Nowadays, you have perfect opportunities to make money out of the Bitcoins you owe, and here are the two ways to do it most profitably.
Within less than just a year and half, Bitcoin’s price has been able to rise from the somewhat unimpressive $190 to a more encouraging $415, and, when it suddenly strikes you there used to be golden days when the virtual currency costed about $1,200 per unit, you start thinking of it as pretty much volatile, don’t you? One can argue a lot about the advantages of using Bitcoins for virtual gambling and the aspects of BTC trading, but let us first focus on whether the cryptocurrency is actually worth being used as trading asset or a payment method on gambling websites.
Bitcoin trading: the basics
What you should probably learn first is that BTC gambling is a far cry from virtual currency trading, while the latter is essentially quite similar to trading real currencies, for example, $ for €, or vice versa, with the keystone being unchanged: you try to purchase the asset for as low price as you possibly can, and you try to cash in when selling it. Interestingly, Bitcoin is mostly unregulated at the state level, meaning the government and financial news agencies won’t provide you with any hints or strategies on how it should be traded properly. Required from you is the ability to conduct a thorough analysis of your every single step taken, taking into consideration all the smallest details, aspects, news, and current trends in all related industries. Knowing all the strengths and weaknesses of the cryptocurrency would be of great use for you, too. Be sure to learn as much as you can about the so-called ‘hidden web’ of the global Internet, and the happenings taking place in it, as Bitcoin is actually the primary payment solution used there.
You can trade BTC in a variety of ways, with trading Bitcoin/USD and Bitcoin/EUR pairs via cryptocurrency exchange platforms or even Forex brokers being the most obvious. In actual fact, it’s always wise to make sure beforehand that a broker you’ve chosen does officially engage in Bitcoin trading, as many of them do not support it. Alternatively, you can become a BTC trader by purchasing desired Bitcoin amounts from digital currency storages or directly from Bitcoin owners, just to sell them instantly when a more or less sustained rise in prices occurs. Currently, the demand in this area is more than sufficient, meaning you are least likely to face any liquidity issues. If you’re still seeking to go for more, you can basically start mining your own Bitcoins, and, in such an indirect manner, start trading them, too. To do so, you will have to become a member of any legal network of miners, or, if required, even launch a custom one that will become your personal business project and source of income. Whenever you have completed another mining period, you can instantly send the amount of BTCs mined to your personal wallet, so as to exchange them into real money any moment you like. Frankly speaking, the procedure described cannot be called trading as such, but, again, this is very similar to running your own business in many respects, including resource planning and waiting for the right time (or, rather, price) to sell your product.
Gambling with Bitcoins
Indeed, Bitcoin gambling is something far more delightful compared to BTC trading. As a matter of fact, before you start making wagers in Bitcoins, you don’t necessarily have to be armed with as much information as you would being a crypto trader. There is no need to conduct any deep analysis of the trends or be in the know of the dark corners of the Internet, and gambling should, in fact, be an invigorating and greatly entertaining activity.
Binary options can be one of the first choices to consider if you have strong views on Bitcoin gambling, with half the battle won if you’ve been able to find a good BO broker being skilled in it. Feel free to take advantage of the conventional set of ‘put/call’ orders used in the area, and don’t forget you can also try the ‘ladder’ and ‘touch’ options if you think any of them can be of service to you. The more various possibilities you implement, the more diverse your trading experience is.
And yes, nobody says you can’t try Bitcoin gambling in its literal sense. Casinos, poker rooms, sportsbooks: these days, you can find a great variety of gambling portals officially accepting bets and wagers in Bitcoins, and offering a whole lot of games and gambling activities. That’s even more enjoyable and risky, but you know the winner takes it all.
The agony of choosing
Nothing complicated here really. If you take to virtual currencies and trading like a duck to water, the choice is more than obvious for you. Still, if you have little understanding of trading via Forex, it would be a matter of first importance to undergo a corresponding trading to sharpen your skills with the help of a demo account, and then start implementing various strategies to achieve the best results trading for real.
However, if you’re seeking to get entertained making money on Bitcoins, and not dig into rocket science, gambling is probably a kind of activity that suits you better. Binary options or casino gaming/wagering – the choice is yours, after all.