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What Exactly Is Bitcoin?

If you have watched the news or surfed the internet in the last few years, you have probably heard of Bitcoin. What exactly is this cryptocurrency that has everyone in the financial world talking about?

Bitcoin is a type of virtual currency that only exists online. It was released in 2009 during the global recession. Bitcoin is simply an online form of money that is not regulated by a financial institution or bank.

The popular cryptocurrency was launched in response to economic issues associated with centralized currency. Because Bitcoin is not a tangible form of currency, it can be hard to decipher how it works. However, it is quite straightforward.

How Does Bitcoin Work?

Unlike traditional forms of currency, Bitcoin is decentralized. The modern economy's standard currencies are centralized in banks and controlled by a government (leading to the designation of centralized currency).

Cryptocurrencies are not governed by a bank or a central authority. Bitcoin is managed by a network of users who oversee and verify transactions. One significant advantage of Bitcoin is that it is not centralized and is not based on a native currency. Your money is currently managed and regulated by the country in which you live. There are no hidden fees, and the money reflects instantly. Since there is no bank managing your funds, banking hours become irrelevant with Bitcoin.

When a financial institution is removed from the picture, it creates a global economy that operates with a standard currency.

Trading Bitcoin on An Exchange

Buying low and selling high is the act of Bitcoin trading. Trading, which entails retaining Bitcoin for the long term, is concerned with speculating on the movement of prices by analyzing the cryptocurrency market as a whole.

Fundamental analysis and technical analysis are the two main methods used to analyze Bitcoin's price. To become a better trader, you must invest a significant amount of time, money, and effort.

To begin trading with Bitcoin Motion, you must open an account.

  • First, sign up by completing the registration form.
  • Once your account is verified, click the link to be connected to your broker’s website. There, enter the credentials you chose upon registration, and you’ll be redirected to the platform.
  • Make an initial deposit to get started with your trading.
  • Start by exploring the platform’s features, learning as much as you can on the market, and sharing your trading preferences with your partnered broker, so they may help you find the most suitable trades for you.

Trading Methods

Advanced traders employ several trading methods to help them accomplish their trading goals. Here are a few of the most commonly used amongst traders.

Day Trading

This strategy entails making multiple trades throughout the day to benefit from short-term price fluctuations. Day traders spend long hours staring at computer screens and typically close all trades by the end of the day.

Scalping

This day-trading strategy has recently gained popularity. Scalping is the practice of making large profits from small price changes, and it is often called "picking up pennies in front of a steamroller."

This trading strategy focuses on short-term trades and relies on the idea that making small profits regularly reduces risks. Scalpers can make several trades in a single day.

Swing Trading

This method of trade attempts to profit from the natural "swing" of prices. Swing traders try to identify the start of a specific price cycle and enter the trade at that point. They hang on until the cycle ends and then take a profit.

These traders attempt to see the bigger picture while not constantly staring at their computer screens. They can open a trading position and keep it open for several weeks or even months until they achieve the desired result.

Trading Via a Crypto Broker

A cryptocurrency broker acts as a middleman between the buyer or trader and the exchange. Sometimes, a broker buys large amounts of Bitcoin and then sells it at a profit.

Brokers charge higher fees than exchanges but offer convenience. You should choose a crypto broker if you do not intend to trade frequently or if you are new to cryptocurrency trading.

Typically, a broker gives you your digital wallet and carefully explains the trading terms.

At Bitcoin Motion, you get the benefit of trading independently and having control over your decisions, but with the added value of having a broker to help you out, so you can start trading Bitcoin with little to no knowledge of the cryptocurrency. Of course, learning as much as you can only help you get better, but with your partnered broker, you’ll be able to tweak your strategy from time to time and get advice on recent trends, not to mention the fact that your broker can notify you when viable trading opportunities arise.

Bitcoin Trading Versus Investing

When people invest in Bitcoin, it is usually because they intend to keep it for a long time. They often do this because they believe that the price is going to eventually rise, despite the ups and downs along the way.

This is because many believe that Bitcoin can become a standard global payment method and should therefore increase in value. People typically invest in Bitcoin because they trust the technology and ideology behind the cryptocurrency.

Bitcoin investors typically HODL the cryptocurrency for the long term. HODL is a popular term among Bitcoin traders, stemming from a typo in the word “hold”.

Traders, on the other hand, purchase and sell Bitcoin short-term whenever they believe they can make a profit. Bitcoin traders, as opposed to investors, see Bitcoin as a means of making a profit.

They do not always take the time to understand the technology or the ideology underlying the product they are trading.

Consumers can trade a cryptocurrency while still caring about it, and many trade Bitcoin and invest at the same time. There are many reasons for the sudden increase in the popularity of Bitcoin (and other altcoins).

First and foremost, Bitcoin is volatile and, therefore, exciting. If you can correctly predict the market, you can make a nice profit.

Secondly, unlike traditional markets, Bitcoin trading is available 24 hours a day, seven days a week. Most traditional markets, such as those that deal with stocks and commodities, have a start and closing time. You can buy and sell Bitcoin whenever you want, which arguably makes it a convenient way to trade.

And finally, the relatively unregulated landscape of Bitcoin makes it seem more simple to begin trading without the need for lengthy verification processes.

Five Common Bitcoin Trading Mistakes to Avoid

Avoid these five trading mistakes to ensure that your trading journey with Bitcoin Motion is less bumpy.

Not Having a Trading Plan or Strategy

A mistake many traders make early on in their trading journey is not having a well-defined action plan.

In other words, they have no idea why they are entering a particular trade or, more importantly, when they should close that trade. To avoid this, set clear profit targets and stop-loss levels before you start trading and share them with your broker.

Leaving Cryptocurrency on an Exchange

The most basic rule for any cryptocurrency trader is to never leave money on an exchange with which you are not currently trading. Any money stored on an exchange platform is not within your control.

You may lose that money if the exchange is hacked, goes offline, or goes out of business. If you have money that you may not need soon, be sure to put it in your bank account for safekeeping.

Not Learning from Your Mistakes

Whether your trade was successful or not, there is always a lesson to be learned. Nobody ever has a 100% success rate, no matter how experienced they may be.

The truth is that no one ever gets to make money trading on an exchange without losing money along the way. Failure can help you learn how to improve your trading strategy and give you some valuable lessons.

Risking More Than You Should

The most common mistake is to put more money at risk than you can afford to lose. Consider how much you are comfortable with. The worst thing that could happen is that you lose everything. Stop trading if you find yourself trading above that amount.

Trading is a high-risk endeavor. If you invest more money than you are comfortable with, it can affect your trading and may lead to poor decisions.

Trading Fearfully or Greedily

Many traders' actions are governed by two basic emotions, namely fear and greed. Fear can manifest itself in the form of early closure of trade because you read a disturbing news article, heard a rumor from a friend, or were scared by a sudden price drop that may soon be corrected.

Greed, the other emotion that influences trading decisions, is also based on the fear of potentially losing money. As a result, you may enter a trade too early or close a trade too late.

What Does the Future Hold for Bitcoin?

Bitcoin has the potential to completely transform the global financial market and the way people view payments in the future.

This cryptocurrency is making headlines since day one, and with all the fluctuations it has been through, many still believe Bitcoin has the ability to become a universal method of payment. Currently, millions of people use Bitcoin daily, and its infrastructure is rapidly expanding, showing no signs of slowing down.

According to the same experts, as Bitcoin's popularity grows, governments around the world would have no choice but to make it a legal form of payment. Because of the benefits that Bitcoin offers, it could very well have the potential to be used by most of the world's population.

Trade or Invest in Bitcoin with Bitcoin Motion!

Enter the world of cryptocurrency with Bitcoin Motion by signing up for an account today. Bitcoin Motion is a trading platform offering a one-stop solution for both beginners and advanced traders. Everyone can benefit from Bitcoin Motion by exploring its features, analyzing the data provided by the platform, and utilizing their partnered broker - whether to get advice on strategies when viable training opportunities come up.

With Bitcoin Motion, you can trade 24/7 from the comfort of your own home or anywhere in the world. Sign up today!

Bitcoin Motion - Frequently Asked Questions

What is a digital wallet?

To use cryptocurrencies such as Bitcoin, you must have a wallet. It does not keep track of how many virtual currencies a person owns, but it does keep track of private keys, which allow users to easily access their holdings. This wallet does not exist in the physical world; it only exists online.

Consider the insides of a cryptocurrency wallet to be distinct from the physical wallet in which you keep your cash. A digital wallet is like a safety deposit box or vault. To access and withdraw your virtual assets, you must have a designated key, also known as a digital password.

What is the difference between fiat currencies and cryptocurrencies?

Traditional currencies are often more trusted by the public because they can be seen and touched. Regular digital payments are monitored and confirmed by MasterCard or Visa to prevent fraudulent behavior.

Bitcoin, on the other hand, may be able to provide lower transaction fees and instant transfers, both of which are currently unavailable with traditional currencies.

Do You have to trade every day?

The amount of time you spend trading is entirely up to you, but if you wish to improve your trading technique, spending time on the exchange every day is highly recommended if you wish to become a better trader.

If you wish to sharpen your skills further, you’re invited to take an online course to help you improve your trading skills and spend a fair amount of time studying market trends.

You can practice using Bitcoin Motion as much as you want, from anywhere and on any device, which makes trading more convenient.

Is Bitcoin trading legal?

Bitcoin is indeed legal in most countries worldwide, although the rules might change from time to time and from country to country. For example, trading cryptocurrencies has been illegal in China since 2019. However, this is beginning to change, as China recently updated its laws regarding cryptocurrencies.

Where Do You Begin?

So you’ve decided to open an account with Bitcoin Motion, that’s great news. To start your trading journey, all you need to do is go to the top of the page, where you have the option to open a new account. Fill out your contact details, agree to the terms and conditions, and you should receive a confirmation email. When you click on the link, you’ll be forwarded to your partnered broker’s website, where you can log in with your credentials to be redirected to the platform. That’s it, and you can start using Bitcoin Motion at your own pace.