Bitcoin is a cryptocurrency that can be used, saved or invested and can also be stolen. Trading in Bitcoins was considered risky, but current trends show that it has become a big hit in the binary options sector. No decentralized currency is regulated by any government or central authority.
What determines the price of Bitcoins?
The price of Bitcoin is determined by supply and demand. Price rises as demand grows, prices fall as demand falls. Bitcoins in circulation are limited and new ones are emerging very slowly. Because it does not have enough cash to change the market price, its price can be very volatile.
The Bitcoin store is popular because –
- Low inflation risk – Inflation is the biggest problem for traders as all currencies lose some of their purchasing power as reserve banks weigh more currency. As Bitcoin’s beating system is limited to just 21 million Bitcoins, it is unlikely to be affected by inflation.
- Low risk of collapse – Exchange rate fluctuations depend on the government’s trade policy, which sometimes causes hyperinflation and even leads to currency collapse. Bitcoin is a virtual universal currency that is not regulated by any government.
- Simple, safe and cheap – Bitcoin payments are made between peer-to-peer networks without an intermediary, making it simple and inexpensive.
- Easy to carry – Millions of dollars worth of Bitcoins can be carried in your pocket with a memory stick. This cannot be done with gold or cash.
- Untraceable – No government regulates the issuance of Bitcoin, so the risk of seizure is zero.
Binary Options Bitcoin Trading Platform
Binary options brokers are exploring the popularity of these Bitcoins and its ever-varying values. Therefore, they take this opportunity to offer merchants the latest unstable cryptocurrency as an additional payment method. Bitcoin brokers that offer cryptocurrency as a trading option are –
One-touch option – Bitcoin trading can be done with AnyOption or one-touch option. For example, the currently popular currency pair is BTC / USD.
SetOption – The latest asset trading option is BITCOIN / USD.
Bitcoin brokers provide a simple e-commerce platform. All you have to do is visit their website, enter your details and create an account. You can start with a demo account to understand how the market works.
The trading screen is simple.
Select price direction (UP / DOWN)
Select an interval
Is Bitcoin safe?
The Bitcoin network is possibly the world’s largest decentralized computing project. The most common vulnerability here is user errors. Like other files in digital format, Bitcoin wallet files can be lost, stolen, or accidentally lost.
However, users can use sensible security strategies to protect their money. Alternatively, you can choose service providers that offer a high level of security as well as insurance in case of loss or theft.