How To Short Biconomy (BICO)
- James Page
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Author: James Page - Last Updated on June 28, 2022
Summary: Shorting Biconomy is pretty straightforward, all you need is a crypto trading platform that allows for short selling. While there are a few exchanges out there that have added the ability to short crypto, our recommendation is to use eToro. They’re well-known, have a global presence, and are trusted by millions of users from 100+ countries.
We’ll be using eToro in our guide, you can sign up with one of the sign-up buttons below.
Before we get started, let’s quickly explain what shorting is (for those that are new to it). Shorting is the practice of selling a cryptocurrency hoping it will drop in price so you can buy it back later for cheaper… which, if successful, will give you a net profit.
It might sound a bit complex but don’t worry, it’s a lot easier than you might think.
How to Short Biconomy
Shorting Biconomy can be done in 4 steps:
- Find a cryptocurrency trading platform
- Sign up with the exchange
- Fund your account with fiat or crypto
- Short Biconomy
1. Find a crypto exchange
As mentioned before, for this guide we’ll be using eToro as they offer the ability to short the most common cryptocurrencies.
You can, of course, use any other cryptocurrency exchange that allows for short selling.
2. Sign up with the crypto trading platform
Let’s start with creating an account on eToro.
The sign-up process is very quick and easy, as is the verification that needs to be completed afterwards so you can get started.
3. Funding your account
Next is funding your account. You have several deposit methods to choose from when depositing funds into your eToro Account. These include a bank transfer, credit card, debit card, PayPal, and more.
4. Short Biconomy
These are the steps to follow to execute a short sell:
- Go to the search bar at the top, find Biconomy by entering the name.
- On the crypto page/section, on the right side, hit the TRADE button to enter the trading interface.
- At the top of the trading interface: Click on sell to short the crypto.
- Enter the amount for which you want to sell Biconomy and click on “Open Trade”.
Once you’re ready to close the trade, hopefully when the value of Biconomy has dropped, go to your Portfolio, find the Biconomy trade, and click on the red cross to close the trade.
If your assumption/prediction was right, then the profit will be added to your account after closing the trade. If you were wrong on the other hand, you’ll incur a loss which will be debited from your eToro account.
Congratulations, now you know how to short Biconomy!
Disclaimer:Â Trading, investing, and dealing with digital and cryptocurrencies might involve a lot of risks. Their prices are volatile and performance is unpredictable. Their past performance is no guarantee of future performance.
Affiliate Disclosure:Â This site is supported by its users. We may receive commissions for purchases made through the links on our site. This does not impact our reviews, guides or comparisons.
Where to Short Biconomy (BICO)
Aside from eToro, the other major exchange you can use is Binance.
While Binance tends to be a bit more advanced when compared with eToro, they do have a lot more digital assets to trade with.
Frequently Asked Questions
Can I short Biconomy on Binance?
Yes, you can short Biconomy on Binance. They have over 300 cryptocurrencies on offer, have a decent phone app and a lot of advanced trading features.
About Biconomy
Biconomy is a multichain protocol relayer protocol that aims at improving the user experience and transaction experience in decentralized applications. The project's stated goal was to make web3 products as easy and intuitive to use as those in web2.
Biconomy's focus is on transaction management and gas optimizing and can reduce gas prices by up to 40 percent. The protocol uses meta transactions to allow users submit transactions with zero gas while having a third-party pay for transaction fees. Biconomy provides a noncustodial and efficient relayer infrastructure network that allows for this to be done at scale.
Biconomy was started by an international team made up of blockchain entrepreneurs. Ahmed Al-Balaghi was one of the project's co-founders. A Queen Mary University alumnus who has spent more than three decades in the Chinese, UK, and United Arab Emirates blockchain industries, Ahmed previously worked for Viewfin (a top Chinese blockchain company). Sachin Tomar from India, a former software engineer, and Aniket Jidal, formerly working for blockchain projects within the UAE, are the other co-founders.
Biconomy is also supported and backed by several prominent blockchain venture capitalists, such as Coinbase Ventures. Binance Launchpad. Binance Capital. Mechanism Capital. Huobi Ventures.
Biconomy solves a common problem in blockchain technology. Interactions between decentralized applications and web2 apps aren't as seamless for a number of reasons. Web3 applications are subject to gas fees. Web2 applications do not have to pay a usage fee. While users may not desire to spend their Ether on gas fees, ETH is the standard currency for Ethereum network gas fees. It can also be complicated to onboard new users due to the requirement of proficiency with web wallets, signing transactions and understanding the intricacies about gas.
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