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BitCoin in Forex Trading

Discussion in 'Beginners Forum' started by ryuken, Sep 22, 2013.

  1. ryuken

    ryuken

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    I heard that Germany is allowing the bitcoin to be part of the official currency. So along with the EUR, there is going to be use for the bitcoins. I am sure you know that there are people who are going to be using that currency for the money making. I dont consider the use of the bitcoin to replace the existing currency but you can use it for the private money exchanging without having to worry about the money laundering now.

    What do you think, will the bitcoin be traded into the official forex trading in all the countries in the future?
     
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  3. gkintl

    gkintl

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    I am not sure how far bitcoin would enable world economy to run smoothly. A currency should be introduced only when it serves some purpose or solves some issue. Bitcoin, even though a stable form of e-currency, is not a solution for any of the economic problems that is plaguing the world now. Thus, it would take a long time before it is accepted by central banks of other countries.
     
  4. Decub

    Decub

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    There is still a point there but what baffles me most times is how the value to the dollar is this high even when it is still relatively new. It means that if brokers starts accepting it, those that have some low minimum deposit will most likely not offer it as a means of deposit since it will run in fractions of least than 1. Maybe have a format of minimum for depositing with bitcoin is XYZ amount to avoid confusion from the decimals.
     
  5. FXZoK

    FXZoK

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    I wonder why bitcoin popularity can evolve that fast, and why en electronic currency like bitcoin can become that important.
     
  6. sindarin

    sindarin

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    Bitcoin traded in forex? seems like a future forex trading, but i think that won't be happen in 5 years later, even this currency accepted in Germany but in many other countries it still not, if only US, UK, France, China, Singapore and Russia accept it the it will be globally can be traded in forex market.
     
  7. Pettyeve

    Pettyeve

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    Bitcoin is growing fast in te monetary system. This cryptocurrency will be more popular before that five years and I'm sure that very very soon, it will be traded in the forex market like other currencies.
     
  8. sindarin

    sindarin

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    Many other people predicted this thing, but the fluctuative rates that they have and also it seems like no one that want to guarantee it make this one seems unstable, as you can see China and India already take big NO for them, so i doubt if we can trade this in future.
     
  9. gkintl

    gkintl

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    The other issue with bitcoin, apart from what you have stated, is that its value rises purely because of low liquidity and speculation. Commodity such as gold has inherent value. So, there is a reason for its appreciation in price. In case of bitcoin, there is no such valid reason. Being a non-fiat currency it stands the risk of being banned at any point of time. It can be used for short-term investment purposes. In fact the best time to buy bit coin for longer term was in the year 2012. The down side risk is there now and it is better to stay away for the time being at least till US legalizes it.
     
  10. sindarin

    sindarin

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    Also you need to know it is just like gold, i mean they have limited amount, i prefer Bitcoin only as commodities not as Currency, many expert estimate that Bitcoin cannot be mined again in 2020, and i think this is not good in forex trading, at least for now but in 3 years later i think that is possible to trade Bitcoin as commodity, since there are more country that accept it, like the latest one is Finland( but not as currency).
     
  11. Decub

    Decub

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    But then, bitcoin remains a currency. I don't really know how they intend to balance the issue but ad far as I know, bitcoin should only be a currency and not traded as a metal because if stories that it can't be mined by 2020 is anything to go buy, then it will remain an e payment solution. Yes, the authorities of Finland banking designated it as a commodity because it's decennmtralized.
     
  12. sindarin

    sindarin

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    Remains currency in some countries, even China government does not see it as currency, India government also does not see it as currency, so i can say at least for 1 billion people cannot access it and use it. and why we should trade it as currency? while this one is not even near to the defenition of currency or even e-payment. and if we compare it to gold or other commodity such as silver, they are similiar.
     
  13. Pettyeve

    Pettyeve

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    That is what I mean. I'm sure bitcoin will not be as strong as other commodity. It is popular for now but that thinwill not mean that it is not going to drop in value in future because there is no people that will claim it.
     
  14. riddick09

    riddick09

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    Bitcoin has been popular for years now. And before I only remembered it valued was 10 dollars per 1 bitcoin but now it's as high as 800 dollars. But then, we don't know if this will be increasing to 1k. While, I think brokers are using this digital currency.
     
  15. pithyon

    pithyon

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    now bitcoin is popular. we can trade it as a currency . but i do not trust it. i scare it will collapse suddenly
     
  16. rexway

    rexway

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    its popular but I don't think its going to take over the value of others currency because to get it is also very hard as compare to others processor
     
    Last edited: Feb 8, 2014
  17. anosocialnet

    anosocialnet

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    As this Bitcoin is just rising day after day, this might make the value of most currency to be lowered value when buying them with Bitcoin.

    One thing in this currency is that, it gonna excel like Trade or Market or Business, once many people keep accepting it the more it influence the world, and they more they use it for their needs; the more it spread. Besides Money is what is Generally accepted, though it has not accomplish that yet; but it's still on that road (like China @sindarin said that they are not accepting it yet)
     
  18. Daisy

    Daisy

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    There have been many hacking in bitcoin lately and caused the value of it to slumped. There have been many fraud and scandals and laws regulating things that affects it as well causing it to become somewhat undesirable at this point just like the shutdown of LR. I have a feeling that bitcoins will have the same future cause its solely online and will have many hacking and fraud and money laundering problems that its not safe and secure for traders and users.
     
  19. rexway

    rexway

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    if the attempt to hack this program is very serious then the admin or the owner of the program need to tighten the security I think bitcoin is gaining popularity a bit we don't need to ignore it but just to follow up incase it become that more popular
     
  20. tray

    tray

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    I have so augument with my friend today I said that bitcoin is not that popular nor say common so the trader will always fine it very hard to earn bitcoin to invest in forex market so broker should accept it along with others payment processor
     
  21. rexway

    rexway

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    I think that you wouldn't have augure with him because in forex trading what bitcoin dose is
    just like a normal payment processor like pm ,etc paypal, but to get sites which will pay you in bitcoin
    seems to be the problems and I think that is the reason why he have to say that