Bitcoins are growing in popularity very rapidly. This virtual currency is a hot item right now, and many people have begun speculating in them, trying to make a profit off of their ever-growing usage throughout the web. However, these can be hard to obtain even for usage, so actively trading them has proven to be quite difficult for the average person. However, some binary options brokers, such as AnyOption, are beginning to offer the asset within their brokerage website. This has lowered the bar when it comes to trading this exclusive currency, allowing more people to trade with fewer hindrances.
Bitcoins offer a sense of security that other currencies cannot duplicate. There is a limited number of them in existence—21 million—so they will be safe from inflation. This will help long term traders out since the everyday ups and downs that other currencies face will not be as severe with bitcoins. The fluctuations that this currency will see will be based solely on demand since the supply will remain static. They’ve been around since 2009, but have soared in popularity over the last year because of the faltering that many world economies have experienced, especially in places like Italy and Greece.
As of right now, bitcoins are only offered by AnyOption as a one touch asset. A price is given prior to trade execution and you need to determine if the currency’s value will reach that point prior to expiration. Multiple expiration dates are given, as are a variety of different prices that the bitcoin might reach. Profit levels range from 190 to 220 percent, the harder the goal price is to reach, the higher the profit margin will be. This variety of option is typically available over the weekends; this creates a perfect opportunity for busy traders to supplement their preexisting trading routines with bitcoins without interfering with what they already are doing.
Unlike other popular binary option assets, the bitcoin is geared more toward long term trading—the average option stays open for a week, one of the big reasons why their rate of return is so high. If you want to trade longer timeframes, these are available, too. Even though some of these one touch choices are far away, they promise to be attractive to binary options traders. Bitcoins are still going through their growing pains on the worldwide market. Between January and April alone, the bitcoin went from $13 each all the way up to $266. There is a very good chance that this volatility will continue on into the near future.
The binary option marketplace, especially one touch options, is currently the perfect setting for bitcoins. They might eventually reach traditional Forex brokerages (as seen here on FXStreet), but right now there are just too many question marks associated with them. There’s not even a strong sense of confidence that they will be in existence five years from now. Taking direct ownership of them, especially if you are paying over $200 a piece for them, might be a losing proposition. But this is the beauty of binary options. They do not assume ownership or the responsibility that comes with this. Instead, a binary option is just a hypothesis about which direction the asset in question is going to go. It more closely resembles a wager than it does an investment. With something volatile like the bitcoin, this is a huge benefit because it offers traders a layer of protection that cannot be obtained otherwise. If you are interested in binary trading bitcoins, but have had prior reservations about entering the marketplace, this is a great way to begin.