When thinking about earning money, what usually comes first to one’s mind is prepping up for a 2X2 ID picture, going from office to office for job interviews, and going home tired and exhausted after a hard day’s work.
If you’re still not aware, though, you don’t really have to earn money that way. After all, year by year, new technologies have been developed, and these new technologies itself continue to innovate after the years they have been invented. An example of this is a cryptocurrency, and the first one to ever be programmed is none other than Bitcoin back in 2009.
If you have never heard of Bitcoin trading, it is an online investment that has helped countless people to earn and save up money that they had never imagined to have before. There are stories of people finding difficulty with looking for a job but has been free from worry ever since they have joined the bitcoin trading industry. People have been freed from debts and from the harshness of their former jobs as well.
Bitcoin has a lot of benefits in store. Benefits that have contributed help in making people’s lives better than it has ever been, better than it ever could be. However, that does not mean that Bitcoin is free from risks. The internet is still filled with cybercriminals, viruses, and hackers – unfortunately, Bitcoin is not immune to these.
All of these advantages and disadvantages will be tackled further below. Along with those are bits of advice on how to make you safe from these risks one way or another.
Advantages of Bitcoin Trading
- Bitcoin is volatile. Because of having no regulator, a bitcoin’s price will always fluctuate. It may either rise or fall, but this could actually be an advantage because a bitcoin you have bought for $6,000 could be sold in the future for $12,000.
- Open-ended market hours. The Bitcoin market is available all day and all night, and you wouldn’t have to wake early just to be on the job. Do it late at night if you’re a night owl, or maybe early in the morning if you’re a morning person – both could work just fine as the market is open 24/7.
- Grants easy access. You don’t need fancy equipment to be able to invest in Bitcoin. The most that you will need are laptops/phones and an internet connection. After that, you’re free to sign up and start trading your cryptocurrencies!
Risks of Trading Cryptocurrencies
- The volatility of Bitcoin. With all honesty, this volatility could either be an advantage or a risk, but it’s really all up to you. The volatile characteristic of this business could be disadvantages once a $6,000 bitcoin drops to $2,000. The best way to avoid this is to buy bitcoins once the prices are low and sell them immediately once the prices soar high.
- Cybercriminals and viruses. Despite being developed back in 2009 and having to rise in popularity and demand, Bitcoin can still be hacked by cybercriminals or be infiltrated by viruses. This may lead you to lose your virtual money. To prevent losing your virtual money, it’s best to seek help from third-party sites and store your cryptocurrency inside a digital wallet.
- Fast and busy industry. Most of the time, Bitcoin trading could also require you to make decisions on the spot; some people have found this as a disadvantage as it builds up stress, but they resorted to seeking from third-party to become bitcoin millionaires by some auto-trading bots.
Any business has advantages with it, and risks as well. Bitcoin trading doesn’t differ from other business and has its own advantages and risks, but all of these could be used and avoided once you get to understand them well.