Bitcoin is a cryptocurrency that was created in 2009 by an unknown person with the alias Satoshi Nakamoto. While the coin has been around for a long time, its popularity rose a few years ago when merchants began to accept it as a form of payment. In addition to using it in your transactions, you can also trade it making huge profits.
The advantages of currency trading
There are many 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 to the Bitcoin market. All you have to do is identify a seller you can buy from. If you are interested in selling, identify a buyer, and you are ready to go.
Global: You can exchange 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 significant because it is not affected by the economy of a single country.
It is volatile: Like other currencies in the exchange 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 huge profits.
Trading 24/7: Unlike the stock market that operates during business hours, Bitcoin trading happens all day and night. Trading limitations are only on you, not on time.
How to get Bitcoins
If you are interested in entering the market, there are many ways you can use to get the currency. Some of the ways you can use it include:
Buy on an exchange: Here you need to enter the market, and you will find people trying to sell the coin. 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 the currency via an app located on the computer or phone.
Mining: This is the traditional way to get the coins. In this method, you use the computer to solve complex math puzzles. After successfully completing a puzzle you are rewarded with coins. While this method is free, it usually takes time.
This is what you need to know about Bitcoins and their trading. When you own the coin, you can decide to keep it in your digital wallet or exchange it.