Bitcoin (BTC) is no longer a secret. It may be the only cryptocurrency you've heard of, but it's become a household name.
BTC has went from being valued at $0.0009 in 2009 to $6,435 at the time of this writing, which is a +716 million percent increase. 2009 seems like a lifetime away, so to put it into a more recent perspective, BTC is up +138% since its price of $2,707 in May of 2017.
The price of BTC went from $2,700 to nearly $20,000 in December 2017, so many believe the coin has potential to reach the same price in the near future. Others focus on the fact that BTC has dropped from its high to $6,435, so they believe it'll keep dropping.
No matter what side of the spectrum you're on there is money to be made by either buying or shorting it.
Where to buy BTC
Buying BTC is no harder than finding your most desired fetish on Pornhub.
There are over 200 crypto exchanges, so its important to find the best one for you. Luckily here at Financial Movers we've already done that for you. Below we ranked our favorite exchanges and explain why they're in their respective rank.
Binance: Worlds largest exchange. Offers max number of cryptos. High exchange volatility. Mobile app option.
Kraken: U.S. based exchange with many coins to invest in. Long standing exchange with top security.
Bitstamp: No hacks in five years. Reliable support. Regulated and permitted to operate in all European Union countries and in the U.S. Unfortunately, Bitstamp only offers five major coins to invest in, so it doesn't rank higher on our list.
Bittrex: Fast support. Offers more coins than most exchanges. One of the oldest U.S. exchanges. High level of security. Bittrex would a financial movers dream, but their trade volatility is the lowest of all the exchanges on the list.
After an exchange is chosen then follow their instructions on how to open an account on their platform.
Where to short BTC
If you're on the side of the spectrum that's certain that the price of BTC will go down then you may want to short it.
To short BTC is to borrow a specific amount of BTC and immediately sell it, then pray for the price to drop and rebuy the BTC at the lower price, return the borrowed BTC to the lender, and gain the difference in price. Shorting the price is riskier than buying and taking a long position, but can have a much higher return on investment in the short-term and probably earn you your dream date if you succeed.
Not many exchanges support short selling, but there are a few that do.
Kraken: Widely trusted and #2 on our list of best exchanges to buy BTC.
BitMEX: Based on the island of Mahé, Bitmex ranks high on the list of volume and security. Their trading fees are higher than others and we have no idea where in the hell Mahé is, so it ranks #2 on our list of exchanges to short BTC.
Bitfinex: Is a Hong Kong based exchange with a speculative record. Their customers money has been reported to be stolen, or vanish, and the company has unsuccessfully made any relationships with banks.
As you can probably guess, Bitfinex is not recommended to use, but it is possible to short BTC on their exchange (if your money doesn't disappear).
No matter if BTC goes up or down anyone can make money from trading it if they make smart trades. Now, lets all take a moment and pray that it just doesn't go sideways because then we're all shit out of luck.
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DISCLAIMER: This site article does not contain financial advice. Any and all market analysis is solely the authors opinion.