Bitcoin, the absolute firecracker in the cryptocurrency world, has been a market leader since its inception in 2009. There has been no, even close competitor to Bitcoin and the name has become synonymous to cryptocurrency or digital trading. Many-a-times, we see that new and amateur traders, who try to venture into the world of crypto trading, just know the name Bitcoin and that they want to buy and sell Bitcoin. But how is this done in reality? Let us look more in-depth into this buy and sell Bitcoin mechanism.
Prerequisites to Buy and Sell Bitcoin
Following is required in order to buy and sell Bitcoin.
1. But obvious, you need some spare cash to buy Bitcoin for.
2. You will need an exchange where you buy and sell Bitcoin.
3. You will need a wallet app so that you can safe keep your Bitcoin.
4. You will need a consultant or a service provider initially, like executium.com, to assist the buy and sell at the best possible times. Then you can pick up on your own as you train.
Steps to Buy and Sell Bitcoin
1. Download a free Bitcoin Wallet.
2. Setup your information on the exchange you choose, you will have to input billing information, the address where Bitcoin must be sent (your wallet address) and a few more details.
3. Make a purchase order for the amount of money you want to invest.
4. Now when you want to sell, transfer the Bitcoin to the exchange wallet through which you want to sell.
5. Place a sell order.
6. Get the funds back to your bank account, either with a profit, at par or sometimes at loss.
Things to Consider when Buying or Selling Bitcoin
1. Decide if you want to use a credit card or an exchange. This is going to impact the speed of the transactions and the fee you pay.
2. Employ some good trading platform, like executium.com, which regularly follow the Bitcoin prices and take advantage of the market.
3. Buying and selling Bitcoin is thus a very simple task and not any rocket science. However, making profits out of using various Bitcoin tools and trades like arbitrage, betting, bots, algorithms, signals, pair trading, VWAP ratios etc. definitely requires skill and knowledge. And all this is best gained by experience.
4. There is no harm at all if we deploy some consulting firm, all the control still remains in the hands of the trader whether he wants to buy or sell Bitcoin, and the fee is also usually very nominal. You can check executium.com which is one of the lowest charging firms in the crypto world.
So we see that if we are to buy or sell Bitcoin, it is not just the procedure involved, we need to have some prerequisites as well, and also we need to keep a few things in mind as mentioned above. Trading Bitcoin is not illegal, as there is a myth among the minds of many people, and so anyone can stock or trade Bitcoin at any point of time. People made huge fortunes out of this digital currency when it was first launched, and even now they continue to do so. It is only that the profit percentage has come down a bit. However, something is better than nothing!