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Making Money with Bitcoin Trading
Bitcoin trading is one of the many ways bitcoin users utilize to make some money. Although the idea of using bitcoin to make a substantial amount of money is somewhat debatable due to public opinion, bitcoin does have lots of potentials for traders to take advantage of.
By: Joshua Marcus M. Bautista
Peer-to-peer bitcoin marketplaces have also been instrumental in making bitcoin trading profitable. The number of platforms and exchanges available online provide more versatility for the services offered by these platforms, as well as new payment methods available to use to buy bitcoin. Thanks to peer-to-peer platforms, payment methods such as bank deposits, cash-in-person, credit/debit card deposits, and even your everyday gift cards are all viable for any amount of bitcoins you wish to trade for money.
With all that said about bitcoin trading, what exactly makes it great practice for traders to make money?
Peer-to-Peer for Bitcoin Trading
One of the best things traders can use to their advantage for bitcoin trading is peer-to-peer platforms’ ability to connect. Many peer-to-peer platforms provide a common place for traders to handle their trades. These platforms are also good for traders looking for trade partners, allowing them to widen their options for who they would want to do business with.
Bitcoin trading is also great for you to set your own terms in which your trades will be handled in. You can choose to trade using gift cards, meet with your trade partner for cash-in-person payments, or send and receive payments through credit and debit transactions. You also get to strategize on how to handle your trades which can include using different peer-to-peer bitcoin platforms and exchanges. This can be a good key for making money with bitcoin trading.
The 3 Strategies for Bitcoin Trading
A strategy can be key for progress, which also applies when it comes to making money with bitcoin trading. There are some noteworthy ones you can try to make money with, which are:
1. Day Trading
This is one of the most common types of trades. This involves executing long and short trades to capitalize on the market price of the day (this is also known as ‘intraday’). Day trading is done by conducting trades during the day and closing all trades by the end of the day to prevent open positions overnight.
While this can be a good strategy to use, day trading is also one of the most technical strategies a trader can do to make money—and with that said, every trader should always take into account the many risks that can come with day trading. For instance, overanalyzing the crypto market can be a bit risky, given the fact that bitcoin’s price is known for being volatile.
2. Swing Trading
This particular strategy involves a process that can be considered the opposite of what day traders do. While day traders don’t hold open positions overnight, swing traders open different position at short periods of time. This involves buying and selling bitcoins during significant raises and dips in bitcoin’s price.
The important thing with handling swing trading to make money is to keep yourself updated with news surrounding cryptocurrencies. That way, you’ll be able to keep track of bitcoin’s current price and that’ll help you determine when the right time is to hold an open position for a trade.
3. Holding on for Dear Life (HODL-ing)
This can be one of the easiest strategies for traders to utilize. This involves keeping bitcoins closely and keeping watch on the crypto market. When bitcoin’s price dips, that’s the best time to buy bitcoin in bulk.
While this can be easy, HODL-ing doesn’t always guarantee a money-making opportunity for traders. Sometimes, the bitcoin market can be a bit stagnant, halting your trading progress in the process. Always remember to take everything into consideration should you choose to follow this strategy.
Why Trade Bitcoin for Money?
Because why not? Bitcoin trading is now one of the easiest ways to take control of how you earn and spend your money. There are a lot of different ways to make money with bitcoin, though its price’s volatility is still something that needs to be considered. With different strategies in place and different platforms, making money can be easier than ever!