TRADING WITH BITCOIN: THE BASICS OF CRYPTOCURRENCY EXCHANGE
If you have ever watched any news channel on a weekly basis, or more frequently, then you must at least know what Bitcoin is. The revolutionary online e-currency that has taken the world by storm in the past couple of years. Nowadays, it is more widespread than ever, with many companies accepting online Bitcoin purchases.
If you are looking for the most relevant and up to date information around, then you have definitely come to the right place. Keep reading below to learn surprising information from our professional Bitcoin analysts and experts. You will learn all about how Bitcoin is created (and it’s far from the traditional method of money printing), as well as many other things that all will help you to make an informed decision. If you are ready to start exchanging Bitcoin, head on over to that part of our website and begin!
In the Beginning: How Bitcoin Is Generated
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Have you ever heard of a Bitcoin miner or a Bitcoin mining setup? These are typically huge computer banks that cost thousands per month in cooling and electricity bills. Facilities stored in deserts, because the space is so cheap, and they cover a couple of hundred square meters.
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These buildings are filled with computers specially designed to mine Bitcoin, which is a process that involves solving impossibly complex mathematical equations as quickly as can be done. The largest Bitcoin mining farm, in Rockdale, Texas has a capacity of approximately 50MW and is planning to expand upwards of 300MW relatively soon.
Obviously, there are many mining software available online for you to download on your home computer. However, we believe that this is not worth the risk of installing a virus onto your PC. Additionally, your computer is most likely nowhere near as powerful as the gargantuan machines used by professional Bitcoin mining companies, and thus cannot possibly hope to compete with them.
Thirdly, you run the risk of downloading a mining software that does work but does not send you the results of your mining efforts, preferring to keep the profits for themselves. Therefore, it is just not worth the efforts and risks to download mining software on your own computer. The best and most secure method is to purchase and exchange Bitcoin on the blockchain. More on that below, so continue reading to learn all about exchanges.
Ready to Start Buying and Exchanging Bitcoin?
If you have carefully weighed all of the pros and cons that come with entering the cryptocurrency scene, and you are ready to begin trading with a professional company then you have come to the right place! 3commas.io is a reputable and established brand in the crypto trading market, meaning that you can trust your account security and that your personal information is under lock and key. You can easily start from any location.
There are even websites that somehow promise to “speed up” a Bitcoin transaction time, although god knows how they do that. Bitcoin is one of those things that is extremely volatile, and thus caution and the knowledge of what you are doing is mandatory. Do not trade without full knowledge of what you are getting yourself into, and all of the pros and cons that the Bitcoin market entails.
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Offering fancy bots as well as the ability to copy others’ successful algorithms, 3commas.io is a great place to get started with extremely volatile cryptos such as Bitcoin. So, what are you waiting for? Sign up, and get started trading today!
The E-Stock Market, and Trading for Bitcoin
As you may already know or have guessed, there are actually thousands upon thousands of cryptocurrencies available for your purchase online. Many of these are worth $0.01, if that much at all, and thus the only mainstream cryptocurrencies, or “cryptos” as they are often referred to, are Bitcoin, Ethereum, and Litecoin. These three are the most widely-used cryptos to-date, and Forbes recently noted that they all seem to move together. Therefore, by watching one chart, you can know when to trade with your own crypto, even if it is a different type of cryptocurrency.
But how do you actually acquire these cryptocurrencies? The primary way (other than mining it yourself) is to actually buy some off of an exchange, or from a friend. For example, here at 3commas.io, we have an automated bot that works exactly like the stock market. This includes having automatic stop-loss features, the ability to code your own short- and long-length algorithms, an Options bot, and more.
Using these features, you would theoretically hardly need to even look at your computer, due to the many automatic buy and sell options available to you. Obviously, this would also take off a lot of your stress, especially if you are new to the cryptocurrency trading world, and all of the hurdles that it brings along with it.