Bitcoin has become an excellent source for online trading. Bitcoins do not have any banks or any government agencies. So the transaction becomes very easy and quick. The Bitcoin conversion services also offer various Bitcoin conversion rates invalid currencies like Dirham, INR, and USD, and so on. So many people wish to invest their money in Bitcoins with proper security mechanisms to protect their wallets.
Bitcoins are generally stored in a digital wallet which is a file on a computer. It has to be protected with properly secured login to avoid loss of money due to hacking. Online Bitcoin trading helps to earn a tremendous amount of money online, and this has been discussed in the following article. Know the future of cryptocurrency through websites like 1gprofitsystem
Key steps for online trading
Online trading has the following key steps: They are:
Step 1: Know about Bitcoin and its public ledger
Bitcoin is also known as ‘Online Cash’ or ‘Virtual cash’. It does not require any physical banking systems or any sectors to frame rules and regulations. State-of-art cryptography has been employed in Bitcoins. During 2009, 1 Bitcoin is equivalent to 10 cents but now it around $11,234. This figure may be surprising as there is a tremendous difference between 10 cents and 11,234 USD. Isn’t it astonishing?
Even Bill Gates has termed Bitcoins as “‘the best way to invest and transact than the normal currency’. He has also stated that with Bitcoins you do not have to wait for three working days for your transaction to occur or you do not want to expend your money as a transaction fee or minimum balance or if you do not have any rules and regulations. The transaction speed is also very high.”
All the Bitcoin transactions are recorded in a public ledger termed as ‘Blockchains’. Every transaction is stored as blocks, with the address being linked to all blocks. Only the address will be visible, but no one can reach you by using those links. So your personal information will never be revealed to any hackers at any cost.
Step 2: Creating a Bitcoin wallet account
You need to create a Bitcoin wallet account by downloading E-Wallet software and registering your details. Once you had created your account, you will be able to transfer Bitcoins to other Bitcoin wallets. To withdraw Bitcoins from your Bitcoin ATM, you will have to link your e-wallet address to that of the ATM e-wallet machine’s address. You can transfer your Bitcoins to any of the trading market places by linking your e-wallet address to the marketing e-wallet address.
To create your E-Wallet account, several companies have opened their webpage to set up your E-Wallet account and start making your transaction!
Step 3: Buy any limited quantity of Bitcoin.
If you want to purchase Bitcoins, you can do so through a currency broker. Lots of currency brokers are available online. You just have to pay them a minimal fee. You can also buy 0.1 Bitcoin and pay them a small fee. The Bitcoins rate completely depends upon the current value it has in the marketplace. You will have to compare as many currency brokers as possible to know about the buying fee and their terms and conditions before buying from them.
Step 4: Choose an appropriate trading platform with acceptable returns
To succeed in online Bitcoin trading, you need to choose a well-known trading platform with high returns. It is possible to provide 1% to 5% returns per day. But if a company promises a 10% return per day, definitely it cannot be real. Another thing to notice is the trading company you chose must have automated transactions to the recipients.
Because once Bitcoins are transacted to a recipient, it is not possible to return. Hence you should make sure that whether the trading company has automated systems and has proper links to blockchains. The trading company must also provide 2-step login process, where after entering your login details, a code has to be generated to the registered mobile number to let only the valid person to transact or withdraw Bitcoins.
These are all the steps to be followed for making successful online trading with Bitcoins.