Some reports state that there may be as many as 100,000 Bitcoin millionaires in the world. There’s no denying the fact that this cryptocurrency provides you with the chance to make money and can change your life overnight.
Currently, Bitcoin is valued at around $40,000 and has recorded a small decline since April. This makes it the perfect time to invest in it because experts believe that it will most likely rise to $100,000 by the end of 2021.
These numbers are the reason why thousands of new traders are registering to its network and are keen on trading with Bitcoin. With that being said, we wanted to take a look at the process of making money with Bitcoin and explaining everything that you need to know about it.
Earn Bitcoins By Mining
If you are thinking of making a long-term investment, then your best option of earning Bitcoin is mining. The only thing that you need to mine Bitcoins is a device that supports this activity. Mining is actually recording and verifying Bitcoin transactions.
Each transaction that you record and verify becomes a block and in doing so, you are making sure that Bitcoin remains stable. Not only that, but the reward for each block that you create is Bitcoins. The math is simple – the more transactions you record; the more Bitcoins you will receive.
Store Them Using E-Wallets And Sell Them At Trading Sites
E-wallets are the storage facilities for the Bitcoins that you earn. Each e-wallet has its own strengths, so make sure that you do proper research and find one that suits your individual preferences the most. Also, make sure that you use a powerful private key to keep your funds safe.
When you are ready to trade with Bitcoin, you can use reputable trading sites such as the Bitqs app. To sell Bitcoins on this platform, you just need to register. The registration process is very fast and simple. You just fill out an online application form.
The aforementioned trading site also has an AI system that collects Bitcoin-related data from the market and uses it to analyze its patterns and determine the near-future fluctuations, thus help you battle the volatility rate. So, make sure you use it.
Bitcoin ATMs Are One Additional Option
It is worth mentioning that one other option for Bitcoin trading is using a Bitcoin ATM. They are physical ATMs, but the problem with them is that not every country has them. Additionally, they are not placed in as many locations as a standard ATM, so they are hard to get.
Moreover, these ATMs are known for charging massive fees which can be up to 25%. That is why a big majority of traders resort to using trading sites.
The process of trading with Bitcoin is not as simple as one might think – there are many things that you should know about it. Deciding whether to go for a long-term or short-term investment is one of the things that you need to decide. If you go for short-term investments, then it does not pay off to mine Bitcoins as time is not on your side. That is why you can go directly to trading sites and purchase Bitcoins.
While short-term investments may lead you to a faster profit, they are far riskier. Bitcoin trading also includes numerous psychological challenges that you need to overcome. Some of them are patience, working under pressure, dealing with FOMO, and finally, being able to deal with the fact that you may end up on the losing side. So, pay attention to the details and maintain your focus at all times.