Bitcoin Cash (BCH) Summary
Bitcoin Cash (BCH) continued Satoshi’s dream that Bitcoin to be used as a peer-to-peer currency in daily transactions. Robert Ver promoted the block size increase in order to achieve the daily use transactions and low transfer fees. Even if Bitcoin Cash (BCH) is different from Bitcoin (BTC) by ideology and block size, it still uses Proof-of-Work (POW) to mine new coins. Since the 2017 fork, Bitcoin Cash upgraded to blocksize to 32MB blocks and evolved the coin into a method of payment used world-wide. The developers created a strong map that will lead BCH to a bright future.
Who is Roger Ver?
Roger, Roger Keith Ver by his full name, was born on the 27th of January 1979, in San Jose, California. He invested in Bitcoin since 2011, and invested millions dollars in bitcoin related businesses. Roger Ver is the creator of many bitcoin related business and start-ups and is called the “Bitcoin Jesus” due to his active work on promoting Bitcoin. Roger Ver served as CEO of Bitcoin.Com until 1 August 2019, when he shifted to the Executive Chairman position, and the Fortune Magazine referred to him as the co-creator of Bitcoin Cash (BCH).
The contract trading is the method of trading that aims to gain profit from market volatility. This method allows the user to forecast if the price of an asset will go up or down, involving leverage.
The traders are not buying or selling the asset, only speculating the price and forecasting if the value will go up or down. Contract trading can bring profit quicker than holding assets but the risk involved with this type of trading is higher. Bityard has two different types of Contract Trading: Cryptocurrencies and Derivatives.
The Contract trading is different from spot trading. The trading instrument called contract allows the investor to trade on the price movement of the cryptocurrency, at a future date or and at the desired price. It involves leverage and therefore the traders are not buying or selling the asset, only speculating on the price movement. With a trading fee set at 0.05%, Bityard has trading fees lower than the industry’s average.
In the below scenario, I am forecasting that the Bitcoin price will go up. Selecting “Long” will open the contract, at the current value of $479.51 upwards. The BCH price had 30 minutes of growth, which started near $450, and most likely will continue to gain value.
For this contract I set the leverage at 20x, 50 USDT to buy the contract. Once confirmed, the Bitcoin Cash (BCH) contract will appear in the bottom of the dashboard, under the “Positions” tab. The contract details will include the name of the cryptocurrency, the leverage, the chosen margin, opening price and opening time.
Contract trading involves risk, as the price can move either way. The contract will close automatically if the price will raise or drop at the set value, or it can be closed by the user at any time. Closing the contract manually is a method that can bring profit when the value is close to the set value and the price stops moving. Closing the contract will bring a smaller profit but will reduce time wasting and stress due to volatility.
In this case, Bitcoin Cash (BCH) value recovered from the dip and I manually closed the contract for 30% profit, 15.07 USDT.
I waited for another price dip to add more “Long” contracts and close them all for profit.
- This is not financial advise!
Why Bityard is different?
Bityard engine is the fastest on the market, processing up to 1 million transactions per second. The exchange is available for both mobile (Android & IOS) and web, and has the lowest transaction fees. The website interface is available in nine different languages with customer support 24/7 via email and live chat.
Bityard is the world leading cryptocurrency derivatives exchange, fully regulated and compliant with international laws, with the main activity in cryptocurrency contracts with leverage and derivatives exchange.
Bityard operates with licenses from four different countries: The USA, Australia, Singapore, and Estonia. The following licenses are regulating the exchange activity: the Singapore’s ACRA (Accounting and Corporate Regulatory Authority), The American Money Services Businesses (MSBs), Estonia’s MTR (Register of Economic Activity) for the European Union, and the Australian Transaction
Reports and Analysis Centre (AUSTRAC)