Bitcoin is a cryptocurrency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. While the currency has been around for a long time, its popularity rose 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 thus making huge profits.
The benefits of trading the currency
There are plenty of reasons why you should consider buying the currency. Some of these reasons include:
Ease of entry: Unlike the stock market and other trading channels, there are almost no barriers to entry into the Bitcoin market. All you need to do is identify a seller that you can buy from. If interested in selling, identify a buyer, and you are ready to go.
Global: You can trade the currency from any part of the world. This means that a person in China can buy or sell Bitcoin to a person in Africa or any other place. This makes the currency significant as it isn’t affected by the economy of a single country.
It’s volatile: Just like the other currencies in the foreign exchange market, Bitcoin is highly volatile. This means that it quickly changes its price due to slight shifts in the economy. If you take advantage of the changes, you can make huge profits.
24/7 trading: Unlike the stock market that operates during the business hours, Bitcoin trading happens the entire day and night. The trading limitations are only on you-not on time.
How to get Bitcoins
If interested in getting into the market, there are plenty of ways you can use to get the currency. Some of the ways you can use include:
Buying on an exchange: Here you need to get into the marketplace, and you will find people looking to sell the currency. You should identify a reputable seller and place an order.
Transfers: You can also get Bitcoin from a friend. Here a friend needs to send you the currency via an app located on the computer or phone.
Mining: This is the traditional way of getting the coins. In this method, you use the computer to solve complex math puzzles. After successfully completing a puzzle you are rewarded with the coins. While this method is free, it’s usually time-consuming.
This is what you need to know about Bitcoins and their trading. When you own the currency, you can decide to keep it in your digital wallet or trade it.