When the global economy entered a tailspin in late 2008, many people lost their jobs and were left with few prospects. This left millions of unemployed young people scrambling for ways to make money. Unemployed youths who cannot find any work may have no choice but to shift over to trading Cryptocurrencies instead. If you are wondering why unemployed youths are turning over to Cryptocurrency trading, here are some possible reasons:
Bitcoin Trading is anonymous and easy
One of the key reasons young people are turning over to Cryptocurrency trading is because it is easy and anonymous. Unlike stocks and forex trading, it is much harder to trace a person’s Cryptocurrency transactions. This makes it perfect for those who wish to conduct trading in secret.
Anonymity is particularly important for those engaged in underage trading or those with questionable financial ethics. It’s important to note that there are some legal restrictions on trading Cryptocurrencies. It is still considered illegal to trade Cryptocurrencies if you are underage, if you are trading for illegal purposes, or if you are engaging in fraudulent trading practices.
Bitcoin Trading is fast and cheap
One of the best things about Bitcoin trading is that it is fast, especially when compared to forex trading. Forex trading can take months to complete because trades are settled and settled on the forex markets at least once a day. In contrast, Bitcoin trading is settled on the blockchain every 15 minutes. This means that a Bitcoin trade on BTC Lopphole or other platforms can settle instantly with no delays.
Additionally, forex trading is expensive, especially for someone who wants to trade small amounts of money. For example, you can send a forex wire transfer for as little as $250. On the other end of the spectrum, you can send a Bitcoin transaction for as little as $0.20. This makes Bitcoin trading cheap and accessible for all kinds of investors, no matter their financial standing.
Bitcoin Trading provides an exit strategy for young investors
Another great thing about Bitcoin trading is that it allows investors to exit their positions at any time. This makes it an ideal investment vehicle for those looking to get out of the market quickly. The traditional stock market, on the other hand, does not offer a way to exit a position quickly.
You can get stuck with a bad investment for years before it is possible to sell that investment at a loss. The good thing about Bitcoin trading is that it allows investors to exit their positions quickly at any time. This is important because it allows investors to take profits or cut their losses if the price of Bitcoin drops. It also means that investors don’t have to wait for a certain period to get out of their investment.
Investors who are looking to get into the stock market, but are unsure of how may find that a Bitcoin investment is a good way to get started. This is because they don’t have to worry about taking a huge amount of risk with their investment.
Additionally, How Are Cryptocurrencies Taxed?
Bitcoin Trading is less risky than other trading options
Unlike stocks and forex, Bitcoin trading does not come with a high degree of risk. Most forex trading comes with a high degree of risk, even if it is done with a small amount of money. Stock trading also comes with high risk, especially for new investors. Many youths find that stock trading poses a high degree of risk, especially for those who are new to the practice.
Moreover, it is very difficult for people to accurately predict stock market trends. It is not uncommon for small stocks to suddenly soar or crash. This makes stock trading a high-risk venture. Cryptocurrency, on the other hand, is much less risky than forex or stocks. There is a high degree of volatility in the price of Cryptocurrencies, but this makes it even more attractive to traders who are looking for an investment that is high-risk, and high reward.
Now that you know the top reasons why unemployed youths are turning over to Cryptocurrency trading, you can begin to see the appeal. Overall, trading Cryptocurrencies is a fun way to make money and can be done from the comfort of your home. The best part is that there is no need for you to possess any particular skill or expertise. All you need is a computer, an internet connection, and a trading account to get started on your Cryptocurrency trading journey.