In this episode I bring on bitcoin developer and trader Ferdous Ahmed to talk to us about trading bitcoin, the state and future of bitcoin, and the very interesting cryptocurrency exchange he’s putting together.
Although the idea of cryptocurrencies have been around for a long time, I think it’s fair to say that Bitcoin has been the most successful implementation of a cryptocurrency to date.
Bitcoin and the idea of the Blockchain is a fascinating technology. As Ferdous and I discuss on the show, there are seemingly endless applications of the technology.
And even though Bitcoin had the “first mover’s advantage” and is now the granddaddy of the cryptocurrencies, the cryptocurrency landscape is constantly changing with new and up and coming competitors constantly arriving on the scene to challenge for the cryptocurrency crown.
So whether or not you believe there will be a single de facto cryptocurrency or multiple cryptocurrencies, it’s pretty safe to say that cryptocurrencies and blockchain technologies are here to stay.
Personally I’ve been interested in bitcoin for several years now and dabbled in trading bitcoin the past couple of years.
Whether or not Bitcoin is a worthwhile long term investment vehicle is debatable but as traders I think that bitcoin is a noteworthy and very interesting trading vehicle for a couple of reasons –
- Volatility – With the exception of this past year where Bitcoin channeled in tight range for nearly 9 months, historically Bitcoin has offered great volatility which creates great trading opportunities for good traders.
- The Participants – Unlike trading instruments like the futures market or Forex where you’re competing against smartest and most capitalized players win the world, in many ways trading bitcoin right now is like trading penny stocks. The majority of the market participants are of the speculator type and if you’re a good trader then there’s a definite competitive advantage there.
In this episode we discuss:
- The difference between Bitcoin and Blockchain.
- Some of the most common misconceptions around bitcoin.
- The future of Bitcoin and Blockchain technologies
- How to get started trading bitcoin.
- The similarities between trading Bitcoin and Forex.
- How to deal with the volatility around bitcoin.
- Recommended bitcoin exchanges and resources.
@ferdousbhai – Ferdous on Twitter
Fold App – App to spend bitcoin in the real world
Purse.io – Buy items on Amazon using bitcoin and save
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