Author Topic: SHORT BITCOIN TRADING STORY FOR NEWBIES PART 1  (Read 2322 times)

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Offline kennymic1Topic starter

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SHORT BITCOIN TRADING STORY FOR NEWBIES PART 1
« on: August 06, 2016, 11:25:55 PM »

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Everything (or almost everything) is possible. Nowadays, Bitcoin has become a valid currency, just like anything else. Contrary to other currencies, it is not backed by any government or organization, it does not have any gold value behind it.

However, as we all know, being backed by a government does not protect currencies from huge fluctuations in price. In the end, the price of any currency is defined by offer and demand. If the currency is useful, if you can buy something for it, it will retain its value. Bitcoin started very low. The first documented purchase was 10,000 BTC (that is the official currency symbol for Bitcoin) for $25-worth of pizza. Since that, the value of Bitcoin has increased dramatically: BTC is currently trading at around $600 for a single bitcoin. More than 10,000,00 users use Bitcoin on a daily basis.

What can I use my bitcoins for?

As I already mentioned above you can buy things and services for it. Many merchants are using it. Funnily enough, it is getting very popular with sex shops and internet sites selling illegal drugs. They both use another very important feature of bitcoins: their anonymity. Since the system Amount of bitcoins in circulation is decentralized and cracking the complete transaction history is close to impossible, Bitcoin becomes quite popular in this kind of trade as well.

However, if you would browse through the blogs to find out what is the most popular use of bitcoins, you will notice that by far the most popular is investment. On one hand, many believe that Bitcoin is destined to grow in value (more than 70% of all existing bitcoins are not in circulation and currently stored in “digital vaults” as a long term investment!).........To be continued
To be continuedTo be continuedTo be continued

Do you want to become a smart and successful bitcoin trader? Trade bitcoin using Forex approach.

Download Bitcoin Forex Class 1 lesson 1



 

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