Twenty four hours a day, seven days a week, you will find people ‘rolling the dice’, playing games, trying to outsmart ‘the house’, as well as spending, winning, or losing money. If you hadn’t read the title of this article, you may have thought I was talking about Las Vegas. Welcome to the world of cryptocurrency trading, where the environment is a place of work for some, and a place of entertainment for others.
There are no borders and there are no closing bells, but there are bots, brokers, traders, and charters, with some going short, and some going long. It isn’t for the faint of heart as wild speculation, often groundless, can lead to 25% (sometimes greater) price swings in a single day. It can however, make for some exciting trading if you know what you are doing and have an appetite for risk.
Around the world, people are playing the market with very little money on the table. In fact, because there are so many places to get tiny amounts of bitcoin for free, you can actually start with no money at all. You can try your luck at any one of more than seventy cryptocurrency exchanges globally, but I would recommend sticking with the reputable ones. Be cautious of any new issue currency with grandiose plans – in reality their only purpose may be to dump on unsuspecting buyers. It is always best to start small and only with money you can afford to lose.
This isn’t the land of blue chip investing, but there are select digital currencies that are starting to separate from the herd. They are the few with teams behind them that are displaying strong leadership and unwavering dedication to their goals, traits not often seen in this industry. As the industry matures, these buy and hold ‘blue chip cryptos’ will help ground and stabilize it, but for now the market is home to the young, the energized, and the digitized.
Note: Some skeptics doubt that bitcoin and other cryptocurrencies will ever be classified as money. Considering that on top of their use as a payment, investment, alternative retirement plan, and forging their way into various ETFs, they are used for gambling, gaming, day trading, margin trading, hedging, etc… That certainly sounds like some form of money to me.