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Question.

Discussion in 'CryptoCurrency' started by JWASQ, May 29, 2017.

  1. JWASQ

    JWASQ Newbie

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    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.
     
  2. Debian

    Debian BANNED BANNED Jr. VIP Premium Member

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    BTC can buy any other crypto, so thats a good start. But a very volatile market awaits you.
     
  3. MonkeyClaws13

    MonkeyClaws13 Junior Member

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

    JWASQ Newbie

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    I just cannot grasp the concept of how trading bitcoins for other alt coins is profitable, its just going back and forth
     
  5. MonkeyClaws13

    MonkeyClaws13 Junior Member

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

    AlumniAce Regular Member

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    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
     
  7. TeslaFan

    TeslaFan Junior Member

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