Bitcoin Community is now 10 years old and there seem to be new adopters joining in every day. As adoption continues to grow over time, it’s understandable that getting into Bitcoin can be a little intimidating for newbies.
The latest news on Bitcoin – The price of 1 Bitcoin was $8070.39 but now it drops below $7,800.Bitcoin had lost over 20% of its value since Monday, September 23. Bakkt launch and crypto whales are among the usual suspects.
BTC is changing hands of $8000 nearly $2000 cheaper than at the beginning of the week. The first digital asset had lost over 20% of its value I just give days and dragged the whole cryptocurrency market lower. At the time of writing, the total capitalization of all digital assets is registered at $213 billion drastically lower from $260 billion on Monday, September 23, while the true drivers behind the sell-off are hard to identify, the crypto community has been actively discussing various theories starting from “buy the rumor, sell the fact” to price manipulation ahead of future settlement.
However, the two main theories revolve around vBakkt that saw a disappointingly slow start. The
ICE backed training platform that offers first-ever Bitcoin futures with physical delivery was launched on Monday but it failed to attract many investors so far. The trading volumes on the platform remain low as compared to CME’s Bitcoin future. Another idea is wrapped around insider trading and price manipulation by whales. This theory is supported by Whale Alerts data that reflects large USDT and CRP transactions.
Cryptocurrency enthusiasts believe that the coin will recover soon and the new all-time highs.
Bitcoin is still 120% since the beginning of the year.
How to Invest in Bitcoin| Where to Buy Bitcoin & Other Cryptocurrencies| List of Cryptocurrency Exchanges
Invest in Stocks and Financial Commodities with a broker you trust. For beginners, coinbase is the best and easiest place to start because it is directly connected to a Bitcoin exchange, which simplifies the buying and selling process. Block chain.info is another popular wallet connected to the Bitcoin exchange, but the wallet is not supported by a mobile application.
Where to buy Bitcoin and other cryptocurrencies in 4 steps
- Decide where to buy bitcoin- Cryptocurrency exchange like coin base and a few traditional brokers like Robinhood can get you started in Bitcoin.
- Think about how to store your cryptocurrencies – Are you going to keep your Bitcoin in a hot wallet or in a cold wallet.
- Make your purchase – Figure out how much you want to invest in Bitcoin
- Manage your investment – Determine your long term plan for this asset.
List of Cryptocurrency Exchanges
- Coinbase- popular choice for U.S. Bitcoin buyers.
2. Binance- The world’s largest exchanges by volume all crypto traders.
3. Gemini- U S. based crypto exchange trades Bitcoin, ether. Transaction fees range from $0.99to 1.49% of your order.
4. Coinmama- Coinmama- requires a minimum $60 purchase and charges a transaction fee of 5.9%
5. Traditional Stock Brokers- Robinhood is the first mainstream investment broker to offer Bitcoin.
Best Bitcoin trading strategies
- “HODL” is one of the most used cryptocurrency slangs. It was created in 2013 However it is very technical when bitcoin’s price was falling but a user decided not to sell. He meant to write “HOLDing” but instead “HODLing,” was born and the commodity took it to mean “Holding on for Dear Life.” HODLing basically means that you are going to buy Bitcoin at a certain price and pray your investment grows over time.HOLDers believe that the coin they invested in will be profitable one day, even if it isn’t profitable today.
- Day Trading- Day Trading is a form of trading that happens all within a single trading day. Basically you conduct trading during the day and close all your trading by end of the day to prevent open positions overnight. However, it is very technical and has a very steep learning curve.
- Swing trading- It is opposite of day trading You won’t really need to keep your eyes glued to your monitors or you won’t have to quit your day job You can swing trade as a side profit as long as you have the risk of larger losses since they hold their positions for longer periods of time.
- At- coinFlipping – “alt coin-flipping” has grown in popularity and is now one of the most common methods of trading.”Alt.coin flipping” refers to the trading of various altcoins in the hopes that you can manipulate the prices into earning profit.
Competitors of Bitcoin
- Litecoin- Launched in 2011, created by Charlie Lee. There is a growing number of merchants who accept Litecoin. As of Feb 9, 2019, Litecoin had a market cap of $2.63 billion and a per token value of $43.41.
- Dash- Dash is an open-source cryptocurrency and is a form of the decentralized autonomous organization run by a subset of users called “masternodes”
- Ripple- Ripple is a real-time gross settlement system currency exchange and remittance network created by Ripple Labs.inc, a US-based technology company.
- Monero- Monero- is an open-source cryptocurrency created in 2014 that focuses on fungibility, privacy, and decentralization. Monero uses an obfuscated public ledger, meaning anybody can broadcast or send transactions but no outside observer can tell the source amount or destination.
- Ethereum- Ethereum launched in 2015, is a decentralized software platform that enables smart contracts and distributed applications(DApps) to be built and run without any downtime control of interference from third parties.
- Zcash(ZEC)- A decentralized and open-source cryptocurrency launched in 2016, looks promising.”If Bitcoin is like HTPP for money, Zcash is HTTPS”, is one analogy said by Zcash for itself