It’s interesting to think that 1 bitcoin was valued around $4,000 at the end of October 2017 (last month as of writing this) and bitcoin is now trading at over $7,400. The price seems to just keep climbing and when it drops it always seems to come back stronger. Remember when that guy bought 5,000 Bitcoins for $27?
I’ve noticed during the few months I have monitored the behavior of the bitcoin price trend that a person could almost make a full time job of buying at the lows and selling at the highs. The ups and downs seem consistent enough that a person might almost trust them as inevitable. Of course there are no guarantees when it comes to trading bitcoin or stocks. However, for those of us that are either intrigued by bitcoin technology potentially representing the forefront of future currency, or simply drawn to the excitement of potential riches from bitcoin’s track record of massive gains in value, trading bitcoin does offer the allure of massive financial potential for investors.
After watching a few bitcoin documentaries like Banking on Bitcoin and The Rise and Rise of Bitcoin, my new outlook on the digital currency made me curious, and I wanted to use the technology. I first invested in bitcoin using Coinbase. I found that Coinbase was easy to use for a beginner, allowing you to buy bitcoin, ethereum, and litecoin, and I like that the website is simple for me to navigate. Coinbase now also offers vaults, rather than just wallets, for added security. You can also sign in to the exchange GDAX when you have a Coinbase account. GDAX allows you to trade bitcoin, ethereum, and litecoin.
Since my first bitcoin investment was back in early September, it’s a good thing I decided to “hodl“. Based on bitcoins volatile price behavior I am going to test what I think to be true about the overall consistency of the price volatility. I sold at what I am of course hoping was another high point around $7,400. Let’s see if my timing ends up being good and I can manage to buy lower, sell higher, and repeat.
*Disclaimer: By signing up to Coinbase and buying bitcoin via the link provided I receive compensation in bitcoin from Coinbase for the referral: Details