The amount of bitcoin traders has relatively stayed the same over the last two years. This is mostly because a lot of those traders do not know how to make money with bitcoin in the long run, so they just quit. They usually jump on the bitcoin train either because they have made some quick money, they were lucky and the bitcoin price volatility favoured them or they have simply heard that there is money to be made in the bitcoin world. Today, I will show you how to make money trading bitcoin daily or weekly and generating a sustainable income out of it. I have been doing this for more than 2 years now and I will show you with proof that it actually works.
1. is Bitcoin a scam?
Well, maybe. I don’t know. It surely doesn’t look like a scam so far. But I don’t need to know that to make money. So, let’s not get lost in the noise and focus on our primary aim which is to make money using bitcoin. Even if it turns out to be a scam or loses all its value tomorrow, the resilient business model that I will teach you will guarantee that you don’t lose any money. (The irony is that I sound like a scam myself right now LOL)
How much money can you make trading bitcoin?
The cryptocurrency world has the potential of generating lots of extra cash for you. In fact, some people are doing this as their full time job.
If you have a look at the trading websites like localbitcoins.com or bitbargain.co.uk, you will find out that there is always a difference between the seller price and the buyer price. You will be using that difference to quickly make some cash. On average, the sell price is around $300 less than the buy price but this can grow as large as $500 during high volatility periods or shrink to as little as $200 during relatively stable periods.
Isn’t it risky to invest in bitcoin?
Investing in bitcoin is undoubtedly risky given the high volatility of its price. Investing in bitcoin for long term gains will result in an unpredictable outcome. You just cannot predict it, no matter what tools or statistical techniques you use. If it could have been predicted precisely then we should have seen a higher interest from the giant “trading” companies by now. But everyone agrees that it is simply almost impossible to guess what will happen with it tomorrow due to its decentralised nature which leaves its price determination mechanism at the hands of the general public (you know the old demand and supply equilibrium). However, that does not mean you that cannot be a little smart and utilise that volatility to make some good money.
How exactly do you make money with bitcoin?
Trading bitcoin daily or weekly is the answer. How do you trade bitcoin? Well, you use websites like localbitcoins.com or bitbargain.co.uk and create an account with them. Then you use the difference between the seller price and buyer price to make a few hundred dollars within a few hours. I know this sounds like one of those generic online statements but let me show you the real life experience I’ve had with it.
The image above shows you that I have really done this and the kind of money I was trading daily. This is about 20 pages long statement so I cannot post it all but you can see my ratings and history on localbitcoin.com.
So, you can see that all I was doing was buying on a lower rate and then selling the same thing on a higher price. How did I do it? I would set up an ad on the site to buy on a lower rate. This buying price would be in-line with the going trend or maybe even a little higher. You have to do this to stay in the game, otherwise no one will sell their precious bitcoins to you. You can see the going price trend by just looking at the top three ads. Then, I would sell bitcoin by again setting up an ad and pricing it in-line with the going selling price. Creating ads is quite easy once you familiarise yourself with any of the trading sites.
How much money can you make trading bitcoins?
The more you trade in a day, the more profit you would be able to make. An average trade of the full bitcoin gets you around $300 in profit. You can quickly check the difference between the selling and buying price and you would know how much you can make per bitcoin. For example, the selling price today in the US is $3980 and the buying price is $3650, which gives you around $330. If you trade 10 bitcoins then times that with 10. But trading 10 bitcoins a day in the same market will be hard. You might want to stay at 2 or 3 bitcoins a day for a sustainable and a predictable income.
I was lucky enough to cash in more profit because I had connections in two different countries (the UK and Pakistan) and the price difference between the both resulted in 3 times as more profit as I would have earned trading in the same country. I was earning anywhere around £400 to £700 a day. You can even do the maths in the statement above that shows my daily trading average. But later down the line, I started operating only in the British market since bitcoin was blocked in Pakistan. That dropped my profits considerably, almost down to £150 to £250 a day. That money is still not too bad but because I was used to a much higher takeaway earnings, I decided to do something else that had the potential for higher earnings. (I will write a detailed post on what I do now, hopefully, and will update this post with its link) Although I still trade sometimes, maybe once a week or so, to make a quick buck but nothing like I used to.
Any hidden fees?
These trading sites usually take 1%, only when you buy or sell bitcoin through posting an ad. If you buy by clicking on someone else’s ad, then you won’t even have to pay that. But trust me, you really should create an ad and then trade because that is the only way which will give you profits on every trade you make.
Any more tips to trade bitcoin?
Yes. DO NOT USE BITCOIN EXCHANGES TO TRADE BITCOIN. You will never be able to generate a sustainable income if you trade on the exchanges because then you will find yourself trapped in the price volatility world. Not to mention the complications of those exchanges and, usually, a much higher fees.
So yes, there is money to be made in the bitcoin world and lots of people are making that money daily. To be honest, this is one of the most predictable income when it comes to bitcoins or any other online form of business, as the risk factor is as minimal as possible.