As we can see from the world trends, cryptocurrencies are becoming more trustworthy, and many more people are interested in trading and investing, compared to previous years. Even in a time of crisis, Bitcoin is still staying strong between all the other currencies, no matter the lower rates. The pandemic caused price dropping, but today in July 2020, it’s rates are higher than $9,000, with no signs of great changes.
People can earn cash using the crypto money if they exchange them through the trusted crypto platforms. Trading is a little bit different. Traders are using proper software for this activity. Often, this software is implemented in a website, that is saving all the transactions like a list of history logs, so no one can get scammed. These websites are usually provided by technology and crypto experts who are interested in sharing their knowledge and techniques with inexperienced beginners.
Bitcoin transactions are provided by a private network when the trader is linked to the ledger, says businessmole.com, adding that every history log is saved on the network forever. That means that you can prove you’re right if something bad happens, by simply searching through the records.
But, let’s see what else should you know about trading software this year, so you can become a successful trader:
Why would I want to trade my Bitcoins?
No one says that you must trade them, but if you want to earn some cash, you need to offer the coins on the trading websites. That will result in a profit, especially if you aware that the rates are changing every day. Simply said, it’s better for you to buy them when they’re cheaper, or mine them by yourself, save them on your digital wallet, and keep the crypto money there until they hit the price you are wishing for. Then, you are linking to the potential buyer through the platforms. You can even wait for them to offer a bigger price. It’s on you to decide if you want to exchange them and earn a lot of cash or keep the coins safe until you decide what do you want to do with them next.
How to use trading software?
It’s easy as using social media platforms. You need to create an account, verify it, put your deposit (if required), and follow the rules. You should be sure that the platform is reliable and reputable. That means that you need to perform deep research before you take any step. These steps can be pretty risky, just like real finances.
So, find legit users’ experience description and learn how to recognize fake or scam websites by only seeing it. Some people want to use less-known websites, but that brings a lot of risks, and most of us are not comfortable risking a lot of money, just to check if something works or not. If you are new in this market, it’s better for you to stick to the popular and recognized trading platforms. When you gain more experience and make connections with the people who do the same, you can then risk some money and try new websites, software, and mobile applications. Until then, we recommend you to play safe.
The benefits of trading Bitcoins
Money benefit is for sure if you know how to “manipulate” with your skills and knowledge. But, you should know that the Bitcoin is pretty safe and stable compared to the other altcoins. People prefer it over all the other cryptocurrencies, because they trust it, and don’t want to play games and try saving in Ethereum or Litecoin. But, don’t get us wrong. Altcoins are also beneficial, but their prices are lower, and the rules and policies are different.
When you trade Bitcoins, you need to know that you are using the most independent cryptocurrency, and you have the freedom to use it for what you need, without a bank or tax control.
You can choose if you want to trade different digital coins and exchange them, or keep your crypto savings for you and use them as a payment method (where accepted), or even withdraw them from an ATM, where available. The transactions are encoded and no one can access your identity, except in cases of cyber and financial crime, where the authorities have a right to ask what name stays behind your ID code.
The software is often focused on peer-to-peer transactions. Crypto users can send or receive their payments in a few seconds, no matter where in the world are they located.
In 2020, we are lucky to have high-level maintained mobile applications for trading, so we can perform these transactions everywhere we are. One of the goals of Bitcoin trading software is to make the savings available and accessible all around the world.
As you can expect, there are transaction fees and exchange costs, but they are way lower compared to the fiat money. Also, you should know that these transactions work just like banking, but usually, it’s faster and very effective. Developers are trying to make Bitcoins even better, ensuring the currency is keeping the safe-haven status.
Bots and automated trades
Some of the platforms are offering bot trading or automated transactions. In order to make a successful transaction, you need to be sure the other people are there, so you can both accept the terms and wait for the transfer to be completed. But, since it’s happening in real-time, and traders live in different time zones, you can choose an automated trading option, or even assign a so-called bot to follow your preferred instructions and complete the money transfer for you.
The difference is that automated trades are available 24/7 through a cloud memory. For direct transactions, you both need to be present at the same moment, so it can be approved by both sides.
No matter what you choose, we hope you are following the rules, and that you won’t make anything silly that may end up in putting your name on a blacklist in the crypto world or even ending in jail for finance manipulation. Stick to the rules and you won’t have any problem.