Bitcoin is the transfer of value using digital currency. It is a fixed market cap system and it relies on blockchain technology. With the blockchain, it can’t be duplicated, counterfeited or double-spent. Everything is accounted for and verified. Aside from Bitcoin, which is the most popular, there are also altcoins (other cryptocurrencies), ethereum etc. Investment into cryptocurrency is one way to make money in times of recession.
Before starting a cryptocurrency investment, make sure you are investing money you can let go of emotionally. Do not use your life savings. One principle that will help you maximize profits in cryptocurrency trading is investing money you can afford to part with. That way, you can detach your emotions from it.
INVESTMENT INTO CRYPTOCURRENCY: INVESTOR OR TRADER
You can either be an investor or a trader. If you want to be an investor then you will have to purchase some coins (I have over 25 coins you can make up to 1000 per cent with) and hold onto it. You can hold onto them for a few months or a few years and that the value of that cryptocurrency will appreciate over time.
If you chose to be a trader you will have to focus on short term cryptocurrencies. These means you purchase a cryptocurrency and utilize the volatility of the market to buy and sell in and out of trades. Basically, it goes down to the ‘buy low sell high’. You can also have coins you will trade for the long term where you don’t have to bother with the fluctuations of the market. These fluctuations can be used to make quick profits and use it to evaluate what your goals are and the level of risk you are willing to take.
STARTING YOUR INVESTMENT JOURNEY
The first step to trading or investing is to buy bitcoin from sites like Luno (if you are from Nigeria etc.), Coinbase where you have to register and input personal information too. Then on the site, you click buy (using your debit or credit card). And it’s the easiest place to change your fiat to crypto and you must also back up your information like your keys in a cryptocurrency wallet And if you decide to be an investor you can leave the coin in your wallet and check back after few months or years because chances of appreciating are high.
However, if you want to trade bitcoin for other cryptocurrencies then you transfer bitcoin onto an exchange example Bittrex, Binance. There are over 700 cryptocurrencies so one will have to make research to know the one to invest or trade. You can also join my platform for best cryptocurrency picks for maximum profits.