LESSON 1& 2*
Lesson 1: what is bitcoin:
Bitcoin is a discentralised digital money that allows u to receive and send money through the internet by d use of a technology called Blockchain.
Blockchain -is a discentralised Ledger
Lesson 2: How Bitcoin Works
To recieve bitcoin, you need a bitcoin account/wallet.
Two required 4 ur wallet is wallet ID & wallet address.
1.What is bitcoin
2.How Bitcoin works/Blockchain
- How to buy bitcoin
- Tools for Trading Bitcoin
You Strategy For Trading
Strategy Is Key in Crypto Trading/Investment
Due to scarce resources, we need
to strategise on how to spread our
investment in crypto so we maximise
our profit.
Types of Investors:
- Buy and Hold (Bagholding):
Buy and hold for years.
e.g Say u bought 1000units of
xrp(ripple) in Jan 2017 when 1xrp
cost $0.006. 1000units would hv cost
$0.006 X 1000 = $6 (#2,160).
Today, 1XRP = $3
so your 1000XRP would given u
$3000 (#1,080,000).
That is #2,160 investment gives u
#1,080,000 in one year. That is
the power of bagholding.
Day Trade (Swing trade):Here,
u monitor the mkt closely to maximise
the volatility.Baghold & Swing Trade: Here,
you buy cheap coin and hold for long
and u swing trade sometimes.
My own Strategy
I spread my investment in 3-4coins
with high potential growth.
Coins that are less than $1 per unit.I swing trade to raise capital.
e.g Invest in a cheap and volatile coin
Once I hit my target, say 200%, I pull
out my capital back.
Summary:
-Have a target for longterm or short term
-Swing trade to raise capital