How to Make Money with Bitcoin in 2023
Hi, I’m Chris Winter and in this video, I’ll be teaching you how to make money with Bitcoin in 2023. It’s been a crazy ride and while some people think we’re in a crypto winter, (not related to me at all), I actually think it’s one of the perfect times to get started. Let’s jump straight right into our first topic: learning macroeconomics.
The price of bitcoin is one of the key indicators in how the crypto market is doing. Know the macroeconomics of crypto and Bitcoin, and you’ll separate yourself from everyone else. Like many other markets, the cryptomarket is affected by inflation, adoption, growth rate, and overall market sentiment. Don’t get me wrong, there are unforeseen factors and world events like the war in Russia that also significantly impacts the price of Bitcoin. I mean, if countries stop utilizing or accepting payments in bitcoin, then the value is going to drop. Always start with a broad big picture approach. From a macro technical analysis point of view, Bitcoin reached $68,000 back in November 2021. It’s now falled over 65% from its all time high. While no one can time the bottom, if you're wanting to make money with Bitcoin in the long term, it could very well be at a huge discount.
If you want to buy or sell cryptocurrencies, then you have to open a reputable account with a cryptocurrency exchange. With so many different options out there, you have to make sure the ones you choose are legitimate, have honest leadership, and can’t do rug pulls. Sites like Celcius and Voyager seemed like legit great options but they recently filed for bankruptcy. Because of the recent downturns in the crypto market, these exchanges didn’t have enough liquidity because they lent some of assets out to other institutions and had to freeze multiple user accounts which caused panic and ultimately bankruptcy. You have to make sure the exchanges have great and honest leaders, promise you to never freeze your accounts, and you have to research where and how your money is being lent out to. I personally like FTX and Gemini and I’ve had a great experience thus far with these two platforms. (Checkout the link below!) There’s some other great ones, but other bad ones as well, so be sure to do your own research since I’m not a financial advisor.
Know How to Buy Bitcoin
Once you’ve chosen your exchange, fund your account’s wallet. Once you have money in your digital wallet, you can start buying Bitcoin! 1 BTC is currently hovering $22,000, but that doesn’t mean you’ll have to have that much money to start buying. You can buy a fraction of a bitcoin, sometimes as low as $1 depending on the exchange you’re using. There are multiple ways to invest in bitcoin, however, if it were me, I would go for the dollar-cost averaging (DCA) method where you invest the same amount week in and week out, regardless of the price. That’s because no one knows how high or how low Bitcoin’s prices will fluctuate. So rather than timing the market, you get the best of both worlds and have a solid average over time. Did I mention, the price of bitcoin is down 65% from its all time high, which means it might be a great time to start DCAing.
Use a Cold Storage/Wallet
Because Bitcoin has been booming over the past years, there’s been an increase in theft, fraud, hackng, kidnapping, disappearance, you name it, it’s happened. As a new Bitcoin trader, you wouldn’t want any of these happening to your investments, so I heavily suggest using a cold wallet or cold storage. A cold storage is a system that removes your Bitcoin keys from your wallet and stores them somewhere that is not connected to the network or the internet, making it almost impossible for hackers to get to. There are many ways of storing your wallets offline like using you literally print your public and private keys on paper.
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I’m Chris Winter and on this channel I make finance videos on:
• Stock Investing
• Best Crypto To Buy & Invest In (Bitcoin, Etherium etc)
• Best Stocks To Buy & Invest In
• Best Online Stock Brokers
• How To Make Money Online
• Affiliate Marketing
• Passive Income
• Shopify
• Amazon FBA
• Print on Demand
On this channel I talk about the following:
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#Cryptocurrencies
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Recommended Reading >> bit.ly/32kRpzw
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