Numerous platforms across the globe facilitate the buying and selling of bitcoin. However, buying the same from a local exchange can help Australians avoid high-fees transactions.
Bitcoin price is volatile similar to other commodities and stocks. It keeps on fluctuating based on the demand and supply chain. However, historically, the market has always found a way to correct itself after a crash, causing the prices to bounce back to reach new highs.
Buying bitcoin takes minutes but needs to be done through the right platform. The process is simple, just like purchasing other shares.
Using Candlestick Chart to Read Market
Candlestick charts are technical tools that visually represent how the price has moved over a given period. A candlestick chart displays the highs, lows, and opening and closing prices of an asset over a given period. In simple words, it is the representation of the price evolution during a given period of time.
Comprehending a candlestick chart might seem challenging, but it provides far more information than other mediums. It gives an instant snapshot of the positive and negative aspects of the market. Put simply: green candles indicate rising prices, and red ones convey declining prices. However, there are way more insights that can be gleaned from candlestick charts.
Why Buying Bitcoin is Beneficial
Easy to Buy
With a market capitalization of above 572.14 B, this digital asset stands firm in the market. Bitcoin worth billions are being exchanged in 24 hours. The method of entering and exiting the market is straightforward.
When the bitcoin price seems feasible, one can buy the same instantly via multiple online brokers. One can also decide to cash out at any given time. Bitcoin is now a global asset attracting billions of dollars daily.
A Store of Value
Often popular as digital gold, bitcoin is a storehouse of value. The value of the currency is increasing every ten minutes. Both gold and bitcoin are finite assets and bring a lot of value along with them.
As per theories, the value of such assets only grows with time. It can help in alleviating other losses when the market crashes. Investors will likely turn to Bitcoin when the broader market enters a bearish cycle.
Fast Borderless Payments
The blockchain supports the bitcoin market. The technology enables users from over the world to transact in a fast and secure manner but also cost-effective. The exchange can be done in about ten minutes.
It is done irrespective of the location of the buyer and sender, along with the size of the deal. The cross-border payment method is cost-effective compared to traditional methods. The fees may or may not depend on how much is being sent. It can amount to just a few dollars.
One of the most vital aspects of Bitcoin is its decentralized class. No government body, authority, or single individual can influence the network. The supply of bitcoin is not manipulated by the central banks and is also free from inflation.
These are the characteristics that will make possible the global adoption of Bitcoin. Hence, it is believed that it will become an international storehouse of value in the future.
It is vital to consider the investment platforms for buying the asset. Doing your maths to assess what bitcoin holds for the future is suggested. The bitcoin price can vary every day. At times, the price can even change in a matter of hours.
Purchasing the currency is safe and cost-effective when done correctly. So, look for better exchanges by comparing the costs of several brokers and make a wise decision. You can also buy directly using AUD to avoid currency exchange fees.
Not all exchanges accept all payment methods, so make sure to check if the exchange you choose accepts your preferred currency and mode of payment.