Did you know that bitcoin was unveiled officially on the 31st of October 2008 on an 8-page white paper? This digital gold invention was mainly motivated by the 2008 financial crisis. Currently, bitcoin can quickly be sent remotely to any part of the world via the internet. Even people in the most remote parts of the globe can invest in it. Most entrepreneurs in this era work remotely, from the comfort of their homes. Likewise, there is no reason why cryptocurrency trading cannot happen in the same manner. Inspirational entrepreneur stories of people around the world are constantly being shared on business platforms. However, despite the fact that different people have different routes to success, 21st-century entrepreneurs make use of social capital, decentralize and invest in unorthodox but genius ideas.
In 2009, a Norwegian student bought 5000 bitcoins each at $27. Currently, those bitcoins are selling at $13.5 million. He has so far gained 500000X his investment. Nuru Coin has made crypto entrepreneurship across all African countries an easy and readily accessible trade. Every continent is now in the loop. With a few dollars to risk and with a guideline to cryptocurrency terminologies, all you need will be a percentage of a crypto coin. The best part is that there are no brokers or middlemen of any kind involved. There are also no barriers limiting you from entering the trade. In a period of less than 9 years, the world of cryptocurrency has hugely evolved and gained popularity with 2017 being a record-breaking year in terms of trading volumes and transactions.
The very initial step is to purchase bitcoin. This will allow you to trade in any cryptocurrency available on the market. Depending on the amount of money you are looking to invest, you can buy a whole bitcoin or a fraction of it. A fraction of a bitcoin is known as a Satoshi. You can thus buy any fraction equivalent to your money. Coinbase.com is one of the many online platforms where you can buy bitcoin. For a cheaper buying rate, you can buy bitcoin by trading US dollars for Bitcoin in various forums that have an exchange that has this form of transaction.
Once you successfully purchase bitcoin, the next step is getting an exchange for it. This is the most crucial part. In the past, some exchange sites have been scandalous and shut down. You thus need to find a good and reliable exchange such as Bittrex. You can get information on the best exchange by closely following cryptocurrency news feeds regularly. They travel pretty fast. Use the information, news, and rumors on commonly used social media platforms such as Twitter to stay updated on what’s trending and look out for available opportunities.
With your bitcoin in a reliable exchange account, it is time to begin trading. Here, you don’t just pick a random cryptocurrency for the sake of watching its chart. It is important to first carry out some research. Blind trading can mess you up. To research on a cryptocurrency coin, you need to type its name followed by “ann”. The “ann” is meant to represent an announcement. For instance, if you intend to get announcements on cannabiscoin, you search “Cannabiscoin ann”.
This leads you to bitcoin forums with announcement threads on coins of your choice. Announcements will include the technical details, a mission statement, community speculation, the total supply of the coin and much more information. Make sure not to leave out or ignore any forum you come across as it may contain very crucial information.
Fundamental analysis refers to the act of carrying out research on the market. Gaining relevant information out of it makes it easy to predict market trends. Essentially, the rise or fall of the crypto-coin you intend to trade. Secondly, technical analysis is where you analyze charts to identify patterns of the fall or rise of the coin. It is advised that immediately after a coin is dumped, it is the best time to buy it. This is because it gives you an opportunity to cash out back to bitcoin when prices rise. Here, the tip for better trading is buying more good coins. Good coins will always rise afterward.
Reading from the continued positive trend, this year looks like a good window to make money. Cryptocurrency is a good investment opportunity for 2018. Invest your money and trade wisely. You will reap big.