Position trader vblog 85 going all in on bitcoin

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The day I first heard about Bitcoin on Reddit, a friend had also called me to tell me about it. Being 22 years old in New York City is a financial struggle. I sold it all and ditched my plans for a mining rig. My financial situation needed to be stabilized before I could invest in assets based on my philosophical beliefs. Bitcoin stayed in the news over the years.

The price went up and down, silk road happened, the legality of it was called into question, exchanges were hacked, and people gained and lost millions of dollars. Ethereum hit the scene with the promise of using the blockchain for more than just currencies.

You could build decentralized apps on top of Ethereum and even new currencies. I wondered if I could take advantage of those swings by buying when the position trader vblog 85 going all in on bitcoin was low, selling when it was high, and buying back in when the price dipped again.

In the same period I shut down my company, Bitfountainafter running it for 5 years. Bootstrapping my own company gave me an unprecedented amount of freedom. I lived in 4 countries, traveled to many more, and only worked a few hours per day. However, since the company had run its course, I needed a new source of income. I applied for only one job as a software engineer. It was the kind of job people love - high salary, all the Silicon Valley benefits, friendly team, well funded company, challenging engineering problems.

After three rounds of interview they decided not to move forward with me. I did want it. But I also feared losing my freedom. Gone would be the days where I could spontaneously book a position trader vblog 85 going all in on bitcoin to India with no return date. Going through the interview process made the possibility of losing my freedom real. I went into panic mode searching for a way I could make money on my position trader vblog 85 going all in on bitcoin. At this point I still owned Ethereum and the price was still swinging back and forth.

I signed up for two exchanges: I needed Poloniex as well because there were many cryptocurrencies being traded there Altcoins - cryptocurrerncies that are not BTC.

Those are the first two exchanges that I used. Now I use others since each exchange has pros and cons. A live crypto exchange is intimidating at first glance. There are charts and numbers changing at the speed of sight. I felt overwhelmed but sat through the confusion to try and make sense of what I was looking at.

Soon I could see where to place orders to buy and sell, and the charts started to make sense too. As the month went on I spent hours trading. I made enough to pay my rent, so the possibility of making a living from this was validated. I wanted to formalize my trading knowledge so I could do more than buy low and sell high.

There had to be a real strategy to this stuff. I read as many books as I could on trading stocks and foreign exchange markets. I made a lot of mistakes.

But eventually I found my rhythm and strategies. For myself, and most crypto traders, the goal is to increase the amount of Bitcoin we own. For example, right now the price of 1 ETH Ethereum is 0. Another thing I need to make clear is the type of trading I do - day trading. All of my profits are converted back into BTC at the end of position trader vblog 85 going all in on bitcoin trading day. Again, even though I buy and sell several Altcoins, at the end of the day my net worth is in Bitcoin.

There are three reasons for this:. I earn more USD when the price of Bitcoin goes up against the dollar. Why was it important to clear this up? Several things were on my mind the first time I had to do this. What if I sell my BTC now and the price shoots up tomorrow? Yes, but your bills position trader vblog 85 going all in on bitcoin be paid.

Sell now so you can pay your rent. You can always hold out for more, but at the same time you are risking a loss. After a few months I got better at trading. I was earning more Bitcoin than I needed to cover my monthly expenses. At the end of the month I sold only what I needed, and kept the rest of my net worth in Bitcoin.

Around this time in my trading career it was getting to the point where I could have bought a Tesla or put a down payment on a house by selling my Bitcoin. Do you sell your Bitcoin to realize your profit in USD? I can live a nice middle class lifestyle in Los Angeles. Or I can drive a flashy car while I rent a crappy apartment in Los Angeles. It all comes down to your values. In fact, if i see a chart like this I almost always ignore it:.

The wild bull runs are hard to find, hard to time properly, and easy to go in the opposite direction where you lose a lot. Those gains are only exciting if you understand how far they can get you. Of course the numbers above assume you trade days per year. Not many people are willing to forego vacation and weekends to work as a full time crypto trader, even with numbers like that.

Not only that but I also let my emotions control my trades. For example, I once purchased Stratis after the price dropped massively.

My assumption was that on such a sharp decrease in price, it had to rebound eventually. The price kept diving. I was constantly tuned into that position trader vblog 85 going all in on bitcoin waiting for an opportunity to sell back to Bitcoin.

Now I have my strategy that I stick to without letting my emotions interfere. I have a set of coins that I like trading so I only look at those charts. I have patterns and indicators that I look for on those charts so I can quickly flip through them.

Within minutes I can set my orders, set alerts on my desired entry and exit prices, and walk away from the computer. As the market cap of crypto increases, position trader vblog 85 going all in on bitcoin sure that the IRS is going to find out how to get their slice.

And they will look into the past. I am not a tax advisor. This is a simple overview of what I keep in mind as I trade. My accountant handles my taxes, and I advise you to get an accountant to do the same. Keep in mind that this is US-centric. You need to double check if this is the case in your country. The taxable event is when you sell your cryptocurrency for fiat. How much tax you pay depends on how long you were holding the cryptocurrency.

Buy crypto with fiat - no tax. Sell crypto for fiat - pay ordinary income tax. Buy crypto with crypto - unclear, but does not seem to be a taxable event. This is where things get foggy. Consult your advisor, but as far as I know this is a like-kind exchange which is not taxable but must be reported to the IRS. The exchange you use will output all of these transactions so you can hand them to your accountant. The IRS has clarified that a crypto to crypto exchange is not a like-kind exchange.

The profit made from each transaction is taxed. If you are holding a currency for more than a year it is classified as long term capital gains. This is another reason why I like keeping my net worth in Bitcoin.

At least not right now. Passive income position trader vblog 85 going all in on bitcoin great. After you make an initial investment, you mostly sit back and watch the money roll in.

Most cryptocurrencies are mined. You invest in a very strong computer and the electricity to run it, and you are rewarded with crypto for contributing to the network as a node that confirms blockchain transactions. This is an alternative to mining that does not require vast amounts of electricity.

The idea is that you stake the cryptocurrency that you own over a wifi connection. That crypto that you stake is used to validate transactions on the blockchain, and you are rewarded more cryptocurrency for putting the currency you own in the pool.

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When it comes to finding the best bitcoin exchange things are not all that easy. Why is this so? Simply because many of the best sites to buy bitcoin are rather recently online.

This means that they have had little to get the word out about their services and products. Most people coming to this page will be asking how to buy bitcoin online through a secure means.

Well, here is a good starting point. First thing to consider when looking for the top bitcoin exchange is how safe are the website and server. This boils down to asking: However, the largest bitcoin sites usually have many options for buying bitcoin with government issued currency and altcoins. The sheer complexity of researching where to trade bitcoin led me to make this blog.

Although you should always do your own research before investing, I hope this helps. Below is the table of the best exchanges to buy bitcoin online. Secure exchanges that are trustworthy and have good user ratings will rank higher than their peers. Extra points are given for sites to buy bitcoin with paypal, as many users request this feature. Ranking preference is also given for sites to buy bitcoin with credit card. Check out each option on the following best bitcoin exchange list.

Be sure to bookmark this page for future reference. Hopefully the list of bitcoin exchanges above will be of good use for how to trade bitcoins. Each outstanding site should have detailed instructions. From here, one can easily figure out how to buy bitcoin with credit card, paypal, cash, bank transfers. Once you have got some coins then it is a good idea to store them offline not on an exchange.

For "cold" vs "hot" storage options - check out the list of available wallets. Each will have an upside compared to others. Check a few out and look up on forums to see what users are saying about the service provided, and which they think are the best sites to buy bitcoin easily. The service is all over the world, meaning you can use euros, pounds, yen, australian dollars, swiss francs, canadian dollars, krona, rubles, lira, rupees and so on. If you pay by physical cash then you get to meet the person in real life.

Alternatively you can do a fast bank transfer and the site will hold your coins in escrow for you once it goes through. Obviously there are more simple ways to start off. Some like to buy with paypal, but not many leading bitcoin exchanges accept this because of chargebacks. Generally the biggest bitcoin exchanges will be toward the top of the above list. Go to bitcoinity for a good list of all the top bitcoin exchange site and their proportional volumes. Some find this handy for arbitrage between markets.

Sadly, with the demise of Cryptsy there is a need for a new major first-rate cryptocurrency exchange aka altcoins. Having many medium-sized cryptocurrency exchange sites is a better situation than having one large amazing option. Bittrex new account creation temporarily disabled has now replaced Poloniex as the largest most amazing option. Its platform is functional enough to have attracted tens of millions of new customer every month.

Things feel smooth when using Bittrex. All big and small trading pairs are offered and it is now possible to do cryptocurrency margin trading on major altcoins. This is a cool feature, but use it with caution as leveraged trading has a certain risk factor.

Keep in mind that some of the best bitcoin exchange sites also do altcoins. Yobit, Bittrex, Cryptopia and Changelly, are great options worth checking out.

Some even offer short selling on major coins. Alternatively, coinmarketcap offers a rather simplified list. This is an important question to ask. Yes, putting the words trustworthy bitcoin exchange in the same sentence seems like an oxymoron, especially when remembering the shiny days of MtGox aka Empty-Gox. While the bitcoin protocol has never been hacked, many peripheral businesses have.

Perhaps the best question to ask would be: Generally, those listed here are optimum and of good standing, but please proceed with caution. Remember never to leave more btc online than you can afford to loose. Please come back to my blog and rate which ever finest site s you chose to buy BTC online.

This helps future visitors immensely. CryptoGo is a 3rd party that will go through many different cryptocurrency exchanges and buy you the coin you wish — any coin available. Basically a bitcoin broker or crypto broker. A big plus is that you can exchange fiat currency for any virtual currency, an extremely rare option in the current exchange range.

They can also talk you through the proces of how to buy cryptocurrency. For a thorough look at this new platform, check out my in-depth analysis. With an extremely easy to use interface, it is a huge attraction for beginners who are looking to invest in crypto for the first time.

Buying crypto as a CFD is different to buying and owning the actual cryptocurrency, but does it really matter? We take a look at eToro in more detail. Leverage means you do not need to put the full position down. Although caution is advised when using leverage. Coinbase combine an attractive interface, a great site to get bitcoins with a debit card, and an insured online wallet for your digital currency. Over 30,, users are signed up, including 75, merchants, and developer apps. Works well for European, and American customers.

I've also written a comprehensive Coinbase review for more detail. The China-based cryptocurrency exchange began live trading in July , so is fairly new to the crypto exchange world. However it has proven itself thus far to its clients, with its robust charting software and both basic and advanced interfaces attracting novice and expert traders. We've written an in depth analysis of Binance.

We've unlisted Bittrex from the ranking while new account registrations remain closed. I'll be re-listing the exchange once new sign-ups are allowed. Currently only corporate accounts are being accepted, which is not ideal for cryptocurrency exchanges.

Bittrex has earned it's place as the new contender to the throne of world's largest crypto exchange. Years of hard work and some lucky circumstances BTC-e shut-down, Poloniex exodus, Cryptsy have compounded a steady inflow of new users. It is a great place to trade bitcoin and other cryptocurrencies. I'll let you read the detail in my Bittrex review , which has some important facts and analysis.

New account registration temporarily disabled to cope with demand. Cannot scale as well as Poloniex or Coinbase. Localbitcoins is quite a popular for p2p person to person transactions all over the world. Simply put, you interact directly with the guy selling to you. Out of all the bitcoin sites listed here, this is one of the first and most reputed. Escrow and dispute resolution is provided by the site.

See my thorough review of Localbitcoins , I personally use it to cash out of positions quite often. Needless to say, CEX is very popular within those currency regions.

There is a no-nonsense landing page, giving you the option to buy or sell , , , or USD worth of Bitcoin. I like the transparency given to users about how much they will actually pay - even before they sign up. CEX is indeed a good beginner-optimized alternative to Coinbase. In late Kraken was temporarily unlisted here following extensive trading engine and UI issues. Thankfully, in January the website underwent a successful migration and all systems are now reported to be functioning to everyone's satisfaction.

Kraken works well through SEPA, has an easy verification process expect weeks vetting with current backlog compared to Bitstamp, and is very knowledgeable when it come to cryptography and security.

As of early , this platform has been re-positioning themselves as a crypto exchange by adding multiple new altcoins. I've written an in-depth Kraken review with everything you need to know.. Recently disabled stop-loss and other trading features without giving explanation to the community.

GDAX is a cryptocurrency exchange that is great for technical traders and offers high levels of liquidity. Deposits are in USD and can be processed just as rapidly as withdrawls. Also happens to be the best ethereum exchange for serious players in this space. For more information on GDAX.

Xcoins describes itself as a Bitcoin lending service that allows traders to get bitcoins by using a credit card or PayPal. Due to charge back with paypal, buying cryptocurrency has been difficult however Xcoins claims to have found a way around it. Their unique peer-to-peer lending model connects lenders and borrowers and allows users to get bitcoins through a series of secure loans.

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