What is bitcoin?
This is a question which usually rings in the minds of many people once the name bitcoin is mentioned anywhere. Therefore, it is essential and actually to your benefit that we first explain what bitcoin is. Bitcoin is a form of currency which is unique in its own nature and in many aspects as well. It is absolutely different from the normal currencies that you are used to. For instance, have you ever heard of a currency which is not physical? Well, if not, then bitcoin is the first in the class of currencies that are not physical.
Bitcoin is more of a capitalized concept.
Another difference that clearly makes bitcoin a currency of its own status is the fact that it is not issued by central governments, they are created through a process commonly referred to as ‘mining’. The ‘mining’ is done using very big computers that are capable of handle the horsepower involved in running the kind of algorithms required to create a bitcoin.
In a measure to keep bitcoin ‘inflation’ in check, all the computers used in the ‘mining’ process are normally used in a more of a network. The basic or rather primary target of the network is to ensure that the process of creating more and new bitcoins is made harder hence keeping the inflation on the low.
When bitcoin was introduced, there is a group of people who dismissed it but time seems to prove them wrong owing to the fact that bitcoin continues to enjoy an even larger popularity every other day. More and more merchants are now turning to accept bitcoins in their businesses from around the world thanks to the numerous benefits that bitcpoins brings on the table.
Many traders have since branded it “the bitcoin revolution”.
Top on the list of benefits of using bitcoins is the fact that there are no fees attached to bitcoin transactions as it is the case with the otherwise known as mainstream financial forms of payments. In addition, the bitcoin transaction is much faster and does not involve issues with revealing your privacy. That is also a fact that has been proved right by several surveys done in various online platforms.
Bitcoin Market Price: What is the price of bitcoins
There is absolutely no doubt that the bitcoins price remains to be a record high. That is a reality that has been majorly attributed to the fact that the ‘mining’ has really and successfully been kept on check. That is just one of the many reasons why lots of merchants are now starting to accept bitcoin transactions in their businesses.
According several studies that have been done as far as bitcoin is concerned and the last one released early this year, the price of this currency was pegged at about $580 per bitcoin. Bitcoin price, being such high, has also contributed a big deal in attracting the attention of many online businesses. In spite of the high bitcoin price, traders, even the smaller ones or the ones starting to trade, can use bitcoins since they are allowed to buy a fraction of a bitcoin. This comes in handy when a person doesn’t want to invest a fortune in order to trade in bitcoins.
However, just like any other currency, there are a few factors that influence the fluctuations of bitcoin prices. That is, the prices can go up or down depending on a few factors here and there in the bitcoin market, whether true or false.
Financial experts are and seem to remain very optimistic about bitcoin market irrespective of the bitcoin price fluctuations. According to them, they see a bright future for bitcoin market. They are also of the opinion that bitcoin is actually there to stay since millions of online traders are now opting for bitcoin when it comes to transferring large sums of money.
Bitcoin exchange sites: How do you sell bitcoins?
Using bitcoins in a business is one thing and selling the same bitcoins is definitely another thing altogether. As a result, knowing the bitcoin exchange sites and understanding how they work should actually be your priority even before you start using them in your business.
On the other hand, there are many sites that are nowadays heavily involved in the bitcoin exchange. They include coinbase, coinjar, kraken.com, local bitcoins.com, best-exchnage.com and bitstamp.net to mention but a few. Therefore, exchange your bitcoin should not be an issue at all.
Generally, selling bitcoins is not as hard as many people would want to believe. It involves a few clear steps and you will sell your bitcoins. But, at the same time, it is also as easy as the buying process. There are two main and commonly used methods of selling bitcoins. That is you will need to choose between selling your bitcoin in person or going online and the selling there. Each option comes with its own pros and cons; therefore you will certainly need to think twice before picking any of the two choices.
Selling in person is mostly regarded as the fastest and easier way to sell bitcoins. It is as simple as scanning the QR code using a phone and accept the cash. You should, however, be very cautious or at least consider some of the below mentioned factors.
- Deciding the price first before the exchange
- Staying safe
- Make your minds on whether you will have to advertise your bitcoins first.
Selling bitcoins online is a bit complicated but the most common means to trade bitcoins. There are two ways that you can sell your bitcoins when doing it online. That is through direct sales or through exchange trades. Irrespective of the platform you choose to sell your bitcoin, keep in mind that, unlike when buying bitcoin, you will be required to give more personal information as proof of your identification. That is for the reasons that all the sites in the bitcoin trade are required by law to know much about their users.
Regardless of the path that you will follow to trade your bitcoin, experts warn that you ought to remain observant and careful. Try to find out the real identity of the trade partner and be sure that he is not scammer who is only out to fleece you.
Bitcoin trading platforms
In the recent past, there has been an increase in the number of bitcoin trading platforms. Most of these platforms have been tested and proven to be safe and secure for the trade. Camp BX, for instance, is one of the best bitcoin trading platforms in the world today.
Camp BX is based in Atlanta, US, with its servers in Arizona and Georgia. This platform runs in compliance with all the relevant authorities hence a reason why it is attracting lots of traders from all corners of the world.
The fact that bitcoin trading is a trade like no other requires that a trader be armed with everything needed to successfully complete the procedure. That includes the bitcoin trading bots. The bots are needed because mostly, the procedure is automated. The automation of the bitcoin trading procedure demands the use of special software which will necessitate the trade.
The software is usually embedded in the trading platform and must be capable of analyzing all the market trends in order to guide the trader appropriately. There are bitcoin trading bots are specifically designed to aid the bitcoin buying and selling.
Apart from the need of automating the bitcoin trading bots, they should also be user friendly and come with features that make its use much easier.
Some of the main features include;
- The bot must support trading on various trading platforms
- Must be completely automated and should be EMA based
- Should be server backend in order to improve its performance and stability
- Must be in a state to help a trader find his optimal settings
- Should come with trailing stop loss orders
- Support email notifications
On the other hand, you should be extremely careful when downloading an app to use in your bitcoin trading. The bot must always have the API keys which are, in most cases, set from centers in charge of security.
Bitcoin trading strategies
There are quite a number of bitcoin trading strategies that a trader can use. Some are effective while some are not hence the need to be very keen when picking a strategy to employ in your bitcoin trading.
Among the many bitcoin trading strategies, there are some that have really managed to stand out and are strongly recommended thanks to their good and tangible results. The bitcoin logarithms trading strategy is a perfect example of such a strategy. The bitcoin logarithms trading strategy is recommended based on the following;
- It is certainly one of the strategies that are growing exponentially
- It is very liquid
- It is simply the best to use in an emotional market
According to bitcoin trading experts, you should always keep emotions out of the trade if you really want to make big in this trade. You ought to choose not only the best trading platform but en excellent and effective strategy as well. Also, seek to fully understand the trade before getting your hands in it.