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What is cryptocurrency?
It is a digital currency that is gaining popularity very rapidly. There are thousands of different cryptocurrencies, the most popular of which is Bitcoin (BTC).
The market capitalization (also market cap) of all cryptocurrencies is more than 1.2 trillion dollars Bitcoin has a large influence on other cryptocurrencies because it has the largest capitalization. For this reason, it sets the "mood" in the market and the movement of prices of all assets follows it.
So, what do you need to make money on cryptocurrency?
First of all , it’s a desire, a desire to improve your life. What is needed besides? - The exchange through which we will open deals.
We’ve got the most popular exchanges as our partners – Binance, Exmo, WhiteBit. These are one of the largest exchanges that are used by millions of people all around the world.
After that, you need to choose an asset with which we will earn. As we understood earlier, Bitcoin (BTC), is considered the largest cryptocurrency, other coins are called altcoins. The most profitable of them are: Ethereum(ETH), Litecoin(LTC), BNB, XRP, Dogecoin(DOGE)
What causes the rise of cryptocurrency price?
People invest their money in cryptocurrency - and this causes the price to rise. Literally in one year, the total capitalization of all cryptocurrencies increased by more than 20%, which has reflected in the growth of the price of Bitcoin, altcoins gave almost x2 profit, and some gave x5, x10, x50 profit.
Ways to make money you need to know
There are two main ways of earning. Spot trading or Futures trading. Let's analyze in more detail .
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Spot trading
You pay money, a certain amount of asset is deposited into your account, for example 1 Bitcoin, this asset will be in your account until you want to sell it after a week, a month or a few years. The most reliable option is to buy Bitcoin or the largest altcoins for a long time, store them and then sell them. If we talk about the most profitable option of Spot trading, then you can also buy highly liquid assets for a short period of time, which, in connection with any news or when the token is launched on the exchange (listing), give large growth indicators, which very often amount to x100 and even more. -
Futures trading
Roughly speaking, this is the purchase of a contract of ownership of this or that asset, while we can earn here both in the growth of the asset and in its fall. In fact, we make a trade with the exchange itself, saying to the exchange: "I am sure that Bitcoin will fall in price by 0.5%", and thus we open a trade - short (fall), or in the opposite case, if the asset goes up, we open a deal - long (growth). At the same time, we can use leverages when trading in futures.
That is, to increase the potential profit. We have a certain sum, and the exchange is ready to lend us a sum several times larger than what we have. We can use this sum for trading.
In this way, we can increase our income enormously, but it is also worth taking into account that the use of leverage also entails certain risks, if the price does not go in our direction, then with each drop we lose a much larger sum than without using leverage, and there is a possibility of liquidation (loss of the initial deposit). If we take Futures trading without leverage, then we can lose all our money if the price drops from the value at which we bought the asset to zero. And if we used, for example, x10 leverage, then the potential profit will be 10 times greater, but so are the risks. If the price deviates by 10% against us, the position will be liquidated and we will lose the initial deposit, so it is worth using competent risk management and diversify risks.
The "world" of cryptocurrencies is very large and just begins to develop, while already showing very high volatility. With a desire and a competent approach, you can make the market work for you, the main thing is effort.
License
Welcome to BitCapital - your trusted partner in cryptocurrency lending.
BitCapital is committed to providing security and reliability for our customers, so we use advanced technologies to protect your financial data. You can rest assured that your personal information will be safely stored.
Contact us today and get access to fast and reliable financing in the world of cryptocurrencies.
BitCapital is committed to providing security and reliability for our customers, so we use advanced technologies to protect your financial data. You can rest assured that your personal information will be safely stored.
Contact us today and get access to fast and reliable financing in the world of cryptocurrencies.
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