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The Process of Trading With Cryptocurrency Bitcoin Explained

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Bitcoin trading has become extremely popular. After all, there are countless stories of how this cryptocurrency turned the lives of ordinary people and even managed to make them millionaires. Reports state that there may be as many as 5 million Bitcoin traders in the world and that number keeps increasing since thousands more are joining each day.

Since trading with Bitcoin has become such a popular ‘occupation’, we wanted to take a closer look at this process and provide you with all the details that you should know about it. Without any further ado, let’s dive into the topic.

Earning Bitcoin

Many people know that you can make a profit with Bitcoin, but how do you actually earn it? The most cost-effective solution is to mine it. Why? Because it is free. By mining it, you are also helping the network remain stable as this process involves recording and verifying transactions made with this cryptocurrency. Each transaction of this type is integrated with the blockchain.

The second way to earn Bitcoin is to buy it directly. The pro of this option is that you save a lot of time and don’t require a powerful device to mine Bitcoins.

Storing It

Before you can sell your Bitcoins, you must be able to store them. E-wallets are the storage units for your Bitcoins. There are two types of Bitcoin wallets – hot and cold. Hot wallets are cloud-based storage units on a trusted exchange or provider. They can be accessed from any device and at any time.

On the other side, cold wallets are encrypted devices like a thumb drive. It allows you to download and carry your Bitcoins wherever you go. In layman’s terms, hot wallets are online storage units, while cold wallets are offline storage units. To access your wallet, you need a private key, which is the digital passcode.

Selling It

These days, the best platform that you can use to sell your Bitcoins is trading sites such as bitcoinupapp. These sites can be accessed from any mobile and desktop device and at any time. Not only that, but their AI systems can analyze the market and let you know when is the best time to sell your Bitcoins.

The second option is Bitcoin ATMs, but ever since trading sites appeared on the market, these ATMs became a secondary choice. The reason for that is because Bitcoin ATMs are not available in every country. Not only that, but you can only see them in metropolitan areas, which makes them much harder to access.

If that is not enough, they charge massive fees. Some reports state that the fees can be between 10-25%, which is quite a lot.

Consider Using it For Online Payments

Trading with Bitcoin does not mean that you can only use it to make a profit. The best part about this cryptocurrency is that it has tons of advantages over regular methods, which make it the ideal option for online payments.

And if that is not enough, many of the world’s global brands accept it. Some of the companies that deserve a mention are Tesla, Wikipedia, Shopify, Expedia, and Overstock. The massive institutional interest in Bitcoin is one of the reasons why this cryptocurrency maintains its stability.

Conclusion

As you can see, Bitcoin has numerous uses. While many people use it as a means to make a profit, the truth is that this cryptocurrency is so much more than that. But, since its current value is around $50,000 – $60,000, you can see why so many people are open to investing in it.

More so, experts believe that Bitcoin will continue to rise and possibly reach $100,000 by the time 2021 ends, which would be a historical achievement.

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