I’ve been meaning to write a piece on how savvy speculators can get rich trading BitCoins and when the BTC Robot launched last week, it piqued my interest. The opportunity to trade the crypto-currency automatically on a Forex VPS server with their EA installed was just too much of an opportunity.
I’ve got 2 friends interested in investing in this idea to try it out for 2 months, and soon I’ll have my own version of this robot to report back on its progress to you, but I thought I’d write a little on the difference between this crypto and the other traditional currencies forex traders normally trade.
My research starts with this article on Motherboard at the height of the $200 bubble crash, and interviews Alex Waters, a bitcoin core developer and the COO and CIO of BitInstant, one of the largest bitcoin companies.
His take is to build a product, or start a bitcoin company.
“Most tech startups struggle making money,” Waters told said at BitInstant’s offices. “We struggle with the infrastructure to handle the money we’re making,” adds Waters, who one day believes BitInstant will be a billion dollar company. “Almost all the bitcoin companies that I know struggle with the same problem.”
A previous article on the same site spoke to a Bitcoin miner. He’s a system administrator at a college in the New York area and sequested the school’s computers into a network to mine. Mine you this was when the price was at $9. You can earn BitCoin from mining here, though I’m not too sure of how effective mining is anymore.
This sofware informer article harks back to Laszlo Hanyecz first 10,000 BTC buying pizza and continues to mining, trading and technological challenges you’ll be confronted with.
The main part of my research comes from this CoinSetter article which argues that the average retail forex trader is severely disadvantaged competing against the large institutions which have more information and better systems in the most liquid and efficient market in the world.
The article continues by pointing out that while the traditional fx trading is already efficient, the bitcoin forex market is anything but and talks about abitrage between the exchanges as an opportunity for trading.
This chart below shows how volatile BTC is and simply trading it with your forex broker (try Plus500 if you need a broker that allows BTC) can make you rich if you know have an effective strategy to trade forex.
Thanks for reading this short introduction to BitCoin billions. My current interest is in trading and speculating on the market. I hope to get the BTC Robot soon, and report back to let you know how it goes. In the meantime I’d love to know your thoughts. Please leave a comment below and share this post.
Thanks and Blessings
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