A step by step Guide on How to Trade Bitcoin. After finishing reading this article, you’ll know how to trade Bitcoin.
Introduction to Bitcoin
Bitcoin as a cryptocurrency has been able to prove itself lucrative to both experts and starters in the cryptocurrency world. It has a large following in the market, and it is purchased on every exchange platform available on the globe.
The significant increase that appeals to investors in the history of Bitcoin is its flexibility and effervescence. Bitcoin has built a lot of buzz up to the point that once cryptocurrency is mentioned, everyone thinks or starts a discussion on Bitcoin.
Bitcoin is prominent in the crypto world and frequently documents the largest trading amount in practically all the exchange platforms that it is filed on.
Why You Should Be Trading Bitcoin
Bitcoin trading has a lot of distinctions that are unlike the traditional stock investing. Some of the primary reasons why you should trade Bitcoin include;
- Its Compatibility
Bitcoin was initially the first cryptocurrency to be built way back in 2009 by Satoshi Nakomoto. Bitcoin has survived for roughly a decade. Even in the era of major trust issues, Bitcoin has successfully improvised on their protective measures, enhanced transactions swiftly and it is purchased on lots of exchange platforms. The fascinating part of it all is that currently, government and financial institutions have started picking interest in implementing Bitcoin in the functioning of their various corporations.
- Daily Trade
Bitcoin functions on commerce where trading occurs daily be it day or night. Since it is online-based, a user does not need to be present in the market to trade an asset. It is clearly different from the stock exchange in which its transactions demands the physical presence of a user.
- It is Universal
Bitcoin is currently functioning in almost all countries across the globe. This implies that virtually anybody can have the opportunity to start investing in it, trade or buy with Bitcoin. Like other fiat currencies, Bitcoin is approved and recognized as a means of exchange in diverse organizations ranging from traditional restaurants, coffe shops, online shops, transportation, and other services that you can buy with Bitcoin.
- It is Flexible
Bitcoins cost is highly flexible and fluctuates easily. It went through major fluctuations this year in its cost. It fluctuates at any time and can either rise or fall.
Selecting A Bitcoin Wallet – what is the best Bitcoin wallet?
When we go shopping to purchase items, we make use of cash and currencies like the dollar, euro, etc. And then we keep these currencies in a wallet. A wallet is however referred to an object where cash is kept for future purposes.
Likewise in the crypto world, wallets are essential in storing diverse cryptocurrencies. Bitcoin is among the prominent and vastly utilized Cryptocurrency, and it basically demands a Cryptocurrency wallet to store it.
But different from the physical wallet we all know, Bitcoin wallet makes use of some criteria in the process of its selection. When making this selection, a potential user should judge a wallet based on the following steps;
- Manage authorized keys: With your wallet, you should be capable of managing and owning your own key.
- Protective features: It should have a backup key and a private code.
- Community development: Dominant community development for its maintenance.
- Easy access: Elegant Interface for swift and easy to use.
- Compatibility: The wallet should be compatible with diverse operating systems.
A perfect crypto wallet to start with is the Medooza wallet, which is one of the most protective cryptocurrency wallets for buying Bitcoin with credit card, storing securely your Bitcoin address and of course trading Bitcoin.
After checking many Crypto wallets my conclusion is that Medooza wallet is the best Cryptocurrency wallet for 2019. is swift and makes use of both the hot and cold wallet. It also operates on mobile devices and computers. It has an essential feature of storing all cryptocurrencies in a particular location. A user can have an indefinite number of different cryptocurrencies in a single wallet.
Even more, the Medooza wallet also enables a user to transfer and receive Bitcoins, Ethereum and more than 2000 Altcoins with extremely low fees.
Go to Medooza wallet site ans create Crypto wallet now: https://wallet.medooza.network
Choosing A Bitcoin Exchange Platform
Currently, Bitcoin does not make use of any known trading platform of its own. Although, it is found on basically almost all available exchanges.
There are steps to be considered when selecting an exchange platform. They comprise of;
- Its Reliability
A user should consider if the platform functions smoothly when trading volume goes up or when the value of the currency is fluctuating. Professionals advice potential users to research vastly on the internet for documents of platforms that have failed and stopped its trade.
- The technique of payment
Every user wants to avoid a platform that provides payment methods that are not backed in his or her location or one a user has to journey far to get a dealer. The resources that will be utilized in gaining access to such payment will affect the profit margins.
It is worthy to note that, charges occur for each purchase and reliable sites make a list of these charges before a user clicks on the submit button. Attention should be given to any site that hides its price.
- Security Protection
It is no news that lots of users have lost their funds to cyber hackers on diverse platforms. A detailed history of such hacking found on platforms is a red flag except the organization has enhanced its defense mechanism.
Major Exchanges For Bitcoin Trading
Some of the major exchanges for the trading of Bitcoin comprises of;
Coinbase is rated among the top exchanges available globally. It has the best protective measures against hackers and trade just a few selected coins. They function in roughly thirty three countries universally. It is referred to as the first scrutinized exchange to begin the trade of Bitcoin.
Binance is quite new in the market as it made its debut in 2017. However, they have successfully been able to meet up with the protective, trade and support of its user’s standards. It has stayed among the highest trading exchanges around the world.
You should have a concrete reason before starting the journey on Bitcoin trade. Begin the trade only when you have a straight plan for future profits. However, not all traders make profits as for everyone who gains, someone else fails.
Also, you should fix a target and halt when you embark on the trade of bitcoin. For every trade, a user must have a set target level for gaining profit. Each user must know when to stop in order not to lose out.
While this article has covered lots of grounds and tips for successful Bitcoin trading, most participants who begin the trade make a stop after a short duration because they fail in gaining profit. To be successful in trading Bitcoin, you need to be patience, you need to choose the right secure Crypto wallet, and most of all – you need to believe in the Blockchain technology. But remember – Like in the real world, there are risks; nothing is gained.
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