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UK/CASINO - global-view - Is Choosing Bitcoin and Forex Trading Pairs a Good Idea?
Is Choosing Bitcoin and Forex Trading Pairs a Good Idea?
Since its introduction to the global economic market in 2009, blockchain cryptocurrency has always been vaguely misunderstood. Reflecting a currency created in a digital way that branched the payer with the payee without an intermediary, it also became a way in which money could be made through a variety of fintech enhancements. There may have been a rocky road for the technology recently (bitcoin has bounced back) and it still stands as a viable way forward for financial solutions. The question still on the minds of potential investors and those keen to continue supporting the emerging market of cryptocurrency is: is choosing bitcoin and forex cryptocurrency pairs a good idea?
What are Trading Pairs?
Trading pairs refer to buying and selling one form of cryptocurrency (bitcoin) against another (e.g. Ethereum). Money can be made through the trade, which shows the power of the emerging forex (foreign currency exchange) market. Initially, you begin by trading fiat (standard currency) with blockchain currency, and then trade said blockchain currency with another on the blockchain – so forex as a trading pair with bitcoin. Trading pairs can be beneficial as the often volatile market can be mitigated against with the sturdiness of the other currency. The bargaining power is stronger for the trader and the safety net means that the loss should be less or could even be prevented in this case, rather than if just one cryptocurrency was used. Forecasts and trading information has been tracked since the inception of forex trading, which can further give traders insight into the best trades to make.
The Uptake of Blockchain
Despite the cryptocurrency question-mark, many still continue to use it. It still remains widely supported by major companies and brands, including Germany and Japan, who have authorised bitcoin as legal tender. Moreover, Subway have been accepting bitcoin for their sandwiches since 2013, as well as KFC in Canada, and Domino’s via PizzaForCoins, which allows bitcoin payment for pizza, showing the fast food takeaway industry is a supporter of the currency. Moreover, as casino gaming site Betway shows, bitcoin's value rose 300% in 2017, meaning we might not be far away from a million dollar bitcoin. A large portion of the digital services sector now accepts bitcoin, including seoclerks.com and mint.com, which offer SEO and invoicing services respectively. Lionsgate film studios, responsible for The Hunger Games franchise, even allow payments in bitcoin. Bloomberg and Chicago’s Sun Times also accept bitcoin, showing the spread through the various sectors. The fact that such a variety of industries choose to adopt blockchain technology shows that system still has legs to continue to grow and prove fruitful.
Is Blockchain Cryptocurrency Good?
The benefits of blockchain cryptocurrency can be seen. The lack of a central bank means that the cryptocurrency is the most ‘democratic’. It is also argued that the cost-effective and quick transactions that are accepted as legal tender by businesses mean that the cryptocurrency looks to change how finance is managed in the future. However, cryptocurrency does have its detractors. Mainly, the volatility of the market and the fact that traditional economists are struggling to calculate projections in their usual manner place cryptocurrency as an unknown, despite the fact that forex forecasting helps many to plan their trading. Some also decry the connection between cryptocurrencies due any capital gains tax owed on the profit from the trade, which can be complex to work out, especially for several trades. The fact that bitcoin is constantly monitored and forex trading is recorded means that it is largely safer, while trading information can help make decisions for future trades.
Bitcoin and blockchain technology continue to be a point of contention, polarizing opinion and offering many different points of view. On one hand, the concept excites with the innovation that could stem from it, while, on the other, people decry the volatility of the market. Forex trading is proving to be easy enough to grasp to create a beneficial career for many. But, ultimately, blockchain cryptocurrency, bitcoin, and forex represent the future and the way in which technology can help revolutionise how things are done at even the most basic level. The relationship between bitcoin and forex as trading pairs will continue to develop as the uptake into blockchain currency continues.
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