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The main reason why so many people want to get involved with Bitcoin is that this cryptocurrency provides them with a chance to make a profit. Currently, Bitcoin is valued at somewhere around $40,000 and it even reached peak value in April when it was around $63,000. What's even more interesting about this cryptocurrency is the fact that experts and analysts have stated that they believe that Bitcoin might even reach a six-figure number by the time 2021 ends.
Naturally, these numbers attract many people that are willing to test their investment skills and knowledge. So, they end up registering on Bitcoin's network and start their journey towards making a profit. With that being said, we wanted to provide novice traders with a few general guides that will help them master the art of trading.
The first thing that you need to do is get familiar with how Bitcoin works. That does not just include simple definitions concerning this cryptocurrency. You should know everything about Bitcoin mining, Bitcoin halving, trading platforms, and all the terms that are used.
The more familiar you are with how the network operates, the higher your chances of success will be.
There are two ways to trade with Bitcoin and make a profit from it. The first option is Bitcoin ATMs while the second option is trading platforms. You need to learn how trading sites operate because they are far superior to Bitcoin ATMs. For starters, they operate online which makes them much easier to access. Not only that but Bitcoin ATMs are known for charging massive fees, which are often between 10-25%.
Not only that, but reputable trading sites such as BitQT even use automated softwares which predict Bitcoin's future fluctuations and share the results with you. These results are very precise and will help you maximize your profits. Now, that does not mean that the profit is guaranteed, but the chances of being successful are massively increased.
As you can see, trading sites are far superior compared to Bitcoin ATMs and it is important to know how they operate if you want to generate the highest revenue.
Bitcoin trading is not just about learning the processes. There are also numerous psychological traits that you need to master as well. They include patience, learning how to work under pressure, but most importantly, knowing how to deal with FOMO.
FOMO, or Fear of Missing Out, is a well-known concept, especially with novice traders. It appears when Bitcoin's price starts to go out and they are presented with an opportunity that seems too good to pass. So, novice traders invest a lot of money in Bitcoin only to see the value go down in the following days. Learning how to deal with FOMO is extremely important if you want to minimize the risk of losing money.
Depending on your preferences, you need to decide whether you want to be in these waters long-term or short-term. When thinking of long-term investments, then the best option is to mine Bitcoins. This process takes time, but it is free. Additionally, long-term investing means that you are expecting Bitcoin to rise and have more time on your clock.
On the flip side, short-term investments mean that you're expecting the price of Bitcoin to drop down. That requires you to act fast, so the possibility of mining Bitcoin is excluded and you have to buy and resell them. While short-term investments may provide you with a faster profit, they are also far riskier.
Long-term investments may require you to be patient, but if you play your cards right, you will have a much bigger profit.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
