What You Can Learn About Crypto from the Phemex Olympics

Trading cryptocurrency has become a major way to make money in the past few years. If you have heard of cryptocurrency, you may know people who have made a lot of money doing it. At first, it may seem complicated or even convoluted, but in reality, it can be very easy if you know what you're doing.

It's more important to know how to trade a cryptocurrency like Bitcoin than it is to know exactly what they are. The first step to knowing where to trade them starts here.

What is Phemex?

Phemex, or phemex.com, is an easy place to get started on trading or exchanging crypto. It is a full-service platform for exchanging it. Using it, one can:

• Get up to 100 times your initial investment
• Use a credit or debit card for your deposits
• Earn interest on investments
• Get real-time trades (if you are a premium member)

Important note: Phemex is only available for people living within the United States.

The Phemex Olympics

In celebration of the Tokyo Olympics, Phemex created a competition where participants could make up to $100,000. In the spirit of the games, Phemex based its competition on two Olympics events. Those were weightlifting and sprinting.

The weightlifting competition was all about the "heavy lifters." That is to say, it was all about the people who invested the largest volumes to win the biggest rewards. The rules and requirements were:

• The winner has the highest trading volume
• If two competitors have the same trading volume the participant who entered the competition first is the winner
• Only Contract Trading volume will count
• Every single Contract Pair will count
• Every ten minutes, the trading volume of each participant will be updated on the competition landing page
• No API users allowed

The sprinting competition was all about who can hit the 500% return-on-investment quickly. The rules and requirements were slightly more complex than the weightlifting competition:

• The user must have a value of at least 0.003 bitcoins to be considered in the competition. Anything less is disqualified.
• The first ten users to earn 500% ROI will be crowned as the winners. They will be awarded first through tenth place based on who did it first, second, third, etc.
• If no one reaches 500% ROI, then users will win based on how close they got to 500% ROI.
• If two users reach 500% ROI at the same time, the user who entered the competition first will be the winner.
• The sprinting competition is only for users who are trading using BTCUSD.
• Like the weightlifting competition, user scores will be displayed on the landing page.
• API users are allowed for this competition.

Now that you know what they are, it’s time to join in on the trading and find out exactly how much it is that you can win.

Who Won?

It is difficult to say. Obviously, someone had to have won in both the weightlifting and the sprinting categories. The website of phemex.com is vague on the answer.

Any time a competition is held on the Phemex website, the results are posted live on their landing page. Once those results are gone, they are gone for good. Searches through the internet also draw no conclusive results.

How Did They Win?

Trading Bitcoins and other cryptocurrencies, as said before, is nowhere near as complex as it may seem at first. It is just like trading any other kind of stock or currency. Some people own stocks in the brand of Bitcoin, and others own the actual Bitcoins themselves.

The way that the Phemex Olympics operated was indeed a trading endeavor. All of the participants, whether they won the competition or not, had the potential to make money, as does any kind of stock or goods exchange. The potential to lose money is also just as notoriously potent.

Winning the competition itself meant coming in higher than other people who also participated. But, even the “losers” were still winners in this competition.

What to Do Now?

If you are new to crypto and don’t want to miss out on other future events, look out for other competitions held like this to inspire you to learn how to trade. Currently, phemex.com is holding a similar competition to the one held for the Phemex Olympics called Bitcoin Bonanza.

Maybe it’s too late for you to join in on this competition, but that doesn’t mean it’s too late to join in on others in the future. It’s good to continue to research competitions like this to learn about Bitcoins, trading, and other cryptocurrencies. You can also use Bitcoin Bonanza to do even more research about what the winners are doing to become winners.

The future of the stock industry is in crypto. Trading and mining crypto are going to be essential if in your future you see success.