It is a known fact that the digital era is here. It is affecting our lives, society and economy in every possible way. With everything in the world is becoming more and more digital, it only makes sense that our traditional money is also going digital. Digital currencies are growing every day and trading bitcoins is one of the most seeked way to be updated and have a currency which is more valued than the mighty US Dollar or Euro. While it is far from being a mainstream currency yet, Bitcoin appears to be on the right path.
Is it hard to trade bitcoins?
Not really! But just like other kinds of trading, you should always try to buy low and sell high. Before you consider trading though, you should familiarize yourself with Bitcoin, and you will learn many tricks that will eventually help you make good decisions and reduce the risks involved in the trading world.
Proceed with caution, while this currency could be invested and traded, it can also be lost and stolen. This cryptocurrency is generated by a process called mining through scripted applications and computers. You can also obtain it through different ways.
In order for you to be able to receive, send, or trade Bitcoins, you will need a wallet and internet access. This will eliminate the need for a third party to do any transaction.
To have an address you should download bitcoin client or at least a reputable web-based bitcoin wallet just as Blockchain.info.
Blockchain, is one of the most wallets used and it will give you a unique wallet id and password that you need to save so you can do any transactions on your account. For further security, you can also set up a 2FA (Two-factor authentication).
There are many other different wallets you can choose from, such as: Mycelium, Wirex, Xapo, Bitgo, green address, among others.
If you download a bitcoin client, you can have your bitcoins in your hard disk but it is generally safer to save it on an offline-device, so no hacker can access it.
After you have it on your wallet, and if you don’t want to trade it but you want to exchange it for some money use exchangers such as:
This will make you be able to exchange some bitcoins for money. Deposits made in this banking system should take at least 2 days. For faster exchange, we recommend you withdraw Bitcoin to cash using Paypal or Western Union, which should be done within an hour or two.
For more details, please also check out our other article about withdrawing bitcoins to cash.
Bitcoin as a project has established a different vision of a new valuable currency that is free from any control. You can use this for trading stocks, buying items on internet, hiring services on platforms that accept bitcoins, and so much more.
This currency have several advantages if we speak about traditional money trading. Beside the elimination of third parties in business, you also can enjoy very low cost for sending and receiving bitcoins.
If you do any transaction with bitcoins, at least a typical transaction of 500 bytes, it will cost 9,13 cents. Which is way cheaper than any thing out there including PayPal! Transactions with this currency are irreversible and are supposed to be secure. Please, be sure of who is doing business with you. You won’t have to worry about fraud, fraudulent chargebacks, refunding.
If you want to start trading bitcoins or buy some, it is recommended to use coinbase which is one of the safest and easiest ways to buy a bitcoin.
Coinbase stores over 97% of their clients’ funds in offline storages to avoid loss and theft. There are other options but we are just giving some advices to make your trading bitcoins easier.