There was a time, a few months back, that everyone was talking about Bitcoin. And I mean everyone.
The topic of trading the hugely popular cryptocurrency was the discussion everywhere, by everyone. Even those who seemingly had little interest, or knowledge, in the endeavour. Quite simply it just became ‘water cooler’ talk. In many ways, a lot of the talk was negative, or at the very least, the subject of good humor.
Late night talk-show hosts regularly made light of the rate in which the price of Bitcoin had surged dramatically, from less than $1000 per bitcoin, up to almost twenty times that sum in less than 12 months.
The success of Bitcoin, and even the term ‘success’ is hard to define as of yet, spawned a myriad of other Cryptocurrencies and this in turn led many in the mainstream to doubt the solidity and security of the industry as a whole, but maybe it’s time for a fresh look at the market, now that it’s had a chance to bed in as a whole.
A recent study suggests that the spike in trading on Bitcoin, and the huge increase it resulted in, may not have been down to investment from banks and institutional investors getting on board the Bitcoin train, but could have been down to other less legal factors.
However, the fact is, that despite the mainstream narrative that has consistently bullied Bitcoin, interest in the currency continues unabated. This is down to one key component in their very existence.
Bitcoin, as with other Cryptocurrencies, offer a new way to invest and one that is less mired in the boom and bust philosophies of traditional trading systems. It’s technological advanced and is a world ahead of the restricted practices of our conventional financial methods.
Trading in Bitcoin is usually achieved in one of two methods. You can trade in Bitcoin via a Crypto exchange, and simply speaking this means you choose a reputable exchange and open an individual account, taking into account the various relevant aspects, such as potential geographical restrictions, payment methods etc..
Here you will buy a certain amount of your chosen currency and look to make a profit on future sales of that offering.
A second method would involve trading in Bitcoin via a forex broker via something called a CFD, a contract for difference, which is an arrangement to exchange the difference in the price of an asset for a specific period of time. What is key here is trust and reputation, i.e. do not go on board with a forex brokerage until you’ve done your research.
While it’s true that Bitcoin has seen it’s ups and downs, quite literally, the fact that well into Q4 of 2019, the Cryptocurrency behemoth is still here and going strong and it’s not going anywhere. So if you are wondering if the time is right to get back on the Bitcoin trading train?
Then the answer is a resounding yes!