There is a saying about the price of things: If it can be done for free, it won’t be done.
If something takes a lot of effort and knowledge to do, people will pay for it. And if something is hard enough to do, they’ll pay a lot.
If you want to get rich by trading cryptocurrencies, you will have to spend some time learning how they work. You will probably have to read more than one blog or book.
But there is no need to start by reading my blog. There are already a million blogs on cryptocurrency, and most of them have already been written and posted.
Trading cryptocurrencies is not like trading stocks or bonds. The first and most important thing is that you need to get a good grasp of what a cryptocurrency actually is. Cryptocurrency is not a currency at all, but rather it is software that enables the transfer of money over the internet. The most popular cryptocurrency today is Bitcoin, which was invented in 2008.
Bitcoin isn’t really about money, it’s about cryptography: the art of writing and deciphering codes. There are two competing schools of thought about how it works: those who think it’s based on math and those who think it’s based on faith. Both are correct, and neither should be dismissed out of hand. But ultimately, you can’t know until you have some experience with cryptography yourself.
And what you do need to understand is that crypto is not just a bunch of complex ideas; it’s also a protocol — an agreed-upon set of rules for transferring money over the internet. It’s not just “point your computer at this other computer and watch all your money appear.” It’s literally millions—or even billions—of lines of code written by unknown authors in cryptic language that have to be interpreted by computers in order to work. And the rules governing this system sometimes change without warning!
This is the first post of a series on how to trade cryptocurrencies. In this post we will learn the basics of cryptocurrency and how to trade them.
I will not go over the most common ways in which people make money on crypto, but if you are interested in making passive income through crypto trading, here is a list of my favorite resources for more information about that subject:
The most popular way to make money on cryptocurrencies has been arbitrage trading. This involves buying one type of cryptocurrency and selling another one with a difference in price. For example, if you buy Bitcoin and then sell it at a higher price after an hour, you can make an arbitrage profit.
The other popular way has been mining since the early days of cryptocurrency. However, mining has become too competitive recently, due to the rise in hash rate of ASIC miners (application-specific integrated circuit). I personally don’t recommend mining right now as it hasn’t been profitable for long time periods. The last two years have had more than enough drop in overall profitability for me to consider it risky.
I found this video tutorial on how to make money from trading altcoins when they are down by Poloniex . They have a lot of good videos about cryptocurrency trading. If you’re interested
Trading cryptocurrencies can be a great way to make money. It is not easy though, and it takes time to learn how to trade.
I will try to make things as simple as possible, but first you need to understand what cryptocurrencies are. They are digital currencies that exist only in cyberspace. They have value because they are not issued or controlled by any government or central bank such as the Federal Reserve System of the United States of America or the Bank of England.
Cryptocurrencies use a public key cryptography scheme so that when you send a cryptocurrency to someone, the transaction is recorded in a public ledger called a blockchain. The transaction details are encrypted so that no one can read them, but anyone can verify that the transaction took place.
These blockchains can be used for other applications. The ledger itself is like a spreadsheet where you record transactions and assign ownership of assets to people by their public keys. This is useful if you want to sell something but don’t want anyone to know who actually owns it. If you do want everyone to know who owns what, then you can use an open blockchain like Bitcoin where anyone can see all of the owners’ addresses and transfer funds from one address to another with relative ease.
This is a beginners guide to trading cryptocurrencies. Tron (TRX) is a digital currency that uses blockchain technology to allow users to receive, send and trade digital assets.
You can buy TRX using most major fiat currencies. For example, you can buy TRX on Binance using USDT or Bitfinex using USD. Those exchanges have the best liquidity in terms of low spread and low fees. We’ll go through the prompts of buying TRX on each exchange step by step.
A Bitcoin is a unit of exchange, like a dollar or a euro. It has value because people think it has value. There are different kinds of Bitcoin: there’s the bitcoin you can buy and sell for cash, the bitcoin that sits in your digital wallet, and the bitcoin that you can use to make purchases online.
The first two are called “the currency” and “the token,” respectively. The third is called “the asset.” It’s important to keep them separate. Let me explain why.
The first thing to understand about cryptocurrency is that it is not really about money. Money is just one of many possible things you could do with cryptocurrency. You can buy things with it, but you can also sell it or lend it or trade it for other currencies or commodities. And there are lots of other things that you can do with cryptocurrency besides buying and selling stuff–for example, investing in startups, luring would-be hackers into pools where they get hacked by other hackers, and so on.
The key thing is that cryptocurrencies are decentralized (no central authority), secure (you don’t need banks etc.), scarce (there won’t be more Bitcoins than there are people who want them), anonymous (your transactions aren’t recorded on any ledger) and
If you want to get rich in the cryptocurrency world, you need to learn how it works. In this blog post I will try to explain how cryptocurrencies work, and why they are so interesting. Cryptocurrencies are a new form of money (or “currency”, if you prefer). There are various different forms of cryptocurrency, with slightly different functions: Bitcoin, Ethereum and others.
This is a bit technical, so if you don’t know what Bitcoin is or how blockchain works, I suggest you first read part 1: What Is Bitcoin?