Bit coin is a virtual currency that exists and can be used to transact business over the internet across the world. It is a trade that involves buying and selling of coins as the market trends is observed. With the bit coin you are to purchase goods online and sell them to a prospecting customer. Though it started in the year 2009, it has spread across the world and various individuals and companies have put their resources in it. Like any other business, bit con have got its merits and demerits to the traders involved in it. Any trader is free to join this business and experience its profitability.
Trading in bit coin presents unique challenges that require individuals to learn the skills and risks involved. There are times that the business is doing so well and time that the capital can sink at your watch. Having global presence, it has a lot of con men in the process that trusting a a dealer over the internet is a challenge. The misleading online adverts tend to lure interested traders to deals that lack merit and possibility of business success. Although a few individuals have the full knowledge on the operations of bit coin, majority are looking for where to get quick money returns. African countries have been the greatest casualties in the race to make quick wealth.
Who can trade the bit coin? It can be traded by anybody with the desire to venture into online business. There are individuals, brokers, micro finance and other web based societies that have the ability to do it. Individuals that do this trade normally create their own accounts and invite people to invest with them. Their promise is give you returns monthly or weekly depending on the agreement. Since business is a game of chances in most cases there are a lot of excuses on the delayed or missing returns at the end of the agreed period. The ability to trade in bit coin depends on how much you put in this venture as your starting capital. For a better return you to buy and sell over the internet when the market is capped at the profit.
The second category is the brokers; they act as the middlemen in this business. They are willing to open an account for you. Basically, they start by training you for a period of two weeks or more. Then it is followed by a demo account that would give the customer the impetus to do the business and finally put his real money. Upon learning the bit coin business the trainee is given an opportunity to choose whether to open live account or the broker to run the account on his behalf. Because this business requires more of online presence and internet connectivity throughout most customers normally live the brokers with the authority to operate the bit coin account on their behalf.
The third category on who can trade on bit coin is the micro-finance companies. Some of these companies offer short term loans to their clients and by extent offer crypt o-currency services. Moreover, some of the companies offer Forex services that mostly confuse customers for bit coins. Whenever a micro-finance is trading on your behalf expect very low returns because what they give is a small percentage from your account profits. The most devastating aspect is when you lose all the capital in the trade, they can give you a loan to keep the account afloat. This practice is common in African countries where policies regarding this trade are not strictly implemented.
Bit coin trade is good because your physical presence is not needed compared to use of hard money. It requires minimal fees to open bit coin trading accounts and even big amount of money can be sent to the across at a little cost. Its good track record enables the users to trace the transaction history with ease. However, prices keep on changing that sometimes leads to terrible losses. You can lose all the money particularly when buy or sell against the prevailing market trends. Loosing continuously make some people to trade with emotions hence reduces their sense of judgment on when to sell or buy. Trading in bit coin is a preserve for a group of people but is open to all who study the market trends accurately.