Is 2021 the year you take the plunge on Bitcoin? If all this talk of transformative digital currencies and revolutionary blockchain technology has got you excited to try your hand at making money with Bitcoin, we’re here to help.
Well past its infancy, Bitcoin in the 2020s is a mature and respected part of the global financial network, making it the asset of choice for millions of investors and traders. To help you take your first step as a Bitcoin investor, we’ve prepared this short guide to three different strategies for trading in Bitcoin.
The key to all of these approaches is finding the right digital exchange. Working with a reputable exchange allows you to move quickly when the market presents an opportunity, while still delivering the security you need to trade with confidence – CoinSpot is that exchange.
How do you get Bitcoins with CoinSpot? It’s easy! Simply create an account, deposit funds in the currency of your choice, enter the amount of Bitcoin you’d like to buy, and confirm our purchase – your Bitcoins will be in your wallet within minutes.
Making money with Bitcoin
Going for long-term investments
One of the most common forms of investment in Bitcoin is taking a long position. Just as you might buy a share of a stock or other security in the hope that it will increase in value over the following months and years, many investors similarly snap up Bitcoin and look to sell at an opportune time when its value has risen against another currency. With Bitcoin such a volatile asset, taking a long-term approach can reduce the risk of trading on emotion, allowing you to approach the transaction with a bit more strategy.
Opting for the short-term investments
An alternative approach to Bitcoin is utilizing it as a short-term investment. This requires more active attention on your part than a long-term approach, necessitating a good deal of research and attention on your part. The right information is crucial here, making CoinSpot’s in-depth market analysis tools essential for selecting the right time to buy and sell.
Mining & accepting Bitcoin as a payment option
Did you know that you can also make money through bitcoin by accepting it as a payment option? With just a cryptocurrency wallet you can start accepting Bitcoin as payment for goods and services, offering an alternative route to building your portfolio.
Additionally, many investors may also choose to pursue mining as a way to passively build their portfolio. With the right hardware and a steady internet connection, anyone can get started mining on an individual level. However, many instead choose to take out a stake in a cloud mining operation, offering up a fixed amount each month for a given return in Bitcoins mined through a more powerful, centralized system.
If you want to trade Bitcoin, you should look at the trading pattern of seasoned traders. Many of the platforms have the copy trade option too so that you can learn through the trades of others. Evaluate the pros and cons of Bitcoin investments and then make your move.