CRYPTOCURRENCY TRADING AND HOARDING: THE ONBOARDING PROCESS. (vol 2.0)
“The crypto market cap is now about $300 billion with more than 1500 cryptocurrencies. It comes as no surprise that more and more people worldwide are deciding to get into this industry and starting to invest in crypto. However, at the beginning trading crypto can seem confusing as the process itself differs from trading on fiat exchanges and what many investors and traders are used to.” — Alex Lashkov (journalist & tech entrepreneur)
It’s however not unsurprising that people are sometimes confused when it involves wrapping their head around how they can indulge the crypto system. Proper understanding of cryptocurrency trading before diving into it is of utmost importance to avoid any financial hiccups. Outlining the essential steps to set yourself on track is definitely the main purpose behind this content. Reading and understanding the previous volume of this write up ‘ll give you a happy landing on this, and also make you grasp the elucidation below. I suggest you “click here” to access the previous article as it’s a prerequisite to this content.
Okay, Let’s get started.
The word hoarding itself implies amassing something (money or valued objects), that is by hiding or storing away: such as reserving something somewhere for future use. Concatenating this term with Cryptocurrency gives us “Cryptocurrency hoarding” which is the concept of changing our fiat currency into crypto such as Ethereum, Bitcoin, Litecoin with the aim of keeping it and watching the value till it appreciates. Hoarding Crypto is not uncommonly amidst the working class especially those who believe they have less time for trading and a lot to attend to either at work or any thing they find themselves doing. Hoarding Crypto makes you think long term profit, so you don’t have to worry much about the bull run or hitting resistance on the coin you are hoarding. Having said that, now it’s time.
How can we start hoarding crypto? Looking at “Cryptocurrency hoarding” strutting around our vast mind like a peacock. Striking and disintegrating it into particles is inevitable. Therefore, the breakdowns are as follow
o Download a Cryptocurrency platform / Exchange platform: — You can easily download Cryptocurrency trading and hoarding applications such as Binance, Blockchain Roqqu, Coinbase, and other trusted platforms all available on Playstore and Appstore.
o Register, follow the verification process: — Depending on the platform / app you’ve downloaded. Follow the registration process and ensure you verify your account on the platform. It always procedural and more of a duck soup than a daunting task. I suggest you download/register with any of the aforementioned platforms as they are more popular and trusted.
o Fund your account, buy the cryptocurrency of your choice and watch it appreciate: — The process of funding your account and buying different crypto is always straight forward and available on all the platforms. You can buy any coin based on your research, then watch it appreciate.
Surrounded we are with the explanation above; I strongly believe the process of Hoarding crypto is now crystal clear to us just like the biblical “mene mene tekel upharsin”. Although, for research purposes and consultation about the right coin to invest on or purchase, feel free to consult @eagleXchange and check @ecoinometrics for up-to-date Data and Statistics. Setting apart the benefit of doubt before unboxing the Cryptocurrency Trading procedure. Feeding you with this information about the merit of hoarding crypto will be as delicious as consuming your favorite dish. Breaking the fast and quenching your thirst, Bitcoin was valued at $1,290 at the inception of Donald Trump’s administration (that was 2017), and now at the end of Trump’s administration (2021) that is a space of 4 years, bitcoin is valued at $39,432 with a record peak of $41,000+. Work that out, a profit of $38,142 (NGN 17,163,900) irrespective of hitting resistance or experiencing bull run.
Keep trusting the process, Let’s take a look at the trading aspect.
In the previous volume, I explained the term Cryptocurrency trading as a digital currency exchange (DCE), which allows you as customers to trade cryptocurrencies such as Ethereum, Bitcoin, Dogecoin, Ripple or digital currencies, conventional fiat money for other assets or other digital currencies. i.e., you are studying the crypto chart and buying this to sell that or vice versa (with the aim making profit). Making this more explanatory, keep ruminating the information you have consumed in the previous article as I will be serving you with more information on trading cryptocurrency. Follow the same instruction recommended for a crypto hoarder and add the steps below with yours.
o Download and get multi-currency wallets: — there are different available wallets such as Exodus, Coinomi and Jaxx Wallet. These wallets will enhance your trading process as you will be storing and sending Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, OmiseGo, Qtum, Dash, Bat, Aragorn, and other currencies with any of it.
o Study and make Research on different currencies: — get contents online, study each coin and its potential asset just to understand when to trade a particular coin against the other in real time.
o Build and implement a plan: — the main intention of compiling a cryptocurrency strategy should be minimizing risk. set some goals and outline a strategy before buying in an effort to better understand which direction offers the best possibility of positive returns.
o Start Trading (Buying and Selling): — Now you can start selling and buying different coins based on your research about them putting you plans and strategies into consideration. There are different types of order you can place within BINANCE when trading a coin against another. Orders like “LIMIT, MARKET & STOP LIMIT”
Note: — The content above is just a brief and quick overview of how to go about Cryptocurrency Trading. Crypto-Trading is so voluminous that words are not almost enough to elucidate the process. You can join @eaglexchange free online training/cohorts for practical explanation and mentorship.
All Right Reserved. Copyright 2021 @Heritage Samuel Falodun.
