One of the true currency success stories of our time, Bitcoin is quite a phenomenon. At the time of writing, Bitcoin is at its highest ever value at $1280, that means one Bitcoin is worth $1280 – and it doesn’t show any signs of slowing down. Bitcoin is what’s known as a crypto currency or a virtual currency. It’s not tangible and many people still don’t understand how it works due its virtual nature. The story of Bitcoin is one of a covert nature – no one actually knows who created Bitcoin, although we do know that it was created by a programmer in 2008. It was established as a peer-to-peer payment method or currency, meaning it is bought and sold between individuals and it works over an open source sharing system that is similar to BitTorrent. There’s no bank that creates Bitcoin and there’s no exchange or intermediary that controls or manages it. Wherever there is a success story, there is of course a dark side too. That’s no different to the criminals this payment method has attracted, who try to steal Bitcoin using technology and cyber hacking.
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As well as being awarded in exchange for what’s called mining – that means using your computer’s power to monitor Bitcoin transactions, it can also be used as a payment method – for buying, selling and exchanging as a currency type. Currently there are well over 100,000 merchants that accept Bitcoin as a currency and somewhere around 5 million users with a crypto currency wallet, many of which are using Bitcoin.
Bitcoin is now commonly accepted by many Binary brokerage firms, who favour the payment method due its electronic nature and the fact that costs for accepting and using Bitcoin are much lower than accepting or paying with credit card or bank transfer. Other benefits of using Bitcoin include no credit card or chargeback fraud as there is no card number to steal. Also Bitcoin is not subject to inflation so there’s no risk that while holding Bitcoin interest rates that rise or fall will affect the price.
Additionally many brokers now allow the trading of Bitcoin on their platforms. So with binary options trading that means you will need to predict whether the price of Bitcoin will go up or down by the expiry time. It works in the same way as trading other assets such as stocks like Facebook or currency pairs like the EUR/USD.
How to Deposit with Bitcoin
There are various apps you can use in order to buy Bitcoin and to then use it as a currency. One example is an iPhone app called CoinBase. Using this app is simple. First, of course you will need to download it to your smartphone. Once you have done this you will need to open an account by entering all your personal information and completing the 2-step verification process. Once you have done that you will need to decide how you wish to buy the Bitcoin. Here you can use either your bank account or your credit/debit card to make payment. The banking route takes 4 to 5 days to process whereas using your debit or credit card is almost instant.