Even If you are not a hardcore geek, you still must have heard about bitcoins. Perhaps you actually own some bitcoins and hold them for speculative purposes. If you don’t – you then should be wondering, should you hop on the cryptocurrency train or not. In this article we will explain what you can do with bitcoins in the realm of trading and outside of it.
Bitcoin binary options
Some of the binary options brokers are actually offering bitcoin trading. Why is it great? First of all because BTC/USD or other BTC-based pairs are pretty volatile. Unlike currency pairs that are likely to change their value for 1% or 3% within a day, bitcoin can appreciate or depreciate for 20% or more on a certain day. In 2016 the volatility of bitcoin had declined, yet it is still good enough to use it for binary options. More and more brokers are offering BTC pairs, so this is definitely a trade to try out in 2016.
Just a few years ago bitcoins were mostly used as a payment system on the darknet. People were buying tons of illegal stuff using the cryptocurrency and felt safe due to the anonymity of this payment system. Even though SIlkroad, the main marketplace for illegal items, is closed now, there are more that exist nowadays. Next to this, bitcoin became so popular that it can actually be used to pay for the things that range from just a cup of espresso machiato to a university tuition fee. As the payments with bitcoins become very available, using your BTC for payments might be a good way to decrease your exposure to a volatile market this year.
Bitcoin sports betting
Yes, you got it right. Instead of using your credit card to deposit funds at the betting house you can purchase bitcoins and use a website that offers bitcoin sports betting. The advantages of betting with bitcoins are quite similar to the ones offered at payments. First of all, you get to keep your anonymity. Your depositing to a gambling or a betting website will never be traced, this is why you credit rating will never be questioned. Next to this, as the rate of bitcoin changes sharply, you can bet while you are betting. It is possible to place a winning bet and turn 1 BTC into 2 during a certain football match, but what’s more to this, the value of bitcoin can also increase fro some 10% during a 90 minute game. This way you can get some extra income, however BTC’s volatility can also backfire.
Summing it up
If you hold any bitcoins and don’t really want to withdraw them, there are quite a few things you can do. If you love binaries, you can find a broker that accepts BTC deposits. If you don’t have any bitcoins but are following related new, just trade BTC/USD binary options due to its volatility. Otherwise you can simply buy goods and services or have some little adrenaline rush when placing bets with your BTC.