BITCOIN AND CRYPTOCURRENCY TRADING FOR BEGINNERS: A Comprehensive Guide to Getting Started in the World of Digital Assets (2024)
()
About this ebook
"Bitcoin and Cryptocurrency Trading for Beginners" is your essential roadmap to understanding and navigating the exciting realm of digital assets. Whether you're a novice investor or looking to expand your financial portfolio, this comprehensive guide provides practical insights, strategies, and fundamental knowledge to empower you in the dynami
SYBIL SHEPHERD
Sybil Shepherd, a financial expert based in the bustling city of New York, is the accomplished author of "Bitcoin and Cryptocurrency Trading for Beginners." With extensive knowledge in digital assets, Sybil aims to demystify the world of cryptocurrency trading for newcomers.
Related to BITCOIN AND CRYPTOCURRENCY TRADING FOR BEGINNERS
Related ebooks
Bitcoin and Cryptocurrency Investing for the Layman Rating: 0 out of 5 stars0 ratingsMastering Bitcoin For Absolute Beginners The Ultimate Guide To Bitcoin And The Future Rating: 0 out of 5 stars0 ratingsHow to Become a Millionaire With Cryptocurrency Rating: 0 out of 5 stars0 ratingsBitcoin: Mastering Bitcoin for Beginners: How You Can Make Insane Money Investing and Trading Bitcoin Rating: 0 out of 5 stars0 ratingsCryptocurrency: 20 alternatives to Bitcoin Rating: 2 out of 5 stars2/5Bitcoin Legendary: The Truth About The Most Revolutionary Asset Of Our Lifetime Rating: 0 out of 5 stars0 ratingsCrypto Rich! A Millenial's Guide to Cryptocurrency & Investing Basics Rating: 0 out of 5 stars0 ratingsMastering Crypto, The Digital Gold Rush Rating: 0 out of 5 stars0 ratingsPassive Income Through Crypto Currencies: passive income streams Rating: 0 out of 5 stars0 ratingsThe Science of Cryptocurrencies Rating: 0 out of 5 stars0 ratingsBitcoin: Strategies to Make Money with Bitcoin Rating: 0 out of 5 stars0 ratingsBitcoin: A Comprehensive Guide To Get Started With the Largest Cryptocurrency in the World Rating: 5 out of 5 stars5/5All About Bitcoin: How to Acquire, Store, Trade, Protect, and Use Bitcoin in Your Life. Rating: 0 out of 5 stars0 ratingsCryptocurrency Mining: The Ultimate Guide About Blockchain, Mining, Trading, ICO, Ethereum Platform, Exchanges Rating: 0 out of 5 stars0 ratingsBitcoin Breakthrough Rating: 0 out of 5 stars0 ratingsBitcoin: Mastering And Profiting From Bitcoin Cryptocurrency Using Mining, Trading And Investing Techniques Rating: 0 out of 5 stars0 ratingsBest Online Money Making Techniques Rating: 0 out of 5 stars0 ratingsMultifamily Rental Property Management Rating: 0 out of 5 stars0 ratingsPassive Income for Beginners (2 Books in 1) Rating: 0 out of 5 stars0 ratingsThe Affiliate Marketing Goldmine: Unearthing Hidden Profits and Building a Lucrative Online Business Rating: 0 out of 5 stars0 ratingsFire Yourself Rating: 0 out of 5 stars0 ratingsReal Estate Tokenization: The Future of Rental Income: MFI Series1, #155 Rating: 0 out of 5 stars0 ratingsHow To Get Free Money From The US Government For Your Business Rating: 0 out of 5 stars0 ratingsMONEY Rating: 0 out of 5 stars0 ratingsAddicted To Bitcoin Rating: 5 out of 5 stars5/5The Retirement Adventure Rating: 0 out of 5 stars0 ratingsCan You Achieve an Infinite Return?: MFI Series1, #131 Rating: 0 out of 5 stars0 ratings
Personal Finance For You
Rich Dad Poor Dad Rating: 5 out of 5 stars5/5Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not! Rating: 5 out of 5 stars5/5Money Hacks: 275+ Ways to Decrease Spending, Increase Savings, and Make Your Money Work for You! Rating: 4 out of 5 stars4/5The Psychology of Money: Timeless lessons on wealth, greed, and happiness Rating: 5 out of 5 stars5/5Investing For Dummies Rating: 4 out of 5 stars4/5Legal Loopholes: Credit Repair Tactics Exposed Rating: 4 out of 5 stars4/5Summary of The 48 Laws of Power by Robert Greene Rating: 4 out of 5 stars4/5Personal Finance For Dummies Rating: 4 out of 5 stars4/5The Intelligent Investor, Rev. Ed: The Definitive Book on Value Investing Rating: 4 out of 5 stars4/5Die With Zero: Getting All You Can from Your Money and Your Life Rating: 4 out of 5 stars4/5Rich Dad's Cashflow Quadrant Rating: 4 out of 5 stars4/5The Four Sacred Secrets: For Love and Prosperity, A Guide to Living in a Beautiful State Rating: 4 out of 5 stars4/5Principles: Life and Work Rating: 4 out of 5 stars4/5Financial Feminist: Overcome the Patriarchy's Bullsh*t to Master Your Money and Build a Life You Love Rating: 5 out of 5 stars5/5The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness Rating: 4 out of 5 stars4/5MONEY Master the Game: 7 Simple Steps to Financial Freedom Rating: 4 out of 5 stars4/5Suddenly Frugal: How to Live Happier and Healthier for Less Rating: 3 out of 5 stars3/5Same as Ever: Timeless Lessons on Risk, Opportunity and Living a Good Life Rating: 4 out of 5 stars4/5Just Keep Buying: Proven ways to save money and build your wealth Rating: 5 out of 5 stars5/5The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns Rating: 4 out of 5 stars4/5The Millionaire Next Door Rating: 4 out of 5 stars4/5Set for Life: An All-Out Approach to Early Financial Freedom Rating: 4 out of 5 stars4/5Buy, Rehab, Rent, Refinance, Repeat: The BRRRR Rental Property Investment Strategy Made Simple Rating: 5 out of 5 stars5/5
Reviews for BITCOIN AND CRYPTOCURRENCY TRADING FOR BEGINNERS
0 ratings0 reviews
Book preview
BITCOIN AND CRYPTOCURRENCY TRADING FOR BEGINNERS - SYBIL SHEPHERD
Sybil Shepherd
Bitcoin and Cryptocurrency Trading For Beginners
First published by Sybil Shepherd 2023
Copyright © 2023 by Sybil Shepherd
All rights reserved. No part of this publication may be reproduced, stored or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise without written permission from the publisher. It is illegal to copy this book, post it to a website, or distribute it by any other means without permission.
First edition
This book was professionally typeset on Reedsy
Find out more at reedsy.com
Contents
Chapter 1: Should you Trade Bitcoin?
Chapter 2: Best Crypto Exchanges
Chapter 3: Best Mobile Wallets for Trading Crypto
Chapter 4: Best Hardware Wallets for Trading Crypto
Chapter 5: Currency Pairs - Base and Quote
Chapter 6: Order Book - Bids and Asks
Chapter 7: Stop Limit Option
Chapter 8: Dollar Cost Averaging
Chapter 9: How to use BNB as a Trading Tool
Chapter 10: Passive Income with Coinbase
Chapter 11: How to Earn Interest with Compound Finance
Chapter 12: How to Sell & Withdraw Crypto from Coinbase Pro
Chapter 13: Binance Widget Trading Tool in Brave
Chapter 14: How to place Market Orders on Coinbase Pro, Blockchain & Binance
Chapter 15: How to Buy, Sell and Trade Crypto on eToro
Chapter 16: TOP 5 Crypto Picks For 2021
Chapter 17: How To Value DeFi Tokens
Conclusion
Chapter 1: Should you Trade Bitcoin?
Once, there was a moment when the value of Bitcoin stood at 44 cents. Subsequently, it experienced a remarkable ascent, reaching a peak of 30 dollars, only to undergo a subsequent decline, plummeting to 7 dollars.
And on another occasion, there was a moment when its value stood at 13 dollars initially, but then it surged significantly to reach 213 dollars. However, it subsequently experienced a sharp decline, plummeting back to 65 dollars.
On another occasion, Bitcoin experienced a surge from $147 to $1100, only to plummet back to $480. Similarly, there was a time when Bitcoin’s value escalated from $1100 to $19,000 before crashing down to $3,800. However, as of today, Bitcoin has reached a new all-time high of $28,240. This prompts the question: Is Bitcoin a valuable asset for trading? I hope your answer is affirmative. But let’s delve into the essence of Bitcoin. While some individuals dismiss it as a scam, there are those who hold Bitcoin in high regard, almost like a religious belief, so it’s important not to provoke discomfort in either camp.
Allow me to navigate through this spectrum and discuss objectively the significance of a robust monetary system. This entails exploring whether Bitcoin truly has the potential to reach the speculated $1 million mark and beyond. A milestone was achieved when Bitcoin surpassed the psychological threshold of $20,000. Using a Kardashian-esque scale to predict Bitcoin’s value, it could indeed evolve into a global currency, akin to a Type 1 civilization’s monetary standard – a form of currency encompassing the entire world.
Firstly, credit must be attributed to Bitcoin for enlightening me about the true nature of money. Beyond its financial gains, Bitcoin has provided insights into the concept of sound money. This comprehension is crucial for those engaging in Bitcoin trading or holding it long-term, as the latter can be a nerve-racking experience. Visualize holding a stock that surges by 30% one day only to plummet by 50% the next. It’s undeniably anxiety-inducing.
Money appears simple on the surface – a tangible $100 bill exchanged for goods. However, money isn’t a mere switch to be flicked on; it transcends such simplicity. Crafting a reliable currency is a formidable challenge. Unlike printed dollars, Bitcoin is digitally generated through a process known as mining. Imagine a vast network of computers worldwide working diligently to solve intricate mathematical puzzles. Despite seeming wasteful, this process serves a purpose, akin to a Rubik’s cube containing transaction records. When a Bitcoin is sent from one party to another, the transaction enters this cube, forming a public ledger, akin to a gaming scoreboard, appealing to governmental authorities for its transparency in tracking illicit activities.
These transactions await confirmation, achieved by solving the Rubik’s cube. With each block’s limited capacity, a new one is required approximately every 10 minutes. Consequently, this process repeats periodically, culminating in the release of newly minted Bitcoins. To maintain fairness amidst technological advancements, the difficulty of solving these puzzles increases systematically. This mechanism prevents the sudden dominance of a singular powerful computer in mining all Bitcoins.
Bitcoin’s distinctive value lies in its technical superiority as a form of money. It’s incredibly scarce and rare, a pioneer in its realm. A superior currency should possess five essential traits, commencing with divisibility. While gold and the dollar struggle in this aspect, Bitcoin shines by being divisible into 100 million units called satoshis. Durability follows; Bitcoin surpasses gold and paper currency by maintaining its structural integrity. Rarity is fundamental – Bitcoin’s scarcity is guaranteed, unlike the dollar that experiences inflation due to constant printing.
Uniformity and acceptability complete the criteria. Bitcoin’s fungibility, albeit facing challenges, is likely to be resolved through privacy-enhancing techniques. These attributes, which humanity has sought for ages, are embodied in Bitcoin. Today, institutional hedge fund managers are recognizing this, leading to massive investments, in stark contrast to their earlier skepticism. This influx of intelligence and capital is reshaping the landscape, as financial giants and corporations surreptitiously accumulate Bitcoin, shedding light on its true value.
A pivotal moment arrived on December 16th when Bitcoin triumphed over the psychological barrier of $20,000. Unlike the retail investor frenzy of 2017, the current surge is driven by smart money, further solidified by PayPal’s involvement and institutional interest. Economic uncertainties coupled with the Federal Reserve’s unconventional monetary policies contribute to Bitcoin’s remarkable price surge. A notable instance is Scott Minerd, CIO of Guggenheim Investments, admitting their hedge fund’s strategic acquisition of Bitcoin at $10,000. His team’s belief in Bitcoin’s fundamental value at $400,000 underscores the transformative power of this digital currency.
The potential extent of the Bull Run’s rise is uncertain, but for now, brace yourself for an exciting journey as we continue to surge ahead and establish fresh all-time highs. If you’re involved in investing, exercise caution and avoid allocating more than 10% of your total worth to this asset, unless you possess unwavering belief and a comprehensive understanding of every aspect of Bitcoin. Holding onto it and maintaining a judicious approach to speculation could likely lead to substantial rewards. Furthermore, given its volatile nature and its round-the-clock tradability, Bitcoin remains a favorite trading tool among traders, owing to its absence of fixed opening or closing values.
Chapter 2: Best Crypto Exchanges
In this chapter, I will guide you through a selection of my favored cryptocurrency exchanges. Whether you’re new to the world of cryptocurrencies, making your first Bitcoin purchase, or an experienced trader seeking the optimal exchange fit, the decision can pose challenges. The considerations encompass liquidity, trade volume, fees, security measures, and regional accessibility of the platform. But fret not, as I’m here to introduce you to cryptocurrency exchanges I’ve personally employed over time and walk you through the factors that led them to become my preferred choices.
However, it’s important to note that regardless of the exchange you opt for, and no matter how secure it’s reputed to be, it’s unwise to store substantial funds there. For enhanced security,