Buy Bitcoin (BTC) with Buy and Trade Crypto
Bitcoin is certainly the most famous cryptocurrency around, not only because it is the original cryptocurrency, but also because it is the most popular one too. If you are looking to start out in buying, selling and trading a cryptocurrency, Bitcoin is almost certainly where you should begin.
So, the next question is where to begin.
A Short Guide to Buying Bitcoin
Buying Bitcoin is the first thing you need to do to enter the market. This essentially means exchanging your pounds for Bitcoin online.
Before you do anything you should remember that the cryptocurrency market is much more volatile than other markets and regulation is still catching up. While you can still make an excellent trade with Bitcoin, like all currency exchanges, you are still taking a risk that the value of your money will depreciate and could even leave you with nothing. In other words, while you are getting to know the market, you should only use money that you are able to spare, just in case.
So, now that you have a figure in mind, you should set up an account and make your deposit. With this money, you can start buying Bitcoin. Think of your account as a kind of wallet. This is where you keep your currencies between trades. It does take some time to transfer the Bitcoin to your wallet, though, so this method is not the best for day-trading.
How Does Bitcoin Trading Work?
Bitcoin trading works in a very similar way to regular currency exchange. Like other currencies, cryptocurrency values often change throughout the day but as the market is much more volatile, the value can change by much greater values. This means that you will need to stay on your toes if you want to make money day trading Bitcoin.
You should be aware that you will be charged a fee for your trades. This means that it isn’t quite as simple as spotting an opportunity to make money, you also need to do the math to check that this is still a good deal.
If you have never traded before, there are a few websites around that offer a simulation of the Bitcoin market. Try using these sites to get used to the way the market works and figure out what your best play is in various situations.
How Do I Sell Bitcoin?
Finally, to sell your Bitcoin you can use the same methods you used to buy it. In other words, you can simply put it on the market to exchange for pounds sterling.
You can also exchange your Bitcoin for another cryptocurrency if you want to. Having a few different cryptocurrencies is a good way to balance out your risk and get to know other markets too. Bitcoin might be the most well-known cryptocurrency, but it certainly isn’t the only one and new players appear on the scene all the time.