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How to Get Rich With Bitcoin?

source: cryptopys.com

If you have decided to make the money with bitcoin – opportunities are endless. It all depends in which direction you want to go to. Something has to be invested. Time, knowledge and money or processing power of your computer. Learning the software platform might be the best way to start.

Most of the professional traders on Youtube channels are describing what moves the market. Overall, there are two different factors that can help us predict which direction line will go. The first one is related to mathematical calculations. Understanding mathematical methods and properly applying them would help us make some money.

Learning different methods does take time, clear perspective and effort. The second factor that moves the market would be important news. How the war in the middle-East would affect the price of oil on the global market.

Shortage or excessive production can dictate the price. We all remember the currency going wild when Trump got elected. The whole market, so as currencies, experienced huge swings.

img source: cloudfront.net

Outside of plain trading, Bitcoins can be earned by watching ads or doing paid-to-click. This type of earning is known as “micro-jobs” and they are widely spread on the internet. Testing plug-in to your browser and giving feedback about functionality and simplicity of usage is all that it takes.

Posting about Bitcoin on certain forums is also another way of making money, but you have to go over a certain number of posts to really make something out of it. That does require a lot of time and the decision from the whole beginning if you are going in that direction or not. If you are involved in blog writing, or even better – if you are a professional writer that can hit the target – Crypto companies need you.

You probably heard about Bitcoin mining process. For this type of currency making you need a strong computer machine.

This is a very simple process, but there are factors that you should consider. One of them is electricity. If you live in a country where electricity is very expensive – this might not be the best Bitcoin type of solution for you. Some statistics say that Bitcoin mining spends as much electricity as Morocco these days.

Furthermore, mining does require strong processing power which cannot be done without specialized equipment. The competition took its turn and large companies invested in hardware, while they choose to be located in the countries where the electricity is cheap. Currently, the majority of the miners are located in China.

Daytrading Bitcoin might be a good solution for traders, regardless in which direction the trend is going. However, this does require a lot of knowledge and it appears that movements of Bitcoin are very unpredictable.

Holding this cryptocurrency for a while is equal to investing in it. As we all know – traders that risked $10 when this currency just came-up on the market – today drive expensive cars. The question is if history is going to repeat itself or do we have to go in direction of day-trading.

The good thing about day trading Bitcoin is a good profit margin. These days Bitcoin is getting slightly less volatile in comparison to good old days when the price use to fluctuate even more than 3% per minute.

Img source: Bitcoinist.com

Holding the currency presents a greater risk than day-trading. We strongly suggest that you stay at the top of daily news which can have an impact on trading. The most important ones are GDP, unemployment rate, price of oil and new jobs.

At this point, we have decided to list some of the most common trading strategies. Let’s start with Fibonacci. This trading strategy got the name from Leonardo Pisano, also known as Fibonacci.

We are talking about Italian mathematician who was born in the 12th century in Pisa. He came up with something called The Golden Ratio. Basically, he was explaining inverse of 1.618 which is 0.618. Golden Ratio is something that frequently appears in nature, fine art, biology, and even architecture.

Leonardo’s Mona Lisa has Golden Ratio built in it, so as rose petals. Fibonacci got also recognized as a useful trading strategy. This strategy is simple to understand and it shows a great probability of currency price bouncing back to Fibonacci level, ones it reaches a maximum in a certain direction. The majority of trading platforms offer Fibonacci extensions, which can help us determine when to sell or buy.

If we don’t have so much time to spend upfront on our computers, opening, and closing – upcoming strategy might work for you. Position trading is some sort of slightly longer-term investment or let’s say approach where you hold specific trade for days, weeks or months.

An understanding of political situations related directly to a specific currency pair would help us jump on the train at the right moment, pick up the profit and go to the next one. In addition to political matters, you should also follow Retail sales, GDP and NFP.

Swing-trading is some sort of strategy based on large swings on the market. Each currency that goes up- sooner or later will have to go down. The most common time frame for trading is 1 or 4 hours. This will help you precisely determine where the swing will take its’ turn.

Now, it is time to choose the right platform. Thousands of platforms are available on the market. All of them have pros and cons. We have selected bitcoin-storm.app, since this platform can offer outstanding customer service and fast software. Being ahead of others on the market does matter.

source: forbes.com

It is way too expensive to try some platforms that are not capable of performing what is needed at a specific moment. 0.01 seconds in trading does make a huge difference.

You can also act as an investor by lending this cryptocurrency to others. Overall, you can make more profit than by making a deposit into your savings account. However, you should consider a very large risk. This currency is not strictly regulated by the law and it is not even recognized as a valid currency in some countries, so landing something that “does not exist” might be tricky to take on the Court.