How To Trade Bitcoin Cryptocurrency for Beginners

so in my last video I briefly mentioned that I've been trading in the cryptocurrency market now I had several of you message me asking how you can get started so I go ahead and show you the basics today in this video but before I begin I have to make it clear that I am NOT a financial advisor don't take this as financial advice and if you choose to invest in this market please understand that this is a very high-risk market and do not invest more than what you're willing to lose so this market is very volatile it is not uncommon to see 20 30 40 % swings every single day so if you're on the right side of the trade it's pretty easy to see that you can make some very quick profits however if you're on the wrong side then you can lose a lot of money very quickly so there's pretty much two ways they can go about doing this you could be an investor or you could be a trader now if you choose to be an investor that typically means that you would purchase some cryptocurrency and hold on to it basically you could be holding on to it for a few months or even a few years and hoping that that value of that cryptocurrency will appreciate now if you choose to be a trader you typically focus on short term profit meaning you would purchase a cryptocurrency and utilize the volatility of the market to sell in and out of trades basically it goes down to the buy low sell high now if you're anything like me you're probably going to be a mixture of both I do have some coins that I hold long term as long term investment so I'm not too concerned about the fluctuation in prices however there are other coins that I do trade short term and I do utilize that fluctuation to get quick profits so it's really up to you to evaluate what your goals are and what level of risk you're willing to take now this market pretty much revolves around Bitcoin now if you're not familiar with Bitcoin I do have a video that I made back in 2013 about what is Bitcoin now it's a little dated but it still should give you some good info and give you a head start on your own research now we'll put a link to that video as well as anything else I cover in this video down below now the first thing that you need to do is to buy Bitcoin now there's a few different ways that you can go about doing that but the way that I always recommend to people new to this market is to go through coinbase coinbase has been around for a very long time and they're pretty much the most reliable and trusted source to get Bitcoin and all you have to do is just go onto coinbase comm and sign up for an account now you will have to go through a verification process where you verify your identity so don't be alarmed if it's asking you for personal information this is required by law once you've been verified and have linked up your bank account and/or your credit card you can now go ahead and buy some cryptocurrency now currently coinbase offers Bitcoin etherium as well as litecoin what I'm going to show you now is how I purchased two hundred dollars worth of Bitcoin you basically just select Bitcoin and choose buy from there you can select how much bitcoins you would like to purchase in this case I am choosing two hundred dollars worth in regards to the payment options if you choose to pay through your bank account the fees will be lower however it will take a few days before you receive your coins that's why I typically use credit card as my form of payment however the fees will be higher since I am purchasing this with my credit card as soon as I hit purchase the coins will be available in my online wallet immediately so if you decide to be just an investor and you want to hold this coins long term then you're pretty much done you could leave the Bitcoin in your wallet and check it every few months every few years or whatever you like it's almost guaranteed that the value of Bitcoin will appreciate throughout the years however if you want to trade Bitcoin for other crypto currencies this is where you would need to transfer your Bitcoin onto an exchange you can imagine the exchange being like the stock market where you would have a brokerage account allowing you to purchase shares of companies but in this case we are purchasing coins there are several different exchange that you can use from but if you're new I definitely recommend using bit tricks bit tricks in my opinion has the best reliability as well as the best user experience and again I'll leave all the links down below and once you're on the exchanges website you're going to go ahead and create an account and again you may have to verify your identity this is pretty much standard with anything that has to do with money and once you're in your account you can click on your wallet and choose which coin you want to deposit into the exchange so you want to move over to the deposit icon and once you click on it your wallet address will appear you want to carefully copy the entire wallet address this is very very important step and once you have that copy you can go back to coinbase choose send select how much you want to send and paste in your wallet address at this point I typically will double-check the address again the wallet address is very important once you have that paste it in you can go ahead and click send so what you want to know about this transfer so you don't freak out is that the transfer of Bitcoin is actually kind of slow these days it could take 15 20 maybe even 30 minutes before you actually see the available balance on the exchange and once you see your bitcoins available in the exchange now you could go to the exchange market and choose which coin you would like to trade now there are over 800 different crypto currencies so it's really up to use to your research and to find out which coins you want to invest in now in this example I am going to purchase a coin under the name G and T which is Golan now for me this is personally a project that I believe in and it's a project that I actually want to use in the future so once you select your coins market you will then be presented with some charts your buy sell books and the transaction history this is where you're going to go ahead and place your order now if you wanted to purchase the coin at its current price you could just select the price and click buy however for me I typically don't like to purchase the asking price I typically set my buy order a little bit below the asking price and once you click buy your order will now be played in the order books and hopefully it will get fulfilled and that's pretty much all there is to it now it's always recommended that once you purchase your coin to remove it off of the exchange and transfer it to your actual wallet now like I said coinbase only offers Bitcoin aetherium and litecoin as of right now so if you're purchasing a different coin you're going to need a wallet and the best way to do that is just go to the official website of that coin and use whatever the recommended wallet is and after that it's kind of up to you how you want to play this game do you want to hold it long-term or do you want to trade in and out of it that's something that you're going to have to decide but I definitely encourage you to do a lot of research there's a lot of stuff that I left out in this video just due to the time but if you have any specific questions or just general questions leave a comment down below and I could make additional videos about this let's all I got for you today thanks for watching and I'll see you on the next one

32 thoughts on “How To Trade Bitcoin Cryptocurrency for Beginners

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  15. When purchasing a large amount of Bitcoin (through bank transfer), will the coin value be locked in at the time of sale, or will it fluctuate between sale and availability? Also, is this the same for selling BC?

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