Bitcoin is a cryptocurrency that can be spent, stored or invested, and it can also be stolen. Bitcoin trading used to be considered risky, but current trends show that it has become a big hit in the binary options sector. This decentralized currency is not regulated by any government or central authority.
What determines the price of Bitcoin?
The price of Bitcoin is determined by the ratio of supply and demand. Prices rise when demand increases, rates fall when demand falls. Bitcoins are limited in circulation and new ones are created very slowly. Because it does not have enough cash reserves to move the market price, its price can be very volatile.
Bitcoin trading is popular because of –
- Low inflation risk – Inflation is the biggest problem for traders because all currencies lose some of their purchasing power when reserve banks keep printing more currency. Since the bitcoin minting system is limited to only 21 million bitcoins, it is almost unaffected by inflation.
- Low risk of collapse – Currency fluctuations depend on government trade policies, which sometimes cause hyperinflation and even collapse the currency. Bitcoin is a virtual universal currency that is not regulated by any government.
- Simple, safe and cheap – Bitcoin payments happen between peer-to-peer networks without intermediaries, so they are easy and cheap.
- Easy to wear – Millions of dollars worth of bitcoins can be carried in your pocket, on a memory card. This cannot be done with gold or cash.
- Untraceable – Issuance of bitcoins is not regulated by any government, so the risk of confiscation is zero.
Bitcoin Binary Options Trading Platform
Binary options brokers are familiar with the popularity of these bitcoins and their constant fluctuations in value. Therefore, they use this opportunity to offer traders the latest volatile cryptocurrency as an additional payment method. Bitcoin brokers that provide the cryptocurrency as a trading option include:
- One Touch Option – You can trade Bitcoin with AnyOption or One Touch Option. For example, the current popular currency pair BTC/USD.
- SetOption is the latest asset trading option available – BITCOIN/USD.
Bitcoin brokers provide a simple online trading 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 the action of the market.
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The trading screen is simple.
- Select price direction (UP/DOWN)
- Choose a time frame
Is Bitcoin Trading Safe?
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The Bitcoin network is arguably the most widespread computing project in the world. The most common drawback here is user error. Bitcoin wallet files can be lost, stolen, or deleted accidentally, just like any other digital file.
However, users can use robust security strategies to protect their money. In addition, you can choose service providers that offer a high level of security, as well as insurance against loss or theft.
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