You may have heard that there is now an ongoing booming of bitcoin. This is an online money and people are becoming more attracted to it. If you read the newspaper, you will see that the price of bitcoin is starting to rise more and more. There are many countries now that are going to accept bitcoins as a medium of exchange. In this emerging trend, it is only a question if bitcoin is going to replace the major currency pairs in Forex. Though most of the Forex transactions are done in US dollars, the rise and trending of bitcoins are now growing at an unstoppable rate. If you have read the news, you will see that there are always one or two people discovering every day who have sold everything for bitcoins and they are now travelling the world. They believe this booming bitcoin is going to be highly priced and they will get their money back with very high profits. Only time will tell if they have made their profit, but when this bitcoin is starting to get accepted in countries, can it also replace the major currency pairs?
In deep it’s true that bitcoin trading is getting extensive popularity nowadays. But expert Singaporean traders are not fascinated or carried away with the recent bitcoin craze. In their eyes, every single financial instrument is equal since they trade the market based on the technical and fundamental analysis. On the contrary, the novice traders are losing money by running after the new craze without knowing any particular details about this digital currency. You need to have perfect sets of knowledge to become a trader or else you will be losing money like the majority of the traders.
When you step into the exchange traded funds industry you need to understand that this market is only for the experienced professional. You need to find a balance between your risk and reward ratio or else you will make your financial condition much worse. If possible spend some money on the paid education and you will see a dramatic change in your trading performance. Try to socialize with the professional traders since you have a lot to learn from them.
Bitcoin will never replace Forex majors
At least not in the next hundred years. The mining of bitcoin is very costly and only some companies the world is mining bitcoins. It is not like your gold mining that you can get as many as gold if you use more workers. These mining are expensive and the temperature is a critical element. Many companies have built their mining in cold countries where they can downsize their cost of mining bitcoins. Also, there is not enough fund of bitcoins to balance the world transaction. If you think that this currency is going to be the next popular currency like the dollar, you may not live for that. It will take many years when bitcoin is going to replace the major currency pairs. It is not popular among many countries. Nobly the advanced and developing countries know about bitcoins. In most of the countries, it is not popular. To replace the major currency pairs of the world, it needs to be decreed like a real currency announced by the governments which bitcoin is not going to get in the next hundred years. If you were thinking to become the next richest man on earth by investing with bitcoins, now you know the future of bitcoins in Forex trading.
In the world of modern technology, you need to keep yourself updated with the latest market news. You need to be a voracious reader or else the market heat will jeopardize your trading career. Try to keep adapt with the dynamic nature of this market and trade with proper money management to safeguard your investment.