Monthly Archives: June 2018

A Wallet to hide

The electronic wallet that is used for storing Bitcoin is called Bitcoin wallet. To define a wallet technically we can say Bitcoin cannot be stored anywhere to store it there is one secret number attached to every bitcoin that gets saved in the owner’s wallet. Using the wallet the bitcoin owner can send and receive the coins and keep the balance amount with him.

This digital wallet is important for obtaining Bitcoin. To understand the process in the better way we can refer Bitcoin as cash and bitcoin wallet as a physical wallet. As we all know wallets are meant to store cash in case of bitcoin it is stores the secure private key that is used to unlock the Bitcoin address and carry out the transaction.

Four important and best-known wallets of bitcoin are desktop, mobile, we and hardware.

  • Desktop wallet: This wallet can be installed on the desktop computer; the user has full control of the wallet. This wallet creates bitcoin address to send and receive bitcoins and stores the secret key. Some of the commonly used bitcoin wallets are Electrum, armoury, Bitcoin core etc.
  • Mobile Wallet: This wallet can be used on the go and one does not have to sit in one place to access this wallet as it can be installed on android mobile. This wallet can function in the same way as a desktop wallet. This wallet can be used for paying the bills of physical stores. Some of the popular mobile wallets are Mycelium Bitcoin Wallet and Hive Android etc. Several malware software is creating trouble or mobile wallet users so it is wise to do a little research before installing any mobile wallet.
  • Web wallet: this wallet can be accessed from anywhere using any browser. One should be very careful while using web wallet as it stores the secret private key for the Bitcoin. Coinbase is one of the popular web wallet contributors.
  • Hardware wallet: As the name says it is one of the secure wallets to store Bitcoins. It a physical equipment that can be used through the USB port. This device isn’t free and it cost approximately $100 or $200.

Storing the bitcoins in the wallet does not secure it, the wallet itself needs strong security to prevent hacking as it is a high-value target for them. To safeguard a wallet one must encrypt it using a strong password and store it offline. Frequent backups should also be taken for these wallets. To know more continue reading about Bitcoin Trader

 

Trading the right way

Trading in simple terms means that you buy something now in anticipation that you get more than the buy price within a short period of time.  On the other hand, you might wish to sell something now in anticipation that price will go down in future and then you can buy it at at a later date.  It is known as short selling.  Listed below are the few things one should keep in mind while you enter the financial market to trade.

Pointers to keep in mind

Stop loss, Return on Investment and target- The foremost thing one should do before getting into trading is setting a stop loss. You should not only set the stop loss but also should be able to get out of the trade at stop loss. The next thing a wise trader should do is to keep a target. The target set should be at least twice or more as the stop loss.

Once the target and stop loss is set, another important thing you need to find out is how easily this target can be achieved.  You should conduct analyzes on the market conditions, the past trend of the price and volume and see how the future holds.  If you feel all these cannot be managed by you, then there are trading software like bitcoin trader available in the market that can help you. You can read all the reviews on the site and know more about it.

Don’t go for margin- You should not make the mistake of trading in the margin. You should always trade with the money which you can afford to lose. You should opt only for margin trading after considering your stop loss. If you feel comfortable in losing that much amount, then you can choose for margin trade.

Manage the risk- The most crucial thing in trading is to manage the risk. If you are not able to preserve the capital and not able to manage the risk of trading properly, you will be left with no money to conduct trading.  The future risk should be anticipated well in advance. This is possible to do so only if you are updated with the current economic, political and financial scenario. The analysis of the market, industry, past trends and future trends give you a warning on the future events.  Follow your instinct and understand the risk beforehand. Then you need to take steps accordingly to mitigate the risks.