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The profitable universal cryptocurrency at present is Bitcoin. It is used to trade any 800 cryptocurrencies available for trade as of today. The digital currency Bitcoin proffers the promise of lower transaction fees than the traditional online payment mechanisms. It is operated by blockchain technology which is a decentralized authority which verifies the transactions by network nodes through cryptography.
Top Exchanges for Bitcoin Trading and Cryptocurrencies
The top exchanges for Bitcoin trading depend on many different factors such as home country, fees, limits, the preferred method of payment, liquidity needs and so on. Some of the top cryptocurrency exchanges in the market include Coinbase, Binance, Bitmex, Bittrex, OKEx, GDAX, itBit and Coinmama.
Day Trading Bitcoin
The day traders have discovered Bitcoin lucrative in many ways. Bitcoin can be traded 24 hours every day and seven days a week. It allows low overhead for big trades. It is the most liquid form of cryptocurrency that gives multiple trading opportunities within 24 hours. It is very much essential to pay attention to the technical indicators and newly developing trends in the market.
Another strategy that Bitcoin traders use is diversification. The diversified portfolio allows an investor top to avoid losing the money due to the fluctuations of its components.
Using Bitcoin Wallets
Leveraging is another good way to harness the digital currency Bitcoin wallet which stores the private keys required to make Bitcoin transactions. Several types of wallets such as Desktop wallets, Online Wallets, Mobile wallets, Hardware wallets, and Paper wallets come with varying features confirming to the Bitcoin protocol which is a set of rules governing Bitcoin transactions and Bitcoin mining.
Bitcoin Trading Tools and Resources
Few trading tools and resources of Bitcoin are Cryptowatch and Bitcoin Wisdom, Bitcoin Charts, Bitcoinmarkets, Trading view. These tools and resources are helpful in understanding the Bitcoin price history, live price charts of all significant Bitcoin exchanges and so on.