Make Bitcoins by Day Trading Altcoins

On the Bitcointalk forum, I often see beginners asking how to earn Bitcoin. The usual advice is to provide a service, sell some old unwanted stuff on sites like Cryptothrift, do the signature campaigns and do some trading on exchanges. The thing about exchanges is that you already need to have a decent amount of cryptocurrencies to get anywhere. I had to wait until Groestlcoin had a decent value before selling the 50 GRS that I’d mined on a desktop computer. (Yeah, the Groestl algorithm really is that efficient.) As I learned the hard way with the whole CryptoRush thing, you also have to be careful about exactly which exchange you use because low trade volume across the board is usually one sign that an exchange is about to collapse. Mintpal, however, seems to be a very active exchange with low fees, quick action and good profits if you pay attention and have quick reflexes.

Mintpal Bitcoin Exchange

Mintpal Bitcoin Exchange

There really isn’t much to say about the low fees except 0.15% of your trades is pretty reasonable if you’re aiming for some serious profit. It’s like the fees you pay to miners when you’re sending Bitcoin. If you’re sending decent amounts of Bitcoin, those fees really aren’t all that high. I can make the fees I pay back pretty quickly by hitting the faucets on a semi-frequent basis. Likewise, smart traders on the exchanges will shop around for whichever reasonably active exchange has the best fees, but they don’t worry too much about it when they’re pumping an altcoin. Mintpal has the lowest fees of the exchanges that I’ve actually checked out.

I like the level of Mintpal’s trading enough that I stick around to see what’s being pumped today. It’s pretty normal to see a total daily volume of over 300 BTC. I kid you not, things can move pretty quickly in the world of altcoin trading. I’ve often made a profit simply by buying one cryptocurrency when it was low, positioning myself for the pump with a conservative estimate of what I thought I could get out of it, and then waiting patiently. Sometimes it takes days during which I add to my initial investment while waiting for the price to recover from a bad dump, but it usually works.

Quick reflexes have also made a profit for me. Cryptocurrencies can be pretty volatile, so I often like to keep some Bitcoin in reserve for those times when one cryptocurrency or another goes through a terrible dump. “Dumps” are those times when the value of an altcoin sinks like a rock. I’ve literally watched several altcoins tank and then recover throughout the course of a few days. The people who bought and held Dogecoin when you could get it for 29 Satoshi and everybody but the Dogecoin community thought it was never going to recover are probably happily jumping up and down right now. CinniCoin is going through it this week. It’s great for profits if you can position yourself just right. So if you watch the action like a hawk, you could probably make a passable day trader if you’re quick and remember the cardinal rule of making a profit from trading: “Buy low, sell high.”

Does MintPal have any caveats? Not many. Activating 2FA seems to require the ability to scan a QR code, which shouldn’t be difficult if you have a mobile device with a camera, but I am not entirely sure why they can’t just do what Coinpayments does and let you turn it on as easily as flipping a switch. As usual, you should always, always, always triple-check that you aren’t making any typos when placing an order. I’ve heard of people paying ten times what they thought they were going to for an order because they didn’t have the right number of zeros after the decimal point. There’s no refund if the mistake was the result of your own screwup. But if you at least check the math every time you place an order, you should be able to avoid this mistake. Once you feel comfortable enough to start trading, Mintpal is pretty easy to use for anyone who already has some cryptocurrencies and is ready to earn more.

No tips yet.
Be the first to tip!

Like this post? Tip me with bitcoin!

17amwU8sLmKY5TZdY7K3wwyRxASBcKNdGZ

If you enjoyed reading this post, please consider tipping me using Bitcoin. Each post gets its own unique Bitcoin address so by tipping you're not only making my continued efforts possible but telling me what you liked.

Leave a Comment

*