How to Trade Cryptocurrencies

Though there are a lot of ways to get one’s hands on Bitcoin, many people believe that getting other forms of crypto is harder. This couldn’t be further from the truth. Despite the name, most Bitcoin ATMs allow users to exchange fiat currency for other forms of crypto. It is worth noting, however, that Bitcoin ATMs often charge a pretty hefty fee, anywhere between 15-20%. 

The best bet for newcomers is to find a trading app/site that supports multiple forms of cryptocurrencies. Almost all trading apps support the big cryptocurrencies on the market, like Bitcoin, Ethereum, etc. Find the app that best suits your preferences. Trading sites like Bitcoin Billionaire offer a wide range of cryptocurrencies to invest in, on top of providing anonymous, safe and secure transactions. 

Now let us look at the best cryptocurrencies to invest in, other than Bitcoin of course. 

Litecoin (LTC)

Often referred to as “the silver to Bitcoin’s gold”, Litecoin was one of the first cryptocurrencies to follow in the footsteps of Bitcoin. Created by MIT graduate, and former Google engineer, Charlie Lee, Litecoin is a decentralized, open-source network based cryptocurrency, that uses “scrypt” as proof of work. 

In many ways, Litecoin is similar to Bitcoin, though where it shines is its faster rate of block generations, and therefore allows for a faster confirmation of transactions. Litecoin is also growing in acceptance, as there are many companies, developers and merchants who are accepting it’s as a viable form of payment. As of the beginning of this year, a single Litecoin token is worth $139, which means it is the sixth largest cryptocurrency on the current market.

Bitcoin Cash (BCH)

Bitcoin Cash is an important crypto in the history of digital and alternative currency, as it is one of the earliest examples of hard forks. To give a brief summation, a fork is the result of an argument or split between crypto developers and crypto miners. When the factions can’t agree, the currency might be split, with a new chain starting up as a new version of the earlier coin. 

Bitcoin Cash was founded in 2017 as a result of these splits, revolving around scalability. While Bitcoin has a limit on the size of the blocks able to be mined, one megabyte, the developers of Bitcoin Cash believed the size should be increased. As such, the current size of BCH blocks is eight megabytes. 

Bitcoin Cash is not just one of the first instances of hard fork, it is also one of the most successful. As of this year, the price of a BCH token is valued at over $500. 

Ethereum (ETH)

Finally, we have Ethereum, the second most popular, and most highly-priced cryptocurrency on the current market, coming in at $2100. Ethereum left its mark on the crypto world in 2014, when it launched a presale for ether, the platform’s cryptographic token, which was met with an overwhelmingly positive response. This move helped kickstart the era of initial coin offering (ICO).

On top of that, Ethereum’s network supports non-fungible tokens. NFTs are units of data which certify digital assets as unique and non-interchangeable. This allows for a greater degree of security, and provides proof of ownership to users.

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Many of the world’s most popular brands accept them as a payment method, and governments are becoming more lenient. Nations such as the USA, Canada, as well as members of the EU allow their residents to trade crypto, whereas El Salvador has become the first country to recognize them fully after it legalized Bitcoin. 

These points lead us to believe that they might have a bright future; hence it is worth getting familiar with them. With that thought in mind, we decided to name a few things that you should know about. Without any further ado, let’s dive into the details.

Where Can You Trade Them?

Some cryptocurrencies may have specially designated trading platforms. For example, Bitcoin can be traded at Bitcoin ATMs. Ether can be traded on its own decentralized network – Ethereum. But, all of these cryptocurrencies also have one general platform, which goes by the name trading sites. 

Trading sites support hundreds of cryptocurrencies, and they allow you to connect with other traders from around the world. Not only that, but they are easy to use, and the process of registration there is very fast and simple. You just fill out an online application form and verify your account. 

And if that is not enough, some trading sites, such as the Quantum AI app, even use advanced AI systems that are able to track the latest developments on the market and, with that, provide you with predictions on the future price of your chosen cryptocurrency. 

The First Cryptocurrency Ever Invented 

The first cryptocurrency to be invented was Bitcoin. Bitcoin was created by none other than Satoshi Nakamoto, a person or a group whose identity remains a mystery to this day. In its inception years, Bitcoin was mostly used on Silk Road, which is a black market. 

But, after it caught the eye of the global public thanks to the fact that it was superior to regular payment methods, it quickly started to rise and gain popularity. Not only that, but it sparked a revolution in which numerous other individuals and companies invented cryptocurrencies of their own. 

That is why we got the likes of Ethereum, Tether, Dogecoin, Litecoin, and Ripple these days. Research states that there are around 2,000 cryptocurrencies. As for Bitcoin, it continues to break barriers as it is the most valuable cryptocurrency on the market. 2021 is set to be historical for Bitcoin because experts believe that it has the potential to reach $100,000 by the end of the year. 

Difference Between Stablecoins and Highly Volatile Cryptocurrencies

There are two types of cryptocurrencies. The likes of Bitcoin and Ethereum belong in the so-called highly volatile cryptocurrencies. They are used for making a profit due to the fact that their value fluctuates often, and it can rise in a short period. 

On the other hand, stablecoins are not subject to the volatility rate because they are tied to an outside asset. In doing so, they remain stable for a long period and are the perfect cryptocurrency for trading and paying for services. The two most popular stablecoins on the market are Tether and USD Coin. 

The Advantages That They Boast

Since we mentioned that they are superior to regular payment methods, it is worth sharing the advantages that they boast. Cryptocurrencies provide users with a certain level of online anonymity, thus, are more secure. They also offer instant online transactions, users void unnecessary fees, and of course, they can make a profit with them.

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The profit potential is another benefit and the one that gets the interest of many. That’s why most people are looking to get into crypto trading. With that said, it’s no wonder that the gaming industry is responsible for creating so many crypto trading simulators.

These games are parts of the crypto gaming market which started back in 2017 with CryptoKitties, the first-ever crypto game. The thing about these simulators is that they offer a variety of crypto to trade with or focus on a single crypto. Also, they can focus on the buying and selling aspects or give you an all-around approach.

Moreover, they come with a virtual market and virtual assets. The virtual money is there too, but the prices of these assets are real so you’ll practice just like you were trading in the real world. Here are a couple of apps you’ll come across:

Bitcoin Mining Profit Calculator

This is for those that have no idea about crypto trading. This game plays like a text adventure game and it will give you all you need to know about Bitcoin and trading it. With that said, Bitcoin Mining Profit Calculator will also come with various prompts that you’ll need to deal with. If Bitcoin is your preferred cryptocurrency then you’ll find this game right up your alley. Then again you can always go for a trading platform that will trade in your stead, a trading platform like Bitcoin Profit.

This is a platform that relies on user input to work. This means you’ll need to learn about its settings and the various kinds of adjustments you can do to them. That’s why you’ll need an account as well as a small starting budget that will take the form of a small deposit. To get familiar with the settings and adjustments you’ll need to go over a couple of tutorials and fiddle with a demo account. Then it’s time for the live session and afterward, you’ll get to enjoy the many benefits of this app like the low commission.

Niffler

There aren’t as many simulator apps quite like Niffler. That’s because it doesn’t just give you the popular cryptocurrencies to trade with but it also some new ones as well. Moreover, it’s an all-around app which means it doesn’t just focus on the buying and selling aspects of crypto trading. It focuses on other things like shorting a position, using leverage, going long, and more.

You’ll learn various skills and you’ll have the badges to prove that. After some time with the app, you’ll get to the verified status and you’ll have a complete portfolio of skills and you’ll be able to help the newcomers.

Altcoin Fantasy

Unlike the previous entry, Altcoin Fantasy focuses on popular cryptocurrencies only. Besides buying and selling assets you’ll also learn how to analyze the market and you’ll also have the chance to compete in various contests. The prize is a specific amount in your preferred cryptocurrency.

Conclusion

With the crypto trading skills, you’ll be well on your way to becoming a successful Bitcoin trader. Finding the right exchange and wallet will help you with trading. But so will finding a crypto out of the several digital currencies and sticking to it. Don’t forget to keep an eye out for the value of the crypto as you’ll need to adapt to changes.

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Traditional financial institutions are laying the foundations for their answers to the digital currency boom, which, despite bitcoin’s total worth exceeding $1 trillion on Friday, has an uncertain future. However, the more pressing concerns may be about who else wants in, how they’ll react if they do, and how popular the movement will become. 

A high level of popularity  

Bitcoin’s sudden popularity can be attributed to a variety of factors. Retail and, more lately, institutional investors trust in its viability. Another explanation is that low-interest rates appear to be increasing the value of everything, leading some investors to resort to cryptocurrencies as a method to extract more value from their money. 

Customers are turning away from cash and coins due to the pandemic, which has shifted more and more transactions online. Since Covid influenced massive printing amounts of conventional money, fueling speculation that bitcoin and other altcoins could hedge against future inflation and devaluation of currencies. 

“The recent spike in (cryptocurrency) prices appears less like a trend, and more like a speculative craze — an atmosphere in which one high-profile tweet is enough to create a dramatic spike in price,” deputy governor of the Bank of Canada said at the beginning of 2021. 

There may be disagreements over cryptocurrency’s advantages, but there’s no doubt that a growing number of mainstream players are embracing it in some way. For example, Mastercard Inc. stated earlier this month that it would begin actively marketing cryptocurrencies this year, allowing for a new payment method between consumers and businesses. 

There is still a long way to go. 

Buying Bitcoin would not allow Canadian lenders to obtain a greater return on their money, unlike, for example, Tesla. Meanwhile, they’d have to cope with the hazards that come with bitcoin ownership, particularly the price volatility. We can expect cryptos, especially Bitcoin, to advance because a similar situation happened with gold before becoming the dominant currency.

You don’t need a vault to acquire gold anymore; all you need is a gold exchange-traded fund (ETF). Purpose’s fund has already witnessed tens of millions of dollars in trading volume, indicating that investor demand in a bitcoin ETF is strong. 

How are cryptocurrencies all the craze, then? 

Despite its volatility, people are seriously educating themselves about the market and how it works. People are aware now crypto it’s part of how the market works, especially when it comes to cryptos. And they know cryptos won’t just disappear, for the reasons we mentioned above. There is a strong community behind cryptos, and it’s far from going down. We can thank Forex and Forex brokers, who also enable people to trade cryptocurrencies with more ease and more availability than ever before. 

To sum it up 

Cryptocurrencies appear to be a logical progression of the economy as the globe evolves. It is considerably more future-proof because of the quick transfer, the lack of many papers, and the increased security. People are exchanging currencies in greater numbers than ever before, causing the market to boom, and we have yet to see what changes cryptos will bring. There will undoubtedly be many excellent candidates. 

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The best part is that all of these currencies can be traded in financial technology markets on various professional platforms. Since the cryptocurrency market is tremendously volatile, the profit margins are quite exciting. In this section, we will look at some of the best bitcoin trading strategies.

Understanding a cryptocurrency trading strategy

If you’ve done any business before, then you know it all starts with having a plan and executing it. Cryptocurrency is just like the money you use to purchase items in your daily undertakings. The only difference is that this is a digital currency. Digital currencies also don’t have a central bank. What makes these currencies more profitable is the fact that they are more volatile. You can buy a certain currency, hold it for some time, and then sell it at a profit.

That said, a crypto trading strategy is a well-laid plan that guides trading activities. The ultimate objective of the strategy is to ensure that you earning a profit. It guides you from the point of investment to the point of profitability. Should anything happen in between, your strategy has a response plan.

Day Trading

Day trading is one of the most prominent trading strategies. So, what does it entail? Day trading entails entering various trading positions at a certain time and exiting them at the same time. If you are going to focus on this strategy, your focus should be the intraday price fluctuations. These are price moves that take place within your chosen day. The bottom line is that you will enter the market when it opens and exit when it closes. You are not going to trade throughout the night.

You need to understand that most cryptocurrency platforms are active throughout the year, 24 hours a day. Monitoring the markets day and night can be a daunting task and you are likely to make some losses. This doesn’t mean that you cannot be successful if you prefer a longer-term trading session, but it is always to work with what makes you comfortable. For beginners, short-term trading will minimize your risks as you test the markets.

Swing Trading

Swing trading is another one of the crypto trading strategies that you could use. It is more of a long-term plan that allows you to earn profits in the long run. As a trader, you will need to hold on to a particular trading position for a longer time. Although it is more than a day, it is certainly not longer than a month. The objective is to cash in on the volatile waves. Sell when the currency you are trading hits a record high in terms of value. Fundamental analysis of the market is particularly critical in this crypto trading strategy. Moreover, it sometimes takes a long time for any significant changes in the market to manifest themselves.

Swing trading works incredibly for beginners, you get a longer time to analyze the markets and learn the trade before you make your move. You can keep an eye on the movement of the market without any pressure, and only act when it is necessary.

Trend Trading

Trend trading is also popularly known as position trading. The trader takes a particular position and holds it for a while. This could be for two months or more. Since this is more of a directional trend strategy, you take a short position where a downtrend is involved, and a long term position on an uptrend position. Trend traders also use fundamental analysis to make decisions. When you take your position, you assume that the variables will keep moving in a certain direction. If that doesn’t happen, then you are likely to make losses.

Scalping

In the crypto markets, you can expect small moves or big moves. Scalping is a strategy that doesn’t rely on significant movements. It is considered one of the quickest and best trading moves in the market. It mainly works on exploiting small moves. Most traders who use this method do not maintain their trading positions for a long time. They work by closing and opening positions over time. This can even be in a matter of seconds. Scalping as a method of trading can be an efficient trading method when a trader comes across a marketing inefficiency.

The right cryptocurrency plan can earn you high profit margins while the wrong strategy can lead to huge losses. Choosing the right trading strategy is key. You need to choose the strategy that works best for you and leverage it for profit. Not all traders can be master scalpters and not all traders can be good at trend trading, you therefore have to find a strategy that works best for you. 

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