Know more about CryptoQ
What is CryptoQ?
CrpytoQ is a fantasy gaming platform where participants can follow cryptocurrency movements and hone their Crypto picking skills through dummy trading, popularly known as paper trading. The newsfeed section gives a summarized real-time news feed on cryptocurrencies whereas the “Discuss” option gives users the opportunity to create groups to discuss anything related to Cryptocurrency and be up-to-date in this rapidly changing field.
There are three types of competitions – Daily, Weekly and Monthly. Also, competitions are based on three different categories of Cryptocurrencies – Crypto10, Crypto20 and Crypto50. These are nothing but list of top 10, 20 and 50 Cryptocurrencies based on market capitalization. In order to participate in the paid competitions, one need to create a portfolio using virtual corpus of USD 100,000. There are free competitions also for newbies to hone their skills. It is understood that cryptocurrency market cap are dynamic in nature and hence two users may see a different coin list of Top 10, 20 or 50 cryptocurrencies, if they join at two differet time points for the same competition. Currently, no effort is being taken to fix the list as this is more of a crypto education App and will not impact the purpose of CryptoQ.
To join a competition, one needs to create a portfolio where one can buy/sell Cryptocurrencies worth USD 100,000. One may decide to buy/sell multiple Cryptocurrencies or a single one based on what the person thinks will give best returns. To illustrate through an example, say, Person A, while creating a portfolio buys Bitcoin worth USD 100,000 whereas Person B, buys USD 30,000 worth Bitcoin and sells USD 70,000 worth Ethereum. Thus, person A will have just one Crypto in his/her portfolio whereas the portfolio performance of Person B will depend on movement of two Cryptocurrencies namely Bitcoin and Ethereum. Now, while creating a portfolio one cannot buy/sell more than USD 100,000 worth of Crypto. Needless to mention that who buys expects the price to go up and who sells, expects the price to come down. Portfolio return is calculated based on the movement of the Crypto prices. If one has bought any Crypto and the closing price is more than buying price then he/she will make money. Whereas, if one sells a particular Crypto and the closing price is lower than the sell price then one will make money, otherwise will lose money. One can create just one or multiple portfolios for a particular contest. There might be multiple contests for a particular competition. One has to spend at least USD70,000 virtual money to be able to create a portfolio and join any contests.
Since Crypto is traded 24×7, daily competitions runs between 12 AM IST to 11.59 PM IST , unless otherwise stated. Weekly competitions run for a week between the mentioned timeframes. One can join a contest any time before start of the competition. For daily competitions, performance would be based on return of the portfolio for that day based on difference between buy/sell price and closing prices. Similarly, performance would be evaluated for a weekly or monthly competition.
All prices of Cryptocurrencies at CryptoQ are courtesy Coingecko and their reported price will be considered as final and if any dispute arise then CryptoQ reserves the right to discard such complaints. This is because it’s an educational App for Cryptocurrencies and currently, CryptoQ does not use any other data providers. Having said that, the users may be rest assured that Coingecko is one of the most well-known and trusted data providers in this space. For more info, please visit https://www.coingecko.com/en