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How to make 60,000 PKR per month trading Bitcoins


bitcoin

Bitcoin has recently hit its all time high and touched $3000 mark, deriving the attention from investors and businessman from all around the globe. In this post, I go through how you can make money by trading Bitcoins on one of the most popular Bitcoin exchange that works in Pakistan i.e localbitcoins.

Also read: What is Bitcoin? Beginner's Guide

Many of the brothers have previously asked if they could buy less than 1 Bitcoin which is equivalent of about 2.5 PKR (as per current exchange rate). Yes, you can even buy Bitcoins worth of 10 Rupees, though generally the popular exchange companies in the world have put their minimum amount that a person could buy/sell from them.

What is localbitcoins platform?


Localbitcoins is a company based in Finland that brings together the buyer and seller of Bitcoins. You could sign up and start buy/selling Bitcoins and then create your own ad.

The platforms works on ads created by various traders that would either want to Sell Bitcoins or Buy them. The market is determined depending upon the competition between the traders. Thus, this is what makes localbitcoins offer one of the best rates for Bitcoins all around the world.
  • [message]
    • ##check## Personal Experience
      • I've personally tried various Bitcoins exchanges and calculated their rates. Sites that offer exchanges on their behalf have extremely high rates, while others that offer competition between traders are able to offer the best rates looking forward to the competition.

How to make money trading Bitcoins?


Now the question is, what is a decent amount to invest into Bitcoins (with the current exchange rate of $2700, at the point of writing this post).

  • [message]
    • ##check## Good amount to invest in Bitcoin?
      • The more you invest, the more profit you could make while trading. Now what I've found with the current exchange rate is that if you invest about $500 or 50,000 PKR, you're able to make a profit of an average of 2-3k PKR per trade.
If you've no idea about how to Sign Up with Localbitcoins platform and make a trade, you can checkout the following post that goes through it in detail.

Doing the Math


Lets look at the current offers on the Localbitcoins platform.

bitcoins trading
The first advert offers buying Bitcoins at a rate of 307777.34 PKR/BTC.

This means, if you invest in 50,000 PKR, you'll buy 0.1624551 bitcoins. Now save them in your wallet until you see traders selling it above 32,0000 PKR/BTC mark.

Keep checking back for the 'selling price increase' on the site (bookmark it) and the moment you see that the selling rate is higher then what you bought at, simply make the deal and sell all the Bitcoins worth 50,000 PKR.

With the current example, if you sell it at a rate of 3,20000 PKR/BTC, you'll sell your Bitcoins for 51,985 PKR which gives you a profit of approx 2k PKR.

Currently, the rates are going up and down too fast so this is the perfect time to make the most out of trading Bitcoins. Once in the future, when Bitcoin becomes stable, there won't be much of a margin in trading.


  • [message]
    • ##check## You made a profit of 2,000 PKR
      • With the above example, you saw how you made a profit of 2,000 PKR by investing 50,000 PKR into Bitcoins.

Note that the more you trade, the more you earn, though there is a very important aspect to keep in mind. Trading more always isn't the good idea as you'll burn a lot of money in transaction fees too. So make sure when you decide to trade, you know that the selling rate is:

  1. Always more than the rate at which you bought Bitcoins
  2. Have considerable margin after deducting transaction fees.

All what you have to take care of is to make sure you  'always sell high' and 'buy low'. I've seen so many brothers making the same mistake over and over again. They get excited to see Bitcoin prices rising and they buy it when its high.

In the upcoming days the prices get dropped and they get tense and sell all of the ones they had in loss.

Conclusion


Hope this was helpful for you to know how you could simply trade Bitcoins and make money online.

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The Coin Journal: Bitcoin News, Blockchain News , Prices, & Analysis: How to make 60,000 PKR per month trading Bitcoins
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