Bitcoin – currency or commodity. There are arguments for both and an equally as valid argument for saying it is both. But whatever you decide the definition is, there is one thing about which little debate exists. And that is its enormous potential to earn investors substantial sums of money by trading in it. Bitcoin is currently very volatile. Its prices go up and down rapidly, often depending on what economic uncertainties or political situations are happening globally. And bitcoin truly is global. It has no official exchanges therefore no official value. It isn’t controlled by any government but rather by a huge network of investors who operate together to ensure it maintains integrity. This means bitcoin is free to go up, and down, at will. Which it does!
This very volatility though is what makes bitcoin trading so attractive to so many people. It’s potentially very easy to make a lot of money very fast, particularly if you’re a short-term trader. For those that prefer to study on-going trends and make long-term predictions about the future based on the past, it may take a bit longer to get your money back.
So how does bitcoin trading work?
Basically the same way most trading systems for profit work. You buy the bitcoin at a certain price and then hope to sell it at a higher price. The difference between what you paid for it and what you sell it for, minus any brokerage fees, is your profit. Bitcoin has experienced exceptional growth over the past year or so. Anyone who bought bitcoin at the beginning and has hung onto it stands to make huge amounts of money, and have done so. In fact, there is a new class of millionaire in town called the bitcoin millionaire. These are the people who played their cards exactly right, bought at the right time and sold at the right time. Or maybe they used the bitcoin trader on Dragons Den to help them! That will certainly have helped their success.
Getting the timing right
One of the keys to successfully making money trading bitcoin, or any other cryptocurrency for that matter, is to know exactly when to buy, and exactly when to sell. If you buy when the price is high, you could take a loss if it goes down again shortly afterwards. Or you’ll have to hang onto them and hope the price goes up again. It’s the same rule for most commodities that are bought and sold this way.
How do you know if the price of bitcoin is going to go up or down though? Most experienced traders have studied the trends for long enough to spot patterns and to know what types of world events or events in cyber space are likely to trigger rapid movement. But for the less experienced it can be a game of do or dare! Understandably, this often makes newbies to bitcoin trading hesitant about getting involved and probably rightly so. After all, if you’re thinking about using next month’s mortgage payment to make a quick buck or three, you could be in a very difficult position if it doesn’t pan out.
Bitcoin Trader On Dragons Dens Removes The Risk
This is where programs like bitcoin trader on Dragons Den with its automated trading algorithm can pay dividends. It analyses these up and down trends and calculates the best times to buy and sell. It even does the trades for you based on the intelligence it’s figured out.