Bitcoin is a cryptocurrency that can be spent, saved or invested, and also stolen. Bitcoin trading was 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 any central body.
What determines the price of bitcoins?
The price of bitcoin is determined by the supply and demand ratio. The price increases when demand increases, rates fall when demand falls. Bitcoins in circulation are limited, and new ones are being created at a very slow rate. As there is not enough cash reserve to drive the market price, its price can be extremely variable.
Bitcoin trading is popular due to –
- Low risk of inflation – Inflation is the biggest problem for traders because all currencies lose some of their purchasing power when reserve banks continue to print more currency. As the bitcoin mining 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 lead 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 without any intermediary, which is why it is simple and cheap.
- Easy to carry – Millions of dollars worth of bitcoin can be carried in your pocket, in memory. This cannot be done with gold or cash.
- Untraceable – Bitcoin issuance is not regulated by any government, so the risk of confiscation is zero.
Bitcoin trading platform for binary options
Binary options brokers are familiar with the popularity of these bitcoins and their constant volatile values. Therefore, they use this opportunity to offer merchants the latest cryptocurrency variable as an additional payment method. Bitcoin brokers providing cryptocurrency as a trading option include –
- One-touch option – Bitcoin trading can be done with AnyOption or one-touch option. For example, the current popular currency pair is BTC / USD.
- SetOption – The latest available asset trading option is 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 market actions.
The trading screen is simple.
- Choose price direction (UP / DOWN)
- Select the time frame
Is Bitcoin Trading Secure?
The Bitcoin network is probably the most common computer project in the world. The most common weakness here is consumer error. Bitcoin wallet files can be lost, stolen or deleted accidentally, like all other digital files.
However, consumers can use sound security strategies to protect their money. Alternatively, you can choose service providers that offer a high level of security as well as insurance against loss or theft.