Due to the fact that Bitcoin is reaching heights like never before, new traders are keen to join the network each day. As of 2021, Bitcoin has more than 5 million users and expert believe that thanks to the rapid growth, a point may be reached when a majority of the world’s population will use it as a payment method.
But, that is a distant forecast, so all we can do now is just wait and see whether it will come true. While we wait, we decided to name a few general guides which can be of extreme help for new traders as they can increase their chances of making a profit. Here are some of the things that every novice trader should keep in mind.
Choose a Safe E-Wallet
As you know, e-wallets are the storage facilities for your Bitcoins. To access them, you need a private key – a passcode that must be kept a secret at all times. Each e-wallet has certain pros and cons, which is why it is important to research the market and find the one that will suit your individual needs the best.
Find the Best Trading Site
Trading sites are platforms that connect buyers and sellers. But, they are much more than just marketplaces. These sites have one additional service which benefits the sellers a lot and helps them make the highest possible profit. Let us explain how.
Take https://bitcoinequaliser.io/, one of the most reputable trading sites in the world. Bitcoin Equalizer has thousands of users from all around the world and a huge daily profitability rate. How does this site help its users to generate profit? It utilizes the latest AI system which collects all the data about Bitcoin from the market. After the data is collected, the AI system analyzes it and makes an accurate prediction of its future fluctuations.
In doing so, traders will get accurate information on what the future price of Bitcoin will most likely be, so they will know when is the best time to sell them and maximize their profits. The aforementioned trading site is one of the most recommended trading sites due to its effectiveness and efficiency.
Stay Updated With Latest Developments
Trading with Bitcoin doesn’t mean that you can just log in, post a gig to sell your Bitcoins and just wait for someone to buy them. It is much more than that. You have to stay updated with the latest developments at any time. That means reading the news and researching the market 24/7 because you can come across a piece of information that can be very beneficial to you.
Take Tesla as an example. At the start of 2021, Tesla announced that they just invested $1.5 billion in Bitcoin. Now, while this may be entertaining news for some, for you this can mean valuable information which will influence the price of Bitcoin. Shortly after Tesla’s investment, Bitcoin’s value spiked and went over $50,000. Reading these types of news can help you determine whether selling your Bitcoins at present is smart, or whether you should wait and see.
Long-Term or Short-Term
Finally, deciding whether to go short-term or long-term is an important thing to think about. Going short-term means that you expect the price of Bitcoins to fall and can make you a fast profit. Long-term investing means that you expect the price to go up. The difference between the two is that long-term investments will lead you to higher profit, but you will most likely have to wait longer. The decision is influenced by many factors such as Bitcoin’s current state and recent developments.
Many other factors that come in play, but these are some of the general things that you should always consider.