There are a lot of talks about crypto currencies nowadays. Some claim that it is illegal and uncontrolled by any existing governmental organization. But the fact is rather simple, more and more people become aware of cryptocurrencies and, hence, start using them.
Furthermore, cryptocurrencies have a real exchange rate and can be easily traded for real currencies like dollars or pounds. Sounds interesting? Read full gambling with Bitcoins on Binary Options article and see how you can get revenue from it while having some fun!
What is Bitcoin?
Bitcoin is the main cryptocurrency that exists nowadays. At this moment it is accepted by a large variety of online and offline shops and can be traded against the main currencies on the Forex market. Additionally, it is used as the main payment option in the deep web. Recent news suggests that the Chinese grey market has accepted bitcoins as their main currency as well, which has resulted in the recent increase in the price of BTC.
From the point of view of the traditional monetarism, Bitcoins do not have any real value since they are not supported by any type of goods and services produced as well as this currency does not have any commodities to back it up. Next to this, BTCs are not printed and cannot be placed into a deposit account of any traditional bank. Cryptocurrencies as such are stored only on the hard drives of their owners or at certain web services. Now as you know what bitcoin is, let’s find out whether bitcoin gambling can be profitable.
How to predict BTC volatility
Looking at a weekly chart of BTC/USD it can be easily observed that this cryptocurrency is highly volatile when compared to all major currencies. This is why it can be the perfect instrument for binary options.
Additionally, this idea can be confirmed via 1-minute chart of BTC/USD. As can be seen on the graph presented below, BTC/USD support levels are not as easy to analyze. Also, movement of this instrument is less responsive to upcoming news since BTC is not related to any specific country and exists outside of the governmental control. This makes bitcoin gambling a rather viable option as it can be predicted easier via technical analysis.
Of course, if there are news about dollars or Euro, they will most certainly have an influence on bitcoins, but you have to be cautious with such predictions.
For volatility predictions, you can use recent cryptocurrency trends and activity of the deep web combined with the macroeconomic data of the currencies, yet it rather has a fractional impact when trading binary options on BTC/USD.
Bitcoin Gambling During Bubbles
Gambling on cryptocurrency during bubbles is one of the most profitable strategies. Bubbles can be characterized as sharp and straightforward, hence easy to predict.
It is never possible to predict the length of the bubble and the impact of it, any bubble can result in BTC/USD price going as high as 10,000 USD per 1 BTC or falling as low as an absolute 0. Hence, investing your own money into BTC may be rather tricky during such periods. However, as the odds of binary options are fixed, this is why getting into binary options is one of the best ways of bitcoin gambling. When you see a start of the bubble, simply get a PUT Option on BTC/USD for the time period you expect the bubble to last.
Gambling BTC on Binary Options
It is obvious that the best way to gamble on Bitcoins is by using binary options on BTC/USD or BTC/EUR. It is recommended to use the only basic type of binary options and do not use ladder or Touch/No Touch options. Such options are recommended only for gambling during bubbles if you are okay with high uncertainty and are looking for very high payouts.
Most of the regulated binary options brokers offer BTC/USD as well as BTC/EUR, so it is not difficult to find the one that fits you. The main recommendation is to test the platform before making a deposit so you will be sure that you feel comfortable with it.
Remember, check Binary Options broker reviews before you register, this way you will not find yourself having business with a scam. Make your bitcoin gambling on binary options only with honest brokers that will allow you to withdraw your profits without any restrictions.