Bitcoin has arrived!

| Monday, 13 January 2014 12:41
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80506
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The digital coin everyone is talking about has arrived at eToro – Bitcoin is finally here for you to invest in!

Bitcoin has arrived at eToro!

Bitcoin is now officially available for trading through the eToro OpenBook.

 

What is Bitcoin?

It’s entirely possible that this is the first time you’ve ever heard about Bitcoin. In that case here are a few facts about the world’s first decentralized digital currency.

Launched in 2009 by creator Satoshi Nakamoto, Bitcoin is a peer-to-peer currency that is not regulated by any central authority. Bitcoins are bits of code which is encrypted to ensure that each Bitcoin is unique and is only owned by one person at a time.

Just as currency is minted, Bitcoins too have to be created. This is done through a process called “mining”. Every computer can join the Bitcoin mining network and become a “miner”, which involves solving mathematical problems in order to earn Bitcoins. On average, a “mining” computer makes approximately 25 Bitcoins every 10 minutes. These Bitcoins are then distributed by the miners through Bitcoin exchanges. It is estimated that just over 12 million Bitcoins, currently worth approximately 9 billion USD, are currently in circulation around the world.

As of 2013, a significant number of worldwide online service providers have started accepting Bitcoin as payment for their services. These include OkCupid, WordPress, Foodler and Baidu.

Why is everyone so excited about Bitcoin anyway?

How do I invest in Bitcoin at eToro?

Investing in Bitcoin at eToro is very much like investing in stocks. It’s as easy as 1-2-3.

1. To start off, go to the Bitcoin page on eToro OpenBook:

Bitcoin page on eToro OpenBook

2. Click on the “Buy Stock” button and select the amount you wish to invest (as little as $10):

Bitcoin amount selection page

3. Confirm your investment and you’re good to go!

Once you confirmed your order, your order is placed and awaits trade execution. It is then executed by our trading team at 6:00, 12:00, 18:00 or 00:00 (GMT). Trading days for Bitcoin at eToro are Mondays to Fridays.
Please note that while Bitcoin is traded over weekends and holidays, at eToro it is not; there will be no trading of Bitcoin over weekends and holidays.

Important note: All Bitcoin orders will be executed in bulk four times a day at the market price at 06:00, 12:00, 18:00 and 00:00 GMT. This means that price changes between those execution times will not affect the order execution price, and therefore we recommend looking at longer term price trends when considering your investment.

 

If you have any further questions about Bitcoin please don’t hesitate to visit our Customer Service wall on eToro OpenBook.

And if you have any comments or suggestions, you know what to do. Share your thoughts below!

Remember: Bitcoin investments at eToro are carried out as CFDs. Investing in CFDs carries risks to your capital.

Note: Past performance is not an indication of future results. This post is not investment advice. CFD trading bears risk to your capital.
| Monday, 13 January 2014 12:41
17
80506
number of times this post has been viewed
13 comments
wgrevillefx
wgrevillefx

Speculating on any currency is risky, and speculating on a fictitious currency is probably not a good idea.     Fiat money will fail, no matter what, but at least, it's liquid.  Bitcoin has too many issues right now to invest in it.   Just a few thoughts from a currency trader.

benny213
benny213

Hi Abby,

           Well  you have explained it ok,  but it seems  at the moment  you are not investing in any thing  tangible,   just the idea  of this currency,  that  is only in effect   compuer money, ?  i do not disagree  that may be in time  their will be  a call for this, as i'm  sure  in the  future we will not  be useing solid currency,  but only  this  kind of  money,  but i feel   you just may be a little  early  with this,    but  i do hope  it  does  well,   it  does always take some one to be first,  sadly  often  those with the best ideas  lose  the  most   just  because  they  have the  idea  a little  to soon,  good  luck 


OtmaneELRHAZI
OtmaneELRHAZI

Good question. How liquid is this market? What is the bid-ask in normal hours?

RoseWhite
RoseWhite

One question is:  how can the price keep going up if supply keeps increasing?  Gold and silver have to follow general trade conditions with short term falls so presumably bitcoin will do the same?

Is there anything to stop e Toror just suddenly releasing a flood of new bitcoin to crash the price so they and their accomplices can buy them back cheaper just as happens with other stocks?

RoseWhite
RoseWhite

sounds crazy but if each coin is now worth $1027 then there is some money to be made unless it all collapses into the same hole the South Sea Bubble imploded into?

In practice do I invest say $1000 today and in six months I need $1000 to buy something so I can cash the bitcoins and hope they will have gained value to leave me with a slight surplus over my original $1000?

benny213
benny213

so what exactly can you do with this ,  it sounds to me like a complete scam, some guy or girl invented  computer money,  this has been going around for years on different sites,  but this  person wants us to pay hard cash for it , really ?  well  you show me some thing worth while it can be spent on  , and guarantee with every thing you own in the world   it will not flop,  then i may  just look at it  ,  from  a  long distance , 

LukiJohnson
LukiJohnson

I tought this bitcoin crashed a moth ago after China refused to acknowledge it as currency.

cwhill
cwhill

@RoseWhiteDo some research. Bit coins are "mined" by solving complex algorithms and will be capped at 21 million. Toror (or anyone) cannot simply release new coins. Unlike the current monetary systems bitcoins are finite, preventing economic problems such as inflation.

Abby Tsype
Abby Tsype

@benny213 Hi there, first of all let me point out that at eToro you don't buy Bitcoins,  you invest in the possibility of their price going up. You can't actually spend them. Secondly, Bitcoin has been around for years now and there are many major retailers that accept it. Is there a possibility that it will one day be banned or people stop using it, sure, that is just the risk that Bitcoin purchasers take. If you think about it, the Euro is also a relatively new currency, and for the past 4 years there has been talk of the Eurozone countries abandoning it and going back to their original currencies, but investors kept investing in it. Basically what I am saying is that every investment is a risk, you just have to be aware of it when you make it. But again, investing in Bitcoins at eToro does not mean buying Bitcoins.Hope this clears things up! 

cwhill
cwhill

@LukiJohnsonRight now, 1btc = just over $800. So, nope.. still going strong!