Crypto 4# How I make my living and travelling through Cryptocurrencies.
This is the beginning of the new world, and people that get involved with it will get massive fortunes in the following years. Cryptocurrencies are introducing to the world a new way of doing things, and though Bitcoin was the first currency to introduce a peer to peer decentralised network, many others joined the revolution.
And then trading platforms where introduced to the people interacting with blockchain technologies. Platforms such as Bittrex, Poloniex, Kraken and many others would give opportunities to people to double or even triple their money in a period of single weeks. Now, of course there is a risk on trading, but isn't there when you are not trading too ? Isn't there a risk if you are working ? Things nowadays are changing that fast that companies are shutting down every single day, and the reality is that there is risk in everything that you do. But you won't stop.
The way I make my income and I get the chance of travelling is by trading altcoins, and hopefully one day by writing here on Steemit. I trade alt coins through Poloniex and Bittrex, and sometimes I try to even find arbitrage opportunities from platform to platform, platforms that can even be located in China or Korea.
Arbitrage means taking advantage from the price difference between two markets. I am sure you get the idea. Infact is quite simple. In many countries such as Korea, Bitcoin's price is way more high than the price in US market. Buying Bitcoin is US, selling it in Korea and repeating the process will make you money out of nowhere. The risk here is of the price going up while you are transferring the money.
I highly recommend people start doing the same, as it will increase the volume in the platforms and eventually make it easier for people to buy/sell. What I don't recommend is to store the coins in the platforms, as usually hackers still money. Now I don't know what actions can somebody take if somebody steals his coins in a platform, but from what I know there is not much you can do.
The real possibility for you to lose everything is only when u really become addicted. And here we are talking about a bad addiction, as we all know money brings the evil side of you.
Den
Ive been doing some automated trading and would love to do some arbitrage since the percentage differences between exchanges are pretty big. Problem i see is block times to get tx verification so you can move money between exchanges. Have you had any problems in this area? How often do you lose your spread because the time to transfer was too long ?