Binary Options with Bitcoin

Digital currency Bitcoin was in the news last week with extreme value fluctuations ranging from $50 to $266, all in the space of a number of days. This and the alleged disappearance of founder Satoshi Nakamoto, widely believed to be a pseudonym, took up countless columns inches.

For those who've not yet stumbled across Bitcoin, it is best explained as a virtual, peer-to-peer payment system that doesn't operate via a central authority. It also enables direct payments between individuals without transfer or exchange fees, with complete anonymity besides.

One of its anti-inflation precautions is that there is a hard limit to how many bitcoins will exist in the world. That limit is 21 million and should be reached by the year 2040.

Whilst Bitcoin has been around since 2009, it started attracting worldwide attention when its unit value increased 1000 fold since the start of 2013. This is widely attributed to the bank crisis taking place in Cyprus, when people were looking for alternative means to store their assets other than in banks.

As a result of this volatile market, a British Forex provider has announced it is launching a Bitcoin Binary Option.

What is Binary Option Betting?

As the name suggests, Binary Options involves betting on one of two outcomes relating to the fluctuation of markets and currencies:

Will the value of a certain currency rise or fall by the stated expiry time? 

How much the currency fluctuates does not have any effect on your return - you just need to concentrate on whether your prediction is correct or not (for example, if you've predicted that an asset will go UP and you CALL, you will receive a return if the asset does indeed go UP at the expiration time.) All that matters is whether you have made the correct prediction.

Binary Options are popular for their controlled risk. You will know from the outset what you stand to win or lose. 

Binary Option betting on Trader24

Trader24 offer their customers no less that twenty-five years' experience of the industry. They operate round the clock (save for weekends) and offer a very user-friendly Binary Options service.

After you reach the Trader24 homepage, click on the Currencies tab. Here select the asset that you would like to trade, together with the expiry time that suits you. Select "CALL" if you think the price will rise above the current rate at the time of expiry, or select "PUT" if you think the price will fall below the current rate at the time of expiry: For example, Do you think the Euro/Pound Sterling will go up or down by tomorrow? Select your investment amount, and you're done. Just wait for the outcome.