Investing in cryptocurrencies has been a lucrative business since 2008 when a group of people under the pseudonym Satoshi Nakamoto created the most famous digital currency of the present – bitcoin. Although its value was negligible at the outset, it has recorded almost constant growth over the years, so that its current value is above $ 45,000.
What do we need to know about bitcoin?
Bitcoin is a digital, decentralized currency. Many cryptocurrencies call it digital gold. What makes investing in cryptocurrencies tempting is the fact that the customer remains anonymous, that there is no need for a third party, and of course, there is no central authority. They are based on the principle of blockchain, a system that makes them secure.
How and where to buy bitcoin?
There are several ways you can buy this digital money, but the two most common ways are to shop at an exchange office and an ATM. ATMs have proven to be more efficient because you don’t have to leave your personal information, all you have to do is swipe your credit card and buy cryptocurrencies that way. Of course, you will also have to keep this money in your wallet, but digitally. Although many opt for a hot wallet over a cold wallet (for financial reasons), we must point out that a hot wallet is vulnerable to hacker attacks because it requires an internet connection, while a cold wallet is more secure because you store money on hardware-software. Anyway, this is something you don’t need to spend money on. Think of it as a smart investment.
There are two ways to trade, and these are manual and automatic trading. Manual trading refers to one in which you personally open and closes an account each time you access the trading platform, while in automatic trading the situation is different.
Automated trading software, also known as Expert Advisor or EA (Expert Advisor), can open and close trading positions without human intervention. Some automated software uses technical analysis to make algorithmic trading decisions, while others use economic news to open accounts.
Trading using the application is very practical because you do not have to spend your free time in this business, it is enough to set up the application so that it, thanks to artificial intelligence, monitors the situation on the market. To be successful in trading even when using an automated app, it is important to improve and enhance your strategy which you can read more about at eng.ambcrypto.
Since there are so many of these apps today, it’s important to take a few things into account to find the one that will work best for you. But how? Here are some tips that will help you choose the best application.
Is the app compatible with your device?
Today, many applications have a desktop and mobile version. However, using the desktop version on a mobile phone can be impractical (which is why there are mobile versions). However, be aware that some mobile apps are designed exclusively for Android or iOS, so it would be a good idea to check this out before making a final decision.
Ease of application to use
One of the important things you need to pay attention to when it comes to choosing an application is its appearance, ie whether it is easy to use while meeting all your criteria. Many applications have advanced features and tools that could appeal to you, and they are unnecessary tools that will only distract you from the most important thing – improving your investment strategies.
There are also those applications that are equipped with few options, for example, you can not see the former value of the currency, but only the current, which will require you more time while performing additional searches on the Internet to get the desired data.
This is a very important item, especially for those who are new to this business. Check what kind of service the application offers to its clients, whether it has 24/7 support talks with the support agent to avoid additional costs by calling the broker.
Reviews are important
Each application will present itself in the best light, emphasizing the advantages and skillfully hiding the disadvantages. Who better to tell you the truth than its users? Reading reviews will give you a real insight into the quality of the application and help you make decisions about whether it is the right choice for you.
Each trading application has different rules on the method of payment and the initial amount of the deposit. This is something you need to find out before making a final decision on choosing an application. Today, there are many benefits when it comes to payment, so you can even do it via Google, Apple pay, PayPal, or Neteller.
For daily trading, it pays to use an automated bot (software) that will track prices and sell and buy for you.
If you have ever traded stocks you know that stock exchanges work e.g. from 9 am to 5 pm. There are no working hours in cryptocurrencies. Stock exchanges and exchanges operate 0 – 24.
Jumps that can be up to a few hundred dollars in one hour arouse euphoria in you so that you can trade and earn money every day! While this is possible it is not easy.
Daily trading requires a lot of practice, you need to know the market, individual trading options, interface, and the like. If you really want to profit from “day trading”, our recommendation is to use bots or automatic stock exchange options, which will work for you because you will not be able to be 0-24 behind the computer to track movements.
Everyone has to decide for themselves if it is a good idea to invest in these new technologies. Technologies can fail. Price speculation is one of the network effects that push the price to new records. That’s not necessarily a bad thing. Just be aware that this is a high-risk investment!