Cryptocurrency trading seems to have taken the driver’s seat with maximum profitability riding shotgun. A popular cryptocurrency, Bitcoin, is now worth thousands of dollars.
If you hoarded a supply of Bitcoin 5 or years ago, you could initiate a trade. And then, you could walk away from such trade as a millionaire — if not a billionaire.
On the flip side, there are plenty of talks about the cryptocurrency market being in a bubble — and one that’s about to burst. This labels anything that has to do with cryptocurrency as scary.
So, should you take the plunge and be a cryptocurrency trader or should you abandon the opportunity?
A major advantage of cryptocurrency trading is that it can be done on a decentralized exchange. This means that you can significantly raise your profitability. After all, there are no middle men in a decentralized arrangement.
Then, there’s the fact that is that its concept is relatively new. This means that you can buy plenty of cryptocurrencies now and then wait for an increasing number of people to join in and then sell your stock to them for a higher price.
For example, there are the cryptocurrencies that run on the Ethereum network. The value of Ether tokens, a popular Bitcoin alternative, has risen to more than 700% in just a few years’ time.
So, you sell. If you sell 4 of these cryptocurrencies today, you would have a (700% * 4) 2,800% profit!
Unfortunately, there are downsides to cryptocurrency trading.
For one, cryptocurrencies are highly volatile assets. This means that their price could be at $10 one day, and then be at $900 the next, and then return to $20 the next day.
This could be a good thing. But for novice traders and those with a low-risk appetite, it’s not.
Then, there’s the fact that cryptocurrencies are relatively unheard of. Compared to traditional money (like the USD and EUR), not a lot of people are familiar with cryptocurrencies — especially the altcoins (such as XDE and TRON).
The Verdict: Maybe You Should
But discussions of the risks aside, cryptocurrencies and cryptocurrency trading offer good profit potential.
Sure, putting your money into cryptocurrency trading seems overwhelming. But putting your money into most types of profitable opportunities IS usually overwhelming.
If you have high-risk tolerance, you should go for cryptocurrency trading. While there’s a possibility that you could lose, there’s also the promising possibility that you could profit big.
So long as you only use money that you can afford to lose, you should make the leap. To get started, go to a cryptocurrency exchange.
Bitsane is a cryptocurrency exchange that you should look into. You may want to visit this link: https://www.selectedbest.info/bitsane-user-reviews/.