Are you one of those people who are wondering whether to invest in Bitcoin with the hope of making substantial amounts of money?
The financial news has been rife with the dramatic rise in the world’s number one cryptocurrency and this has piqued the curiosity of many as to the possibilities of investing in this digital currency in a bid to make boatloads of money. If that is you, please read to find out more.
Bitcoin is not, as it were, a real coin but a digital form of payment known as ‘cryptocurrency’ which is generated, mined by lots of people across the world. Bitcoin supports instant peer-to-peer transactions globally at a fixed cost or fee.
The identity of the creator of Bitcoin is unknown.
Bitcoin is not supported by any substantial commodity like silver or gold but is traded online as a commodity in itself. This means that you cannot print them into fiat money. It is an open-source product, which means that anyone with an internet connection, email address, and money can get started trading the cryptocurrency to make money.
The buying and selling of this digital currency is perhaps the easiest and fastest way of making cool money as its value rises and falls every day, thus becoming an excellent target for traders. Despite this, however, trading Bitcoins is a high-risk venture, but also super-exciting offering high rewards since no one can accurately predict how low or high the cryptocurrency can go.
Now, if you already own a few Bitcoins, you can start trading immediately. In most cases, you don’t need verification to begin trading. Bitcoin trading is similar to the trading that is carried out in the stock market which involves buying commodities at a low cost and selling off when the price increase. The volatility of Bitcoin can make the rate to rise or fall numerous times daily, you can see a growth or decrease in price of $5000 in only one day.
The following are the steps to take if you want to start trading with cryptocurrencies:
Become a member of a trading exchange
This is the first thing you should do. These trading exchanges are similar to stock exchanges; the only difference is that there is no central Bitcoin exchange. There are a lot of Bitcoin exchanges that operate 24/7 internationally. So go for the one that suits your needs based on:
- Parities;
- Coin/Token that you want to trade;
- Liquidity;
- Fees.
A few of the top cryptocurrencies exchanges are Binance, Bittrex, Bitfinex, Poloniex, Bithumb, Bitstamp.
Study the market and develop trading strategies
Trading without having any particular strategy or tactics in your mind is a set up for failure. To make a lot of money, you need to study the market shrewdly to minimize your loss. Never rush into trading; research the market, follow its trends, and develop an excellent strategy. Do not be greedy as this is not a get-rich-quick scheme.
Practice as much as you can
The next thing is to practice. You need to have a lot of hands-on experience so that you can become a competent trader. Managing emotions is not easy, but if you start practicing, you will find it easier to stick to your plan or strategy. Pressure will come, but you have to remain focused and stay objective. Be patient, and you will be on your way on making good money trading with cryptocurrencies.
Thanks for reading!
Very well explained post about bitcoin. You are really a genius.
it,s good but can you explain the decrease in the price of SBD it,s hearting every steemian.
when it will start increasing again any idea.
I believe SBD is decreasing because of the growing of supply and the hype is gone, but don't worry.
will SDB reach $14 again?
SBD is supposed to be worth $1 and will reach that eventually.
If ubhave any dumb them any time the price is above $1
so you are saying that it will return to $1. what good it is if it will be of $1 it will ruin our earnings
The purpose of it is to be $1
Its amazing thing to see your reports on cryptocurrencies :)
Keep it up
Cryptocurrency is a game changer. It has put in our hands the key to the future. It is only wisdom to start trading it.
This simple breakdown and summary of starting up in Bitcoin/cryptocurrency trading makes for a good way for the average person to launch into it. Many people could benefit from this post given that it is easy to understand when it comes to the fundamentals of trading in crypto especially without getting too technical so as to intimidate a layman
Good explanation for people wanting to get in and don't have any idea about Bitcoin. Happy holidays to you and your loved ones
Thanks man!
Hey @jwolf
it's always great to see your report and always have investors to take the right decision for your post you really done a great work...upvoted
$BTC 💵 price: $13742.50 1.00000BTC
1h: +0.49% 📈
1d: -8.51% 🔻
7d: -5.41% 🔻
👾 #Bitcoin 24h volume: $14,840,700,000
Bitcoin is low right now buy buy buy. Then transfer It to an exchange and get ripple!😱🚀🚀🚀🚀
2 days straight made at least 1k & 1.5
It's perfect to start my day with your report! Cheers
Thanks for giving the chance to enjoy this beautiful news!!
time to learn trading skills and implement :)
how do you think about steemit and btc in 2018?
The best way to see the breathtaking light sculptures of the Amsterdam Light Festival is by boat, but there is also an Amsterdam Light Festival Bike Tour . You also earned my vote. nice post
Spamming has never helped anyone! Do you think that somebody will follow you by making random comments?
Are you serious? I am talking about cryptocurrencies here
some countries have banned bit coin.....is it leagal or noy?????
bitcoin can't be banned
Yes, it can be banned... by "shutting down" the internet
very nice and informative post. great @jwolf keep sharing
Good information and very interesting,you are doing very perfectly and great. This will help us to make it easier for us to understand that. Thank you for sharing.
upvoted // resteem
Thanks, for sharing the information.
i have no any experience of trading but i only know that btc is always best for other coins even we hold it for some time and i also hold in small amount man
Nice post
Bitcoin trading is the new cool..thanks for the advice.
Excellent way of convey the message to the readers. I must say that you wrote an amazing blog in a very easy format which is understandable to every one specially for new commers. All the best and stay blessed @jwolf.
2018 ilk çeyrekte litecoin ve dogecoin fiyatları bitcoin gibi fırlar mi.
study and make your moves that what i like to do
Hello @jwolf,
First of all i would like to give you a big thank you for inspiring all of us as you joined #steemit this year and you are doing some influential work with your deep critical approach towards cryptocurrency and making us aware about many factors involved in it.
The steps you mentioned for trading in crypto-currency are learnt and will be followed in future.
Please! keep sharing your experience as it gives me a super boost and confidence.
Stay Blessed, Steem On!
i will practice a lot in trading keep sharing your knowledge too
This post has received a 6.25 % upvote from @booster thanks to: @jwolf.
Thanks . I always feel smarter after reading your posts. Please keep sharing your thoughts. interesting post
don't know how to follow patterns lol ;p
What do you think abou stellar and storj? I put somr money on storj and it was a great move. Stellar looks very strong too.
Thank you