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Emma William

How to explain Bitcoin to those who do not know it ?

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Thank you for this information...

Bitcoin digital currency is It is a cryptocurrency that was invented in 2008 by an unknown person or group of people known as Satoshi Nakamoto. The currency began to be used in 2009 when its application was released as an open source program...

Bitcoin is the first decentralized digital currency, without a central bank, that can be sent from one person to another over the Bitcoin network in a peer-to-peer manner without the need for a third-party intermediary (such as banks). Network transfers are verified using encryption and are recorded in a distributed ledger called Chain Blocks. Bitcoin is created as a reward for a process known as mining. It can be exchanged for other currencies, products and services. Research produced by the University of Cambridge estimates that in 2017, there were between 2.9 and 5.8 million users using a cryptocurrency wallet, and most of them were using bitcoin...

Of course, all of these things are due to the technological development that we have at the present time.

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It will not be easy, for me it is still complex, if we decide to explain to another person about the subject in a single day he will not learn it, it takes time and discipline so that he can achieve knowledge and be able to execute movements in crypto

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Explaining bitcoin to anyone is not so easy as we consider. But we can do it by using different symbols and points. We can tell them that one bitcoin may be earn by years of work. It's a very huge amount. Good luck.

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There are many ways to explain the concept of cryptocurrencies to people, and this depends on the age of the intellectual person and the extent of his absorption capacity for such matters.

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Yes you're right you really provided some good information this is such a useful information for revenue beginner and you are right I totally agree with you I think that bitcoin is the most secure currency and you can explain it to someone by telling about this benefits advantages this is best for online purchasing or trading

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thanks dear for your ideas and dear i tell someone who did not know anything about bitcoin that it is the digital currency and by using this currency we can earn a lot money but before using this currency for any purpose like trading and investment we should gain proper knowledge and information about bitcoin so that you will get profit through this coin 

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Welcome my friend, I really thank you for providing this simple and clear explanation about cryptocurrencies, yes, the new members need such information even with the days to invest in it. 

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As for me, I know a lot about Bitcoin and how it was created and valued since its inception.

Thank you for this useful information, which will provide a lot of useful things for beginners in this field.

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I would like to thank you, my friend, for this detailed explanation of currencies. With this explanation, anyone can know the face of the difference and which of the currencies is better, and I prefer cryptocurrencies because they are used on mobile phones and now the age of technology and it was created to comfort people.
 

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Through what I read in the presented topics, I can define it as a decentralized cryptocurrency that is not subject to the authority of the central bank. This currency was created to facilitate trading And doubling the movement of trade exchange.

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Hello everyone I hope you all are good and doing great work on this platform first year I want to tell you that all of you dear thank you for sharing with us your useful and beneficial post your post is very informative for everyone nubian bikini was working on the street from so I am really thank you for this post

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Hello everyone I hope you all are good and doing great work on this platform first year I want to tell you that all of you dear thank you for sharing with us your useful and beneficial post your post is very informative for everyone nubian bikini was working on the street from so I am really thank you for this post

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You are right my friend and I thank you for the content
 Sometimes it is easy to explain to people and sometimes it is difficult
We are in the era of technology and the world is witnessing how Bitcoin develops and how it is very popular, and there are many people around the world who know what Bitcoin is, how it originated and what is its value, do not worry, my friend, as the years progress, ideas of Bitcoin will become on the tongue of anyone at all around the world

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I had a hard time trying to explain it to my dad and he couldn't believe the great success of cryptocurrencies. I think the best way to explain it is by having others see it directly.

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By gaining the knowledge and experience to conduct research on Bitcoin, we can provide and explain Bitcoin cryptocurrency to anyone who does not know about Bitcoin.

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Yes, and for me, I explain Bitcoin to those who do not know it as full of various cryptocurrencies, as well as explain its advantages and what it provides us with knowledge and information, and in this way people are attracted to Bitcoin

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I also faced this problem when I wanted to explain what currencies are currencies for my parents.
And I used some of those phrases that they are intangible cryptocurrencies and they are mined, obtained, and dealt electronically through the Internet, and we can convert them to our local currencies as well.

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dear friend thanks a lot for sharing your information about Bitcoin use information is very beneficial for me give your in this kind of information for the new members employed on this platform because they need help from the experts

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Bitcoin is a thing that is exchanged for money.  If you want to earn this bitcoin then you can earn bitcoin by working in this crypto forum.  You can earn bitcoin only if you post useful.

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The definition and explanation method varies depending on the person you want to explain it to.
If he has belief in the existence of digital currencies, this will facilitate this for us, there are people so far who do not believe that they are real or existing currencies, so these you must convince them of their existence first and then explain how to obtain them and convert them to paper or metal currencies.

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You can explain Bitcoin to others by explaining its importance and how it has developed and its price has increased dramatically in recent years, and you can also read to them the most important developments in the field of cryptocurrencies and that many companies accept their use.

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These information, I believe, can serve as a definition for more than just the Bitcoin currency. 

But, without a hesitation, because of its Blockchain encryption strategy I believe That the market is the most stable currency in the world. And, as you said, we don't know the people we're interacting with in the cryptocurrency world.

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On 11/6/2020 at 9:58 PM, Emma William said:

How to explain Bitcoin to those who do not know it ?

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It is a complicated thing in most cases and the reactions are very different, in some societies ideas are accepted very openly, and in some others you feel that you are explaining your ideas to one of the doors of the house and the topic may be embarrassing for you.

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I will offer some ideas that can facilitate the way you explain the digital currency project to them
 

  • The digital currency is intangible ... but it can be converted into tangible money (metal money - paper money)
  • Bitcoin is like fiat currencies or coins .. But the difference is that Bitcoin is stored through electronic devices or wallets
  • With regular money, you always know who you are with. But with cryptocurrencies you do not need to know who the person is, you just need to connect to his wallet address
  • With regular money, you have to pay high fees when sending money because the money has to move from one bank to another and those banks charge fees. With crypto money, you don't need to pay exorbitant fees because the money goes directly to the other person's electronic wallet
  • In order to withdraw and deposit regular money, you need banks ... But using digital currencies, your bank is on your mobile phone or on your PC.
  • With digital currencies, you can do without work! Because the digital currency project provides you with many ways to make you self-sufficient and do not need work! (By investing - mining - trading - gambling)
  • Through digital currencies, we can buy many things (video games - books - clothes ... etc.)

 

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Dear mate now a days I don't think that any one is not familiar with bitcon. If someone is not familiar than I agree that your ideas are really unique. And i want to add something that we can now about bitcon from lot of videos on youtube. 

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Hello there greetings in order to explain I think there are a number of steps it's depend on the other person how knowledgeable it is if next person is don't know anything about Bitcoin I think you should tell about cryptocurrency or Bitcoin is a digital currency that we can make transfer investment or we can buy any things all of you understand what I am trying to say and good luck

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We can make it clear to the people know about the cryptocurrency Bitcoin by joining them to different platforms.

We need to explain the currency in simple language and provide needful information that how they can bought it and can invest into it as well as can exchange it.

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The PMI index in the services sector decreased from 53.2 to 52.6 (forecast 53.5). The Composite PMI fell from 52.2 to 50.8 (forecast 52.5) and nearly reached the critical mark of 50.0 points, separating progress from regression.   After these data were released, market participants awaited similar statistics from the USA, which were to be published at the end of the workweek. The Composite PMI showed that business activity in the US private sector, unlike the Eurozone, continues to grow confidently. According to preliminary estimates, this indicator increased from 54.5 in May to 54.6 in June. The PMI in the manufacturing sector grew from 51.3 to 51.7 over the same period, while the services sector business activity index increased from 54.8 to 55.1. All these indicators exceeded analysts' expectations (51.0 and 53.4, respectively).   In addition to PMI data, the Fed's monetary policy report at the end of Friday also drew significant interest. Following its publication, EUR/USD ended the week at 1.0691. Regarding the analysts' forecast for the near term, as of the evening of June 21, it remained unchanged from seven days ago. Thus, 60% of experts voted for the pair's decline, 20% for its growth, and another 20% remained neutral. In technical analysis, 100% of trend indicators and oscillators on D1 sided with the dollar and turned red, although a quarter of the latter are in the oversold zone. The nearest support for the pair is in the 1.0665-1.0670 zone, followed by 1.0600-1.0615, 1.0565, 1.0495-1.0515, 1.0450, and 1.0370. Resistance zones are located at 1.0760, then at 1.0810, 1.0890-1.0915, 1.0945, 1.0980-1.1010, 1.1050, and 1.1100-1.1140.   Next week, there is plenty of interesting and important information expected from the USA. On Tuesday, June 25, the US Consumer Confidence Index will be published. On Wednesday, June 26, we will learn the results of the US bank stress test. On Thursday, June 27, data on the US GDP for Q1 2024 and the number of initial jobless claims in the country will be released. Finally, at the end of the workweek, on Friday, June 28, data on the US consumer market, including such an important inflation indicator as the Core Personal Consumption Expenditure Index, will be published.   GBP/USD: How the Interest Rate Will Fall   On Wednesday, June 19, a day before the Bank of England (BoE) meeting, consumer inflation (CPI) data was published in the UK. Overall, the picture was quite good. The consumer price index remained at the previous level of 0.3% month-on-month, lower than the projected 0.4%. Year-on-year, the CPI fell from 2.3% to 2.0%, reaching the central bank's target for the first time since October 2021. The core index (Core CPI), excluding volatile components such as food and energy prices, also showed a noticeable decrease from 3.9% to 3.5% (y/y).   The still high level of inflation in the services sector was disappointing. This indicator was higher than forecasted in the central bank's May report and amounted to 5.7% (y/y) against the expected 5.3%. "Indicators such as rent growth remain quite high. [...] These data confirm that the Bank of England will not lower rates at tomorrow's meeting," commented ING Bank strategists on the published statistics on June 19, and they were right.   At its meeting on Thursday, June 20, the Bank of England left the key interest rate unchanged for the seventh consecutive time, at 5.25%. Seven members of the Monetary Policy Committee voted for such a decision, two votes were cast for lowering the rate, and zero votes for increasing it. According to several policymakers, such a decision by the regulator was "finely balanced."   The latest data on inflation in the services sector is unlikely to prevent the BoE from starting a cycle of easing its monetary policy (QE) in the second half of the year. Especially since, according to the Committee members, the higher-than-expected CPI was due to one-off wage payment factors.   If the parliamentary elections in the UK on July 4 and the inflation report on July 17 do not present significant surprises, the Bank of England is expected to begin lowering rates as early as August. As ING Bank strategists write, "markets are pricing in a 43% probability of the first rate cut in August and expect easing by 46 basis points (bps) by the end of the year." TDS analysts, in turn, give the following forecast: "We expect a 15 bps rate cut by the August meeting and around 50 bps in total for 2024." Several other market participants' forecasts also suggest a reduction of about 30 bps by November.   On the day after the BoE meeting, Friday, June 21, the Office for National Statistics (ONS) published fresh data on retail sales in the UK, which were significantly higher than forecasted. In May, they increased by 2.9% (m/m) after falling by -1.8% in April, with markets expecting a growth of 1.5%. The core retail sales index, excluding automotive fuel, also grew by 2.9% (m/m) against a previous decline of -1.4% and a market forecast of 1.3%. Year-on-year, retail sales increased by 1.3% compared to April's decrease of -2.3%, while core retail sales rose by 1.2% (y/y) against -2.5% a month earlier.   Preliminary business activity (PMI) data were mixed. However, overall, they showed that the UK's economy is on the rise. PMI in the manufacturing sector increased from 51.2 to 51.4 points (forecast 51.3). Business activity in the services sector amounted to 51.2, below the previous value of 52.9 and the forecast of 53.0. The Composite PMI showed a slight decline to 51.7 against the forecast of 53.1 and 53.0 a month earlier. Despite the last two indicators being below previous values, they still remain above the 50.0 horizon separating economic growth from decline.   Against this backdrop, the pound attempted to recoup some losses but failed, and GBP/USD ended the week at 1.2643, turning strong support in the 1.2675 zone into resistance.   The analysts' forecast for the near term looks neutral: 50% of experts voted for the dollar to strengthen, while the same number (50%) preferred the British currency.   As for technical analysis on D1, the advantage is on the dollar's side. Among trend indicators, the ratio of forces between red and green is 75% to 25% in favour of the former. Among oscillators, 85% point south (a quarter signals the pair is oversold) and only 15% look north. If the pair continues to fall, it will encounter support levels and zones at 1.2575-1.2610, 1.2540, 1.2445-1.2465, 1.2405, and 1.2300-1.2330. In the event of the pair's growth, it will face resistance at levels 1.2675, 1.2740-1.2760, 1.2800-1.2820, 1.2850-1.2860, 1.2895-1.2900, 1.2965-1.2995, 1.3040, and 1.3130-1.3140.   As for the events of the coming week, not many are expected. Among the most important is the publication of the UK's GDP data on Friday, June 28.   USD/JPY: BoJ Rate Hike Chances Close to Zero     At its meeting on June 13-14, the Bank of Japan (BoJ) kept the interest rate unchanged at 0.1%. Recall that in March this year, the central bank made a "bold" move by raising the rate for the first time since 2007 (it had been at a negative level of -0.1% since 2016). However, after this single rate hike in 17 years, the BoJ is unlikely to continue raising it in the foreseeable future, no matter how much some analysts and investors might want it.   Such desires and forecasts are popular due to the very low level of the Japanese currency. In early 2011, USD/JPY traded around 76.00, and since then, the yen has weakened more than twofold – on April 29, 2024, the pair reached a level of 160.22, the highest since 1986. This negatively affects national businesses. The benefits of a weak yen for exports do not cover the negatives for imports, as the trade balance is negative; the country imports more than it exports. Expensive imports, primarily raw materials and energy, reduce production profitability. GDP growth rates are falling – in Q1 2024, this indicator showed an economic contraction to -1.8% (y/y) compared to +0.4% in the previous quarter. Additionally, the national debt relative to GDP is approaching 265%.   In such a situation, the economy needs support, not restraint by raising the key interest rate. Moreover, compared to other G10 countries, inflation in Japan is low and has been steadily declining in recent months. According to fresh data, the national CPI index, excluding food and energy prices, fell from 2.4% to 2.1%. Moreover, in June, it could fall below the BoJ's target level of 2.0%. Thus, combating inflation by raising rates is unnecessary and even harmful. But how can the yen's position be strengthened then?   Another method besides tightening monetary policy (QT) is currency interventions. Japan's top currency diplomat Masato Kanda stated on June 20 that the government "will respond carefully to excessive currency movements" and that he "has never felt limited in the potential for currency interventions" and that the interventions conducted in May "were quite effective in combating excessive currency movements caused by speculators." The words are beautiful. However, looking at the chart, one would argue with the official about the effectiveness of the interventions. Of course, USD/JPY retreated from the 160.00 mark for a while. But this period was quite short, and now it is again approaching this height. One can also recall similar actions in previous years, which only temporarily restrained the national currency's weakening.   This time, it seems officials have come up with another way to increase the effectiveness of monetary policy without changing rates. According to Reuters, the Ministry of Finance's commission is likely to urge the government to issue shorter-maturity debt obligations to reduce the risk of interest rate changes. (For reference, the yield on 10-year Japanese government bonds currently exceeds 0.9%, nine times the central bank's rate). The last chord of the past week for USD/JPY was set at 159.79. The continuation of the Fed's tight policy, confirmed at the June meeting, and the BoJ's ongoing soft policy still play in favour of the dollar. (Although, of course, new currency interventions are not excluded). Economists from Singapore's United Overseas Bank (UOB) believe that only a breakthrough of support at 156.50-156.80 will indicate that the pair's current upward momentum has faded.   The median forecast of experts for the near term is as follows: 75% of them voted for the pair's move south and the yen's strengthening (apparently expecting new interventions), while the remaining 25% pointed north. Indicators show the opposite picture; they have not even heard about interventions. Therefore, all 100% of trend indicators and oscillators on D1 are green, although 20% of the latter are in the overbought zone. The nearest support level is around 158.65, followed by 157.60-158.20, 156.80-157.05, 156.00-156.10, 155.45-155.80, 154.50-154.70, 153.60, 152.85, 151.85, 150.80-151.00, 149.70-150.00, 148.40, 147.60, and 146.50-147.10. The nearest resistance is in the 160.00-160.20 zone, followed by 162.50.   The upcoming week looks busy on Friday, June 28. On this day, data on consumer inflation (CPI) in the Tokyo region will be published, as well as data on industrial production volumes and the labour market situation in Japan. No other important economic statistics are planned for the coming days.   CRYPTOCURRENCIES: Patience, Patience, and More Patience   In the last review, we published a forecast by MN Capital founder Michael van de Poppe, who expected BTC/USD to fall to the $60,000-65,000 range. The analyst was essentially correct – the week's low was recorded on Friday, June 21, when the price dropped to around $63,365.   This time, we want to draw attention to the forecast of another influencer, the president of Euro Pacific Capital and a fierce opponent of cryptocurrencies, Peter Schiff. We have quoted his apocalyptic predictions multiple times. This time, the financier outlined a possible hedge fund strategy that would lead to bitcoin's collapse. According to him, investors in exchange-traded BTC spot ETFs treat digital gold as a speculative asset. Schiff noted that bitcoin has been in a "sideways" trend for the third month, trading below the March high. With such dynamics, investors might lose patience and decide to close positions at some point, causing BTC quotes to collapse amid a lack of liquidity.   It must be said that Schiff's negative forecast has some basis – in recent days, American spot Bitcoin ETFs have indeed shown an outflow of funds. Since June 7, their cumulative balance has decreased by $879 million to $15 billion. Over the past two weeks, long-term whale holders have sold digital gold worth $1.2 billion, with more than $370 million attributed to GBTC. Thus, whales and ETFs have collectively created downward pressure worth $1.7 billion during this time.   Of course, a cryptocurrency market crash is unlikely, no matter how much Peter Schiff might want it. However, the current situation raises concerns among many specialists. Usually, bullish cryptocurrency markets are fueled by general enthusiasm around the digital coin. However, analysts at IntoTheBlock observe that despite a surge in activity among major holders (whales) earlier this year, there is no influx of new participants in the market. In fact, the number of primary BTC users has sharply dropped to multi-year lows, falling to levels seen during the bear market of 2018. This lack of growth creates a critical misunderstanding of why investors are not buying bitcoins. "Retail investors remain on the sidelines," IntoTheBlock notes.   Perhaps it is all due to the relaxed summer mood, general macroeconomic gloom, lack of sources of fresh money inflow, and other drivers. But everything can change, of course. Speaking at the BTC Prague 2024 conference, MicroStrategy CEO Michael Saylor reiterated that bitcoin should be considered one of the safest assets today.   When asked by journalists whether it is time to sell BTC, the entrepreneur replied that the asset currently lacks fundamental growth catalysts, but a price rise should be expected soon. According to Michael Saylor, those who show patience will later receive enormous profits from owning digital gold. (For reference: MicroStrategy is the largest holder of bitcoins among public companies, with 205,000 BTC on its balance sheet, worth over $13 billion). Analysts at the financial company Bernstein have raised the target price of the first cryptocurrency to $200,000 by the end of 2025. The forecast is driven by expectations of "unprecedented demand from spot bitcoin ETFs managed by BlackRock, Fidelity, Franklin Templeton, and others." "We believe that ETFs have become a turning point for cryptocurrencies, causing structural demand from traditional pools of capital. In total, ETFs have attracted around $15 billion in new net funds," Bernstein's explanatory note reads.   According to the company's experts, bitcoin is in a new bullish cycle. They called the halving a unique situation where natural selling pressure from miners is halved or more, and new demand catalysts for cryptocurrency appear, leading to exponential price movements. Analysts pointed to previous cycles: in 2017, digital gold rose to a high roughly five times the marginal production cost and then fell to a low of 0.8 of this figure in 2018. "During the 2024-2027 cycle, we expect bitcoin to rise to 1.5 times this metric, implying a cycle high of $200,000 by mid-2025," Bernstein believes.   For now, at the time of writing, on the evening of Friday, June 21, the BTC/USD pair is far from $200,000 and trades at $64,150. The total cryptocurrency market capitalization stands at $2.34 trillion ($2.38 trillion a week ago). The Bitcoin Fear & Greed Index dropped from 70 to 63 points over 7 days but remains in the Greed zone.   To conclude the review, here's news from the world of Artificial Intelligence. For many years, there have been ongoing debates about the imperfections of the first cryptocurrency's concept. Some accuse the coin's creator, Satoshi Nakamoto, of shortsightedness, while others criticize the project's technical execution. To find out what's wrong with bitcoin, the editorial team at BeInCrypto asked the latest version of ChatGPT to analyze the cryptocurrency's whitepaper published by Nakamoto in October 2008. As a result, Artificial Intelligence found several shortcomings and errors in the main document of the crypto industry, some of which seem quite serious:   1. The 51% rule. The whitepaper claims that the network is secure if more than 50% of the power is controlled by honest participants. However, practice has shown that under certain conditions, attacks are possible with fewer resources.   2. Anonymity. The document mentions user anonymity, but bitcoin provides only pseudonymity. Transactions can be traced back to specific users.   3. Scalability. The document did not foresee scalability issues that became apparent with the network's popularity growth. High transaction volumes lead to delays and increased fees.   4. Software updates. The document does not address the need for regular software updates to maintain network security and implement new features.   5. Fork resistance. The document does not consider risks associated with network hard forks. Forks like Bitcoin Cash polarize the community, potentially reducing the network's value.   6. Regulation and legal issues. The document does not mention potential legal and regulatory obstacles for bitcoin. Since its publication, many countries have introduced or are considering regulatory measures.   7. Mining difficulty. The document's author did not foresee the significant increase in mining difficulty and the energy consumption changes. Modern mining requires enormous computing power and electricity. According to Greenpeace, in 2023, global bitcoin mining consumed approximately 121 TWh of electricity, comparable to the energy consumption of a country like Poland. This has led to significant CO2 emissions and serious atmospheric pollution, as stated in Greenpeace's report. NordFX Analytical Group   Notice: These materials are not investment recommendations or guidelines for working in financial markets and are intended for informational purposes only. Trading in financial markets is risky and can result in a complete loss of deposited funds.   #eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market   https://nordfx.com/ 
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