Bitcoin got on the market in the year of 2009. If you invested $1000 in this cryptocurrency at that point, these days your trading portfolio would be showing close to $40mil in profit. No other investment would take you to that private jet-plane. However, the history of this currency might make you even further in the past. Some attempts to create online currencies happened even before the Bitcoin got on the market. Bit Gold, so as B-Money, were formulated, but there was no time, energy, and effort made to have them fully developed. In the year 2009 mining process started, and the first transaction was recorded. During that first year, Bitcoin was only mined and not traded. It was impossible to assign a specific value to this currency. Next year, the first transaction happened by someone selling 10,000 of them for two pizzas. Oh well, he made a mistake. Just by keeping them until today, the owner would be net-worth over $100mil. A large portion of that money would be highly taxable. However, not all world citizens are allowed to trade this currency due to their citizenship restriction. Some traders are going that far to the point of giving up their current citizenship to buy crypto. Ever since then, Bitcoin had ups and downs, so as any other currency, but unlike other currencies (especially paper currencies), Bitcoin went up to the sky in the year of 2017.
We all heard about Bitcoin and traders becoming rich overnight. Some of us invested in Bitcoin just by purchasing this cryptocurrency at the right moment and keeping it up to the point when the currency reached its maximum value on the market. Since the moment when we started getting involved in currency trading and our adrenalin went up in our veins, we have done everything we could on our end to make money as soon as possible. Hours and days spent on Youtube channels, with rich showmen presenting themselves as successful traders. Some of us invested money in online education and paid courses. Fibonacci is playing a significant role in our life these days. Many great classes are available on the market, but selecting the right one that suits us might not be an easy job. We are looking into getting the best value for our Dollars. Using several different sources combined might give us the best results in our learning journey. Learning currency trading is a never-ending story. Often in life, we learn on our mistakes, so as on mistakes of others. The bottom line is – schooling in online trading does help. Understanding major market moves and taking the right position at the right time will take our home budget to another level.
You have decided to trade Bitcoin and now what?
Paper currencies are becoming less popular for online traders these days in comparison to cryptocurrencies. Trading paper currencies online might require paying close attention to world news. “War for oil” did show us how the liberation of certain countries might have an impact on the price of oil in our gas tank, so as on investment in “oil currency” online. Low wage labor in certain countries such as China created a dumping price on imported products in the United States and resulted in some economic sanctions on “Made in China” products, especially on products that ruined US manufacturing. Anti-dumping duty went up to 100% or even more so that US manufacturers can protect their position on the market and keep their standard of living. Chinese yuan was held on a deficient level for a while. These are all political things that have an impact on paper currency pairs. Trading cryptocurrency is much more comfortable. It takes less of politics and more of mathematics. That is one of the reasons why traders are heading towards a crypto direction. The next step is selecting the right broker and trading platform. Very précised trading platforms as definitely needed for accurate and fast trading. US Trading Association placed BitcoinStorm on the top position of all trading softwares due to laser-accurate performance and advance programming that results in being ahead of the markets by 0.01 seconds. Being ahead of others makes this platform the most consistent app in the world. Simplicity is an additional benefit of trading on this platform so that anyone can trade with very little or no experience.
Bitcoin is ready to move up again
Currencies can go up and down, but they can also go sideways. When the money is going sideways – it means that it is trying to determine direction. It might be the best time for taking the position on the market before that significant move does happen. Currency defended reliable price support of close to $7,700. Closely tracked 100-week MA (moving average) support is showing very strong ground these days. Investors see a current dip as the running train up the hill on which they are planning to jump on right away. In turbulent markets, the best thing to do it to go “long” within a specific time-frame. This cryptocurrency reached double-value at a certain point, so we are waiting for that significant move to take us to the same position since the ground floor already got tested several times.
Get familiar with tax laws on profit
Investing in currency trading and earning high rewards has been seen as pure profit with very little or no write-offs. As soon as you see that your investing in currency trading is showing results – it might be useful to get ahold of your local tax person. Taxes on currency trading made a profit are different in every country and getting a second passport might be useful in certain situations. After all – we are trading to make ourselves more productive, not anyone else. Profit-making with Bitcoin has great potential in the near future, and you would like to take your piece of pie as well.