Friday, December 20, 2013
Profiting from Trading Bitcoins
Bitcoin was created in 2009 as an anonymous and secure way of exchanging money on the internet. It is an electronic currency that is completely decentralized - it isn’t backed by a government or other central authority – and is minted and exchanged entirely within a massive network of users.
Anyone with an internet connection can send and receive Bitcoins directly and privately with no transaction fees.
New Bitcoins are created with highly time-intensive computer-based algorithms which limits the rate at which they enter the market. The total amount of Bitcoins that will ever be issued is 21 million – making it a finite commodity like gold or oil.
As a result of its innovative structure and the hype surrounding it, Bitcoin is extremely volatile, making it an excellent currency to add to your portfolio.
With Bitcoin trading you can make a Long (Buy) or Short (Sell) trade instantly, 24 hours a day during the trading week, giving you the opportunity to trade your market view no matter which way the currency is heading
December 05, 2013 - China Bans Financial Companies From Bitcoin Transactions by Bloomberg
China’s central bank barred financial institutions from handling Bitcoin transactions, moving to regulate the virtual currency after an 89-fold jump in its value sparked a surge of investor interest in the country.
Bitcoin plunged more than 20 percent to below $1,000 on the BitStamp Internet exchange after the People’s Bank of China said it isn’t a currency with “real meaning” and doesn’t have the same legal status. The public is free to participate in Internet transactions provided they take on the risk themselves, it said.
The ban reflects concern about the risk the digital currency may pose to China’s capital controls and financial stability after a surge in trading this year made the country the world’s biggest trader of Bitcoin, according to exchange operator BTC China. Bitcoin’s price jumped more than ninefold in the past two months alone, prompting former Federal Reserve Chairman Alan Greenspan to call it a “bubble.”
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