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AltCoinTrader Richard de Sousa
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AltCoinTrader is a secure platform that offers services related to cryptocurrencies. Since the establishment of the firm, it has become one of the most trusted exchanges in South Africa. Moreover, the crypto assets exchange is a safe and secure trading platform built on values such as honesty and integrity. Besides crypto assets, the users of the platform are also offered some precious metals to trade. Notably, the clients are also offered very competitive trading fees, where crypto deposits are entirely free. In contrast, we can also cancel orders for free. Following the features of the platform, we can consider that trading crypto is more accessible with AltCoinTrader.

Recently,  Harsh Vardhan Kushwaha of The Coin Republic, has interviewed Richard de Sousa, the founder CEO of AltCoinTrader. The session has covered tremendous topics related to digital assets and his trading platform. Moreover, he also explained the concept of the consensus mechanism used for digital mining assets.

Net Space Internet Solutions to AltCoinTrader

Net Space was a website development company, and we used to program websites for our customers. It’s a complex space to be in, and it’s a difficult space to prosper in. And one day, I was researching alternative payment solutions because we’ve been creating a lot of online shops. And I stumbled across Bitcoin and cryptocurrencies. Like a lot of people in the space, I initially thought that this is a scam. This is never going to work. But because of the nature of my job, I was forced to investigate a little bit more. And after a couple of hours on YouTube, I became a total Bitcoin and cryptocurrency evangelist. I realized that this was going to change the system, the financial system as we know it. 

A couple of months after such a realization, I started getting into crypto. I actually said to one of the guys I worked with advice that I’m no longer working. I am not going to stop everything I’m doing. I’m dedicating my life to cryptocurrency. I’m going to put it in the crypto space. And it was a very difficult decision at that time. But I had really had enough of battling. So I stopped everything I was doing and started folding a cryptocurrency exchange.

Proof-of-Stake is a better solution

Ethereum is inevitably going to upgrade. And I say upgrade because I do believe that Proof-of-Stake is a better solution, especially for what we have these days. So I believe that it is only a matter of time, and Ethereum is going to be forced to upgrade to Proof-of-Stake. 

Ethereum, I believe, is an absolutely amazing project. It’s a project that is allowing the alternative financial system to be both on its rails. So obviously, when you are upgrading a project that has got billions and billions of dollars invested in it, it’s a bit like trying to change a wheel on a car that’s doing 100 miles an hour down the highway. 

It’s not easy, you know, if a client stopped, you can easily change it, but it’s in full swing, it’s moving. And I believe that change is going to have to be made. It’s going to have to be made carefully. And once that change is made, I think that we are going to continue to see this project grow and blossom and change the world financial system as we know it.

What are Proof-of-Stake and Proof-of-Work?

Proof-of-Work means that we have miners all over the world that are running computations and building the blocks. So I often think that the word miners is a bit confusing because if you had to say that they were accountants because that’s essentially what they’re doing. They worked out who said what and where it went. And they are compiling all this information and putting it into a ledger, that ledger in the blockchain. So now we are having people do these computations. 

And the computations are very easy to do because they’re not, there’s not a lot. But now, what becomes difficult is who gets to claim the reward who gets to make that block. So what typically happens is that there’s a mathematical problem that needs to be solved. And this mathematical problem becomes more and more difficult. So that whoever solves that first actually is the one that is allowed to create the block. 

And that mathematical problem is why we call it Proof-of-Work because the actual work in keeping the ledger is very easy. But deciding who gets the privilege of keeping the block is the difficult part.

Now, Proof-of-Stake allows a more shade-balanced approach. So, in other words, there’s not this resource. And as we know, Elon Musk and Tesla, and a lot of people have been venting their concerns about what we’re doing to our planet and the amount of energy we are consuming. And although I don’t personally buy into that argument, Proof-of-Stake, I believe, is a lot more efficient, it helps, it is going to be a better way. And I certainly think it is a step up from the sort of Proof-of-Stake is a step up from Proof-of-Work.

Cryptocurrency provides a level playing field

Well, I think the fundamental thing about cryptocurrency is that there is no third party. In other words, if we take Bitcoin, for example, there’s no better company, there’s no Bitcoin headquarters, there’s no one that you can sue if something goes wrong with Bitcoin, versus money for the people created by the people. 

So, in other words, it’s created by contracts that are on the blockchain. So that’s the first fundamental. Now that might have some disadvantages, but it’s going to have a lot of major advantages. And that being that we know the distribution and the barriers to entry are going to be faithful. 

There’s one set of rules that everyone gets to play by. It’s not like we’re the current financial system, where if you’re a billionaire, you have got a different set of rules, a different set of tax rules, a different set of contacts that allow you to enter the space with a great advantage, as opposed to if you are starting you can’t get in the quick example, if you try to deal in the normal financial system, you have to be 18 years or older before you can do anything. With a cryptosystem, you can enter at any age, and there are no restrictions. So the first set of rules we all know are clearly defined is one of the fundamental differences with cryptocurrencies, and beginners should consider that because it allows everyone a level playing field.

Should we invest in volatile cryptocurrency?

Volatility is always something that we discussed with cryptocurrency. But let’s be honest, I’m happy to take a little bit of volatility if I’m constantly seeing the growth of hundreds of percent, and that you certainly don’t see in stocks. So yes, what we’re seeing is cryptocurrency being the best performing asset in the last ten years. 

Absolutely. There’s a lot of volatility, but the ways to get around volatilities and maybe this is a tip for a lot of beginners. Don’t take a large sum of money and chuck it into cryptocurrency because you might be buying the high rather than get an understanding and go in slowly on a monthly basis Dollar-cost average.

Could crypto compete with the US Dollar?

People say to me, is there risk investing in Dollars? No, it’s a guaranteed loss, there’s no risk, you know, you’re going to lose, is there a risk investing in cryptocurrency, maybe, let me expand on that a little bit more. Holding Dollars is like holding water in a bucket that’s got a hole. You need to teach that backing up continually. Otherwise, it is going to become empty. The same way if you’ve got dollars in your wallet. Next year, you’ll be able to buy less. The following year, you’ll be able to buy less. Your Dollars are melting, and they are becoming worth less and less. 

The way their cryptocurrency is going to compete with the traditional financial systems is simply the fact that it is becoming more. So, in other words, the Dollar system is an inflationary system. The cryptocurrency system is a deflationary system. With Dollars, you get punished for saving in the fact that your Dollars will be worthless. With cryptocurrency, you’re rewarded for saving the first time, and we have hard money. We have money that if you hold it and use it wisely, you will be rewarded. The fake news lies that you must save your Dollars is insanity. But with cryptocurrency, it makes sense.

Hacks and scams made cryptos skeptical

We need to remember with cryptocurrency is we are starting, we have this amazing product, we are bringing it to humanity, and it is the beginning. Are there going to be problems? Absolutely. The interesting thing with the Poly Network is that we got to the point that I found exciting and interesting: that the hacker had the funds, but because the blockchain is transparent, everyone could see where those funds were. And after a little bit of communication, which was public communication taking place on EtherScan, we saw that the hacker might have realized that he can actually get away with that money because not only is law enforcement can hunt him down, but the community is watching him, and it is being done in a public space. 

So there’s a lot of things going on there. And we know after a long to, and for those funds have actually now been returned. So I know that doesn’t directly answer your question. But the point that I’m trying to make is that people are very quick to say it’s a dangerous space, you know, it’s a crazy space. And my answer to that would be it probably is a new space, and there is a certain amount of risk. 

Please don’t take all your money and throw it in. We don’t change financial systems overnight. I think certainly in our lifetimes. We’re going to see two financial systems running side by side, and we are not going to get to the point where we’re going just to see the Dollar or RAND, or the Euro just disappear. We are going to be working with both financial systems. Our children, maybe our grandchildren, will finally transition over to the scrub of their financial system. So sure, it’s not perfect. It can’t come out perfect. It needs to be both to a better state.

How can the role of governments be summarized in the cryptosphere?

I believe that cryptocurrencies are bigger than governments, bigger than countries, and it is a superior technology. Now we get to a situation where we have governments and let’s be fair to the government, and they are busy. They’ve got a lot of things that they have to deal with. They’ve got laws, and they’ve got regulations, they’ve got finances, they’ve got countries to run, they’ve got millions of people depending on it. They don’t have time to bring out new innovations. 

I mean, can you imagine the government doing well? We’ve had this financial system for hundreds of years, and I don’t think it’s worth it. Oh, they never get to do that. They’re never going to bring out new innovations. And in fairness, they can’t because they don’t have time. So the private sector has come up with an alternative. And, of course, the government doesn’t want to change the status quo. But I believe that there is no option. Cryptocurrency is much bigger than a couple of people wanting to change. Cryptocurrency is something that is going to change the world and is going to change the financial system as we know it. And governments can adopt it, or they can choose to try and stop it and slow it down. There’s no choice of stopping it, and you can only slow it down. So, in the end, crypto emerges and cannibalizes everything else. But as I’ve said, let’s not get carried away. This doesn’t happen in our lifetime. People change slowly. But people do transgress and move over to a better system. So it’s just a matter of time. It’s not a matter of when there’s noise. There’s aggravation, countries trying to ban things. It’s just simply not going to work past the stage of being able to stop.

AltCoinTrader’s main focus is user experience

AltCoinTrader is an exchange much like any of the other exchanges that you see around the world. You simply register to deposit either fiat money or cryptocurrencies. You can then withdraw. Withdrawing cryptocurrencies is a very quick thing these days. Obviously, with centralized exchanges, you do need to figure yourself out, you do need to give us the correct documentation because you can make small withdrawals without that, but it gets to a point where it’s cut off with gas. We need the documentation before the withdrawals can happen. 

So if you make sure that that documentation is correctly done upfront, withdrawals are going to take a matter of minutes, and you should have the coins in your wallet. So it’s as easy as that. It’s a really easy exchange to use with a lot of people coming back to us and saying, guys, this is one of the most simple exchanges to use. We’ve got products like the easy, safe, easy loan, easy buy. And all of these products just are focused on user experience and making it easy.

Many exchanges fall due to hacks and exploits

Any exchange will have multiple hack attempts. And, you know, there’s no difference with old contractors. We have people attempting to hack the exchange, basically, all the time. I think these days that computer software programming, you know if you run a sound business and put a little bit of thought into your security, you can protect the client funds, the company, and everything that happens in the space. So we have never found a situation where our site has been effectively hacked. 

Now, sometimes people will log into an account, but most of the time, that’s because people have been careless with a password or haven’t enabled two-factor authentication. But security is one of the significant things on any crypto exchange. When this exchange was both, I would have to say that 80% of the effort was spent on security, while 20% was spent on functionality and programming. So, we wouldn’t have been around for so long, six years, if hacking was ever a situation.

Decentralized or centralized savings system

I’ve got a YouTube channel where I teach people about DeFi and how to stake and how to make passive income with cryptocurrencies. Now the problem is that I find people coming back to me in the comments going, you know, Richard is just too complicated. I don’t get it. I don’t understand MetaMask. I don’t know how to change the MetaMask to another chain to try it to polygon and medic, and so many people are just battling actually to get to grips with the device base. 

So what we did as a team, what we did as a company, we said, Look, there are so many advantages, there’s so much money to be made in space, why don’t we just simplify the process and allow our clients just to put it in an “easy safe.” So we’ve got a couple of points on “easy safe,” you just go there. It’s two or three clicks, and there are no fees, there are no lockup periods. And you can see your funds growing within a matter of minutes. 

We’ve tried to take all the complexity out of the five savings, and it’s a centralized saving system. Obviously, with that said, we still encourage our clients to use the device price because I believe it is the future. And in many instances, you can make a little bit more with the device price. But on the east side, our clients are loving it. 

Many people who are just not interested in default have more trust in centralized institutions and are absolutely enjoying that easy side. So depending on you as an individual, we recommend the decentralized space. Still, if you’re not up to it, and if you’re worried about losing your funds, you’ve got the safety and the security of a centralized saving system. So we’ve brought all those advantages to our clients.

Cryptocurrencies are here to stay

I am extremely bullish in the crypto space. I think that, you know, we’ve seen crypto, and we’ve seen outrageous price predictions all the time. And very often, we’ve seen these price predictions come true. Then we’ve seen crashes and everyone going. See, I told you, so it’s a scam. It’s not a good investment. And then, just as soon as they back saying those words, the price is up again. 

So my thoughts are that long term. Crypto is a very positive bet. It’s a safe bet. If you want to ask me, should I invest? Now? Should I make some quick money? What should I buy? Are you missing the point? You’re asking the wrong question. You should be not asking that you should be saying, is this a long-term investment? And as I said earlier, long-term one, three years? You know, if you’re saying if I buy this and hold it for a couple of years, is it going to be a good investment? Or then my opinion, obviously not financial advice. 

My opinion is not going to go wrong. We’ve seen this historically for over ten years. How long is it going to take us, people, to understand that this curve is upwards? There might be volatility, but it’s upward. Cryptocurrency is going through a phase of mass adoption. This is going to change the world, and this is going to change everything we know, not getting into it is the equivalent of saying, I don’t know about this internet thing. Do you think it’s going to work out? Are you going to be asking that question? No. Cryptocurrencies are here to stay.

Behind AltCoinTRader, it has a dedicated team of professionals who are passionate about the crypto industry. The team believes crypto is not a fad or phase but a life-changing technology. Besides offering such tremendous services, Richard also manages a YouTube channel to provide daily updates related to the cryptosphere. Hence, we can say that AltCoinTrader helps buy cryptos to our heart content.

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