Bitcoin has attracted a large number of traders and companies since it skyrocketed in 2017. But there is still a huge number of people that are still looking for ways to make money from Bitcoin and seeking ways to learn how to trade and make profits from Bitcoin?
What is bitcoin?
A Bitcoin is simply a digital currency that you cannot see or touch. Each Bitcoin is basically a computer file which is stored in a ‘digital wallet’. Just like the form of dollars, euro or pounds that you see in your credit cards and online banking, that is some figures. People can send Bitcoins to your digital wallet and you can send Bitcoins to other people. Being the premier cryptocurrency, it is pretty straightforward to buy and sell them as when you want to.
Bitcoin has a history of volatility which has brought in a lot of traders and media interest into the ecosystem.
How to profit from bitcoin?
In order to profit from Bitcoin, one can do the following things these are the 2 most famous ways of making money out of Bitcoin;
Mining is a method of making/creating Bitcoins. It has several ways from which an entity may start mining Bitcoins, two major ways are “Cloud/Online Mining” and “GPU Mining”.
Both of these ways can be used to mine Bitcoins whether you mine them with a mining company by investing in that or you buy your own “GPU mining rig” and start mining Bitcoins yourself.
Trading is probably the most widely used method of making profits from Bitcoin. It is by far the most famous and the most profitable way from which one can make money and gain a hefty income over time.
In order to trade Bitcoins or any other cryptocurrency one must have a trading/exchange account. And if you have not registered with any exchange yet you can easily sign up on Phemex which is one of the top-notch exchanges in the market.
Phemex is a cryptocurrency derivatives exchange offering Bitcoin and USD settled perpetual contracts of BTC, ETH, XRP, LTC, EOS, with up to 100X leverage. An innovational, easy to use, professional, trustworthy and one of the safest exchanges in the market.
Let’s take an example; how traders make profits from Bitcoin? Suppose, a guy who is interested in making money from Bitcoin and has an investment of $10,000. He deposits his $10,000 worth of Bitcoins into his exchange account. Now, there’s a variety of options you can choose from, over 2000 coins are out there in the market that you can trade and buy for your Bitcoins.
The trader decides to trade his Bitcoins for (XYZ) coin and invests his money. After a period of 3 months, if the price of the coin that he bought rises 30%, it means that he’d have a pure profit of $3,000 if the trader sells his coins when he’s up 30%.
This is how traders make their profit from Bitcoin and you can do it too. Sign up for Phemex today and start making money.
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