Unless you've been living under a rock for the last 3 years, I am sure you've heard of Bitcoin. Just in case you haven't here is a brief description. Bitcoin is a virtual cryptocurrency that allows people to transfer funds to any part of the world quickly and securely. As bitcoin is relatively new the price is highly volatile. About a year and a half ago bitcoin had a tremendous spike in price.
This created a bubble and many people with FOMO (Fear of Missing Out) bought into it. Shortly after the price did indeed crash. About 4 months ago bitcoin had a small revival and has been showing signs of a major bull run. Due to the previous history of bitcoin people are still skeptical about investing in it. This begs the question; can you still make money with bitcoin? The short answer is yes absolutely you can. This article is not financial advice and does not guarantee that you will make money with bitcoin, but it will give you a few insightful ways you can if you are interested in doing so.
So how can you start making money with bitcoin? The first step would be to pick and exchange, an exchange is a platform where you can buy and sell bitcoin. A great exchange to get started with is the Bitcoin Revolution Official Site.
Once you have created an account you will be able to start buying and selling bitcoins. The best time to buy is of course when there is a dip so you are able to get the best price. In order to effectively make money with bitcoin we are going to talk about the 3 best strategies.
1. Day Trading
This first strategy is the riskiest, but it is also the most rewarding. If you know anything about stocks this is basically the same idea. For this method you basically buy your bitcoin and sell it all within the same day. The idea with this is that you buy it and sell it once the price rises. Sometimes you may even sell the bitcoin a few seconds or minutes after buying. You are also able to do many trades in a single day. If done effectively and the risk is managed well, you could make a large sum of money each day trading bitcoin. What makes day trading profitable and relatively simple is the fact that the price fluctuates so much every day. The only thing you have to make sure is that you buy at the right time which can be hard to time.
2. Swing Trading
The next strategy is swing trading. This where you buy into bitcoin and instead of selling the same day you would hold it for a few days. Swing trading positions typically last between 2 - 6 days but can last as long as 2 weeks. Your intent could be to do a day trade but perhaps you end the day in the red. In this case you may want to hold the coin for a few days in order to exit the position in the green. Swing trading can also be a very profitable strategy as it allows you to keep your position until a point where you are happy selling.
3. Buying And Holding
The final strategy is to hold the bitcoin you buy. Think of this as a long-term investment. In this case the idea would be to hold it for a reasonable period. You may aim to hold it for 3 months or even 3 years. This strategy is almost completely passive as you are not actively buying and selling. If you do not have the time to actively trade this would be the best option for you. a long-term investment like this should be made if you believe in the idea of bitcoin and think the price will rise over time than this is a good strategy to use.
In conclusion these are a few effective strategies on how you can effectively make money with bitcoin. If you would like to start making money at bitcoin get started today!
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