How to make money through bitcoin trading,bitcoin investment, bitcoin mining
Bitcoin is the most widely accepted digital currency. It was invented by the psudonymous Satoshi Nakamot in 2008. The intention of Satoshi Nakamoto during the invention of bitcoin was to create a peer to peer online platform for payment and transactions .
At the time of invention in 2008, bitcoin had approximately no value until after some years when individuals and businesses started accepting it as a means of payment. At this point, the value began to appreciate.
Bitcoin has made a lot of millionaires and billionaires today and still making a lot of people wealthy.
WAYS OF MAKING MONEY THROUGH BITCOIN
Bitcoin is in addition to being a means of payment, also a money making platform. There are several ways of making money through bitcoin, ranging from bitcoin exchange, bitcoin trading and bitcoin investment.
Whichever means you choose to make money from bitcoin, it is expected that you learn the tips, use and guides. Know exactly what you are doing. Bitcoin investment and bitcoin trade are not the same. same way bitcoin mining differs. Bitcoin investment simply means investing resources in bitcoin with the intention to sell after a long period of time when the price must have increased .
The fundamental difference between bitcoin trade and bitcoin investment is that a bitcoin trader is concerned with the change in the price of bitcoin over a very short period of time while a bitcoin investor is concerned with the change in the price of bitcoin over a long period of time.
Both bitcoin trader and bitcoin investment involves buying of bitcoin to sell when the price increases . apart from the fact that a bitcoin investor reserves the bitcoin and sell after a long period of time while trader sells after a very short period of time , no matter how small the profit is.
HOW TO BECOME A BITCOIN TRADER
Becoming a bitcoin trader is just like becoming an ordinary trader, the only difference is that bitcoin trading is strictly online based. To become a bitcoin trader, first the intending trader should create an account with his/her preferred bitcoin exchange Then buy a bitcoin to the tune of the amount he intends to trade with. Before the creation of the account, the intending trader must take out time to learn what bitcoin is, the tips for the trading and a clear understanding of how the bitcoin trading works.
Trading bitcoin is just like trading any other thing else. The price of bitcoin rises in pari passu with the increase in demand for bitcoin.
STEPS TO BECOMING A BITCOIN TRADER
To become a bitcoin trader, you need to first set up the backgrounds. In normal business, you need to get a shop or wayhouse, register your business name, buy your goods etc.
Same way, to become a bitcoin trader, you must after a thorough research on what bitcoin trade is all about, the techniques and tips, proceed to do the following:
- Decide the way you want to run your bitcoin trade
- research and learn the factors and circumstances that affect the bitcoin price
- Build or design your trading plan
- proceed to place your trade
WAYS OF MAKING MONEY THROUGH BITCOIN
There are practically several ways of making money through bitcoin . some of these ways are to be discussed below:
- Bitcoin mining: prior to now, mining bitcoin used to easy as against the difficulty and cumbersome procedure associated with bitcoin mining now. Before now, a miner can comfortably mine bitcoin with just his home computers. But now, to mine, a miner, considering the high competition and volatility of the market, the miner must provide himself with a special high processing digital computer. The video below is a clear tutorial of how bitcoin mining works
2. Money can also be generated through bitcoin pay to click websites . There are some bitcoin websites that compensate visitors with bitcoin for visiting their sites. Through these websites, one can earn bitcoin,
3. There are some websites like Blockchain Allien that pay people for writing about bitcoin. So through writing about bitcoin, one can generate income.
4. Bitcoin Mining is another fantastic way to make money through BTC. To mine, the miner must in addition to providing himself with a strong and fast processing computer, also make available strong network.
5. Buying and holding bitcoin. This is simply a form of bitcoin investment, where the investor buys bitcoin and holds it for sometime waiting for the price to rise, so he can sell and make profit. The only difference between this and ordinary bitcoin trading is that in bitcoin trading, the trader buys and sell off after a very short period of time, no matter how small the profit.
6. Bitcoin trading: This is simply buying at a lower price and selling at a higher price. Due to the volatile nature of the cryptocurrency market, this money making avenue can be risky. it is more like gambling.
WHAT EVERY BITCOIN TRADER MUST KNOW
There are several fraudulent activities in the cryptocurrency world and it is thus advised that every intending cryptocurrency trader or investor should be extra careful to avoid falling victim of fraud.
Before investing or trading, make a thorough research, understand what bitcoin trading, investment and mining are all about . The same way bitcoin has made so many people millionaires, it has also rendered so many people poor due to lack of research, carelessness and greed. Inasmuch as bitcoin trading is lucrative and gives immediate returns , bitcoin investment where the investor buys bitcoin and holds for a long time before selling is a bit safer.