Cryptocurrencies: think of tomorrow, earn today
Cryptocurrency is a fairly new, but already popular trading asset in the market. Online cryptocurrency trading very quickly became a profitable way of trading for many traders. Cryptocurrency exchange is best suited for progressive trading, because, among others, it has one important advantage over other types of exchanges: it works around the clock all days of the week, including weekends and holidays. When trading cryptocurrency on the stock exchange, in contrast to the foreign exchange, commodity and active markets, you need to know that trading is not divided here into conditional trading sessions, so there can be jumps in quotes at any time, which makes it possible to earn money regardless of the time of day. Market volatility is an additional attractive factor for choosing such a method of trading. Of course, one should not lose sight of the rapid development and spread of cryptocurrency, as well as the future prospects of this currency.
It is considered that cryptocurrency was born in 2009, when Bitcoin appeared. Bitcoin’s parents are still unknown, because Satoshi Nakamoto is just a pseudonym. But their product lives and develops by leaps and bounds. After Bitcoin, it became clear that new technologies for creating money would have to be reckoned with, because new altcoins (as all cryptocurrencies, appeared after Bitcoin, are called) began to pop up like mushrooms after a spring rain. Since then, the cryptocurrency market only strengthens its position, gradually earning a place in the global economy.
Types of cryptocurrency
Following Bitcoin, which appeared 9 years ago (this is, of course, a short term compared to traditional currencies like the US dollar or the British pound sterling, but not so little in our ever-changing world), cryptocurrencies started their rapid growth. The fame and profitability of Bitcoin gave no peace to many. It has become on-trend to possess invisible money, which neither the state nor the banks can affect, so, the “Pandora’s box was opened”, and new cryptocurrencies appeared. The list of available currencies is constantly expanding. Some of them do not withstand the competition and quickly leave the market, however, the backbone of the most reliable, popular and profitable coins remains virtually unchanged.
Umarkets provides traders with the opportunity to trade in almost all available cryptocurrencies. Here are the main ones:
- Bitcoin or BTC. As stated above, Bitcoin is the first and most popular cryptocurrency. None of its followers managed to achieve such popularity and such a level of value! The total number of coins is 21 million. The price of Bitcoin at various times reached unimaginable heights — up to $20,000. Since not everyone has such a sum, Bitcoin is divided into units called Satoshi. Bitcoin has long been a full-fledged payment tool for many operations and purchases on the Internet.
- Ethereum (ETH). It appeared in the market in 2015. Ethereum is also divided into its component parts: 1/1000 — finney, 1/106 — szabo, 1/1018 — wei. The currency quickly spreads and is well quoted on the stock exchange. The rate of Ethereum changes quite fast, which gives traders an opportunity to earn quick income. This coin is in stable demand, which confirms the prospects of Ethereum as a trading instrument.
- Litecoin (LTC). This is the coin, developed by former Google employee Charlie Lee. According to various sources, it is this cryptocurrency that occupies the second or fourth place in terms of its volume. The allowable amount of mined coins is 84 million. Litecoin has a distinct advantage over Bitcoin — payment with this coin is 4 times faster. The capitalization of Litecoin is about $10 billion.
- Ripple (XRP). This cryptocurrency is the third in terms of capitalization. It is about 70 billion dollars. The main difference between Ripple and Bitcoin is that this system is designed as a payment system for banks. The speed of Ripple transactions is, according to the statement of the developers, 1500 pieces per second. The largest trading systems report willingness to cooperate with Ripple, which indicates the high status of this coin.
- Bitcoin Cash (BCH). It separated from Bitcoin in 2017 and immediately started its growth. Its market capitalization is over $8 billion. The high volatility of the coin attracts traders.
Features of cryptocurrency:
- The number of coins of each cryptocurrency is limited. Only a certain amount of digital money can be mined. Due to this factor, they will always be a valuable asset, while ordinary money can endlessly be issued by state-owned banks, gradually depreciating.
- This money is decentralized. This means that states have no opportunity to influence them. Cryptocurrencies are not afraid of inflation, state problems and the behavior of governments.
- Cryptocurrencies are money for which there are no barriers. Cryptocurrency transfers do not depend on either banks or postal services. Cryptocurrency transfers are carried out instantly from anywhere in the world.
- Anonymity. No one can ever trace the path of cryptocurrency.
- Transparency. Despite the aforementioned anonymity, the whole process of cryptocurrency mining is monitored by all process participants, and it is impossible to cheat and deceive the system here. That is, fraudsters will not be able to intervene in this process and steal digital money.
All the above features in a significant degree influenced the growth of popularity and the development of cryptocurrency.
How to trade cryptocurrencies on the exchange
What should a trader know in order to benefit from cryptocurrency trading?
The first good news is that the trader absolutely does not need to delve into the complexity of the technical process of cryptocurrency mining. Leave this complex and highly specialized information for miners.
To start cryptocurrency trading on the cryptocurrency exchange, a trader needs the same conditions as for other types of trading. Among these conditions, there are, for example, a computer or smartphone with the access to the Internet, registration as a trader, an initial deposit of at least $500.
The second important point: the basic principle of online cryptocurrency trading is that the basic principle of trading works here as well, namely, speculation. You buy the selected cryptocurrency at a cheaper price, wait for the right moment and sell it at a higher price.
Next, use traditional trading strategies based on technical analysis. There is nothing new and supersophisticated to invent.
Another important advantage: cryptocurrency trading on the stock exchange is carried out on the same trading platforms as in transactions with other, more familiar assets. Modern high-tech Umarkets platforms provide a profitable delay-free trading.
Trading cryptocurrencies, it is possible to benefit not only from the increase in the rate, but also from the drop. For a trader, it does not matter if the price of selected cryptocurrency grows or falls, it is important to determine the trend and enter the market in time.
Highest volatility is another “Yes!” when choosing cryptocurrency as a profitable asset for investment.
Advantages of cryptocurrency trading on the stock exchange together with Umarkets
Check out the advantages of trading on a cryptocurrency exchange together with Umarkets:
- training for beginners;
- round-the-clock support;
- starting bonus;
- free demo account;
- low spreads;
- floating commission;
- innovative web platform;
- SMS signals;
- best trading conditions.
Cryptocurrency trading is the most modern and promising type of trading. Umarkets is your reliable partner, providing you with profitable trading conditions and support of experts. Cryptocurrency exchange is developing and growing at rapid-fire pace, bringing profits to millions of traders all over the world! Join online cryptocurrency trading and earn with Umarkets, using the most advanced trading method!