I have been into bitcoin and other cryptocurrency trading and I have seen how most persons endulge in forex and make it big while some persons lose massively.
I would want to understand fully the differences in trading bitcoin and doing forex and if they are similarities.
Please help out.
Forex long existed before Bitcoin was created, the rules that apply to forex also apply to Bitcoin in all aspects of technical analysis but there are some limitations when in volatility and fundamentals when it comes to forex. Crypto/Bitcoin makes moves 2 times than forex most of the time but there are times some forex moves too but not as often like the way Bitcoin moves. As you can see, between last week and this week, Bitcoin made 15% up and many stock never did that move.
The fundamental analysis of Bitcoin is open to everyone, you get to know everything that is happening around Bitcoin, not hidden like the wall street but forex information are always hidden from the public unless you are very active with true information. In addition, Bitcoin has bull run every 4 years, though not guaranteed but forex doesn't have it and this is the time a lot of people make money from Bitcoin which is open for everyone to make money as long as they buy.