Bitcoin is a cryptocurrency created in 2009 by an unknown person with the alias Satoshi Nakamoto. Although the currency has been around for a long time, its popularity increased a few years ago when merchants started accepting it as a form of payment. In addition to using it in your transactions, you can also trade it with huge profits.
The advantages of currency trading
There are many reasons why you should consider buying the coin. Some of these reasons include:
Ease of entry: Unlike the stock market and other trading channels, there are almost no barriers to entry in the Bitcoin market. All you have to do is identify a seller you can buy from. If you’re interested in selling, identify a buyer and you’re good to go.
global: You can trade the currency from anywhere in the world. This means that a person in China can buy or sell Bitcoin to a person in Africa or anywhere else. This makes the currency meaningful as it is not affected by the economy of a single country.
It is volatile: Like other currencies in the forex market, Bitcoin is very volatile. This means that it quickly changes its price due to slight changes in the economy. If you take advantage of the changes, you can make big profits.
24/7 trade: Unlike the stock market which operates during trading hours, Bitcoin trading is done all day and night. Trading limitations are only for you, not for time.
How to get Bitcoins
If you are interested in entering the market, there are many ways to get the currency. Some of the ways you can use it include:
Buy on an exchange: Here you have to enter the market and you will find people who want to sell the coin. You must identify a trusted seller and place an order.
transfers: You can also get Bitcoin from a friend. Here a friend has to send you the coin using an app on your computer or phone.
mining: This is the traditional way to get coins. In this method, you use the computer to solve complex math puzzles. After successfully completing a puzzle, you are rewarded with coins. Although this method is free, it usually takes a lot of time.
Here’s what you need to know about Bitcoins and trading them. When you own the coin, you can decide to keep it in your digital wallet or trade it.