The main reason so many people want to get into Bitcoin is because this cryptocurrency offers them the chance to make a profit. Bitcoin is currently valued at around $ 40,000, and even peaked in April when it was around $ 63,000. Even more interesting about this cryptocurrency is the fact that experts and analysts have stated that, in their opinion, Bitcoin could even reach six digits by the end of 2021.
Of course, these numbers attract a lot of people willing to test their investment skills and knowledge. So in the end, they register on the Bitcoin network and begin their journey towards profit. With that in mind, we wanted to provide a few general guides for beginners to help them master the art of trading.
Get familiar with Bitcoin
The first thing you need to do is become familiar with how Bitcoin works. This doesn’t just include simple definitions of this cryptocurrency. You should know everything about bitcoin mining, bitcoin halving, trading platforms and all the terms used.
The more familiar you are with how the network works, the higher your chance of success.
Learn how trading sites work
There are two ways to trade and benefit from Bitcoin. The first option is Bitcoin ATMs while the second option is trading platforms. You need to learn how trading sites work as they are vastly superior to Bitcoin ATMs. First of all, they work online which makes it a lot easier to access. Additionally, Bitcoin ATMs are known to charge massive fees, often between 10-25%.
In addition, reputable trading sites like BitQT even use automated software that predicts Bitcoin’s future fluctuations and shares the results with you. These results are very precise and will help you maximize your profits. Now that doesn’t mean that profit is guaranteed, but the chances of success are massively increased.
As you can see, trading sites are vastly superior when compared to Bitcoin ATMs and it is important to know how they work if you want to get the highest sales.
Master the psychological traits
Bitcoin trading is not just about learning the processes. There are also numerous psychological traits that you must master as well. This includes patience, learning how to deal with pressure, but above all knowing how to deal with FOMO.
FOMO, or Fear of Missing Out, is a well-known concept, especially among beginners. It appears when the price of Bitcoin begins to decline and they are presented with an opportunity that seems too good to miss. So, beginners invest a lot of money in Bitcoin only to see the value drop in the following days. Dealing with FOMO is extremely important if you want to minimize the risk of losing money.
Long term or short term investments
Depending on your preferences, you need to decide whether you want to be in these waters for the long term or for the short term. When thinking of long-term investments, the best thing to do is to mine bitcoins. This process takes time but is free. On top of that, long term investing means expecting Bitcoin to go up and have more time on your watch.
On the other hand, short term investments mean that you expect the price of Bitcoin to go down. This requires acting quickly, so that the possibility of Bitcoin mining is excluded and you have to buy and resell them. While short term investments can bring you a faster return, they are also much riskier.
Long term investments may require patience, but if you play your cards right you will make a much bigger profit.
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