Trading BTC to CRC
The BTC to CRC includes the strongest cryptocurrency against fiat currency. Due to the combination of factors that affect this pair, the BTC to CRC value has an adequate level of volatility, which makes it attractive for traders. Bitcoin to CRC can fluctuate up to 10 per cent within a given week, while in a month this pair may move beyond 10 per cent. More patient traders or traders willing to hold a position for a few months may have the opportunity to get even larger profits because the BTC/CRC pair can move by more than 40 per cent during a year.
Bitcoin to Costa Rican Colon is also interesting for traders because of the constant fluctuations when the price may experience retracements and bounce backs.
What is Bitcoin?
Since its introduction in 2008, Bitcoin has had a significant impact on the financial markets and on 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 has 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 forever. 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 Costa Rican Colon (CRC)?
Costa Rican Colon (CRC) is the official currency in circulation in Costa Rica which was introduced in 1896. It is named after Christopher Columbus, which in Spanish is Cristobal Colon. Although the Costa Rican Colon exists for more than one hundred years, the first currency in Costa Rica was the peso. An interesting fact about the CRC is that until 2006 its exchange rate regime was characterised as “crawling peg” where its value was tied to the US dollar. So, instead of having a fixed value against the USD, the CRC value was adjusted on a monthly basis.
Which factors affect CRC value?
The CRC has significantly decreased in value many times – it weakened by a couple of percentages against the US dollar resulting in devaluation. Keeping this in mind may help provide profitable trades with the BTC/CRC.
Economic, political or social factors can also affect CRC value. For instance, a national strike which took place in Costa Rica boosted the inflation rate, which combined with other factors resulted in a CRC devaluation.
The balance of trade between Costa Rica and the US also has an impact on the rate, which in turn affects the BTC to CRC exchange rate. Furthermore, Costa Rica is perceived to be among the most developed countries in Central America, which shows certain stability. However, an increase in public debt, negative economic events and changes in interest rates have a significant impact on the value of its domestic currency.
When trading BTC to CRC, you may want to keep track of the developments in the tourism and agricultural sector in Costa Rica as these sectors are among the most important in the economy.
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