Question.

[JWASQ]

I am from the UK and I am new to trading crypto currencies as have a question that will clear up ALOT of things for me.

I want to operate on poloniex and I heard it is one of the best exchanges.

What I have gathered so far is that to make money by trading bitcoins and altcoins short-term, I would need to buy bitcoins from a marketplace such a localbitcoins (only decent one ive heard about), deposit them on the poloniex and trade them between the other currencies and then once satisfied withdraw and sell them on a marketplace?

I am very new but SUPER interested. If there are any other ways or I am just simply missing the point please let me know, i want to do this the most efficient and effective way.

 

[Debian]

BTC can buy any other crypto, so thats a good start. But a very volatile market awaits you.

 

[MonkeyClaws13]

Indeed it can be very volatile.
Some people do profit decent from this, but it's a gamble for sure.

 

[JWASQ]

BTC can buy any other crypto, so thats a good start. But a very volatile market awaits you.

Indeed it can be very volatile.
Some people do profit decent from this, but it's a gamble for sure.

I just cannot grasp the concept of how trading bitcoins for other alt coins is profitable, its just going back and forth

 

[MonkeyClaws13]

I just cannot grasp the concept of how trading bitcoins for other alt coins is profitable, its just going back and forth

Yes it basically is just currency being traded back and forth, but the value changes as other people buy/sell the "currency".

 

[AlumniAce]

I just cannot grasp the concept of how trading bitcoins for other alt coins is profitable, its just going back and forth

just like trading real money is profitable as well, eg the brexit caused the pound to drop 10%... if you had invested 1 million in eur or usd you would've made a profit of 100k... it's the same with crypto, except for the fact that this market is on steroids, you can make 10000% ROI if you invest in the right coins, I've even seen some graphs showing 50000% ROI in less than 1 year

 

[TeslaFan]

Be ready to loose 50% in 1 day with Altcoins or to make 100% in one day or loose 90%. Just be ready! ! !