Bitcoin can also be referred as a cryptocurrency. It’s growing in popularity as it allows traders to trade anonymously. Perhaps, Bitcoin should be looked at as a new investment opportunity instead of alternate currency.
Chinese investors are its new lovers
During the last quarter of 2016, weakening Yuan urged Chinese investors to look for a safe parking lot for their investment. Bitcoin was the ultimate solution. The increase in demand from China was such that in December 2016, the digital currency’s value reached $875 per unit. It offered the convenience of transferring money anonymously from one country to the other. Thus, Chinese investors found this as the best alternative.
Cryptocurrency also gained more market share due to India’s demonetization move during the same period.
Gamblers are getting the max out of this digital currency
Bitcoin’s price is agile and is a relatively new concept. However, when it comes to long-term prospects, almost every analyst is positive. If you buy it today, its value would definitely go up when you sell it after months or years. Thus, gamblers show a keen interest in this digital currency and do not hesitate to accept withdrawals in the same after gambling on sites.
Due to this potential, many online casinos are paying withdrawals and accepting deposits in the form of Bitcoins.
Swedish investor using Bitcoin to invest money in the Iran’s stock market
This may sound weird, but in order to find a way around the US’s financial sanctions on Iran, a Swedish firm-Brave New World Investments-made it in the headlines during March by investing in Iranian market with the help of Bitcoins. The firm allows investors to invest money in the concerned market without even opening a bank account.
Firm’s co-founder Mikael Johansson interacted with journalists and shared some interesting details. He pointed out that their firm does not deal with any Swedish bank in order to avoid sanctions enforcement. He also shared the information that the company uses cryptocurrency to pay for deposits, shareholder dividends, and all the other bills. This is definitely helping in getting the best out of Smart Bitcoin Investments.
How do Bitcoin transactions work?
When it comes to international currencies like yen, euro, dollar, the buyers and sellers rely on the forex markets. Prices for the above-mentioned currencies, as well as other commodities, are determined after considering several factors. The value of commodities and currencies keep on changing from minute to minute, depending on the market condition as well as buyers/sellers capacity.
Currency is issued by the central bank of the given country; on the other hand, Bitcoin is not issued by government or banks. It’s a digital currency that can be transferred from one user to the other with the help of software or Bitcoin exchange market. You can also buy it in exchange for other currencies.
As far as Bitcoin’s market value is concerned, it’s determined by the buyers and sellers in Bitcoin market. Price keeps on changing rapidly. In the first week of March this year, the value of one Bitcoin was as much as one ounce of gold. After few days, it again dropped due to certain concerns.
Unfortunately, Bitcoin has failed to get appropriate government backing in various countries. Still, the digital currency has managed to attract millions of investors. The digital currency is accepted by brands like Subway, Dish, Microsoft, and 100,000 other merchants from around the world.