Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto who published the invention in 2008 and released it as open-source software in 2009. The system is peer-to-peer; users can transact directly without an intermediary. Transactions are verified by network nodes and recorded in a public distributed ledger called the block chain. The ledger uses bitcoin as its unit of account.
The system works without a central repository or single administrator, which has led the U.S. Treasury to categorize bitcoin as a decentralized virtual currency. Bitcoin is often called the first cryptocurrency, although prior systems existed. Bitcoin is more correctly described as the first decentralized digital currency. It is the largest of its kind in terms of total market value.
Below, is the list of FX companies that either accept Bitcoin as a deposit/withdrawal method or allow trading in BTC/USD (or some other BTC/XXX pairs). Surprisingly enough, most brokers that accept Bitcoin as for payment do not offer BTC/USD trading instrument, while those who provide cryptocurrency trading instruments normally do not accept deposits via BTC.
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Know Your Game
Many people think that being a broker is an easy thing to do. At the same time, many people choose to believe differently. Actually, it’s a little bit of both. It’s all about knowing the game and understanding the play rule. You sure have heard some success stories from Bitcoin Forex Brokers. But before you jump into your head first, you need to understand some underlying rules of the game.
Buy Low, Sell High
We all know this main rule. The simplest way to earn a profit is by maximizing the margin between your spending and earning. Anyhow, it’s not the only way to make money. When you’re playing in the foreign exchange market, you also have to pay attention to the rate. Bitcoin is an online currency which means you can have the option to transfer it to any currency of you like. Most people prefer to keep it in USD, even though it’s not their original currency.
Know Your Limit
Anyhow, there are some limits on what you can and should do when trading Bitcoin. It’s about keeping it within border of moral and legally correct. Never forget that your earnings, no matter in what form, are eligible for tax. You also need to be aware of the timing. Just like another market, the Bitcoin trading is also vulnerable to any kind of political and economic change.
When you have chosen to be a Bitcoin broker, you need to know what kind of game you want to play. Keep in mind that it’s not something you can rely on as your main earning. It can be very volatile. However, if you find your passion on the floor, then you need to be ready to stay in the game as long as you can.