When it comes to making money with Bitcoin, here is what you should know this digital money uses encryption to make secure transactions from anywhere around the corner of the world. This open network managed by investors and users themselves. Keep in mind that there is no free Bitcoin. Although there are many ways to earn money with Bitcoin. Here you can learn the two ways that people are using to make money with Bitcoin.
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1. Buy Bitcoin
The first one is the easy way that anyone could do with zero thought and that is buying Bitcoin. Just start with creating a wallet to keep your Bitcoin safe. There are many places that allow you to do so, for example, a digital wallet provided by many websites whenever you sign up for an account. Make sure that the website you are using is a safe and reliable one.
If you look at Bitcoin over a period of about a year and a half two years Bitcoin was 3700 dollars, it means two years ago one single Bitcoin cost 3700 dollars if you bought it when it cost 3700 dollars and sold 10 months later the value of Bitcoin was 6300 dollars. So what people were doing buying Bitcoin at 3000 and once it got up to 6000 they were selling it. It’s that easy but obviously it goes up and down. That’s the concept of how people are making money with Bitcoin.
2. Day trading
The second way is called day trading using charts and figure out where Bitcoin is going to go in the short term so they will buy and sell maybe in an hour or two or in a week much more short term and they try to make just a little bit of money over and over again. They see the patterns and buy at low and sell at high and all they do is look for patterns. Patterns that show when the price turns around. When it stops dropping down and starts going up for a little bit they buy and sell at the top. There is obviously a lot that goes into, a lot of understanding and a lot of time on learning and seeing these charts.
But if you are prepared to do your research on the Bitcoin market and rules of economics in general, you can come up with your own strategies to profit from day trading without sacrificing too much.
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The industry is prone to fluctuations. This can be a good thing when you stay on top of it and learn the risk that comes with it. So, before you go and just dive in and put a ton of money to Bitcoin and throw it all out this doesn’t always work. This method wins but loses too. Maybe not simple in reality but yes conceptually it is simple. With the market always growing, there will always be a demand in expertise or a new product that will develop with time.