It goes without saying that Bitcoin trading is now one of the most profitable ‘job occupations’ in the world. There are countless stories of how this cryptocurrency managed to change the lives of average people and make them wealthy overnight. These stories are the motivation and the reason why so many new people register to trade with Bitcoin each day.
Some statistics show that Bitcoin’s network now counts over 5 million users and thousands more are joining daily. Considering the fact that the current market value of this cryptocurrency exceeds $60,000, it is easy to conclude why the popularity is constantly on the rise and why so many people join the network.
Since there are so many new traders, we wanted to take a look at the process of investing and profiting off Bitcoin and name a few things that every novice trader should consider. Without any further ado, let’s check them out.
The Volatility Rate
The one thing that we are all familiar with is that Bitcoin has a high volatility rate, meaning that its price can go up and down with each passing day. Let’s use the Tesla investment as an example. After Tesla invested over $1.5 billion in Bitcoin, its price managed to rise from $47,000 to $50,000 in just a few days.
If there is one thing that makes it hard for traders to maximize their profits, it’s the volatility rate. But, luckily, there is one tool that they can use to deal with it.
Trading Sites Can Help You
Reputable trading sites have the tools that can help you deal with Bitcoin’s volatility rate and maximize your profits. Let’s use one of the most popular trading platforms on the planet as an example. BitcoinProfit is a trading site that utilizes an AI system to predict the future fluctuations of Bitcoin. Here’s how that system works.
It collects all the data about Bitcoin from the market and analyzes it. The analytics are actually accurate predictions of how Bitcoin will fluctuate in the near future. These results are shared with the traders who are now ready to battle the volatility rate and earn the highest possible profit. It is worth noting that the daily profitability rate at the aforementioned trading site is very high, which is why it has thousands of registered users from all around the world.
Always Choose Bitcoin
Bitcoin is not the only cryptocurrency on the market, that’s a given. There are hundreds, maybe even thousands of other cryptocurrencies available. But, none of them even comes close to Bitcoin. For starters, Bitcoin is far more valuable than other cryptocurrencies.
Its current value exceeds $60,000 and the competition does not even come close to this. Additionally, Bitcoin is far more stable than other cryptocurrencies due to the fact that it has millions of registered users. Not only that, but many global brands even accept it as a payment method.
Some of the names here that deserve a mention are Tesla, Shopify, Overstock, Starbucks, Expedia, and Wikipedia. Lastly, Bitcoin focuses on security far more than other cryptocurrencies. Considering the fact that security is one of the biggest priorities for users as the number of online scams is on the rise, this is a massive benefit to have.
Fear of Missing Out
Lastly, we wanted to mention one interesting phenomenon that is known as Fear of Missing Out or also known as FOMO. FOMO is connected to pretty much every investment and every area in your life where you feel like you are about to miss a tremendous opportunity. In Bitcoin’s case, that is a missed opportunity to make a profit.
Here’s how it works. When Bitcoin records a rise in value over a certain period, many people will invest in it, thinking that the price will spike and thus, they will make money. The opportunity is too big and out of fear of missing out on money, they make a huge investment, only to see Bitcoin drop in value. Learning how to deal with FOMO is a crucial thing in this line of business and it will help you become very successful.