options. However, such instruments are most useful with ETH if the asset is being used as an investment and not simply sold to make a quick one-off profit.
Key Takeaways
When we pay our money to banks, we never know if the bank will be able to pay that money back. The case of the Silicon Valley Bank is one of the most illustrative in this regard, since it clearly demonstrates how vulnerable a financial institution may be, especially if its management is more concerned about gender equality in the workplace than the asset balance. With such realities in light, the question that arises is naturally about the soundness of the financial system as a whole and the need for alternative financial instruments that would be free from the shocks experienced by the infrastructure. The blockchain is a perfect foundation for such an alternative means of investing and settlements, as it provides users with the ability to access Web3 environments and take advantage of the underlying technology’s transparency and other benefits.
