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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?

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 arose 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 simple.

How Does Bitcoin Work?

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

The cryptocurrency is not governed by a bank, or a central authority. Bitcoins are 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 we remove a financial institution from the picture, we can create 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 predicting 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. Before you become a good trader, you must invest a significant amount of time, money, and effort.

To begin trading on Bitcoin Motion’s exchange, you must open an account.

  • Sign up. Complete the registration form on Bitcoin Motion’s website.
  • Download the software/app. You must download the software, or the app to access Bitcoin Motion’s exchange platform.
  • Make a deposit. Get started on your trading journey with an initial deposit.
  • Open your first position. This involves buying, or short selling.

Trading Methods

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

The 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 screen. 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 are paying for 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. We recommend that you use Bitcoin Motion's exchange if you intend to trade frequently, or if you are an advanced trader.

Bitcoin Motion gives you the option of trading with a crypto broker, so you can trade Bitcoin with little to no knowledge of the cryptocurrency.

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 cryptocurrency's technology, ideology, or team.

Bitcoin investors typically HODL the cryptocurrency for the long term. HODL is a popular term in the Bitcoin community that arose from a typo of 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 tool for 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 a few reasons for the sudden increase in popularity of Bitcoin (and several altcoins) trading.

First, and foremost, Bitcoin is volatile. In other words, 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.

Several traditional markets, such as those that deal with stocks, and commodities, have a start, and end time. You can buy, and sell Bitcoin whenever you want, which makes it a convenient way to trade.

Finally, the relatively unregulated landscape of Bitcoin makes it relatively simple to begin trading without the need for lengthy identity verification processes.

Five Common Bitcoin Trading Mistakes to Avoid

Avoid these five trading mistakes to ensure that your trading journey with Bitcoin Motion is a pleasant one.

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. Therefore, before beginning any trade set clear profit targets, and stop-loss levels.

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 percent trading 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 can help you learn 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 a 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 we view payments in the future.

This cryptocurrency is currently making headlines all over the world because it recently achieved a historical milestone when its value surpassed $67,000, which is an astounding figure.

In terms of future potential, many experts think that Bitcoin has the ability, and power to become the international universal method of payment. Currently, millions of people use Bitcoin daily, and its infrastructure is rapidly expanding, with no signs of slowing.

According to these 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 potentially 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 UK by signing up for an account today. Bitcoin Motion is a Bitcoin trading platform that has trading solutions for both beginners, and advanced traders.

If you are a beginner, you can take advantage of our brokerage services, but if you are a seasoned, confident trader, you should consider trading on Bitcoin Motion’s real-time exchange.

Trade 24 hours a day, from the comfort of your own home with our desktop, or mobile applications. 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 safe deposit box, or vault. To access, and withdraw your virtual assets, you must have a designated key, also known as a digital password.

Is it safe to trade Bitcoin with Bitcoin Motion?

Bitcoin Motion is as safe as it gets when it comes to cryptocurrency trading. We have gone to great lengths to ensure that our platform is safe for all traders, which is why we offer two different trading methods for you to choose from.

Your information is never shared with third parties, and your identity is safeguarded while using our platform. Because we are a registered financial service provider, you can put your trust in us.

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 provide instant transfers, both of which are currently unavailable with traditional currencies.

Do I 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, we recommend spending time on the exchange every day.

Should you wish to become a more advanced trader, we recommend that you take an online course to help you improve your trading technique and spend a fair amount of time studying market trends.

You can practice as much as you want by using Bitcoin Motion's mobile app, which makes trading that much more convenient.

Is Bitcoin trading legal?

Bitcoin is indeed legal in countries around the world, but trading cryptocurrencies has been illegal in China since 2019. However, this is beginning to change as China updates its laws regarding cryptocurrencies.