Buying, Selling and Trading Bitcoins to make a profit
With just over 15.2 million bitcoins in circulation, and no fewer than 25 new coins being produced every 10 minutes, it won’t be long until the cap of 21 million is reached and further production is halted. Each bitcoin possesses its own unique code to ensure that duplication and fraudulent activities are completely restricted – and as more and more people enter the market to trade, buy and sell this form of digital currency, it’s getting harder and harder to get hold of a collection for use.
As an expanding market, Australian residents are purchasing an increasing number of coins and with the value of these coins climbing as the months progress, there has never been a better time to invest in a potentially fortune-making industry. But what are the best methods of purchase and how can you be sure to receive the best deal for your money?
Well, as the coins are only as valuable as their demand, competition is key. If one individual is selling a batch for a larger sum than another, then it might be worth going for the cheaper option. But is this strategy safe? After all, there are many people hoping to make a quick dollar by promising goods that they simply can’t deliver.
Choosing a reputable seller
Although the software is considered open source, it is still subjected to strict policies relating to sales and trades. Sellers are permitted to offer their own collections of coins, and there are also agencies that can do the same. In many instances, agencies will act as third parties to those interested in buying coins.
By doing this, it’s possible for a buyer to determine the amount that they’d like to purchase (or simply include their budget), and the agent will then scour the list of sellers to find the best deal with the buyer. With the Australian dollar being one of the most stable forms of currency in the world, purchasing the digital currency is very affordable when compared to other parts of the world.
Trading for a profit
This is why so many residents choose to purchase the coins in AUD, before selling them on at a higher price to other people with different currencies. When it was first introduced, the average value of a single coin was estimated at less than $100 AUD. These days, a single coin can sell for almost 10 times that amount – and with these prices expected to increase as the 21 million coin-cap quickly approaches, the investment opportunity has never been more prominent.
Alternatively, the coins can be traded for services or products – and with their current value for a single coin at an estimated $900 AUD on average, just owning a few coins could ensure that a variety of projects could be paid for, with any extra left to be invested into other services, or simply saved for when the market sees an increase in coin value.
Here is a good site for Buying, Selling and Trading Bitcoins in Australia