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Bitcoin is a virtual currency that shocked the world after it was introduced by the still-unknown Satoshi Nakamoto in 2009 as an open-source code. It became part of the legitimate forex trading world in 2013 and is widely used as a payment method.
There are many advantages in using bitcoin as a payment system. First of, for traders in still developing countries wire transfers or credit cards often are not an option due to limited access or heavy regulatory control from the government. Precisely because of this Bitcoin was created – to ensure a space for financial transactions free from government scrutiny – and because of this it is now used by traders in different developing or underdeveloped countries. Iranian traders prefer Bitcoin as a safe and quick payment method which is not connected in any way with the Central Bank of Iran.
Furthermore, Bitcoin removes the cost of credit card fees and the risk of chargebacks. It also allows forex brokerages from Europe to target traders residing in countries well behind in economic and banking development, besides their local base.
Traders store bitcoins in a so-called “blockchain wallet” which is a sort of digital wallet that allows the storage and management of cryptocurrencies. There are currently over 22 million active blockchain wallets.
Some of the foremost forex brokerages provide bitcoin as a payment method for clients. An example is FXOpen which is regulated by both the FCA, ASIC and the FMA, as well provides the MetaTrader4 platform.