The world’s first official cryptocurrency – bitcoin is responsible for the ignition of the creation of myriad cryptocurrencies. Soon after the introduction of the decentralized payment system, it has started becoming popular not among the community of finance experts but also among the common people.
According to CoinMarketCap, the total value of cryptocurrencies hovering in the market is over $200 billion. Bitcoin is leading the pack in terms of market capital with an astonishing $111.95 billion, followed by Ethereum that has a market cap $22.07 billion, Ripple $11.08 billion and BCH $7.84 billion. Since the big boom in the crypto market that occurred at the end of December in 2017, the world started to talk. Many investors jumped on the bandwagon and invested their money in Bitcoin. If you want kickoff your new career and start trading Bitcoin as well but you do not know how to begin, check out this complete Bitcoin step by step guide.
Getting your first coins
There are a few ways how you can get your first Bitcoins – either from a person (if you sell them let’s say goods or services) or from a crypto exchange or from a BTC ATM. The most preferable way to get bitcoins is through a crypto exchange. Exchanges often require you to go through a verification process so they would prevent people from laundering money. In other words, you will have to provide them with a scan of your ID or of your driving license. Once the verification is completed you can deposit your desired amount in your account and immediately use your funds to purchase Bitcoin. Depending on the exchange you choose, the transfer might be either instant or take up to 5 business days. Note that every exchange does not require to verify your ID, but most of them do.
Choose the right crypto exchange for trading
There are vast amounts of crypto exchanges offering various services at certain cost. Since trading is the concern, there are certain factors you need to consider. These factors are trading fees, transaction time, security, storing facility, insurance, number of cryptocurrencies available for trading, reputation etc.. Most crypto investors and traders choose popular crypto exchanges like CoinBase, Gemini, Kraken, Binance, etc. rather than picking an unknown exchange (since they are not sure whether they can trust companies that are not very famous).
Store your Bitcoins
Storing your Bitcoins on an exchange may not always be the safest option. The risk is lower if you purchased your coins on an exchange that has insurance because they keep the majority of their assets in cold storage, and employ other best-in-class security precautions such as top-tier encryption. Most exchanges, however, do not have insurance and that is why people usually choose to store their coins on crypto wallets. Broadly speaking, there are five kinds of wallets: web (cloud), desktop, mobile, hardware, and paper. You can choose one as per your need.
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The Future of Bitcoin – Is it Worth Investing?
The Current Bitcoin MarketThe bitcoin market at the present moment is in a noticeable downward trend. This has been heavily influenced by the mass market sentiment which has displayed consistently negative signs. That said, many professionals within the industry, and certainly a trusted bitcoin broker such as TradeFW, have firm faith in the markets capability to rebound from its current position. Presently, the market is experiencing a low below $3,500, something which bitcoin trading sites have not seen in 12-months. That said, for those who have recently joined the industry and learned how to trade bitcoin, there are other opportunities. These opportunities currently reside with bitcoin options trading, or CFDs.
Bitcoins Short and Long-Term FutureBitcoins short-term future may well see a further slump prior to any bounce back, however if you are desiring to open a bitcoin account, this should not hold you back. There are many leading forex brokers who are now offering varied bitcoin trading strategies such as the CFD trading from TradeFW where BTC is paired with the USD. If you are wondering where to trade bitcoin in the current market, this may well be the best choice, since, with CFD trading, you can easily capitalize even in times of a slump in the market. As for the long-term future of Bitcoin, this would still appear to be bright. We should remember that in the bigger market picture, the current price level is still comparatively very strong, and the cryptocurrency remains in its number one position. The long-term currency future is further bolstered by the emergence of new trading opportunities such as CFDs and Options trading on Bitcoin. At the present moment, it may be a very advisable strategy to partner with a strong bitcoin trading platform which offers some of these more diversified financial trading instruments, and attempt to utilize any market conditions to your benefit. The best bitcoin trading platforms will certainly have extensive learning resources available. Continuing to utilize these resources to further learn about bitcoin is a surefire way to help improve your trading skill no matter the market conditions.
Pros and Cons of Investing in BitcoinStepping back from the current market situation, there are still a number of positives to be drawn from when it comes to potential future investment in Bitcoin and the cryptocurrency market in general.
- The potential growth levels in Bitcoin have already been demonstrated by the huge gains shown within the past year up to almost $20,000.
- The nature of Blockchain technology means investing in Bitcoin can be both anonymous and highly secure.
- As society continues its technological advancement, there is little doubt that Bitcoin can show its true potential further as it becomes more integrated as a payment method in everyday life.
- With new investment options such as CFDs and options trading in BTC markets becoming available, there is potential for traders in both an upward and downward trending market.
- Bitcoin investment remains innately risky, particularly in the current market where a negative sentiment is quite clear.
- It still remains to be seen if the currency will be adopted or has the technical capabilities to function as an everyday payment method in society.
- Security of your bitcoin holdings and intrinsic value of cryptocurrency are always contentious points.
ConclusionOverall, it is quite clear that whilst the bitcoin market is in times of some difficulty, opportunities still exist for both new and existing investors in the cryptocurrency. Bitcoin now has more trading options than ever with the ability to trade CFDs through many leading and trusted forex platforms. Regardless of the current market price, there is still clear potential in trading and the future of Bitcoin. TradeFW provides top quality forex broker services and trading in cryptocurrency CFDs including Bitcoin. For the best opportunity to capitalize on the current Bitcoin market along with all major forex and other markets, open an account today.
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