How to trade Bitcoin?
Bitcoin is becoming more and more popular and you actually can leverage on that by learning how to trade
Trade simply means exchange; it is a form of exchanging something of value to get another thing of value that benefits you. Now we’re talking about how to successfully trade Bitcoin the No. 1 Cryptocurrency in market, you should know this coin is highly in demand and people will do anything to get their hands on it.
Why You Need to Trade Bitcoins
Bitcoin is globally recognized, and people are highly investing in it, it does not depend on any national economic factors, it is a completely decentralized currency and the first of its kind. Bitcoin is being created through the process termed ‘mining’, it’s not very easy to mine but with the ASIC miner or Antminer it shouldn’t take you up to a year to mine one bitcoin
When to Trade Bitcoin
Bitcoin’s value rises every day sometimes it fluctuates, that’s more of the reason why most bitcoin owners or investors want to get their profit from bitcoin when its price is very high, then they re-invest with the profit they have made from it. However, it’s very easy to know when to trade Bitcoin, all you need to do is to check its price chart very often and study how it goes up and down on the graph. If you’re using a Bitcoin wallet from any online wallet provider, there is a page for Bitcoin’s Price Graph you’ll see exactly how it increases and decreases around a certain period of time
bitcoin trading
People trade bitcoin all the time, I mean every minute and hours of the day, the crypto market is really a busy market, they trade non-stop. So your chances of getting your Bitcoin exchange are very high. Keep Calm
How Bitcoin Exchange Works
trading bitcoin
Most Bitcoin Exchange platforms use a common system of exchange.
There is a type of exchange called Instant Exchange, it’s operates by simply registering on an exchange platform as a merchant, in which one of the basic processes is by completing the Identity verification step. At this stage you could be asked to provide your utility bills with your name written unambiguously on it, the verification step is not compulsory on some Bitcoin exchange websites.
The next step is to navigate to your account’s dashboard on the website, you’ll see a tab to decide if you’re on the site to sell Bitcoin. This will alert other buyers on the website that you’re ready to sell and if they are ready to trade Bitcoins, all the rest of the exchange process will be done between you and the buyer (what you guys decide on) all exchange will be completed through the website. A precaution you should take is that you need to focus on the current price of Bitcoin as at the time of the negotiation, take the bid to yourself and don’t be in a hurry to exchange Bitcoin, considering the fluctuating Bitcoin’s value, beware of scammers too, they’ll do anything to get that bitcoin from you be careful not to release any of your login details to them especially your Bitcoin wallet’s key.
Make sure all the negotiations and exchange is being done through the exchange platform. Trade Safely
trade bitcoin
Automatic Bitcoin Exchange
Also, another type of exchange similar to Instant Exchange is the Automatic Bitcoin Exchange in the stead of deciding with your buyer on the price to agree on. All you need to do is just to specify the amount of Bitcoins you want to trade, It’ll appear on the exchange platform that you’re willing to exchange bitcoin. But this process most times doesn’t guarantee instant exchange, you’ll need to wait till the platform has successfully matched your request with another mutual buyer’s request, all this process is being done by the exchange platform it’s more like an Escrow process. But make sure you withdraw all your funds from your exchange account into your Bank account.
Considering the incident that occurred to Mt. Gox which caused them Bankruptcy for some period of time, many funds deposited by customers into the various wallets were lost due to an error that occurred in the Bitcoin’s software, all customers that didn’t withdraw their funds before this event were not able to retrieve their funds till date, I think it’ll be the safest action to withdraw all your funds as soon as you’re done trading your Bitcoins.
learn bitcoin trading
Safely withdrawing your funds
You might be wondering you can successfully move funds to your Bank account, well no need to worry much on that. Exchange websites like exchangemycoins.com directly exchanges your bitcoin into PayPal (USD), but in this case you’re the one leaving your coin for an exchange, you can also exchange altcoins which includes Dogecoin and Litecoin.
But for a European, it’s still more easy to withdraw funds, the exchange I’ll recommend is still Bitstamp due to the low cost of Bitcoin on their platform and they are also a member of the European Union, Deposits made from Single Euro Payment Area (SEPA) do not have any price attached to it or any interest it’s totally free. Whereas, if you’re withdrawing there is a fee of just 0.90€ immediately the funds have been converted into € (Euros). Just so you know, if you made your deposits in USD(s) you’ll need to convert it back to Euros for withdrawal. Use Bitcoin to Shop
Another better way to trade bitcoin is to use it to buy products on websites that accepts bitcoin as a payment method. Domain Name Server (DNS) provider like Namecheap.com accepts Bitcoin as a payment method, but you’ll have to add funds through bitpay. Amazon and Microsoft also accepts bitcoin as a payment method, I think this is a much better way to spend your bitcoins. Don’t be a victim of scam.
Physical Exchange (You and the Buyer)
how to trade bitcoin
Selling bitcoin physically with your buyer is still considered the safest and best method of bitcoin exchange and you’ll get paid in your local currency. The process is simple, all you need to do is meet your buyer bring out your mobiles or pc and do the exchange by scanning an embedded QR code on the exchange app or website.
There are different things to consider when trading bitcoin face to face.
Place an agreement with the Buyer
You should probably check the current BTC price in the market to verify you’ll trading Bitcoin rightly, meet your client agree on a certain price, and then exchange. It’s easy but it’s also risky, it is not advisable to carry cash with you around you know Bitcoin is worth lots of Bucks so it’s better you do e-transfer to avoid theft.
Another way around this is that you and the buyer should agree to use a particular Bitcoin exchange site, to make the exchange easier and more comfortable. This is certainly the best and safest method to trade bitcoin. This would free you and your exchange partner of trust concerns.
You should cultivate the habit of calculating Bitcoin value across different currencies, to know which suits at any particular time, local currency also fluctuates so choose carefully, you can calculate all this on your mobile phones, its easy with it
If you are serious about learning how to trade Bitcoin my humble advice is that you start learning on The Bitmex Trading Platform.
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