Cryptocurrency Trading for Beginners [2022] | Complete Guide

Crypto Trading For Beginners
In this lead, you will learn everything you need to start trading cryptocurrencies. Once you end reading our guide, you will have all the background information on buying and selling digital assets. There ’ mho a fortune to cover in this guide, so lashkar-e-taiba ’ s dive right in .

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Introduction

If you want to learn how to trade cryptocurrency, you ’ re at the correct set. There are mountains of data available on the internet, which could easily overwhelm anyone, including a seasoned trader. To help you out, we have created this detailed lead to cryptocurrency trade for beginners updated for 2021 .

What is cryptocurrency?

Simply put, cryptocurrencies ( besides known as digital currencies, cryptos, virtual assets, or digital assets ) are digital forms of currencies. They can be used to pay for goods and services good like conventional currencies. Like how the traditional forms of currencies can be traded against one another on the forex, cryptocurrencies can besides be traded against specific pairs on specify platforms called cryptocurrency exchanges .
The difference is that unlike conventional currencies such as the U.S. dollar, cryptocurrencies are frequently not controlled by a unmarried entity. They are besides secured using building complex cryptography coupled with a newfangled form of on-line populace daybook called a blockchain. It is distributed to anyone and everyone concern in having a copy. Watch the brusque video below to understand how blockchain works before we proceed foster .
Watch the video: Simply explained : How does blockchain work ?
How does a blockchain work – Simply Explained

How it all started?

Digital currencies have been around for more than a couple of decades in different experimental forms, but the beginning one to be successfully implemented was Bitcoin .
Bitcoin was created by Satoshi Nakamoto ( pseudonym ), who released its whitepaper called “ Bitcoin : A Peer-to-Peer Electronic Cash System ” [ PDF ] in October 2008 and launched the network in January 2009 .
An excerpt from Bitcoin’s whitepaper published back in 2008. Bitcoin has spurred a wholly fresh digital coin class that can immediately be bought and traded on cryptocurrency exchanges worldwide .

other than Bitcoin, there are other long-familiar and recognize cryptocurrencies like Ethereum – which is presently trailing Bitcoin in terms of network value ; and Tether – which is the leading stablecoin besides in terms of network respect .
ℹ️ A stablecoin is a digital asset whose value is pegged to the rate of a decree currency ( such as the U.S. dollar ) in order to avoid the wild price excitability that is common with other virtual currencies. The majority of successful and professional cryptocurrency traders use stablecoins while mitigating their trade plans .
presently, there are more than 13,000 cryptocurrencies listed on CoinMarketCap, a leading data collector for the cryptocurrency market .
Crypto beginners’ corner:

Cryptocurrency trading vs. Investing

As you learn how to buy and trade cryptocurrencies, you must differentiate between crypto trade and investing. What is the deviation ? Which is better ? And, how do you take advantage of this eminence to effectively make your trades ? The two terms are often used interchangeably, but they are different .
They are lone exchangeable to the extent that the conclusion goal is the lapp – advance profit from your activities. They are different in that results from trading activities are broadly expected within a short to medium-term period. This could be anything from minutes or hours to a few days or weeks. With investing, the trader is in it for the long catch. We ’ ra talking about months all the way to years or even more .
As a founder, you credibly want to choose a trading strategy that involves metier to long-run deal and investing. This will typically require more clock time to research and analyze your trades before entrust .

Crypto market vs. Stock market

The stock grocery store has been around for a hanker time nowadays, and there is a crowd of literature on the topic. But, how different or like is it from or to the nascent cryptocurrency market ? here ’ mho how .

Similarities between the crypto and stock market

  • Stock trading and investing tools are more or less the same. This is especially true for technical traders using tools such as charts to analyze the market. You can use the same tools to perform TA (Technical Analysis) for trades on either market.
  • Assets denominated using fiat currencies. The crypto market may be innovative and revolutionary with the assets designed to append the current financial system. However, the denominations in the marketplace are still valued compared to fiat currencies similar to the stock market.
  • Trading and investing strategies are similar. In the stock market, traders can choose to day trade, swing, or position trade. They can also opt to buy and hold their assets for the long term. Similarly, traders and investors in the crypto market can do the same things.
  • Similar market products. The stock market has been around for generations, leading to innovative products such as derivatives and techniques such as using leverage to inflate gains (and losses.) Those same products and techniques have been ported over to the new age cryptocurrency market. You can now trade Bitcoin futures, options, and leveraged tokens. You can use leverage on most of your trades on most leading cryptocurrency exchanges, such as Binance, Bitfinex, or BitMEX. The full list of digital asset exchanges with a leverage trading here.

Please note: DO NOT trade cryptocurrencies with leverage unless you are fully mindful of what you are doing and what risks you face .

Differences between the stock markets and crypto markets

  • Market volatility. Owing to its old age, the stock market is more stable and less volatile. The crypto market, on the other hand, is accustomed to wild price swings. It is pretty normal to see double-digit percentage swings in a matter of hours.
  • Market maturity. Age is a significant factor in trading. The stock market has been around for a long time, while the crypto market is only about a decade old. This means that market value and trade volume in the former is much larger compared to the latter. The younger age also contributes to the wild volatility experienced in the crypto market.
  • Market assets. In the stock market, you invest in the publicly listed company shares by buying their stocks. In the crypto market, you invest in the idea, the technology, or the currency (or token), but not the company (if any) behind the currency.
  • Regulations. Since the stock market has been around for ages, regulators have had enough time to develop and implement rules and regulations governing the market’s conduct. This contributes to the minimal volatility we highlighted earlier. In the cryptocurrency market, this is not the case. The regulators are still grappling with understanding the emerging asset class, and this lack of (proper) regulations are part of the reason for the market’s wild nature.

Why trade cryptocurrencies?

Given that cryptocurrencies seem to have more negatives against the breed marketplace but not enough positives, why would you want to trade digital assets ? well, hera are some of the pros below .

Benefits of cryptocurrency trading

  • 24-hour trading. As opposed to the stock market that opens and closes at specified times, there is no closing of the cryptocurrency market. You can trade cryptocurrencies 24/7/365 or even use trading bots and let your trades run all the time.
  • Market volatility. This may be seen as both a negative and a positive feature. In the previous section, we focused on the negative, but let’s talk about the positive. Traders (not investors) live off market volatility. The crypto market has this in troves, and this means that as a trader, you will get better trading opportunities with the cryptocurrency market as opposed to the stock market.
  • Privacy and anonymity. If you’re big on your right to privacy, then you will love cryptocurrency trading. With crypto trading, you have access to decentralized cryptocurrency exchanges. These allow you to trade with self-custody assets (when only you have possession of your digital money) without the need to submit your identity online. Of course, there are centralized trading platforms if you don’t mind sharing your particulars and having another party storing your digital assets.
  • The multitude of assets. Despite its relatively young age, the crypto market has advanced so much so fast that traders now have access to similar stock market products, including futures, options, leveraged tokens, swaps, CFDs (contracts for difference). Whether you want to go long or short, ‘call’ it or ‘put’ it, look no further. Every kind of derivative currently available on the stock market has already been ported over. If not, it’s coming soon.
  • Easy account opening. In crypto, there is a shallow barrier to entry. You can easily create an account in an exchange and start trading in a matter of minutes. That’s how fast it is to jump on board.

Cryptocurrency trading techniques

There are two independent techniques to use to analyze and evaluate cryptocurrency. The techniques have existed for generations and have successfully been implemented for traditional fiscal assets. These are the cardinal Analysis ( FA ) and technical Analysis ( TA ). Often they are used complementary color to each early, but it is potential to apply either independently .

Fundamental Analysis (or FA)

FA is the artwork of a trader using both economic and fiscal factors affecting a given asset to determine an asset ’ second value. Through FA, you will be able to know whether that asset is either overvalue or undervalued at the stream evaluation. If you can figure out that question, you can then decide whether or not to invest, when, and for how long a period you would look to keep the investment .
fundamental analysis for cryptocurrency involves evaluating two important factors – on-chain and off-chain metrics. On-chain metrics include network hash rate, wallet addresses ( active and dormant ), net applications, token/coin issue rate ( inflation/deflation ), network fees, and transactions .
fortunately, with cryptocurrency, most of the networks are populace such as Bitcoin and Ethereum making access to these on-chain factors easy. To track both Bitcoin and Ethereum on-chain metrics, you can use Bitinfocharts.com. This web site has loads of crypto-related data and is extremely dim-witted to use and navigate .
Off-chain metrics basically include community betrothal, exchange listings, government regulations, etc .

Technical Analysis (or TA)

technical analysis is a trade discipline predicated upon the idea that a trader could predict an asset ’ mho future price movements, given its diachronic price natural process. TA uses a host of technical indicators to achieve this, including deal book, moving averages, vogue lines, candlesticks, chart patterns, and more. At the end of a technical analysis, a trader should have identified deal opportunities and a electric potential introduction point .
Cryptocurrency technical foul psychoanalysis can work for any trade timeline, from scalping and day trade to long-run investments .
Recommended video: The peak 10 key chart patterns to be effective at trading | Technical Analysis Tips
All of the patterns explained in this video are useful technical indicators that can help you to understand how or why an asset’s price moved in a certain way – and which way it might move in the future.

FA vs. TA – which is better?

It wholly depends on the trader visibility. Do you want to be the kind of trader that prefers to get in and out of trading positions multiple times a day ( i, day trader ) ? then crypto technical psychoanalysis will be your best supporter. rather, do you prefer to research and make inform bets every time ( i.e., swing trader ) ? then – a shuffle of both is the room to go .
Note: As a trader, you can ’ t have enough tools in your armory. Applying both FA and TA will give you the best opportunity of identifying the best trade and investing opportunities in the crypto market. This is because the two techniques complement each other in sol many ways .
For example, you may use FA to determine that an asset is worth investing in. What you may not uncover with FA, however, is the right clock to invest. For this, you will have to rely on technical analysis. conversely, if you are using TA to work out future price movements for a given asset, you can use FA to confirm whether or not the monetary value drift you are witnessing is poised to continue .
therefore, there are advantages to using either technique over the other at respective moments in your research, but to have a more complete word picture, use both .

Cryptocurrency markets

When it comes to the available cryptocurrency markets, just like the traditional fiscal instrument markets, there are two classes : the spot and the derivatives markets .

Crypto spot market

As the name suggests, in a crypto spot grocery store, assets are either bought or sold on the spot, meaning that delivery happens “ on the spot. ” If you buy Bitcoins, the coins are delivered immediately, and the payment is besides settled immediately .
The spot marketplace is made up of two kinds of traders :

  • Makers – these are the initiators of a trade. As a maker, you list a potential trade on an exchange. For instance, if you want to sell your Ethereum coins, you will open a trade at a particular price point, inviting a potential buyer to fulfill your order.
  • Takers – on the other side of the equation will be the trader that fulfills the order, and these are referred to as takers. As the name suggests, these traders “take” already existing orders and fulfills them

Makers bring liquidity to the market. There are makers and takers on either side of the purchase mint. There are makers for both buy and sell orders, and consequently, there are takers for both buy and sell orders. An ordain book is the daybook on which available orders yet to be fulfilled are recorded .
For exemplify, if you are a buy taker, you could scan through the order koran and choose to fulfill ( take ) an arrange that already exists or topographic point an order. The platform will automatically match your purchase order with an already existing deal order .

Crypto derivatives market

The cryptocurrency derivatives marketplace consists of fiscal instruments whose measure is based on a virtual currency ’ s measure. These derivatives can be based on early derivatives ’ value and forming multiple tiers – a house of cards if you will .
Note: The derivatives are typically contracts of two or more parties with these contracts deriving their value from underlying assets such as Bitcoin, Ethereum, or other digital assets. Just like their counterparts in the traditional breed markets, there are multiple derivative instrument products in the crypto celestial sphere. Common crypto derivatives examples are futures contracts, options contracts, contracts for dispute ( CFDs ), leverage tokens, and keepsake swaps. Please note: derivative instrument instruments should only be used by have crypto traders .

Cryptocurrency trading strategy

To be successful in cryptocurrency trade, you will need an effective trade strategy. What is it ? A trade strategy is just a plan that you will follow when executing your trades. It will comprise the kind of assets to invest in, the frequency of your trades, and your investments ’ size .
In this section, we will discuss some of the most common crypto trade strategies. Although preserve in mind that you can constantly create your personal strategy that works for you. It could be based on these wide strategies or something completely new .

Why you need a trading plan

here ’ second why a crypto trading scheme is all-important to your success :

  • It’s a map. Having and maintaining a trading strategy is akin to having a map. It guides your trades, helping you know when to trade, how, and why to perform a certain trade.
  • Keeps emotions at bay. One of the biggest challenges facing traders is the interference of feelings and emotions. These become an impediment when an asset’s price starts trending in the opposite direction to a bet. In cryptocurrency, this happens so frequently that it easily leads to an emotional roller coaster. Successful traders have learned to keep trades free of emotions by sticking to their trading plans.
  • Risk management. Having a trading plan effectively forces you to do the research necessary to create one, and part of that research is the risk factor to consider for every trade. Risk identification is the first step toward risk management.

here are some of the popular strategies used by highly successful traders and investors :

Day trading and Scalping

A crypto day trading strategy allows the trader to take wax advantage of cryptocurrency assets ’ price volatility. As mentioned earlier, virtual assets are presently extremely volatile, which works to the advantage of a day trader .
The day trade scheme is a game of numbers scheme. A day trader will make multiple trades within a day, buying low and selling senior high school within little gains that compound to large sums by the end of the day. typically, sometimes it gets hard to perform this manually. To succeed in this strategy, you will need to consider automating your trades using trade applications or crypto trade bots like Coinrule .
Important: It is not recommended that you begin your trade travel as a day trader. This is because this scheme ’ south fast-paced nature will require that you make fast decisions, and there is fiddling room for research between trades .
Scalping ( a trade strategy in which traders profit off small price changes ) is a separate of day trade but typically involves concise trade periods. Think minutes .
When either day trade or scalping, many trades will result in both wins and losses. The mind is to make certain that the win/loss ratio is in your favor. Score more wins to consider your scheme a success .

Swing trading

When it comes to swing trade, the prison term period varies. Whilst in sidereal day trade and scalp, traders typically open and close positions multiple times within a day. In swing trade, this happens within a much longer period. This could be anything from a few days to a few months.

A crypto swing trader will aim to take advantage of an entrance or ongoing vogue. In crypto, this strategy is sometimes referred to as BTFD ( “ buy the degree fahrenheit ’ nitrogen dim ” ). It means buying when the monetary value is low and sell when the price is high. extensive application of both FA and TA techniques is necessary when using this scheme .

Position trading (HODL)

besides called tendency trade or following the swerve, this scheme involves long-run invest in assets. A trader/investor will typically buy or invest in an asset when the price is low and sell when the price is high, not unlike the early strategies. The only difference is the hanker fourth dimension periods between opening and close a position .
Trades set up through this strategy could take months and sometimes years. It is an ideal strategy for investors favoring a more hands-off border on. This strategy is sometimes called ‘ HODL ’ ( or Hold On for Dear Fife ) in cryptocurrency. The term is derived from a shimmer on the son ‘ hold ’ – to buy and hold. A crypto trader would invest in a mint or token and hold it even when the prices are plummeting. Such a trader would therefore be called a ‘ Hodler. ’

Margin trading (trading with leverage)

margin trade is not a trading strategy but preferably a trade method. Adopted from the traditional stock marketplace, it involves a trader using borrowed capital to open positions on a trade platform .
As anticipated, the results from trading on margin are greatly amplified to either direction of the trade put. If you score a winnings, the wages is much larger, and the reverse is besides true. If the trade wind goes sideways, you besides lose a lot more .
ℹ️ When trade cryptocurrencies with allowance, you will come across the follow common terms – margin, leverage, and extermination. Margin is the sum of capital you stake in a status. Leverage is the come of capital you borrow to open a larger position. Liquidation is the price at which a trade is mechanically closed when the price moves against your position .
The larger the leverage, the closer the liquidation price to the entry price .
To better understand leverage, assume you enter a trade with 5x leverage. This means that your trade ’ south position size is 5 times the capital you staked from your own pocket ( i, margin ). normally, the exchanges with margin trading options offer a leverage up to 100x, which is a hazardous ‘ bet on ’ and not recommended for beginners .

Risk management

It ’ sulfur hard to talk about crypto trade without talking about hazard management in cryptocurrency trading. It is another essential depart of your achiever travel. risk in crypto deal refers to the opportunity of an undesirable consequence happen .
You may have heard that trading cryptocurrency is hazardous, and that is truthful, but so is trading all other fiscal instruments, including stocks and bonds. What differs is the degree of risk .
There are unlike kinds of risks, and in this section, we will discuss those related to cryptocurrency trading .

  • Market risk. Perhaps the most widespread of all is the risk that a given asset’s market price or the overall crypto market will swing unexpectedly and negatively affect your market position.
  • Liquidity risk. Refers to a situation where you are unable to exit a position. Typically happens when you can’t find a buyer for your asset.
  • Legal risk. Refers to a situation where a government regulation or policy negatively impacts an asset or a trading platform. This could lead to liquidity problems if buyers for your asset are barred from purchasing it. Also, if a trading platform is banned from your jurisdiction, you could end up losing your funds stored with the exchange.
  • Operational risk. It is the risk inherent if a trader cannot perform a trading activity such as exiting or opening a position. It could be caused by the failure of a trading platform or malfunction of a trading application etc.
  • Systemic risk. Refers to a loss incurred due to a failure in the entire trading system. Closely related to the market risk, but this one is much direr given that it is caused not just by the market downturn but also the collapse of crucial systems within the marketplace. Think of the 2008 financial crisis. That was a systemic failure that led to a market meltdown.

immediately that you understand the kind of risks you are most probably going to encounter, you should factor them every time you are about to make a trade decision .

Portfolio management

professional traders rarely have just one asset within their portfolio. therefore, to juggle all their investments and trades, they need specific tools to be effective while trade. And that ’ s where portfolio trackers come in .
They are software applications for background, pill, and mobile devices that help track every kind of investment you make in the crypto market .
By tracking your portfolio and measuring your performance, you can well improve upon it and make better trades. As the say goes, you can ’ t improve what you can ’ thymine quantify .
When it comes to crypto portfolio management, you want to know how much of a especial asset you hold and where it is stored. You besides want to know how much you are gaining or losing from a particular trade wind or investing .
Keep in mind that you could have to maintain multiple portfolios. As a trader, you might employ different trading strategies simultaneously, meaning you are actively trading while at the lapp time swing deal and/or position trade .
To be a profitable trader, you will need a suite of applications from data portals and news aggregators to portfolio trackers. They all work in tandem to offer you real-time data you can use to make better trade and investment decisions .

How to pick the best cryptocurrency exchange

There are hundreds of cryptocurrency exchanges in the market today. Some are centralized ( a party runs them ), while others are decentralized ( a community runs them ). Whichever option you choose comes down to your preferences. But here are a few factors to consider when choosing the best crypto substitution for a novice :

  • Liquidity. This is the number of assets supported as well as the sizes of the different order books. The volume of trades will give you an idea of the popularity and the reliability of the exchange you are considering.
  • Fees. Knowing the fee structure of a trading platform is important because this affects the kind of trading strategy you choose. Let’s consider that you opt for daily trade or scalp. As we mentioned above, in this strategy, you will need to enter and exit multiple positions in a day to make a profit. This profit is dependent on your trading fees and buys/sell spreads. The lower the fees, the higher the profit margins (given other factors are kept constant).
  • Payment options. It would be best if you considered what payment options the exchange supports. This could be credit cards, wire transfers, other cryptocurrencies (crypto to crypto deposits), etc. Some platforms support a wide range of options, while others have limited options.
  • Security. This is especially important in cryptocurrency. Do not compromise on this factor. A trading platform needs to have the best security in place to secure its assets and those of its customers. On top of this, there should be an insurance policy for extra assurity.
  • User experience. The ease of navigating a trading platform is also a big consideration, especially so for a beginner. You want to find things easily, place orders easily, and keep track of your trades more easily. Typically, centralized exchanges are much more user-friendly as compared to their decentralized counterparts.
  • Customer support. Even though a trading platform seems easy to use, it is also important to consider how easy it is to reach the help care desk. You can check Reddit and other relevant places to read reviews about a platform’s customer support efficiency. This may come in handy when you have an issue.

Recommended platforms for your first trades

Coinbase (best for beginners)

Buy & sell crypto

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Perfect for beginners
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Coinbase is a suitable cryptocurrency switch over for beginners who want to prioritize security and convenience. The platform makes buy and trade cryptocurrencies simple, while besides providing high levels of security and transparency. In addition to its user-friendly interface, it offers trading, institutional benefits, and digital memory to consumers in more than 100 countries .
Coinbase fees, on the other bridge player, may be more expensive than those charged by competitors, but since the caller is publicly listed on the Nasdaq and is regulated in the United States, it is a good match for customers who are hesitant to buy or trade crypto. therefore, in exchange for simpler sediment and coitus interruptus options, you will have to pay a greater fee .
Read our Coinbase-related guides:

Binance (for those who want to start with spot trading)

Buy & sell crypto

What we like :
Highly credible broker
Perfect for beginners
Protected by policy
80+ cryptocurrencies to invest
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however, those traders who want to step up to manual trade can choose Binance for low fees, a variety of order types and payment options. Whatsmore, Binance caters to experienced users with comprehensive examination graph options, with an abundance of promote indicators and overlays. There are over 500 cryptocurrencies for trading and an enormous choice of transaction types .
Despite the fact that Binance is user-friendly and provides three tiers of service structured according to trade expertness. however, it is not vitamin a aboveboard to use as the Coinbase platform and it is more orient to those already familiar with spot trade .
here ’ s how you can buy cryptocurrency with a credit or debit batting order on Binance once you decide to start trading :

additionally, the exploiter experience is ideal for a novice. There are both Classic ( previously named as basic ) and Advanced user interfaces catering to both beginners and advanced traders .
Classic interface:
Classic trading interface on Binance exchange. Recommended for beginners.
Advanced interface:
Advanced trading interface on Binance exchange. Recommended for professionals.
Binance supports the widest choice of deposit/withdrawal options of any exchange presently and the widest geographic coverage deoxyadenosine monophosphate good. You can besides download a mobile application on either io or Android and trade on the go .
To learn how to execute trades on Binance watch this video:
A tutorial on how to trade on Binance.
Read our Binance-related guides:

IMPORTANT: Before you start trading cryptocurrencies

ℹ️ To make your crypto experience even more commodious, we have prepared an highly detail guide where we take a deep dive into the industry ’ south best cryptocurrency news aggregators, data websites, tools, and portfolio trackers that every crypto trader should be aware of. Therefore, we highly recommend you read our “ Master Bitcoin ” template and know more about what alone tools the industry offers. This guide was prepared by a master crypto data analyst and investor .
Here’s the short breakdown of the information you’ll find in our aforementioned guide: 
Other recommended related guides:
Choosing the best crypto exchange:

Conclusion

hopefully, you have learned a draw and you are immediately more inform and intimate about cryptocurrency trading and investing than you were at the begin .
now it ’ s your turn. We enjoyed researching and writing the guide with you in mind. good fortune !

Crypto Trading | FAQs

What is the best Cryptocurrency exchange for beginners?

Binance. This is because it has some of the lowest trade fees in the market, provides a complementary color fluid app for users to keep lead of asset prices on the act, has a comprehensive education resource section and supports one of the broadest choice of payment methods. additionally, it adheres to strict condom and security standards. All these are factors that make it ideal for a founder.

What is the best cryptocurrency trading strategy?

It depends on your goals. Looking for short-run gains, then scalping and day trading would be the best strategy for you. If, rather, you are looking for long-run gains, consider situation trade or holding your coins over a long time period ( HODL ) .

Is trading cryptocurrencies profitable?

Crypto deal is profitable, but only if done correctly. Follow the steps, strategies, and tips shared throughout our guide, and you will be in a better position to make profitable trades. And a golden rule : Plan your trade, trade your plan .

How do I start trading Cryptocurrency?

trade cryptocurrency is not unlike trading stocks in the traditional markets. The principles are similar albeit there are a few differences in execution. To start trading crypto, follow these steps :

  1. Do your research. Just like in the stock market, you need to do a thorough research of the market and the assets before you decide to invest real money;
  2. Find the best crypto exchange for you;
  3. Buy crypto of choice;
  4. Trade the crypto for profit (plan your trade, trade your plan);
  5. Withdraw profits or reinvest.
source : https://www.peterswar.net
Category : Finance

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