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Its always good to get a number of peoples opinions on most things and especially a topic such as trading in crypto currencies. Here ia an aricle from Quora written by David Williams 19th March.
So many people talks about bitcoin investment without telling us risks involve, definitely there are risk in bitcoin investment but it's a risk worth taking. As bitcoin is gaining popularity day by day, more numbers of people are entering into the trading cryptocurrency world. If you are also thinking about entering into the trading world, then it’s crucial for you to know the positive and negative sides. There are plenty of cryptocurrencies that people are trading, such as Litecoin, Ethereum, etc. But among them, all the most popular cryptocurrency preferred by the majority of the folks is Bitcoin. It’s because the bitcoin price highly goes up and down, and due to its volatile nature, it gives plenty of chances to make good money via the trade. Trading of BTC is a process of buying bitcoins when the price falls and sell them at a high price. For performing trade of bitcoin, making a deal with the reputed and reliable platform is quite necessary. Traders need to find a safe and secure trading platform where they get better trading services.
SOME ADVANTAGES OF BITCOIN TRADING ARE:
1. Transparency of Information: Every person’s first priority is the transparency of their personal or financial information when it comes to money transfer. In the case of BTC, users get transparency as their entire information remains private and stored in the blockchain technology. On the other side, transparency helps users in making transactions accordingly with full freedom.
2. Freedom to make payment: Yes, the biggest advantage that bitcoin holders get after engaging in the trading market is the freedom to make payments. They can easily send or receive bitcoin payments anytime, anywhere, and without any type of limitations. Also, there is almost all payment options present, which you can easily choose to get your hands-on bitcoin accordingly.
3. Security and controls: When talking about handling finances, then the two major things that play a crucial role is control and security. The best thing about BTC is that it allows the users to have full control over it, and in the same way, users coins are safe and secure. Another major thing is that as the entire transactions are based on blockchain technology, so it provides high-level security to the users.
4. Totally low fees or no tax at all: As in the case of fiat or traditional currencies, users have to pay fees when making transactions based on the amount or charge various types of tax, bitcoin doesn’t require these things. All transactions performed with BTC require low fees, and not a single tax is charged on such transactions. It saves a lot of money of people which they can use for the future accordingly.
5. Fewer risks: People who are looking to make money with bitcoin should know that they have to totally low risk at all. The first thing is that the entire transaction of bitcoin is based on blockchain technology, and as the currency is present online only. On the other hand, as already mentioned above that bitcoin provides transparency to the users, so it helps them in keeping their information, whether it is financial or personal, totally safe, or private.
Moving further, the only thing that matters a lot for traders is learning the trading skills, acquiring enough knowledge, and learn how to make technical analysis for making the right decisions. After then, only they can get higher chances of making good money via trading. The more reputed and trustworthy platforms they prefer for trading purposes, the better services they get.
There are also risks in trading bitcoin like scams, hacks, blackmails but all these can be avoided. When you are trading with the right platform. If there are risk in bitcoin know that it's a risk worth taking, so invest in bitcoin and enjoy good profits from better platforms.
Regards, David.
