The professionals in this industry, who until now were dedicated to analyzing and finding opportunities on the global stock exchange, had to adapt to the fact that the digitization of finance would also reach them. For those who knew how to take advantage of that new investment window with cryptocurrencies such as Bitcoin, the bet ended up being more than profitable.
Although the digitization of the economy is a global phenomenon, it has had a fairly large impact in Spain, transforming both exchange markets and the behaviors of citizens who find new options to invest. In this case, it has been a great factor in terms of economic impulse since, according to studies, in a few years it became 30% of the country's total growth and consolidated as one of the parts that can generate the greatest contributions to wealth, creating new jobs for Spaniards and bringing GDP to its greatest potential in several years.
It is impossible not to mention Bitcoin when we talk about the digitization of finance since it was not only the fastest growing cryptocurrency but also responsible for making this new form of exchange known throughout the world. After its biggest take-off, in 2017 the chain decided to divide it in two to reach new audiences and defined the creation of both bitcoin and Bitcoin cash, making their differences, utilities and who could benefit more from one option than another noticeable.
Bitcoin and Forex tools
Bitcoin cash can also be traded with CFDs and, like Bitcoin, is a virtual currency that works for peer-to-peer electronic payments and has a blockchain-based technology that is strong and secure enough to allow exchanges between individuals with confidence but without depending on financial entities. By eliminating these third parties that usually have their own commission from the equation, it meant that each transaction could dispense with an extra cost to be carried out between users and with that added value, it began to be increasingly attractive.
Like any currency pair, cryptocurrency pairs can also be analyzed by the Zig Zag indicator, it is an extremely useful tool to determine market trends, support and resistance zones and classic graphic patterns. The Zig Zag uses both highs and lows of the price for its calculation. As the demand for Bitcoins grew and the blocks of its technology that positioned them in the exchange market were filling up faster and faster, a software change was necessary. Although Bitcoin Cash is not regulated in the same way as traditional exchange tradings, it does undergo modifications in its value like any market regulation, based on supply, demand and, above all, confidence that other entities begin to place in it. For cryptocurrency miners, being more achievable than normal bitcoin blocks, it also became a much more lucrative activity and that triggered its price.
However, and beyond the fact that cryptocurrencies may seem distant to consumers, more and more people are looking to start operating digitally, aware that this is the future of money. To operate successfully with them, a little research on the subject and the risk management that any new investment brings is necessary, familiarize yourself with software such as MetaTrader Supreme Edition for MT4/MT5 to start operating safely and become one more of the Spaniards who today choose to bet on the future of the digital market to continue growing their economy.
