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A relatively new entry to the digital currency space, ActionCrypto offers bitcoin enthusiasts a way to speculate on the future price of bitcoin using bitcoin itself, and without having to purchase more of the underlying asset. How does it do this? ActionCrypto is a form of binary options platform, one of the first and only to operate purely using digital currency. BTCUSD has been offered as a tradable asset on a number of forex and options platforms for the past few months, but previously, traders have not been able to fund the purchase of their options in bitcoin. This has now changed.
So how does it work? The process itself is relatively simple. Those familiar with binary options trading will already be aware that the first step is to choose an expiry time, form a bias and decide the size of the contract you wish to purchase. If you think bitcoin price will increase over the next hour, for example, you would select “up” on the platform, and then select a 60-minute timeframe.
Once done, simply scan the QR code or copy and paste the BTC address published on the site’s homepage into the purchase option window. Then, send your exact contract size in bitcoin from a wallet that can directly receive BTC. Your option is now opened, and will appear on the open options table at the bottom of the homepage.
So what’s in it for you? Well, if your option expires in the money – i.e. your prediction was correct – you will be paid your initial BTC investment multiplied by a particular multiplier. At time of writing, payout on a one-minute up option is x1.39.
A quick and easy way to speculate on the future value of bitcoin? We think so – what about you?
