You must have definitely heard about cryptocurrency and because of the bubble in 2017, you may have looked out for ways to make money with crypto. Well, it is one of the hottest topics in the investment world at present and millions of people are looking forward for ways and strategies to trade cryptocurrency and make money.
You need to do a lot of research; however, it may appear a little complicated or technical in the start. But it is not at all difficult and anyone can learn how to trade cryptocurrency to earn money.
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Buy and hold
You must have been familiar with this mode of making money in cryptocurrency. It is buying and hold, like an investment. You can purchase it like some stocks or assets and then you cash it out after some time.
It is not just the idea of purchase and holding the crypto, but it is all about waiting for the price to go up as per your expectation so you can sell it at a higher rate and earn profits.
This is the best way to make money in cryptocurrency. For instance, in 2013, BTC was $13 and in 2017, it went as high as $20,000. So your ROI was 1500 times.
Now you realize the power or buying and holding.
This strategy in crypto will make you earn when you eventually sell at a higher price than at which you have bought. However, some currencies will make you earn on a daily basis in this. You can predict the trend of the coin and trade it for the day.
It is about combining the above two. You purchase the coin, hold it and plan to sell it in a day or two. And, you may also get dividends by holding it.
It is a little more advanced method for those looking for patterns in charts daily. As cryptocurrency is highly volatile, the price changes are drastic in just a day. And, for someone who keeps looking at the price and charts regularly for the day can definitely make large ROI by trading in just for an hour.
However, if you are an amateur, it is not recommended to go for day trading. But, if you want to be a day trader, then you should practice at platforms like Royal C Bank first and then consider this option.
If you are thinking about how to make money in cryptocurrency, you should choose either of the above methods. These are short term methods which can help you in making immense profits on a daily basis.
However, in order to be a trader you need to do comprehensive research first and then do proceed for trading. Also make sure that you choose a particular coin to trade, but not put in the entire amount in one coin. Choose 3-4 coins and then trade in them equally. This will help you in not losing all your money in case a single coin goes against your prediction.