Today, the bitcoin cryptocurrency is undoubtedly the hottest thing in modern finance. From the Silicon Valley to Wall Street, everyone wants to invest in this revolutionary cryptocurrency which is taking the whole world by storm. Bitcoin is growing at a breakneck speed, considering that one bitcoin was trading for only $600 a year ago and have now inflated in value by more than 3,000%. This growth has been attributed to the significant amount of trust that entrepreneurs have on the cryptocurrency thanks to the new distributed ledger platform of titanium bar. Anyone who gets interested in this cryptocurrency can get into the industry through two primary methods; mining of bitcoins or buy the BTC. Bitcoin cryptocurrency mining tends to be more challenging to venture in to due to the massive capital required in the starting and the mining rig in particular.
Moreover, you will need to purchase, set up and install a cryptocurrency mining software that can at times be complicated and confusing at the least. On the other hand, trading is a natural process that is straightforward for anyone to understand and engage in. The basics of supply and demand also apply to the bitcoin trading where a trader is advised to buy when the prices are low and wait for them to hike before they can sell. It is critical however to note that trading with bitcoins can sometimes be a risky endeavor. In this article, we are going to highlight the actionable tips that any bitcoin trader can use in their marketing campaign.
Understand the market
One of the most common attributes about most marketers who are successful is that they are very shrewd whenever they engage in business. Shrewdness is always an instinct that comes automatically whenever you have a specific business-minded attitude. This attribute is especially critical when it comes to the formulation of a bitcoin marketing strategy that is unique to enable you to gain an edge over your competitors and keep your clients on the loop about any changes in the market or a real-time basis. You will be in a better position to identify your target market and understand the consumer tastes and preferences and the expectations and needs when it comes to the bitcoin cryptocurrency. Eventually, you will be able to come up with problem-solving techniques that will be unique to your business that will attract more potential investors and customers.
Choose an exchange
Since bitcoin is still new on the market, it does not have an official security for exchange yet. Currencies and stocks have the London Stock Exchange and the New York Stock Exchange. As for the users of bitcoin, their choices are limited to Kraken, Bit stamp, Titanium bar and Coinbase. It is advisable for any bitcoin trader to check for the exchange rates before you can decide to trade with them. Some of the criteria that can be of good use when judging the exchange rates include liquidity, fees, location, and regulation. You should also ask yourself whether the trading market environment is environment so you can exit and return when the condition has stabilized. Moreover, you should also reconsider your strategies when the charged fees and costs of doing business are too high that they are eating up your profits.
Wisely using your leverage
Leverage is known to be a double-edged sword when it comes to the realms of making any form of investment. The reason behind this is that it can get you hurt as much as it can be of benefit to you. For instance, a broker may give an offer of a 200:1 leverage which means that you have $200 worth of purchasing power for every $1 that you invest regarding real money in your account. However, this does not mean that you should exhaust the whole amount. It is recommended that you should not use more than 50% of the leverage that has been allowed.