{"id":284703,"date":"2019-01-22T10:08:29","date_gmt":"2019-01-22T09:08:29","guid":{"rendered":"https:\/\/nigerianfinder.com\/?p=284703"},"modified":"2020-11-18T20:24:15","modified_gmt":"2020-11-18T19:24:15","slug":"how-to-make-money-from-buying-and-selling-bitcoins","status":"publish","type":"post","link":"https:\/\/nigerianfinder.com\/how-to-make-money-from-buying-and-selling-bitcoins\/","title":{"rendered":"How to Make Money from Buying and Selling Bitcoins"},"content":{"rendered":"

Since the bitcoin technology as created, it was then provided a lot of avenues for people to take control of their own finances. From investments to buying and selling bitcoins to earn a profit, bitcoin sure has the dynamic financial flexibility that people can use to their advantage. But, how do you make money with bitcoin?<\/p>\n

This article will touch upon how bitcoin trading<\/i><\/em>\u00a0works, how to do it, and the different styles of trading (and how each style earns money in different ways). If you\u2019re looking to make money with bitcoin<\/u><\/a>, then you\u2019ll probably want to take some notes.<\/p>\n

\"\"<\/p>\n

Bitcoin trading<\/h1>\n

So what is bitcoin trading? The best way you can think about it is by thinking of bitcoin as something you can buy with your money. For example, you can buy food, a car, or a house provided that you have enough money. The difference is, bitcoin isn\u2019t a material object that retains its value. As seen by people getting rich by buying bitcoin, the value of bitcoin is constantly changing so by buying bitcoins, you have the chance for your investment to grow over time.<\/p>\n

It\u2019s important to note that bitcoin is a virtual currency that is completely executed online. This means it can be traded around the world. In this sense, bitcoin trading means buying and selling bitcoins and exchanges.<\/p>\n

Let\u2019s put this in a real-life example: You\u2019re going to Europe for the first time on vacation. Right now, all of your money is in U.S. dollars. If you want to convert them into Euros, you\u2019d have to go to a currency exchange and have them converted into Euros (it\u2019s important to note that there is an exchange rate or fee for the transaction). This is the same as bitcoin trading, except you\u2019re converting your fiat money into bitcoin. Instead of going to a money exchanger, you go on bitcoin exchanges like Coinbase and Paxful. There are a lot of other good bitcoin exchanges out there, so be sure to explore your options.<\/p>\n

In essence, bitcoin trading is the buying and selling of bitcoin exchanges\u2026 and doing this can earn you a lot of money.<\/p>\n

How to trade your bitcoins<\/h1>\n

Before trading your bitcoins, you\u2019re going to have to choose an exchange on which you can trade on. There are two factors I like to look at before trading on exchange:<\/p>\n

    \n
  1. Trust<\/em> – Ask yourself if the exchange looks trustworthy. If it looks sketchy, trading on that exchange can lead to them running away with the money you were intending to invest.<\/li>\n
  2. Fees<\/em> – All bitcoin exchanges charge fees. It\u2019s a way for them to earn a profit and in turn, they provide a service to their users. Explore each platform you\u2019re considering and see how much they\u2019re going to charge you for their services.<\/li>\n<\/ol>\n

    It\u2019s important to note that each bitcoin trading platform has a different process when it comes to buying and selling bitcoins. As an example, I\u2019m going to go over the trade process of a peer-to-peer platform like Paxful or Localbitcoins. Looking to get help from miners? What is the best asic miner you should consider<\/a>? Check out this best bitcoin mining hardware.<\/p>\n

    Buying bitcoin<\/h2>\n

    On peer-to-peer platforms, there are a ton of ways to buy bitcoin<\/u>. This is due to the vast amount of payment options available.<\/p>\n