So you bought some bitcoin, lets say 0.5 btc. Now how to do you turn that 0.5 btc into 1 btc?
Using online exchanges such as Bittrex, you can invest your bitcoin into other coins such as Ripple. Once the price of Ripple (or any coin you invest into) increases in value you can sell the coin and obtain more bitcoin.
Lets say you invest 0.5 btc into Ripple at 20 cents.
You wait till the value of ripple raises to 24 cents
That’s a 20% increase.
You then sell Ripple back into bitcoin
You know have 20% more bitcoin
0.5 + 20% is now 0.6
May not seem like a lot, but remember 1 btc is valued currently at £12,000.
that means you just made £1,200.
So this is how you can trade you bitcoin into other coins to obtain more bitcoin! We recommend using the online exchange Bittrex as they have very small trading fees of only 0.25%. whereas some exchanges such as Coinbase have high 2% fees. Might not seem like a lot 2% but if you are trading thousands of dollars, that’s hundreds of dollars you are losing in fees.
Now this sounds simple, however you need to be really careful and have a good understand of the market and the coins you invest in. Otherwise you could end up investing in coins they have no storage stability and the value could drop dramatically. Losing you a lot of money.
When storing your bitcoin, you need to keep them secure in a bitcoin hardware wallet. To make sure hackers are unable to steal your coins.