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Bitget X Crypto Smith Internal AMA

Bitget X Crypto Smith Internal AMA

Hello everyone! I'm Lyn, the host of AMA today. I am also the Operation Manager of Bitget English Telegram Community.

Today we have invited KOL Crypto Smith to share his unique views on trading Bitget products and how Bitget protects our users' assets safety.

Q: Hello Smith! Would you like to introduce yourself to us first?

A: Hello Everyone, it’s a pleasure to be here, and I hope you’re all well

My name is Crypto Smith, an influencer in the Crypto space with 115k TikTok followers. I’ve been actively day-trading Bitcoin and Altcoins for 6 years now, and 8 years trading Stocks Forex.

Thank you Smith! Now is the most important segment: Introduction QA🔥to help you learn more about “trading and Bitget products, and how Bitget protects our users' assets safety”.

Q1: Funds left on exchanges, especially centralised exchanges are at risk?

A1: “not your keys not your funds” in order to have self custody of your coins you must use a cold storage wallet, otherwise you’re exposed to potential threats such as what happened with FTX.

It’s advised to keep some funds in futures ready for trading opportunities, but coins you are investing into long-term must be held offline in a cold-storage wallet, especially if acquired through a centralised exchange.

Let this FTX drama be a wake up call to take action and protect your crypto!

Lyn: Thank you for your helpful suggestion!

Q2: Does socia l trading have a much bigger impact in the Crypto space than people think?

A2: Yes, there are many influential traders and investors stemming from traditional markets and Crypto that have the social power to drastically move the price of Coins.

Let’s take Elon Musk for example with doge coin, everyone was following the huge impact that Elon had with his tweets when purchasing Twitter. This happens on a smaller scale across the Crypto space frequently when influencers with big followings take a certain direction in the market.

Lyn: Can’t agree with your opinion any more! 👍

Q3: Would now be the right time to start buying averaging entries for our favourite coins?

A3: Yes, now would be the perfect time to start averaging in buys for your favourite crypto projects, making use of Bitget’s 0 spot fees.

There’s a few indications within the market that lead me to believe this.

The first being the Crypto Greed and Fear index below 25 which indicates “extreme fear” is present amongst retail investors. Historically speaking if you purchased Bitcoin during times of extreme fear and held it for the long-term (2 years+) you would have made good profits.

As Warren Buffett rightly said “buy when people are fearful, and sell when they’re greedy”.

Another indication would be the on-chain data showing us the “Unrealized PnL” of traders within the Crypto space shows us people are losing a lot of money.

The Crypto market has entered a phase of capitulation where very little profits are being realised, this is a strong indication to buy for the long-term as Bitcoin has always bounced back.

I hope that helps give some perspective.

Lyn: Thank you William for your analysis. I bet we have lots of audience members interested in learning more about the crypto marketplace!

Q4: Is there any way to actually profit from trading Crypto during a bear market? (Without unnecessary risk)

A4: Yes actually, during a bear or sideways market it can be quite difficult to trade, however a great way to take small profits out of the market with little risk would be “Grid Trading” which is conveniently offered by Bitget.

Grid Trading has been around in traditional markets for decades and works best when the asset is trading sideways.

The grid trading bot will constantly pair buy orders and sell orders within a trader’s preferred price range.

Bitget X Crypto Smith Internal AMA image 0

Grid Trading is profitable if markets are bumpy, meaning traders do not need to constantly sit in front of the screen and predict the nex t price trend. It substantially takes advantage of the market’s natural movements in quieter times.

Lyn: Cool! Strongly agree with you that Grid Trading is profitable if markets are bumpy 👍🏻👍🏻

Q5: For the Crypto Investors who don’t want to actively trade, how can we increase profits during a bear market?

A5: That’s a great question, as I’m both an investor and trader I understand the delicate balance here.

I highly recommend checking out “ Bitget Savings” which essentially allows you to save, and earn interest on your crypto assets.

It’s very similar to staking as there’s a fixed % APR for example Bitget offers 20.00% APR with $AXS, also 5.60% with $DOT, and 8.00% with $USDT amongst others.

This is a great way to allow your Crypto assets to work for you whilst you sleep, and earn passive income as the market is in a correction phase. Which gives you more buying power and more profits in the next bull cycle.

One thing I particularly like about Bitget Savings is the daily payouts and flexibility offered. Unlike similar offerings in the Crypto space that only pay-out monthly or quarterly.

Lyn: Thank you William for your support of “Bitget Savings”! That’s really worth trying!

Q6: How do you think Bitget protects users' assets?

A6: It’s a great question given what happened with FTX, and other exchanges and Bitget has done a great job of standing out amongst the FTX drama.

It’s imperative that exchanges post their proof of reserves as retail investors grow increasingly weary of exchanges transparency given the FTX drama that came to light.

So it’s amazing to see Bitget announce their Merkle Tree Proof-of-Reserves to promote transparency.

Bitget has already launched a 200 million USD protection fund to build confidence, and we will soon be ready to share our Merkle Tree proof-of-reserves to promote complete transparency and comprehensive asset auditing.

In order to provide investors with a safe and secure trading environment when trading on our platform, Bitget is committed to maintaining an emergency insurance reserve of $200 million for our users.

This really gives me a lot of confidence in Bitget moving forward.

Lyn: Thank you so much Smith for your support!

I’m excited to be here and I hope everyone can benefit from today’s AMA.

Thank you guys for being here. Have a nice day!