Leeds Takes the Lead in Providing Support for Crypto Beginners

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Leeds Takes the Lead in Providing Support for Crypto Beginners main

Leeds Takes the Lead in Providing Support for Crypto Beginners

London is not the only fintech powerhouse. A silent revolution seems underway in the cryptocurrency space in North England in Leeds. A small manorial borough in 13th century England, Leeds emerged as a major mill town and industrial centre during the period of the Industrial Revolution. Today, Leeds is a leader in financial sector employment and it is using its status of a fintech hub as a springboard to nurture the growth of cryptocurrency.

A report by Whitecap Consulting states that Leeds city is laying the foundation for future fintech to build on an existing vibrant financial ecosystem, to incubate entrepreneurial talent and encourage start-ups. The initiatives are visible on the ground: an innovation hub on the Leeds University campus in collaboration with Nexus aims to tap into Leeds University’s world-class research capabilities and expertise to give Leeds a competitive edge in a dynamic market.

Cryptocurrency is the poster boy of the fintech revolution and is taking the world of finance by storm. In this scenario, Leeds is poised to show the way for crypto beginners with innovative initiatives, which could well emerge as the “Leeds Model” in the cryptocurrency world.

Why Awareness and Understanding Are Important

Cryptocurrency has captured the headlines and the fancy of investors. While the prophets of doom continue to warn against yet another dot-com-like bubble, Bitcoin has defied all such pessimistic predictions and risen beyond anyone’s imagination. Nevertheless, it cannot be denied that cryptocurrency investors are exposed to the risk of high volatility. The market reacts sharply to news flow, negative or positive, leading to a sharp market response. For instance, the Bitcoin and other digital currencies plummeted in double-digit percentages on 14 March 2018, following a triple whammy of adverse developments. The Bitcoin dropped 16% within 24 hours on the Bitstamp Exchange.

Leeds Takes the Lead in Providing Support for Crypto Beginners office

Analysts continue to advise investors and equip them with the tools to deal with such volatility, the primary among them being the right cryptocurrency exchange. The ability of an exchange to deal with high levels of volatility is the foremost factor that determines which exchange a crypto investor should choose. The fact that Bitstamp could handle a 16% fall in Bitcoin without suffering a technical hiccup is a testimony to its technological superiority. A Bitstamp review reveals that the exchange, often referred to as one of the “Big Four” Bitcoin exchanges, has emerged as a premier marketplace for buying and selling cryptocurrencies. Bitstamp commands strong liquidity and has a truly global client base.

Leeds shows the way

Cryptocurrency is a hot word in Leeds and the action is not just on the exchanges and indices. A host of meet-ups and awareness events aim to educate the investor on the fundamentals of cryptocurrency and blockchain. These initiatives go beyond the academic world and have taken a concrete shape. The Leeds Blockchain Meetup is one such group initiative in which crypto enthusiasts can participate to get a deeper understanding of developments in the crypto world. The group is focused on blockchain and distributed ledgers and the discussions at the various meet-ups are centred on the technology and fintech developments in the cryptocurrency space. Speculation and investment specifics are not discussed at these group meet-ups.

Some of the events organised by Leeds Blockchain Meetup include Leeds Blockchain Hackathon, Leeds Crypto Catchup, and Leeds Blockchain Crypto. The Leeds Blockchain Hackathon is an event at which the participants include budding coders and tech enthusiasts who get insights into hacking and crypto attacks that amplify the inherent risks and underscore the importance of blockchain. The Leeds University Union focuses on Cryptocurrency and Blockchain under its LUUCABS initiative to increase awareness and understanding of blockchain technology. Traders United is yet another firm that organises free educational events on cryptocurrency through Everbrite to spread awareness of cryptocurrency trading and Bitcoin across all classes of society.

Support from corporates comes in an innovative form. Victvs Ltd, a Leeds-based firm, offers the choice of paying its workforce with Bitcoins. Support from various meet-ups would no doubt go a long way in equipping crypto enthusiasts with the tools to deal with high volatility and surprises in online trading owing to regulatory factors and negative news flow. The awareness created by various meet-ups in Leeds among crypto enthusiasts on the blockchain technology, regulatory landscape, and updates on the performance of various exchanges such as Bitstamp are an attempt to tone down the frenzy and create an educated crypto investor class.

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