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Make Money with Cryptocurrency Trading

Make Money with Cryptocurrency Trading

Many of the readers of this post would be surprised to know that they can start cryptocurrency trading with Bitcoins worth no more than just a few dollars. You would also be happy to know that there are no brokers or middlemen to deal with at all. The only thing required is just a percentage of one Bitcoin. Therefore, anyone ready to put a few dollars at stake can try out cryptocurrency trading.

When I started cryptocurrency trading, I only had Bitcoin worth even less than $40. However, within less than a couple of months, I was able to trade my way up to Bitcoin worth more than $5,000. Please don’t get me wrong here. By no means am I trying to suggest that Bitcoin trading is easy. Always remember that loss of money is an inseparable part of trading. At the same time, it is possible to minimize the risk factor by utilizing the correct strategies. You will certainly enjoy cryptocurrency trading if you are patient, strategic, and have the ability to analyze the trends in the market.

Cryptocurrency is a relatively new concept representing a set of digital numbers that can be used as a substitute for the traditional currency. Cryptocurrencies introduce us to the Blockchain, a system of public ledger. This technology ensures no single institution can control or manipulate the Blockchain. As a result, the cryptocurrency transactions are error proof. As a beginner, you may find all these discussions to be overwhelming.

In order to get started, follow these simple steps:

1

The first step for you is to purchase some Bitcoin. There is no need to purchase a whole Bitcoin. You can start by purchasing Bitcoin fractions commonly known as Satoshis. Coinbase.com is considered to be the safest and the most popular place to purchase Bitcoins.

2

Once you have purchased some Bitcoin, the next step is to find out an exchange. I personally find Bittrex.com to be the most reliable of all exchanges. There are many other exchanges some of which are not good at all. Don’t be discouraged when you hear about exchanges getting closed or coins getting stolen. It is encouraging that most of the bad exchanges have already been terminated.

3

You can start trading once you have some Bitcoins in your account. However, instead of trading blindly, it is better to carry out some research. The official threads relating to the announcement of a coin provides several important information including mission statement, technical details, the total supply of coins, community speculation, and much more. Twitter is also an excellent resource related to cryptocurrency.

4

It will be much easier for you to foresee the market trends by finding out the correct information at the correct time and understanding its interaction with the market. Technical analysis is also important for the cryptocurrency traders.

5

The most fundamental lesson for you to remember is to buy low and sell high.

6

While buying a coin, choose the time carefully. The best time for purchase is right after the coin has been dumped.