Throughout the years, Bitcoin’s popularity has fluctuated greatly. While cryptocurrency has always been a pretty talked about the phenomenon, it’s recently garnered tons of attention thanks to its significant price increase. Naturally, this has attracted a host of new people that want to jump off the Bitcoin trend and profit through the many opportunities it offers.
If you happen to be one of the newbies looking to start a Bitcoin venture, here are a few crucial tips that could make things a little bit easier.
Reach Out to Other Bitcoin Users
One of the biggest mistakes people make when getting involved in the crypto world is going about it alone. While we’re not saying it’s impossible to see plenty of success through Bitcoin if you strictly do your own thing, reaching out to others for a helping hand can make the journey a lot smoother. Currently, one of the best ways to do this is through social media. Facebook, Twitter, and Reddit are all excellent places to find Bitcoin-centred groups filled with experienced Bitcoin users. It might not seem like it, but experience counts for a lot when methods like Bitcoin trading are in question.
The good thing about these groups is that the content shared there isn’t the usual stuff you’d see on blogs and news sites. Veteran Bitcoin users in this groups will often share more personal knowledge of their Bitcoin ventures, tips and tricks they’ve picked up along the way, and even some detailed strategies that can be useful in the long run. Of course, the best way to gain as much knowledge as possible is to use a combo of both Bitcoin groups and other material you can find online. With both in your hands, you can make better decisions on which approach works for you.
Try Beginner-Friendly Profit Options
Just because most bitcoin profit options require knowledge and experience, it doesn’t mean that there aren’t alternatives with laxer requirements. An excellent example of this is automated trading platforms like the Bitqh app! Unlike traditional trading, automated trading is a good fit for both newbies and veterans thanks to the advanced AI these apps use. With the help of AI algorithms, the software can scour the market for good investments and take them automatically, reducing the need for extensive research on your end!
Another beginner-friendly option you can try is Bitcoin freelancing. Freelance platforms where users get paid in Bitcoin host plenty of easy gigs that anyone can do. If you’re willing to work for your stack of coins, we recommend starting out with gigs like filling out surveys and website testing. One more thing you can try is Bitcoin games, although this method isn’t very profitable.
Bitcoin games are browser-based games that give users Bitcoin as a reward for reaching certain goals. They’re fun, flashy, and come in multiple genres to cover as much ground as possible.
There’s More to Bitcoin Than Profit
Pretty much all Bitcoin users are enticed to try out the cryptocurrency because of its money-making potential. While there’s nothing wrong with that, it’s easy to too distracted by the financial aspect of Bitcoin and forget about all of the other things it has to offer.
We already mentioned an entry point into the world of Bitcoin entertainment already with Bitcoin games, so starting there is a good idea. You’ll find that Bitcoin can help you access premium entertainment in multiple forms. From exciting console games to binge-worthy shows on streaming services, Bitcoin has a hand in every pot.
Another part of Bitcoin’s world you might want to look into is Bitcoin travel! Arguably one of the most underrated aspects of Bitcoin, Bitcoin travel can be an exciting way to explore the world by dipping into your Bitcoin savings! Saving the best for last, you can try Bitcoin shopping. With the cryptocurrency now accepted in a plethora of markets, you can use the Bitcoin you earn to buy pretty much anything you can imagine. We recommend starting at the recently Bitcoin-friendly shopping platform Etsy, the home of some of the most unique items in internet shopping!
Learn More About This Market
Before you start investing and trading, you should learn more about the main features of cryptocurrencies, and what makes blockchain technology so popular. While the main reason for such popularity is related to the great potential of BTC to become more valuable over time, there are other benefits, especially when it comes to technical features. First of all, we have to mention the safety of transactions, where the only public information is the code of your digital wallet, while name and address will remain hidden.
Also, it is much faster, and you can avoid expensive fees required when you are transferring money over your bank account.
On the other hand, many factors could affect this market. That is the main reason for frequent changes and high volatility. Therefore, it is important to always read news related to this market. It seems like the whole world will find a way to implement the market of cryptocurrencies and make them part of the standard monetary system.
However, there is always a risk for some drastic changes, and some of them might result in a drop in value. For example, if strong economies decide to ban cryptocurrencies, or introduce high taxes on trading. Still, chances for that are very low.
Don’t Rush With Trading
As we already mentioned, the high fluctuations can affect the frequent changes in the price of BTC. In some cases, the difference in value can be over $1,000 during the same day. It is crucial to determine the right moment for investing or selling. However, that requires a lot of experience and a proper trading platform. There is a great feature that you can use to prevent excessive losses, the stop-loss option, where you can set the lower limit when the app will automatically sell your assets and prevent losing money.
On the other hand, you should be patient when the price starts to increase. As you can see, the value is not ten times higher when compared to the same period last year, and there are indications that it will continue to rise in the future. On the other side, you should never rely on predictions since no one can precisely determine the flows of prices.
However, you should consider those predictions and analyses from experts in this field, which might help you to make the right choice when it comes to investing or selling your digital assets.
The Bottom Line
You will hear a lot of different opinions about this market, Bitcoin, and its full potential.
While some are predicting the bright future and full integration in global financial flows, you will also find those who claim that this market is a bubble that will become worthless at some moment. Still, there is no reason for people to be suspicious since there are many indications that prove the potential of Bitcoin and other cryptocurrencies. Many countries are already working on full integration, which can be seen in new regulations, taxation of cryptocurrencies, and more.