When you talk about digital currency/cryptocurrencies, to some, you are automatically talking about BTC(that is bitcoins). On the contrary, bitcoin even though is the pioneer of cryptocurrency, is not the only digital currency out there. We have thousands of alternative coins to bitcoins. In this tutorial, I will teach you how you can become a millionaire trading Altcoins. That is, trading with or investing in altcoins against the bitcoins. This initiative requires tact, alertness and patience. If you want to do short-term trading, you will need to be very calculating and prompt. This is better than forex trading even though they share little similarities. In spite of the current massive dump of the BTC and other E-currencies, you can still become a millionaire if you know your way around
In case you don’t know, 1 bitcoin once exchange for $8 but today, 1 BTC exchange for $3500(Note: Bitcoins once rose to an all-time high of $20,000). Meaning if you had bought like $1000 worth of bitcoin about 4 years ago, by now you will be at more than a $1million richer.
In cryptocurrency, the longer you wait, the better at times But you need to be careful and know when to back out. If you are interested in having a return on investment within a short period, you need to understudy the market, and be up and doing. If you are careless, you can lose out easily in the short term. This tutorial will help you eliminate all form of losses while trading altcoins and it comes with some videos which every beginner must read before getting started. I am not a guru as I am still learning and so far no regrets. I personally target both short and long-term ROI so am not bothered.
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What you need to trade in Altcoins
The following are some of the prerequisites:
- Firstly, start with low capital. Le’s say as low as $10 worth of bitcoins as we have some altcoins that are listed at 1cent
- You must never limit yourself to the information you get here. you should do your own research.
- You must either be ready to be patient and never do any panic sell or risk losing part of your investment. However, you also know when to opt out.
- Also. avoid buying a coin when it is pumping very high because if you do, it may crash on you just after buying it and you will have to wait so long for it to pump again.
- Invest online coins with potentials(do not worry the videos am to supply will teach you so much more than you need to know)
- You need the internet to enable mobile phone.
- You may also need to join any altcoin telegram or WhatsApp group as long as you trust the owners
- Do not follow the bandwagon hook line and sinker while investing in a new altcoin, have a mind of your own. compare all the recommendations before taking a stance on a coin. You can only lose in the short-term is you are a bad or a panic trader.
- Do not put all your investment on one coin no matter how enticing
- You may consider having your own separate bitcoin wallet if you want to invest like thousands of dollars worth of bitcoins but if you want to only use a small amount, the exchanger’s BTC wallet is enough for you, you wouldn’t need any BTC wallet.
- Furthermore, don’t be greedy as altcoin trading is not a get rich overnight service like Ponzi schemes.
- You need to predetermine which approach to adopt from the get-go. is it short term or long term?
What is an Altcoin?
By definition/description, the word “altcoin” is an abbreviation of “Bitcoin alternative,” and thus describes every single cryptocurrency except for Bitcoin. Altcoins are referred to as Bitcoin alternatives because, at least to some extent, most altcoins hope to either replace or improve upon at least one Bitcoin component
What are the Important terms in Crypto or Altcoins Trading?
WHAT IS CRYPTOCURRENCY TRADING?
Cryptocurrency Trading is the Forex (Foreign Exchange) of cryptocurrencies. This means you are able to trade different bitcoin and altcoin normally for USD and BTC. Cryptocurrency Trading is an alternative way to get involved in the Crypto-World! It doesn’t require mining hardware nor investing in bitcoin HYIPS or bitcoin cloud mining (which always has risk involved in their integrity).
FINAL NOTES FROM ME
Like I will always say, I am not to be held liable for anything that goes wrong as a result of a refusal to follow instructions or due to greed on the part of the trader. This is not a get rich quick scheme but it ia a get very very rich in the long run scheme. I personally advise that all newbies should only trade on Ploloneix.com or at worst poloneix and bittrex and any other certified platform. Ethereum(ETH) was a coin that was launch not up to three years and it was around $10 two years ago but today it is $370. This same ethereum went as high as $400 just 10 days ago Imagine someone who bought ethereum and holds for two years. You can monitor the performance of all meaningful coins on coinmarketcap.
Resources needed to become a millionaire trading Altcoins
In my introduction, I mentioned the need for you to research before going to Altcoin trading. I am hereby presenting you with materials that will get you started and aid your research work