How To Master The Art Of Trading With Bitcoin in 2023
It happens for the first time that Bitcoin is as valuable as gold. At the moment, the value of this cryptocurrency is %50,000. Not even experts could’ve predicted that this cryptocurrency will rise so much. They expected Bitcoin to break the 2017 record in value, but they did not think that it would go this high in value.
Millions of people now mine Bitcoins and trade them for a profit. Speaking on that topic, we decided to provide you with some general guidelines which can help you master the art of trading with Bitcoin. But first, let’s see how you earn it.
How to Earn Bitcoin?
Bitcoin can be earned by either buying it or mining it. Mining is a process in which miners earn Bitcoins by solving complex puzzles. Every complex puzzle that they solve means that they have successfully recorded and verified a Bitcoin transaction. The reward for solving puzzles is Bitcoins. It is worth noting that mining is free, although you will have to invest in certain equipment and the electricity bill will be much higher than usual.
Safe crypto wallet
It goes without saying that you secured a crypto wallet before you even embarked on investing in cryptocurrencies. Beginners often do not know the importance of crypto wallets and that there are several types, some of which are less secure than others. The main division is into the hot and cold wallet. A hot wallet is one that requires internet access, while a cold wallet is hardware, ie it does not require internet access, so it is safer and money is more protected from hacker attacks.
Pick The Best Trading Site
If we had to single out one trading site with a great reputation, then it would be the Bitcoin system. Choosing the best one is essential as it can help you maximize your profits. How? Trading sites use AI systems that analyze the market and use the information to predict Bitcoin’s future fluctuations.
One of the most reputable and reliable trading sites is the Bitcoin System. The algorithms used by this platform are able to predict the future growth and fall of Bitcoin with great precision, which is the reason why this site has a huge daily profitability rate. Additionally, the number of users from all around the world counts in thousands. To gain access to its services, you need to register. After that, the BitcoinSystem.io login requires you to just type in your username and password and you are all set.
A good trading site can make a lot of differenc. It can take you from good to fantastic profit. The aforementioned platform can provide you with the highest possible profit if you use their services smartly.
Keep An Eye on Halving Events
Halving events take place every 4 years, or when 210,000 Bitcoins are mined. During these events, the production of Bitcoins is cut in half and it becomes very difficult to earn it. These events are important as they often lead to surges to Bitcoin’s value after they end.
The first halving event was in 2013 and Bitcoin peaked 1 year later. The second having event was in 2016 and Bitcoin reached a record-breaking value in 2017, and the third halving event took place in May 2023, and we all know what happened after that.
Stay Updated With News
In order to determine when is the best time to sell Bitcoins or to have an idea of how its value will fluctuate in the future, it is important to read all the latest updates on this cryptocurrency. The more in-tune you are with the latest updates, the more you will benefit from the situation and increase your chances of big profit.
Decide Whether You Want to Go Long or Short
Many people decide to go for the short run, which allows them to make quick money. Going long means that you invest in Bitcoin and hope for the price to rise while going for the short run means that you expect the price to fall.
The long-run has the potential to provide you with a higher profit, but you will need to be patient and wait for a longer period, which can be up to a few years. The short-run profits are rather instant, but they are much smaller than the profits that you can make from the long run.
Follow the volatility
This factor is very important when we talk about cryptocurrencies and investing. Simply put, volatility is a statistical characteristic that tracks changes in the value of cryptocurrencies. Thus, volatility is the opposite of stability and is expressed in percentages. By monitoring this characteristic, the trader has the opportunity to determine the security of entering the market and their chances of withdrawal. The higher the indicator of market volatility, the more dangerous the storage and trade of their assets.
If you are starting with small stakes, then crypto taps can help you. These are websites that release small amounts of cryptocurrencies every few minutes, and it is your responsibility to perform certain tasks in return.
If you are one of those for whom cryptocurrency trading is an additional source of income and you do not want to spend your precious free time on platforms following the state of cryptocurrencies, this trading app is the right solution for you. Why? The answer is very simple – with a good application that, thanks to artificial intelligence, will do all the work for you, you will be able to spend your free time as you wish, while the application will regularly inform you about even the slightest change.
You can see that trading with cryptocurrencies is easier than you thought. Still, if you are a beginner, the advantage goes to trading over mining, because there are no special investments in equipment and the process of trading develops much faster. No matter which way you choose, never invest more than you are willing to lose.