Is Bitcoin trading a Safe Haven During COVID-19?
For the past few months, we’ve had to deal with social distancing to contain COVID-19. That’s has created a big dent in our investment and workflow. In the midst of all this, everyone is looking for a way to work from home. That begs the question: is Bitcoin trading a haven during COVID-19? Thankfully this article is in your best interest.
Why is Bitcoin trading an investment choice?
- Crypto-trading operates 24/7
When it comes to crypto trading, you can invest in the market every single day. The market is never closed on the weekends like their counterparts, Forex trading. That said, you can organize your schedules and trade at any time you wish. To be more specific, bitcoin trading is always open like all the other cryptocurrencies in the blockchain system.
Through the blockchain system, you can see the transactions, but the names or specific details are hidden. That protects you from scams and also increases the security of your money. More importantly, the crypto-world is not controlled by any government. That means that no one can manipulate the market.
Bitcoin trading is an open transaction. There are no middlemen involved, and the trade operates on a P2P functionality. Therefore, the transfer of ownership can be done in a matter of seconds without necessarily involving any third-parties. You can do the transactions from any part of the world. More importantly, since the internet is now available through smartphones, you have unlimited access to the crypto-world at your fingertips.
As compared to other trading platforms, crypto-currency trading offers low fees for every transaction that you make. Transactions on blockchains are way cheaper than traditional bank transactions, especially when it comes to high volume transactions. In other cases, traders can use CFD accounts to access bitcoin trades or cryptocurrencies.
Since the introduction of bitcoin trading, the cryptocurrencies available have experienced high volatility due to various factors. The last time that bitcoin plummeted was because of the COVID-19. Overnight, Bitcoin fell to $3,850. Currently, bitcoin is trading at $10,750. With that in mind, cryptocurrencies are quite volatile.
Should I invest in Bitcoin trading during COVID-19?
Like any other investment choice, you will have to weigh the benefits and the downside to trading on BTC. As much as the market’s volatility is a plus when you are on the right side of the trade, it can work against you. That’s in case you find yourself on the wrong side of the transaction. Thankfully, there are several other altcoins in the market you could consider. So, do answer your question: there is no straight answer. You can invest in crypto-trading but not as a rookie.
Take your time to study more about the market to avoid jumping head-first into unknown territories. Contrary to most beliefs, cryptocurrency trading, specifically bitcoin trading, is not a get-rich-quick plan. It might take a while before you can make substantial profits, and it will require a considerable investment to make a living out of it. All in all, it’s something you can consider if you are planning to work from home.
New to crypto? Take our FREE beginners crypto mini-course