Trading BTC to BYN
The BTC to BYN currency pair may be of particular interest given the popularity and liquidity of BTC along with the history of Belarusian Ruble. The fiat currency in the BTC/BYN pair has been subject to devaluation and redenomination during its existence. Also, the BYN has been pegged to the US dollar as a Central bank tool to rebuild confidence and stabilise the national currency.
If we look at the BTC/BYN chart and at the degree of fluctuations in BTC to BYN value, it is evident that traders have the opportunity to earn a decent profit. Namely, within a given week, the value of Bitcoin to BYN can change up to 25 per cent. The fluctuations can be much bigger during an unexpected event as it was the case with the outbreak of Covid-19. So, there are plenty of possibilities for developing different types of trading strategies.
What is Bitcoin?
Since its introduction in 2008, Bitcoin has had a significant impact on the financial markets and trading. Despite the scepticism related to BTC in the early years, it is now one of the most actively traded cryptocurrencies in the world. Bitcoin is a base or quoted currency in tens of currency pairs with a daily trading volume reaching tens of billions of pounds.
Here are some interesting facts about the BTC
- At the beginning of 2010 Bitcoin price was only $0.003 and with $1 you were able to buy more than 300 Bitcoins. Today $1 can be used to cover only a portion of your trading fees because BTC appreciated substantially since then.
- Although the name Satoshi Nakamoto is associated with the invention of Bitcoin, in reality, the creator (or creators) of Bitcoin is unknown.
- Losing your crypto wallet private key most likely means that you can no longer access your Bitcoins, they are lost for ever. So, find a safe way to keep your private key.
- The Bitcoin supply is limited to 21 million coins.
- In some stores, you can use Bitcoins to buy food and drinks, video games, flights and even property directly.
- The real-world transaction in Bitcoin was made in 2010 when Laszlo Hanyecz paid 10,000 BTC for two pizzas which were worth only $30. Later on, 10,000 Bitcoins were worth tens of million dollars.
Which factors affect Bitcoin value?
The supply and demand for Bitcoins have a major influence on its price. The cost for mining Bitcoins also affects the value of BTC, in a way that higher costs would imply that BTC value should increase or mining would be unprofitable. The number and strength of competitive cryptocurrencies and the number of currency exchanges which quote the BTC can positively or negatively impact BTC value. Moreover, different regulations and legal issues can affect the value as it was evident in the past.
What is the Belarusian Ruble (BYN)?
Belarusian ruble (BYN) is the national currency of Belarus. It was introduced for the first time in 1992 after the dissolution of the Soviet Union. The second BYN was launched in 2000 when it replaced the first Belarusian ruble with an exchange rate of 1,000 old BYN for 1 new BYN.
The central bank of Belarus has reduced the exchange rate of BYN in a couple of occasions since it was first launched. In addition, the central bank of Belarus performed redenomination of the BYN in 2016 when the previous banknotes in circulation were substituted with a new series of banknotes at a predetermined rate.
Which factors affect BYN value?
Some of the crucial industries in the Belarusian economy are agriculture, manufacturing of motorcycles, textiles, refrigerators, transport and logistics, cars, chemical and petrochemical, etc. Negative economic conditions in its main export and import partners, especially Russia, might cause changes in the value of BYN. Adverse changes in oil prices will also hurt the Belarusian ruble. BYN is tightly related to other foreign currencies and consequently, swift changes in the value of them can negatively affect BYN.
When trading BTC to BYN you should monitor the changes in the Belarusian economy and possible changes in monetary indicators. Pay attention to the supply and demand for BYN to identify potential signals and define your position with Bitcoin to Belarusian Ruble pair.
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