It goes without saying that no other profit or service is as profitable as Bitcoin these days. This cryptocurrency keeps breaking records as its value continues to rise. At the moment, Bitcoin is as valuable as gold and experts even think that it will continue to rise.
Research shows that Bitcoin will reach its peak value in the fourth quarter of 2021 and possible rise as high as $100,000. These projections are the reason why thousands of new traders register to the Bitcoin network and are keen on making a profit with this cryptocurrency.
We decided to take a look at the process of trading with Bitcoin and help you decide what are the best moves that will ultimately lead you to a profit. Without any further ado, let’s check the details.
Mining or Buying Bitcoins
There are two ways to earn Bitcoins – mining and buying. Each comes with some pros and cons. Let’s take mining first. The two biggest pros that come with mining is the fact that this process is free and that with it, you are making sure that Bitcoin’s network is stable and prosperous, thus ensuring future profits. Mining has one con and that is the fact that it is extremely hard, complicated, and takes too much time. This process requires you to solve various complex puzzles. You also need to have a high-performance desktop device.
Buying Bitcoins is the second option. The pros and cons of this option are the opposite of the pros and cons of mining Bitcoin. Buying Bitcoins is very fast, simple, and won’t take too much of your time. However, this is not free as you are required to purchase them. This comes with a risk of making small or no profits as Bitcoin is subject to frequent fluctuations and its price may plunge after you purchase a certain amount.
Mining Bitcoin is a better option in the long run. If you are looking to have a short run with this cryptocurrency, then buying it is a better option.
Trading Sites or Bitcoin ATMs
Trading sites such as bitcoinera.app have become extremely popular in the recent period. They have advanced AI systems that are able to analyze the market and determine Bitcoin’s fluctuations and make thus, allow you to maximize your profits. They are also extremely accessible as they operate online and are fully optimized for desktop and mobile use.
Bitcoin ATMs are also an option for buying and selling Bitcoins, but they are far inferior compared to trading sites. First of all, they are not as accessible as these platforms. Bitcoin ATMs are not available in every country and the number of locations where you can find them is very limited. They are not located on every corner, like the regular ATMs. Instead, Bitcoin ATMs can only be found in metropolitan areas.
And if that is not enough, Bitcoin ATMs charge very high fees. Statistics show that on average, they charge between 10-25%, which is enormous. The fees at trading sites are far lower and more acceptable.
That is the reason why you should always opt for trading sites as they can provide you with the most cost-effective solutions.
Keeping an Eye on Halving Events
Lastly, you should always keep an eye out for halving events as they always lead to price surges. We’ve witnessed 3 halving events so far. They took place in 2012, 2016, and 2020. All of them led to massive surges in the value of this cryptocurrency a year and a half after they ended.
Since the last one was in May 2020, you can easily conclude why experts believe that Bitcoin is yet to reach its peak value. The three next halving events are scheduled to take place in 2024, 2028, and 2032. The halving event in 2032 will be special as research states that after it ends, 99% of all Bitcoins will be mined, but it won’t be until 2140 for that number to reach 100%.