Thanks to the fact that Bitcoin is worth around $40,000 these days, thousands of new traders register to the network each day as they are keen on making a profit. After all, studies have shown that there may be as many as 100,000 Bitcoin millionaires in the world and each trader wants to be the next one.
The process of investing and profiting with Bitcoin involves a few things that you should be familiar and that is exactly the topic that we wanted to discuss in this article. We’ll be taking a look at every detail that you need to know about trading and making a profit with this cryptocurrency.
Let’s start with the thing that interests people the most, which is selling Bitcoin. Bitcoin is a digital currency, which means that it does not have a physical shape. That means that there are special platforms dedicated to trading this cryptocurrency. Those platforms are trading sites and Bitcoin ATMs.
Trading sites are superior to Bitcoin ATMs, which is why we’ll only consider them. To start the process of selling Bitcoin at trading sites, you need to register and choose your preferred payment method. After that, you will most likely be required to verify your identity via email or by sending the trading site a valid document that confirms that you are a real person. In most cases, that document is either an ID card, passport, or utility bill.
Some reputable trading sites such as Bitcoin Profit even use advanced softwares that are able to scan the market, collect all relevant data about Bitcoin and help you maximize your profits. Now, it is worth noting that this information does not guarantee you profit, but it is of the utmost help.
Of course, if you want to sell Bitcoins and make a profit, you need to be in possession of it. There are two ways to earn Bitcoins. First off, you can buy it at trading sites like the one mentioned above. To do that, you will have to register and follow the steps to verify your identity.
Mining is the second option, but there are few things that you should take into consideration with this process. Let’s explain what mining is, first. This is a process in which you are verifying Bitcoin transactions. Mining is one of the sub-processes that powers Bitcoin’s blockchain and allows the network to remain stable.
Not only that, but mining is free and hence, the perfect choice for all those that are looking to invest in Bitcoin long-term. However, there is one initial expense which is the mining rig. You will need a powerful device that can withstand this process. Additionally, mining is very complicated and you will need some time to master it.
Before you even sell your digital assets, you need a place to store them. The digital storage units for Bitcoin are known as e-wallets. There are two types of e-wallets – hot and cold. Hot e-wallets are cloud-based and you can access them at any time and place, as long as you are connected to the Internet.
On the other side, cold e-wallets are hardwares; something like a USB. You need to connect them to a device if you want to gain access to your Bitcoins. That means that they operate offline.
Additionally, it is worth noting that each e-wallet has different strengths. Some are most adequate for novice traders; some are adequate for more experienced traders. That means that you will have to do proper research before you can find the one that suits your needs. Here are some of the best e-wallets on the market, so feel free to check them out