For the past months, the value of bitcoin has been on a steady rise. The news about the increase in the market price of bitcoin has boosted the confidence of bitcoin enthusiasts in Ghana.
Adult Ghanaians like many other bitcoin skeptics have always expressed doubts related to the future of bitcoin.
Most of the skepticism arises from the high volatility that characterizes bitcoin. However volatile, bitcoin’s value has continued to increase despite all odds.
As such, skeptics are gradually becoming enthusiastic about trading bitcoin and bitcoin believers do not regret the risk taken to trade or invest in bitcoin, even though the prices of bitcoin fluctuate constantly.
Interestingly, rethinking and considering the option of venturing into the cryptocurrency space is the new tendency in Ghana. Within this context, the main worry of new converts is how to get started with bitcoin trading. Hence, this article seeks to map out the different considerations relevant for such a venture
Mistakes to avoid as a bitcoin novice
As the number of Cryptocurrency believers keeps increasing, some Ghanaians just want to try the new product while others want to fully understand everything concerning it.
On both sides, it is important to note the mistakes that should be avoided as far as trading bitcoins or investing in bitcoin is concerned.
Avoid peer pressure.
Most novices of bitcoin have informal and basic knowledge about bitcoin. Very few people invest time to acquire the relevant knowledge related to bitcoin trading.
Therefore, it is required that as a newcomer, you carry out adequate research before joining the bitcoin venture. This helps keep your emotions in check and permits you to make the most rational decision when you eventually want to be part of the bitcoin community.
In any financial adventure whatsoever, the general tendency is that the most patient persons end up as the most compensated. It is the same with trading bitcoin.
Setting unrealisable objectives.
Inexperienced bitcoin traders also hope to buy at lower rates and sell at peak prices. For example, you may want to buy bitcoin at 200USD and sell when its value rises to 1000 USD, is this possible and realizable?
Thus, it is better to set short-term objectives which are realizable. In other words, it is better to trade constantly with little profit and remain in business rather than wait, with no assurance to trade once and make a huge profit. Being rational is as important as taking risks for any investment.
Poor planning and anxiety
Most novices start trading bitcoin without a set-out plan. As such, their poor performance is a result of their poor planning. To get into bitcoin trading, you need to be fully prepared.
This preparation is made concrete with a plan which has been drawn, if possible, with the advice of experts of the domain.. Most of the time, beginners trade depending on the availability of capital and speculations.
This leads to vulnerability and anxiety making them continue trading with no perspective. It is therefore ideal to draft a plan for investing or trading in crypto before outrightly beginning the process.
Not keeping a record of the activities carried out is a dangerous attitude that can jeopardize a bitcoin trader’s efforts. This is even more dangerous as far as beginners are concerned.
The absence of records makes it difficult to know what you did well and did not do well. Trading or investing in bitcoin goes beyond speculations. As such, every detail is important and worth preserving for future use.
Bitcoin trading in Ghana
After considering the precautions related to trading bitcoin, the way forward is obviously where to trade bitcoin in Ghana and the different steps involved in becoming a full bitcoin trader.
The Ghanaian economy is flooded with many bitcoin exchange platforms. While some are legitimate, others operate as scam schemes. Yellow Card offers reliable services making buying and selling of bitcoin and other digital currencies an easy and time-saving task.
How to trade bitcoin with Mobile Money in Ghana
Yellow Card offers the easiest way to buy and sell Bitcoin, Ethereum, and Tether instantly at the best rates with zero fees. Trading bitcoin on Yellow Card can be done using Mobile Money following these three simple and practical steps.
1. Create an account
Sign up for an account on the web or our mobile apps for Android and iOS with your basic info. It’s quick and easy
2. Fund your account
Choose your preferred payment method via Mobile Money to deposit money into your account.
3. Buy Bitcoin
If you are still skeptical about trading bitcoin because of the constant fluctuation of the prices, remember that the highest risk is not to take any risk. In effect, the reasons you should trade bitcoin are as many as the reasons you should not trade bitcoin.
Reasons to get started with bitcoin
Bitcoin is cited as one of the most liquid investment assets due to the worldwide establishment of trading platforms, exchanges, and online brokerages. You can easily trade bitcoin for cash or other assets (even gold!) instantly with incredibly low fees.
The high liquidity associated with bitcoin makes it a great investment vessel if you’re looking for short-term profit. Bitcoins may also be a long-term investment due to their high market demand.
Lower inflation risk.
Unlike the Cedi which is regulated by the Central Bank of Ghana, bitcoin is immune to inflation. In fact, it was designed to be deflationary, that is, its value will increase with time.
The blockchain system is infinite and there’s no need to worry about your bitcoin losing its value. Due to the Decentralised finance system on which bitcoin operates, you as a bitcoin owner, have control over your finances at any time and any day.
Stock trading requires you to hold a certificate or license. You must also go through a broker (Forex) to trade a company’s shares. But bitcoin trading is minimalistic: simply buy or sell bitcoin from Yellow Card or any other exchange and place them in your wallet.
Bitcoin transactions are also instant, unlike the settlement of stock trading orders, which could take days or weeks.
Considering the digital nature of bitcoins, owning bitcoins requires a bitcoin wallet wherein your bitcoins can be stored.
What is a Bitcoin Wallet?
It is a software program that stores your bitcoin. Once you create a bitcoin wallet, you can buy and store your bitcoin and also sell your bitcoin from the wallet without any interruptions from third parties.
A bitcoin wallet operates with the use of a private and public key. A public key is like a PINCODE (only accessible to the owner of the wallet). While a Public key is like a BANK ACCOUNT (Shareable for purposes of transactions).