My very first experience with cryptocurrency trading

We all heard cryptocurrency market’s volatility fame but you can’t be sure about anything unless you become a part of it. So, just out of curiosity I wanted to trade cryptocurrency, especially bitcoin, to see actually what is going on there.

How to trade?

I got into Binance which is largest cryptocurrency exchange with its market capitalization around $1.3 Billion, based in China. It’s easy to send money with your local currency via Advance Cash (commission rate %3) or Papara (commission rate %1). You need to verify your identity to transfer money or get into the market but they are relatively quick.

There are other cryptocurrency exchange platforms.

Since it’s based in Turkey, I wanted to look at BtcTurk as well. I found them well established and secure. One of the shortcoming of them can be lack of enough altcoin trade option when you compare with Binance. Besides that, if you locate in Turkey, it’s so much easier to send your money to the market via several bank options.

What is altcoin?

It’s what is not Bitcoin. Originally comes from alternative to Bitcoin and refers the all other cryptocurrencies. They can be volatile than Bitcoin itself, even much more in halving periods.

What is halving?

Halving occurs about every four years and it reduces the amount of bitcoin mined to cap inflation. The last and final one occurred 3 days ago. (11 May 2020)

Is it going to be less volatile?

I do believe in the future at some point, yes. When you look at Gartner’s Hype cycle below, I suppose we are at the somewhere on “Slope of Enlightenment” curve. This assumption getting stronger when you look at the last 3 year performance of cryptocurrencies pricing itself.