Is Trading Instead or Buying Bitcoin a Better Option?
The first is for you to first set about buying into Bitcoin, there are of course pros and cons of doing so, and today I will look at both buying into Bitcoin and the risks attached of doing so, but I will also take a look at the other option available to you and that is by simply placing what is essentially a bet as to whether Bicton will rise of fall in value over any period of time.
Let me start by enlightening you of how you must go about buying Bitcoin if that is your preferred option. You will first need to get a digital currency wallet that is compatible with Bitcoin and then simply purchase any units of Bitcoin you wish to invest in.
There will be no fees or charges for getting a digital wallet and you should try and get one that is not owned or linked up to a digital currency exchange, for your Bitcoin holdings will be at risk if anything happens to that exchange, such as it gets hacked.
Buying Bitcoin via a digital currency exchange is then going to see you being forced to pay all manner of associated fees such as processing fees, and they can and do vary from exchange to exchange.
Buying and Selling Units of Bitcoin
As soon as you have a digital currency wallet in place, and then you have purchased your Bitcoin and have paid all the associated fees your Bitcoin units are then sent by the digital currency exchange you purchased them from to your digital wallet.
It is at that moment in time you will be required to hold onto those Bitcoins until such a time that their values have increased.
There is of course no way whatsoever for you to know in advance fi you bought your Bitcoin when the price was as low as it is likely to get, and there is also no way of knowing when the value of Bitcoin will start to rise, so that is a risk you are going to have to take.
If you do strike it lucky however and Bitcoin does increase in value, then what you are next faced with doing sis having to sell your Bitcoin to lock in the profit form its rise in value.
You will of course need to find somewhere to sell your Bitcoin holdings and most people will use the same digital currency exchange at which they bought it from, but by doing so there will once again be fees and charges to be paid when you do so.
There are other ways that you can turn your Bitcoin holdings into cash such as using a Bitcoin ATM, but there will be fees and charges attached to using such an ATM, a person to person exchange may however be a much cheaper options o do keep that option in mind too.
Betting on the Value of Bitcoin
The other way in which you can try and profit from the rise or fall regarding the value of Bitcoin is by you signing up to and making use of one of the many different Forex Broking websites and sites that are available online.
What you are faced with doing when you sign up to such a site is by trying to predict whether Bitcoin will rise in value or fall in value against another cryptocurrency or fiat currency over any given period of time.
Basically, you are placing a bet on whether its value will rise or fall, and you will be putting the stake you place on that bet at risk when doing so.
The Forex Brokers site that you are using to place such a bet is going to be offering you odds based on your prediction, and if Bitcoin or the cryptocurrency or fiat currency you have paired it up to does move in the direction your selected at the end of the time period selected, your bet is a winning one and you will then be paid out at the odds you took when placing that bet.
The only attraction of such a bet is that there can only be two possible outcomes, that being you correctly the rise or fall in value correctly and win or you guess incorrectly and in such cases, you then lose your stake money.