For you with special background about the stock market or Forex, Bitcoin is just like them. Money, Money, and Money. But Bitcoin is little different. they are Cryptocurrency, means they are built with code and the value very volatile. Now 1 BTC (Bitcoin) is about $1060 refer to current time (February 2017). And the question is how to make a lot of money with it? So before you are going to make a lot of money, you should know what Bitcoin is? and I think you can google it and make a little research on your own.
How to start?
- First, sign up to licensed Bitcoin market in your country. This is highly recommended to save your money and there are a lot of scam Bitcoin market on the internet. In Indonesia, there are trusted Bitcoin market like Luno.com (was BitX), and Bitcoin.co.id. I prefer to sign up with Luno.com. because the fee is very cheap for deposit, withdrawal, and exchange rates. (I thinking to write about my experiences with Luno.com new time)
- since you just sign up with Luno.com, you also created a Bitcoin wallet. But if you want more safety wallet you can user Blockchain wallet as well.
- Make some deposit to your account. The more fund you have in your Luno.com account the more profit you can get with the exchange. I recommend you to fund your account with minimum 1 BTC or more, and trade it. In my experiences with Rp.1000.000 deposit (0,08 BTC) in my account, it takes a long time to gain just 10%. So the more fund you have in your account the more profit you can get.
- Use the exchange to make money. The rule is to buy when the price is low, and sell when the price is high. Just like that. Don’t hang up your bid/ask for a long time.
- Limit buy or limit sell. Use with limit buy/sell, don’t even try to buy/sell instant in Luno.com except you have more money to make luno.com richer and I do once and never happen again. 🙂
So here is the conclusion:
Say you are new in Bitcoin, the first thing you have to do is sign up to Bitcoin market and I highly recommend is Luno.com. they have a cheap fee for deposit/withdrawal and also exchange rates. The second is make your wallet. When you sign up in Luno.com you also have a wallet, but if you want more safety you can use Blockchain wallet as your primary wallet for all your transaction. The third is fund your account with minimum 1 BTC. the fourth is make a trade with limit buy/sell and don’t forget to stick to the rule “buy when the price is low, and sell when the price is high”. The last thing to do is don’t lose your money. cheer!