If you want to know more about Bitcoin and others cryptocurrencies. We have a list of books for you, which we suggest you read.
Mastering Bitcoin – Mastering Bitcoin is your guide to the seemingly complex world of bitcoin.
Cryptoassets: The Innovative Investor’s Guide to Bitcoin and Beyond – Guide to an entirely new asset class.
The Age of Cryptocurrency – Why should anyone care about bitcoin?
You also might need to track cryptocurrencies statistics. For those purposes please try the extremely helpful android APP “Crypto Stats Tracker”
The popularity of cryptocurrencies increases every year. However, to start being engaged in this activity, it is necessary to find out how currencies differ from others. What advantages are peculiar to it. In particular, actual is a question, whether it is worth buying bitcoins, or it is better to give preference to another cryptocurrency.
Bitcoins: distinctive features of cryptocurrency
Bitcoins – the cryptocurrency, widespread in the world, representing a financial unit which acquisition is available for all comers. Operations of purchase or sale of bitcoins by means of the use of special technology which develops over time are carried out, allowing making now not only calculations between natural persons, but also large deals between the bank organizations.
Bitcoin made easy mobile payments. On mobiles allows you to pay with a simple two-steps scan and pay. No need to sign up, swipe your card, type a PIN, or sign anything. With Bitcoin international payments are fast. There are no banks to make you wait for three business days, no extra fees for making an international transfer and no limitations on the minimum or maximum amount you can send.
The rate of bitcoins is defined by his relation to dollar exchange rate. From time to time this indicator has essential hesitations, but in general, it steadily raises at the price. Thus, the first conclusion concerning a condition of a rate of bitcoins will be the fact that it is possible to sell this currency in the long term more expensively in comparison with initially enclosed investments.
Conditions of formation and the course dynamic of bitcoins depend on some criteria among which such subjective factors as special attention to this cryptocurrency and also her range in the market have huge value. Considerable impact on price dynamics will be exerted also by an increase in interest in bitcoins among speculators and their popularity in the market.
Whether it is worth buying bitcoins: pros and cons
The answer to a question whether it is necessary to be engaged in purchase and sale of bitcoins, it is possible to receive, having estimated own abilities to forecasting of dynamics of cryptocurrencies. Besides, it is desirable to have at least the minimum skills of the fundamental and technical analysis of the market.
Experts estimate chances of success as high upon purchase of bitcoins for those who:
– are ready for certain risks;
– realizes all features and knows distinctive qualities of this cryptocurrency;
– are guided in pricing tendencies: as a rule, bitcoins during the period after the serious recession of the prices are most perspective: after that, they begin to gain surely weight and a long time stay in a growth phase;
– have own strategy of purchase and sale of cryptocurrencies;
– own skills of forecasting of a condition of the financial markets;
– have enough available funds that in case of failure loss didn’t become critical.
For this, who is a beginner at the currency exchanges and has no clear idea of how the prices for bitcoins and by what principle procedures of purchase and sale are carried out are formed, risks of financial losses will be considered big.
Such activity also isn’t suitable for those who couldn’t achieve success in trade at other exchanges earlier and also for the fans of passion and citizens aspiring to fast and high profit. It is important to understand that trade in cryptocurrencies has nothing in common with financial pyramids, therefore, works by another principle which needs to be studied previously.
Deciding whether it is worth buying bitcoins, it is necessary to choose correctly time which will be favorable for this operation. So, it is undesirable to buy this cryptocurrency when its cost is at the peak as subsequently sharp or gradual recession in the price is usually observed. Time of purchase of bitcoins has to be defined by carrying out the special analysis of the market and will depend on a number of factors of an objective and subjective order.
If the new or skilled participant of the exchange considers these features, he will be able to achieve success in carrying out operations with bitcoins.