WHAT IS FOREX AND HOW DOES BITCOIN WORK ( A GUIDE FOR BEGINNERS )

What is Forex Trading?

Forex trading is simply the buying and selling of currencies.

To further explain in a layman’s terms.

Let’s assume I have a need to travel to UK to visit a family member for a week.

On the day of my departure, on getting to the airport, I had to change my $ to GBP (Great Britain Pounds) because I can’t use $ in UK.

Let’s assume I need 1k GBP for my travel. Let’s assume 1GBP = $2

That means for me to have 1k GBP I need $2000

So after changing the money at my home airport, I traveled to the UK.

Because I was visiting a family member, all my needs were taken care of and I ended up not spending the pounds I changed.

On the set date of my departure from UK on getting to the airport I had to change the pounds back to $, because I won’t be needing pounds back home.

Let’s assume that during my 1week stay in the UK that pounds appreciated.

That means 1GBP went from $2 to $3

At the airport back home when I gave them my 1k pounds instead of giving me $2000 I was given $3000 instead. Which means because GBP appreciated within the 1week I was in UK I have made a profit of $1000.

But let’s assume during that one week, pounds depreciated from 1GBP = $2 to $1.5

That means when I gave them my 1k pounds back home, instead of $2000 i got $1500.

Which means within the 1week I spent in UK I have made a loss of $500

This is basically what the Forex market is all about.

The goal of every Forex trader is to predict at what price a particular currency pair will either buy or sell at in the future.

When your prediction goes in line with the market, profit is made but should your prediction go against you, then you make loss.

On that note we shall keep trusting the process, and make sure we study and learn how to profit from these changes in price🙏

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How does Bitcoin work?

Bitcoin nodes send and receive transactions with other nodes in the network and verify their validity.

Bitcoin nodes cooperate with Bitcoin miners to maintain the integrity of the system.

First, nodes broadcast and relay transactions to other nodes and miners.

Running a Bitcoin node allows a user to interact with the Bitcoin network more privately and securely.

A Bitcoin node enables a user to prove their ownership of bitcoin without relying on any third party.

Setting up a Bitcoin node is relatively simple, and it strengthens the robustness of the network.

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With this information you can go into the Crypto Currencies and Forex Trading Markets with more confidence to make profits.

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