With lots of persons focusing on Mining Bitcoin and Investing In Bitcoin, they over look one important part of Bitcoin, and that is Bitcoin Trade. When properly done, bitcoin trade can make more money for you than you could possibly imagine.
A good number of Bitcoin Mining platforms are Ponzi schemes developed by scammers(Fraudsters). Bitcoin Investment platforms are even worse as they don’t even give you the desired returns. But Bitcoin Trade on the other hand is different. In fact you are in charge of how you spend your money and bitcoin.
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Table of Contents
What Is Bitcoin Trade
Bitcoin Trade is the act of buying and selling bitcoin. It also includes the exchange of bitcoin with other cryptocurrencies like Litecoin, Bitcoin Cash, Ethereum etc. The use of Gift Cards to exchange Bitcoin can also be referred to as a trade of bitcoin.
In simple term, one can say there is trade in bitcoin when you use money, gift cards,or other cryptocurrency to get a bitcoin. The trade in bitcoin will only be complete if the bitcoin was sent and received successfully.
Who Is A Bitcoin Trader
A Bitcoin trader is anyone who collects your bitcoin at an agreed fee. You specify a means of payment and the trader pay you via that method. A Bitcoin trader also gives you bitcoin at an greed price. The trader also specify a means of payment and you pay via that method.
There are some things that Bitcoin traders considers before they initiate a trade. Below are some of the things they considers
- The exchange rate: Bitcoin traders are also going for the profit, hence they search for sellers with low exchange rates. Exchange rates means the rate between BTC/Fiat Currency.
- Means of payment: You have specify a good means of payment. There are lots of ways to make payment. Payments can be made through Gift Cards, Local currency, exchange with other cryptocurrency etc.
- Distance and Location: To some bitcoin traders your location matters. Most bitcoin traders prefers someone from their country for easy trade.
Website base platform like Paxful can link buyers with sellers. If you want to really trade in Bitcoin then you should consider opening a Paxful Account. Paxful will link you to thousands of Bitcoin sellers.You can use this official Paxful Link to register for a free Account.
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Ways To Trade Bitcoins
To be honest there are lots of ways to trade bitcoin but you have to beware of scams. Below are some ways to trade bitcoin
- One on One business: You can meet someone online who wants to sell or buy bitcoin. Collect the persons contact, make a one on one transaction with the person. The advantage of this is that you don need any verification to start and complete the trade. The disadvantage is that there is usually trust issues as most people are fraudsters.
- Physical Transaction: This method you meet the person in question physically. You arrange for a meet at any public place and make the transaction. The advantage is that there is 100% security guarantee. The disadvantage is that it takes longer to complete a single trade and it only works best with persons within your location.
- Use of Intermediary: Popularly refer to as escrow, this is perhaps the best way to trade bitcoin. Most website serves as middleman between buyers and sellers. The Paxful Platform is one such platform. Advantage of this is that transaction is relatively fast and secure.
Now that you understand Bitcoin Trade and how you can trade online.Lets show you how you can make some cool money from trading bitcoins online. In our next article, we’ll give you a break down on how to make money by trading bitcoins online.