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The cryptocurrency game has changed a lot since its early days some ten or so years ago. The modern way of doing things is different but easier and more suitable for the new investors who have never dealt with such matters before. However, it can still prove quite challenging and overwhelming for many people which is why there can never be too many guides to teach them.
To help you and anyone else who feels like they need assistance during their digital currency journey, especially when it comes to bitcoin, this article will serve as a beginner’s guide. Here you will learn all of the basics regarding the trading of bitcoin, both how to do it, what to pay attention to, and how to become better in the shortest time possible. To find out more about this topic and increase your knowledge even further, make sure to check out BitQT.org.
Before we touch upon the topic of trading bitcoin, there should first be some info given about this digital currency. It is safe to say and not at all an exaggeration to claim that there would be no virtual currency market without the existence of bitcoin. Both the most popular and the most valuable cryptocurrency, BTC is synonymous with the whole phenomenon, the industry, the market, and the business of cryptocurrencies. It is so much popular that many people first heard about it and then about the whole industry. This is exactly how a good brand and the leader of the industry is supposed to be like.
Bitcoin appeared more than a decade ago, on January 3, 2009, when its creator Satoshi Nakamoto mined the initial amount of bitcoin. Now known as the genesis block, it is marked with a 0 and it rewarded 50 whole bitcoins. Two years later in 2011, other cryptos started appearing but the original one was way ahead already. People started mining it on their own, selling it, and buying it, and by 2014 a lot of internet-based chains and shops started accepting it as payment. They offer greater trading volume as well as higher liquidity that can be provided by B2Broker.
Fast forward to December of 2017 and a single BTC token was worth almost $20,000. By then the gig was up and numerous millionaires have been made thanks to the leading crypto. Its dominance and mainstream media coverage grew further still, and in March of 2023, a new record was established with 1 BTC being worth over $61,000. As of the time of writing, you can get $55,000 in return for a single token. The future is bright, very bright indeed, as most predictions and estimations came true. It is only a matter before the world if finances and how business is done change forever and you better get onto it quickly.
What You Need to Know
First things first, you need a platform where you will be doing all of your business. From trading, buying, and selling, to keeping up to the latest trends of the market and staying up to date on the news, a single platform you can trust is a one-stop destination. This is especially true for the beginners who need all the help they can get since these online services also have tutorials and practice balances you can use to get the hang on things using fake money. The name these platforms are known by is cryptocurrency exchanges. They are amazing since you practically do not need anything else. They even come with their own electronic wallets nowadays which you will use to securely store your balance however much you have. Beware of whom you trust though, as not all exchanges are legitimate. Scammers are everywhere looking for their next victim, so go with one of the leading platforms for all of your needs.
Speaking of the wallets, you should know that there are a few different types. Both online and offline wallets exist. Offline ones exist either on your computer or another device, or in the form of physical external drives. Online wallets are entirely on cloud services or other types of platforms. Each type has its own advantages and drawbacks, but you should know that they are next to impossible to hack into. Moreover, they are anonymous since all that you need in order to perform a transaction is your own and other side’s wallet number. This string of letters and words is in no way connected to your name or location and there is no way to track it or tie it to the actual owner.
Consider Going Mobile
A mobile app to help you in your daily struggles in the market is a great addition to your tools. You will have instant access to your portfolio and be able to react quickly when there is a new situation like a sudden jump or drop in value. Most top-tier exchanges have dedicated smartphone apps so utilize them well and you will already be one step above the rest of the beginners.
Deposits and Withdrawals
If you are wondering how you can finance your cryptocurrency endeavors and how best to buy the initial amount of bitcoin you will later use in trading, worry not. It is very easy and done entirely electronically. Most quality exchanges and other crypto buying services and sites offer easy bank transfers and credit card use. Moreover, you can easily find places that allow you to pay for bitcoin through internet services like PayPal. The entire industry has been made easier due to the constant surge of new investors who know nothing about the market. Therefore, all aspects have been simplified as much as possible.
Spending and Trading Bitcoin
Remember that you can now spend bitcoin just like any other cryptocurrency. There are numerous deals in online and physical shops that encourage paying with BTC, so if you find something you like that seems like a good bargain do not hesitate. People tend to hold on tightly to their balance even if they do not actively trade it anymore. It is no use to sit on it as it grows or drops in value, so always make sure that you are doing something with it. What is more, trading it for other valuable cryptos and new ones that are on the rise is another smart business strategy. Your portfolio should always contain more than a few prominent currencies apart from the main one that is bitcoin. Use small fragments and low amounts to purchase others and always make sure to evaluate your options.