Cryptocurrencies in general is a form of a decentralized, digital software system based on blockchain technology and used for payment and other transaction across the web. Bitcoin is the most established cryptocurrency and the first in the market, with a market cap of about $280 billion, making it the most popular of all cryptocurrencies. Bitcoin like all other cryptos is very unstable; the price fluctuates up and down, this unique feature makes Bitcoin trading a worthwhile venture for a few smart people.
It is no longer news that a lot of people especially online entrepreneurs and other crypto traders are making huge incomes daily from Bitcoin trading and/or Altcoins as the case may be. The major way people are making this money is by buying these ‘coins’ for a low price and selling them for a much higher price. Just like in FOREX or the Stock market.
If you are looking to get involved with the cryptocurrencies world today, you are basically looking at buying these coins at a low or cheap price and selling them later as the price goes up. A lot of cryptocurrencies are emerging day by day, especially as cryptos are gaining worldwide recognition daily, one must be careful, however, on the coins to trade on. Bitcoin remains the most secure of all coins and therefore, trading bitcoin has become popular and most rewarding.
We bless God that so many people are beginning to earn in a way from crypto currency. It has removed joblessness from so many unemployed youths and even pays better than some paid jobs out there. You can’t get it wrong with cryptos if you know what you are doing, trust me. Trust me Bitcoin trading is sustaining lives!
What Is Bitcoin Trading?
Bitcoin trading basically involves buying bitcoins at a low price and selling them off when the price spikes or goes up. Bitcoin is a volatile currency which means the price can rise or fall several times in one day with a margin of $10-100 per bitcoin value. This is a perfect opportunity for people who are ready to invest their money and try out their speculative and/or predictive skills, and making good amount of money daily.
Trading of Bitcoin can be extremely profitable venture for both professional traders and newbies or beginners alike. Bitcoin trading platforms or exchanges are almost everywhere on the net, and compared to other conventional financial institutions, they have little or no entry barrier…No long paper protocols, you will only have to do a few identity verifications and this may not even be required in some cases. Anybody can therefore, make pretty money online from bitcoin trading, unlike other financial institutions
Getting Started With Trading
First of all, you will need to sign up with a certified Bitcoin exchange platform. There are a thousand-and-one exchange platforms all over the net. Note that no one in particular is central. You must be very careful in making any choice or choices because there are lots of scammers out there…This is Internet; anything is possible. See the various reputable exchanges here
Bitcoin trading platforms or exchanges are set up for the purpose of trading Bitcoins just like in stock exchanges and they operate 24/7. Some good exchanges are provided at the end of this article.
You might need to consider few factors like: The currencies traded on the exchange, main location of the exchange, how to fund your account on the platform and acceptable means for funding, the fees or commissions per deposit and withdrawals made by traders and lots more. You might also need to google and read reviews about them before making a choice.
Once you are done with the sign-up process, you are provided with a ‘wallet address’. The wallet address is like your conventional bank account. This is where you store, receives or from where you send out bitcoins. This mean that when someone want to send some bitcoin units to you, all u need to do is to go to your account and copy out the wallet address and send to the person. The opposite happens when you want to receive bitcoin. The Wallet Address takes the form of ‘string of letters and numbers’ as shown below:
Note: Every crypto currency has wallet peculiar to it. Meaning you can’t use Bitcoin wallet to receive another type of crypto currency and verse-versa.
Study The Market And Develop A Trading Strategy
Upon successful sign up, and perhaps funding your wallet as the case may be, you don’t just jump into trading. There is need to study the market. Carryout researches, learn few trading styles from mentors, join forums and chat groups. At the end develop a trading strategy. What works for you might not spell well for another person. You must be smart and must not be greedy.
You must have good analytic mind to help you speculate a rise or fall. You must also learn to control your emotions. Please it is advisable you don’t go into bitcoin trading with all your you have, trade with only what you can afford to lose. As a beginner, enter gradually with very little funds time after time.
It’s important you enable a two-factor authentication to give your account an additional login security. To do this, download the Google Authenticator app, then input a security code provided to you when you enable this step in your sign-up process, you may also be asked to scan a barcode using the barcode scanner on the authenticator app.
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Disclaimer: 1001entrereneurs.org or her editors or publishers are not financial advisers and shall, therefore, not be liable for any loss incurred by virtue of her articles. What you see or read in this website are for educational purposes only. Please consult your broker or financial adviser when doing such deals about crypto currencies. Cryptos are generally high risk ventures and as such, one must be very careful when trading bitcoin or other crypto currencies.