Leofinance Contest #2: How Frequently Should You Buy and Sell Cryptocurrency
Every day, every minute and every hour, there are various news of Buying and Selling cryptocurrency on the web space. In view of this several crypto exchanges have come up. Several Blockchains have been created for buying cryptocurencies and also to sell crypto.
In view of this, how often one can buy and sell crypto is not limited in anyway. One can sell anytime, any day and anywhere using using such trading platform as coin base and binance. This is also referred to as day trading as it legally allows you buy and sell crypto at any point in time but you just have to be patient in handling sudden spikes and drops in value.
Another way one can really enjoy the benefits of buying cryptocurrencies is when one buys low and sell high. Well that's everybody's desire if you ask me. I mean who would buy high and sell low... No one.
How often one can buy and sell crypto is dependent on the Accessibility of the web ecosystem, that is it is opened 24/7,thus no limitation. Also one can buy in long term to gain profits. To state the obvious there is no limit to what you can sell.
To buttress more on limitations,the frequency of one buying and selling cryptois also dependent on using a strategy called Dollar Cost Averaging.
@hitmeasap once said that the Dollar cost averaging is also called the constant dollar plan, pound-cost averaging, unit cost averaging, incremental trading or the cost average effect. He also mentioned that DCA entails that users allocate a small amount of money on a monthly/weekly or even daily basis to buy one or more cryptocurrencies
From the foregoing, we can depict that this strategy for buying and selling crypto is an OK choice for newbies/beginners who are trying their hands on crypto and also People who are rarely interested in down markets. As this helps to minimize downsized risk.
Thus, buying of crypto would be to invest wisely in a Stablecoin. One of such Stablecoin is the Hive Backed Dollar (hbd), which through the hive system, you can buy and stake hive for investment purposes and get good return interest rates on your savings.
There are other various ways you can sell crypto, this can be through binance which involves you logging in to your account, select the crypto to sell, choosing type of payment, confirming and proceeding with necessary information. You also have the peer to peer option where you can trade crypto.
In view of all this the best crypto exchanges for beginners includes the Dollar Cost Averaging(DCA), binance, coin base, cash app and so on.
This is my entry for the @leofinance contest #2 as organized by @hitmeasap
Thank you for reading my blog ♥️.
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