Arriving late at bitcoin and still making money: First Steps

in bitcoin •  7 years ago 

Many people say it's late to get into bitcoin, that 2013 was the right time... I couldn't desagree more.

I've been trading mexican pesos and bitcoins for a couple of years and I would like to share with you, my fellow steemers, my thoughts and experience on cryptocurrencies in this country, at this right time.

I'm an economist and a journalist working for big media, and covering stories on cryptocurrencies was my first approach to bitcoin. I became aware of bitcoin in 2014, but it wasn't the right time to get to such an immature market. Nobody in Mexico was ready for that.

I shall begin by telling you that still there aren't too many options on finding the right exchange to deal with your pesos.

I'll tell you my experience trading with Bitso, which might be the main crypto exchange in the country, or at least the easiest one to trade with, since its competitors lack of some of the tools you'll get with Bitso.

You may want to visit Volabit as an option, but I didn't find it as user friendly as I think Bitso is.

In 2015 I opened my account with Bitso, but it wasn't until 2017 that I made my first buy there.

You won't need too much to sign up and get your account ready to make money. You'll need a bank account to fund your Bitso wallet and to cash out your earnings.

Any bank account is ok as long as it provides you a CLABE number. Online transactions surely will be of great help to quickly respond to the rythm of the market.

Signing up with Bitso is free and it will offer you different plans to trade, based on the ammount of money you want to invest. My advice is of course to start with the lower plan wich will limit the ammount of your trades, but it will be helpful to start trading small amounts of money without losing big cash.

Think of it as a boxing first round, when you get to know your oponnent, its movements and style. Whenever you feel confident you'll be ready to go get some more of it.

After funding your Bitso account, get ready to buy, but don't forget the rule. Buy when low, sell when high. Eventhough, the best moment to get into the market is always as soon as possible.

You will learn that any cryptocurrency market has its ups and downs. Be ready to quickly lose, but be confident that we are in a moment when the long term trend goes upward.

Look at the screenshot and see the long term trend and its ups and downs. Never get too scary, but spend only an ammount you can afford to lose at your first trades.

Volatility is one of the most stressing aspects when trading with bitcoun and other cryptos. Don't lose your mind if you start losing and learn to wait for the right moment to cash out.

Don't forget that Bitso is a business and that you'll have to pay up to 1% fee on transactions. Look for the fees table to get to know the different ammounts you'll have to pay depending on the type of transaction.

With Bitso you'll be able to trade with bitcoin, ethereum, ripple and bitcash. Don't forget to google everyone of it and get to know its differences. You'll learn that bitcoin is the leading cryptocurrency for many reasons and you'll find out correlations between the markets.

Follow me and keep tuned in to further share with me the experience of trading with bitcoin in Mexico.

It's still not too late.

Happy trades!

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