How to Start Trading Bitcoin Reddit & What is the Best Bitcoin Wallet Reddit?
Bitcoin is a type of cryptocurrency, decentralized finance on Blockchain. It is considered a lucky charm in the crypto world due to its exceptionally high value and scarcity. Bitcoin is digital capital that one can quickly transfer to another individual without the involvement of a 3rd party. The best part about cryptocurrency is that it provides you freedom in speech, expression, and finance. It lifts you above the constraints of governments and institutions like banks. Bitcoin is called digital gold due to its market rates on all cryptocurrency exchanges. Using Bitcoins for stock marketing and trading purposes is absolutely legit. This is why every successful enterprise like Tesla has invested billions of dollars in this asset.
Like Gold and Real estate, one can practice bitcoin Reddit trading against liquid cash and benefit immediately. In cases where investors want short-term conversions (profits), Bitcoin works great. Thanks to its high liquidity!
We can determine whether it is worth it or not to buy Bitcoins by considering various factors. First and foremost, several people are designing and launching new cryptocurrencies today. But that does not make them worth it. Investors and crypto holders are looking for a cryptocurrency with high market value and scarcity. Both these traits are found in Bitcoin.
A number of factors determine the value of Bitcoin Reddit trading. Let us consider the transaction fee of Bitcoin, which is almost negligible. We can trade it for assets and get money immediately. We can also store it for long-term benefits because its demand is increasing with each passing day. Moreover, Bitcoin is frequently used as a mode of exchange in most businesses. Although some countries have not yet accepted and legalized it on an international level, many companies accept Bitcoin as a unit of exchange, allowing masses to be involved in bitcoin Reddit trading. Due to its exceptionally high price value, Bitcoin is considered digital Gold or King of the cryptocurrencies.
The increase in the cult of Bitcoin trading Reddit is also due to its transparency and excellent user experience. Chances of scams are minimal while its trading pays a lot. Regardless of the price, Bitcoin is bought in every nook and cranny of the world due to its popularity and profit margins.
Bitcoin Trading Reddit
Bitcoin Reddit trading is standard these days. The majority of Bitcoin holders use day trading. However, it is not considered suitable as it puts the user at more risk. High volatility offers more liquidity, but it also refers to more risk at the same time. This is the reason why the idea of day trading bitcoin Reddit may not work for everyone.
Read more: 9 Things You Can Buy With Bitcoin and Other Cryptocurrencies
Bitcoin Trading Reddit Tips and How-to guide
Once we know how it works, day trading Bitcoin Reddit becomes simpler. The use of resistance and support on the ⅕15M timeframe works well.
A coin that breaks small resistances is bought 10 to 20x. Beginners are supposed to start with a considerably low amount. All the trade must be performed in a relaxed mode without getting prone to panic attacks.
Experienced traders belonging to trading Bitcoin Reddit suggest investing in Bitcoins on the weekends, proving to be more beneficial. Moreover, for long-term trends, daytime is considered better for trading. The 4-hour chart is quite helpful in the case of BTC. Some people try their luck in 15-minute frames and become successful as well. But in such cases, the profit margin is too low. Many BTC holders prefer to close down the trade at a 10% profit to deal with risk factors.
The Best Bitcoin Wallet Reddit
A software program called Bitcoin wallet is used to store Bitcoins. In this way, a user gets ownership of his Bitcoin balance and can send and receive Bitcoins conveniently. For withdrawal, a minimum of 0.001 bitcoin must be present in the wallet. The maximum limit of daily withdrawal is 2000 USD, while that of weekly withdrawal is 5000 USD.
The benefits of BTC wallets are many. Let us have a look at the disadvantages or possible harms associated with these wallets. A BTC holder can still lose his crypto balance in cases like loss of keys, failure of the device, or theft. Offline wallets are also available that work as a means of cold storage. Such wallets are not available and accessible online, so there are no chances for hackers and scammers to approach them online.
Several kinds of wallets are there in the market. To land Reddit best bitcoin wallet, we need to consider the top-ranked Bitcoin wallets and their characteristic features.
Wasabi Bitcoin Wallet
This wallet offers the best services when it comes to privacy. The drawback is its slightly higher transaction fee that may not work economically for everyone. The processing is a bit slower too.
Armory Pros
This wallet works great for candidates who are chasing high security and privacy. It works best for those who have adequate experience in this field. It doesn’t support beginners and takes a lot of storage memory.
Green Wallet
It is an android wallet that provides those privacy features that are absent in other wallets. It is highly compatible with iOS, but its UX is not much advanced.
Electrum
It is a great wallet that works for both android and PC users. However, its UX is not very polished.
BlueWallet
It was developed and launched back in 2017 to store only Bitcoins. It was designed to provide a user-friendly experience to Bitcoin holders. It is non-custodial and offers a lot of features. The cons include the presence of bugs in its operating system, which might bother many users.
Guarda Wallet
This is so far the best bitcoin wallet Reddit that ensures to provide maximum anonymity. Your Bitcoins present in Guarda wallet will remain safe forever, without any risk of blocking. This wallet is non-custodial. Apart from being Reddit best bitcoin wallet, it supports hundreds of other types of cryptocurrency tokens and coins.