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Weary about investing in bitcoins? Here’s what you need to know
Just like the value of fiat currencies keep fluctuating, so does the value of cryptocurrencies like bitcoins and ethereum. Traders have recently started exploring the scope for bitcoin trading. The volatility of the bitcoin value, its entirely digital existence, and its decentralized nature makes it an ideal opportunity for investors to make a profit by trading. In recent times, bitcoin trading has gained more popularity. More and more people have been wanting to purchase bitcoins.
As per a report from the Bitcoin Market Journal, “In 2017, bitcoin not only experienced a massive 1,900 percent rally to hit an all-time high of over $20,000, it also managed to finally become a mainstream investment for the masses.” But some well-known investors like Warren Buffett are skeptical about this new cryptocurrency. And to the dismay of a lot of bitcoin investors, the first few months of 2018 has seen a 2-year plunge in bitcoin trading volume, thereby leading to a fall in bitcoin prices. Having said that, ups and downs are common in the world of trading. If bitcoin values are below average now, then there is a good chance that it might reach the median of the bell curve in the near future.
What is bitcoin trading?
Bitcoin trading refers to buying bitcoins at one price and then selling them at a higher price to make a profit. It is a lot similar to stock market trading. Cointelegraph describes bitcoin trading as:
“If you buy Bitcoins at one price and then sell them for a higher price, you make a profit of the difference between those two prices, less any commission that you paid. However, if the price goes down, you will be in the uncomfortable position of having to either sell them at a loss or hold and hope the price goes back up while risking higher and higher losses if the price continues to drop.”
How do you start bitcoin trading?
1. Open a brokerage account in a bitcoin exchange
The first step to bitcoin trading is to open a brokerage account in a reputed bitcoin exchange. The most popular bitcoin exchanges in Singapore are Coinbase, GDAX, and CoinHako. These are essentially a digital wallet for you to store, buy, and sell bitcoins.
2. Link your account to a payment method
Once you have created an account on a bitcoin wallet, the next step is to update your profile. You will need to verify your identity by uploading a picture of your driver’s license or passport. This only takes a few minutes, then you can fund the account. Your bitcoin exchange will give you various payment methods to choose from such as a bank account or a credit/debit card. In most cases, bank transactions tend to take longer than credit and debit card transactions. You can choose the payment option of your choice.
3. Buy and sell bitcoins
After linking your account to the payment method of your choice, you can make your first purchase. Depending on the amount you wish to invest, you can buy either a fraction of a bitcoin or an entire unit. You can then transfer your bitcoins to another bitcoin account just the way they were transferred to yours. All you need to do is place a sell order on the buy/sell page. If you place an instant sell order, your account will automatically sell your bitcoins at the highest price offered in the market.
4. Opt for a suitable trading strategy
Once you are well-versed with the process of buying and selling bitcoins, you can start implementing trading strategies to grow your wealth. Some people are long-term investors whereas others are short-term. Short-term traders tend to follow the daily bitcoin news and the fluctuations in its value. These traders aim to make the most of the bitcoin value volatility. On the other hand, long-term traders opt for the buy and hold strategy.
Advantages of bitcoin trading
1. It is one of the most convenient instruments to trade.
Bitcoin exchange fees are minimal compared to conventional trading exchanges. And you can easily trade-in bitcoins from any part of the world. Moreover, there are no stringent requirements for personal information for Bitcoin exchanges, particularly if deposits and withdrawals are handled exclusively in Bitcoin.
2. Its high volatility gives traders the opportunity to make huge profits.
The roller coaster patterns of the rise and fall of bitcoin values make it an ideal choice for traders. Short-term traders who want to make high-risk investments can successfully increase their return on investment through bitcoin trading.
3. It provides 100 percent digital transparency
With blockchain technology, all transactions are visible for everyone to see. Anybody can see your public address. This means anyone can verify transactions at any time in the bitcoin blockchain. Traders consider bitcoins to be reliable as they are cryptographically secure.
With this understanding of bitcoin trading, we hope you will soon venture into the world of bitcoin exchanges.
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