To have Contract For Difference also know as CFD explained in a few words, we would simply say that it is a financial instrument that allows the investor to track the price of a specific asset or commodity. Baring that in mind, if you had placed one Bitcoin CFD trading LONG position ( BUY position ) a year ago, which was going for a mere $700, your Bitcoin contract for difference would noe be worth over $5500 today ( if you bought without leverage). According to Melchor Plabasan, BSP deputy director, cryptocurrency transactions have increased to $6 million from $2-$3 million a year or two ago with Bitcoin sitting at the top as the Crypto king.
Ethereum, Ripple and Bitcoin Cash are also putting up a strong fight to see their rates surge in the coming few years. If you have just joined the bandwagon, welcome aboard, but if you are still watching from the sides, it’s just a matter of time before the next three currencies mentioned above become unaffordable like just like BTC. If you are a smart investor, then use this window of opportunity before it closes.
Leading CFD trading companies such as Etoro, IG index and PLUS500 offer the possibility to trade and/or spread bet on Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Ripple XRP, Dash and Litecoin
The current rise and fall in prices is a good thing for newbies as it gives them a chance to buy crypto coins at a lower value. It’s like a bus taking a turn to go back and pick those it left behind. Anyone who’s looking to build up significant Bitcoin investment portfolio should rejoice if an event that leads to panic sales occurs.
Take the incident when China pulled the plug of ICO transactions for instance. Many cryptocurrency traders struggled to sell a large share of their tokens in a bid to cut down losses. Smart investors took this opportunity to buy them en masse. In less than 36 hours Bitcoin and its closest cousins had already recovered.
Despite the highly volatile nature of virtual currencies, many futurists believe that this is just the beginning of their success. Standpoint Research’s Ronnie Moas calls it the tip of the iceberg. While talking to CoinDesk, Moas predicted that all virtual currencies would be worth $2 trillion or more in the next ten years, which is a significant stretch from the current value of $150 Billion. He also added that there is not going to be a bubble, at least not anytime soon.
Dr. James Canton, a fellow researcher at the Institute of Global Futures, is another futurist with more developed concepts about cryptocurrencies. Since the establishment of Bitcoin, Canton has been studying it, and the underlying blockchain technology. He says that it’s just a matter of time before the world fully embraces digital currency. Thus, any time a dip is experienced, novices should take that as an opportunity to come onboard.
As an enthusiast Bitcoin CFD trader, who already knows that the future is more promising, you should buy more cryptos, hold on to them and wait for the times when many folks want them. With Bitcoin and other virtual currencies, the more people want them, the more expensive they become to mine, and their prices surge.
How to buy Bitcoin and other cryptocurrencies?
One way to earn Bitcoin, Ethereum, Ripple or any other currency is to buy from online cryptocurrency exchanges or directly from offline money market such as locabitcoins. Payments can be made through mediums like PayPal, Debit cards or hard cash.
Bitcoin, being the most sought-after virtual currency can be obtained in many ways including mining (if you have a powerful set of computer servers and plenty of electric power), cloud mining, play blockchain games, Bitcoin faucets, read or review classic books in exchange for some bitcoins and many other ways. Even though the bitcoins you receive through playing games or rendering services will be in bits, it’s still a good way to get started.
Before you can receive any virtual money, you need a wallet in order to store your cryptocurrency. This wallet will have many security features and password that you must learn and keep private at all time. In the cryptospace, you are literally your own bank and you must see your wallet as your personal vault.
For people that still find cryptoccurency wallet challenging, a Bitcoin CFD trading account could be a good alternative as it work pretty much the same way as an online bank account, which most people are pretty familiar with.
Whatever your internet skills, make sure to get involve right now. The cryptocurrency bull market is going to be fantastic.
This is the creation of great wealth and prosperity.
I am grateful.
Highly volatile investment product. Your capital is at risk. Past performance is not an indication of future results.
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