zertifikat_bitcoin

Top 7 Ways to Short Bitcoin

The vast majority of Bitcoin speculation occurs through long and short positions across trading platforms. Longing and shorting has been a more favorable solution for most national currencies and assets over the past few years. Bitcoin speculators rely on these same tools to guesstimate how the price will evolve in the coming hours, days, and weeks. Given the current BTC price trend, shorting Bitcoin becomes quite appealing. Below is a brief list of ways to short Bitcoin and – hopefully – make a profit while doing so.

#7 Bitcoin Margin Trading

One of the most common ways to short Bitcoin is by using a cryptocurrency margin trading platform. A lot of major Bitcoin exchanges give users this opportunity, albeit some specialized trading platforms are worth checking out. By using margin trading, one essentially “borrows” money from a broker to make a trade. Do keep in mind there is also a leverage factor, which can exponentially increase your profits – and losses.

#6 The Bitcoin Futures Market

Another popular option to short Bitcoin without friction is by venturing into the futures market. A future is a financial contract where a buyer agreed to purchase a security, which is represented by Bitcoin in this case. This security is to be purchased at a future date and a fixed price. In most cases, the person buying a futures contract feels the price per Bitcoin will go up, and they will be able to purchase Bitcoin below the market price when the contract “expires”.

Selling a Bitcoin futures contract indicates a bearish mindset and an expectation of how the Bitcoin price will decline by the predetermined date. Right now, there will be a fair few futures contracts for sale, as the Bitcoin market is in a downward spiral. Selling futures contracts is an excellent way to short Bitcoin.

#5 Lending To Short Bitcoin

Several platforms allow users to receive a loan to short Bitcoin . While this is a rather complicated and lengthy process – including a credit check – it is a great way to short Bitcoin. More importantly, clients using such a service will remain anonymous to the public, yet have their identity verified by the company providing the service. For more privacy-centric users, this may not necessarily be the best solution, even though it is worth checking out.

#4 Binary Options Trading

CALL and PUT Options trading is another opportunity for people looking to short Bitcoin. People looking to short Bitcoin would execute a PUT order, preferably using an Escrow service. Traders who feel the price will go down aim to secure the ability to sell Bitcoin at today’s market price, even if a downward trend would occur. Speculators using a PUT option, provide an incentive to potential buyers in the form of an even lower price per Bitcoin than who the speculator hopes to get. For example, if someone wants to short Bitcoin at the value of US$750, yet wants to secure that price even when the value drops to US$700, they could settle to sell for US$725 as a “premium”.

#3 Bitcoin Options

A Bitcoin option is slightly more advanced than its binary option counterpart. A fall in Bitcoin value will earn a profit, which is exactly what shorting Bitcoin is all about. Options allow speculators to bet the value of Bitcoin will be lower by a specific date or how it won’t reach a particular threshold above its current price within a period. Using Bitcoin options can be done through one of the many platforms or speculators can create their own.

#2 Prediction Markets

Even though prediction markets are a relatively new development in the cryptocurrency world, they can be used to great advantage to short Bitcoin. A prediction market allows anyone to create any event they like, and wage on the outcome. For example, one could create an event, stating how Bitcoin’s price will drop to US$xxx by y date. If anyone takes up the speculator on that bet and loses, the speculator will have effectively shorted Bitcoin and made a profit Keep in mind prediction markets are rarely used to short Bitcoin right now, and this may not be the best solution to make a profit.

#1 Short-selling Bitcoin Assets

The rare breed of cryptocurrency speculators who wants to buy and sell actual Bitcoins can look into short-selling Bitcoin. This works as follows: sell Bitcoin at a price you feel comfortable at, wait until the price drops, and buy Bitcoin again. Although this is how most “traditional” traders make money, it is an efficient way of shorting Bitcoin. The only downside is how getting the price movement wrong will result in a net Bitcoin loss. Buy low and sell high is the most efficient way to publicly short Bitcoin and try to persuade other traders to do so as well.

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About The Author

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Interesting article, shorting my Bitcoin position for August 2017 when hard or soft fork happens. Options seems good, an insurance premium in case the price falls. I am guessing a lot of Crypto market cap will also go into Ethereum, its probable Ethereum will be the number one market cap coin by then anyway.

Jeeezzz…. remind me to never take advice from you ..

I would be extremely happy with that.

lol how’d that short work out for you buddy?

Good, shorted down to 1900 then went long 😉

Been looking into this, how does one obtain the assets to short in the first place? Referencing the #1 point which you have made.

This article is worthless. Doesn’t say where each of these venues are….

Good thing I got my adblock on, author bishhhhhhhhh

Looks like it topped at 4430. Goldman Sachs (chief technician Sheba Jafari) came out (August 14) and said they have a 4827 price target. When people come out to give higher price targets, they have already marked the top and want people to provide support as they exit the market. At least they tell you when they are about to pick your pocket.

“Buy low and sell high is the most efficient way to publicly short Bitcoin and try to persuade other traders to do so as well.”

I thought in the case of a short the whole point is to buy high and sell low….

“Several platforms allow users to receive a loan to short Bitcoin….” Several like…?

Vontobel Bitcoin Tracker Certificate Gaining Popularity in Switzerland

A Swiss investment certificate that tracks the price of bitcoin is gaining popularity with investors. The Vontobel bitcoin certificate is one of the most-traded structured products on Switzerland’s largest stock exchange, according to a local publication.

Strong Demand for Bitcoin Tracker Certificates

The Vontobel bitcoin tracker certificate was launched in 2016 and is listed on Switzerland’s largest stock exchange, the Six Swiss Exchange. Since its launch, the firm saw “considerable demand” for the tracker certificate and subsequently raised its issue size a couple of times. On Thursday, a Swiss/German-language daily newspaper published by the NZZ Media Group, the Neue Zürcher Zeitung, reported:

The certificate is a success: On many days it is the most traded structured product on the Swiss stock exchange. The initially small issue volume of the certificate with a term of two years was quickly increased to CHF 20 million and now increased to CHF 40 million.

The product trades under the symbol ZXBTUV with bitcoin priced in USD as the underlying asset. The certificate has a two-year term. The first day of trading was on July 15, 2016, and the last day of trading will be on July 16, 2018. “Between those dates, investors will be able to trade the Vontobel certificate on the secondary market, i.e. buying or selling at the applicable bid/offer prices,” the firm explained. Roger Studer, Head of Vontobel Investment Banking, said this bitcoin certificate “will for the first time give investors a simple and transparent means of investing in bitcoins on the Six Swiss Exchange.” Redemption is in cash, equal to the price of bitcoin at the certificate’s maturity.

Attraction to Vontobel Bitcoin Tracker Certificates

Established in 1924, Swiss private bank Vontobel specializes in wealth and asset management for private clients and institutional investors. With 21 international locations, the firm also offers investment and private banking services. At the end of 2016, it held CHF 195 billion of client assets.

Citing the complexity of acquiring digital currencies, the Neue Zürcher Zeitung wrote that “there are a lot of questions to ask the potential investor such as: what crypto you should buy, should you do it directly on a stock exchange or with a broker, do you need a web wallet for the coins, and what to do with the elliptical code.”

These questions are why bitcoin tracker certificates and similar standardized investment products are welcomed by Swiss investors, the publication quoted an asset manager saying. Investors in Switzerland feel that trading bitcoins with a Swiss bank carries a significantly smaller risk, he continued, adding that “one does not have to invest on a bitcoin platform, which many asset managers consider unsafe.”

Meanwhile, two other bitcoin tracker certificates are also gaining popularity globally. Bitcoin Tracker One and Bitcoin Tracker Eur issued by XBT Provider recently announced having achieved $100 million in assets under management, due to “rapidly escalating” demand from investors. This announcement followed the two products’ listing by Britain’s largest broker, Hargreaves Lansdown.

Would you invest in Vontobel bitcoin tracker certificates? Let us know in the comments section below.

Images courtesy of Shutterstock and Vontobel

Need to calculate your bitcoin holdings? Check our tools section.

Zertifikat bitcoin

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Why The Winklevoss Twins' New Bitcoin ETF Matters

The Winklevoss Bitcoin Trust, currently moving towards regulatory approval, could be approved by the end of 2014 and will be a Bitcoin exchange-traded fund (ETF), with each share representing an amount of bitcoin held by the Trust. Currently, such an investment vehicle is only available to wealthy investors, through funds like the Bitcoin Investment Trust. The Winklevoss ETF will allow people with a brokerage account to invest in Bitcoin without having to worry about the challenges of buying, storing, and safekeeping bitcoin. (Read Investopedia's exclusive interview with Tyler Winklevoss.)

Proposed in 2013, the Winklevoss Bitcoin Trust was the first Bitcoin ETF to be filed with the Securities and Exchange Commission (SEC), but the Bitcoin Investment Trust announced plans in early 2014 to release an over-the-counter Bitcoin ETF. The latter is taking a different regulatory approach that does not require approval from the SEC, and has projected a launch in the fourth quarter of 2014.

What is an ETF?

ETF stands for exchange-traded fund, and is an investment fund that tracks an index, specific asset or basket of assets. Many aspects of the market are covered by ETFs. First introduced in 1989, ETFs are similar to index funds, but unlike index funds, ETFs can be bought and sold throughout the day on the stock exchange. They have low management fees, sometimes as low as 0.04%.

Background on the Winklevoss Twins

The Winklevoss twins, Cameron and Tyler, gained notoriety through their lawsuit against the Menlo Park, Calif.-based Facebook Inc. (Nasdaq:FB), from which they were awarded $20 million in cash and $45 million in Facebook stock in February 2008. They rowed for the U.S. at the 2008 Beijing Olympics, went on to Oxford University's business school in the U.K., graduating in 2010, and then became venture capitalists. In April 2013, they claimed to own 1% of all Bitcoin in existence. On July 1, 2013, their company Math-Based Asset Services filed with the SEC a Form S-1 Registration Statement proposing the creation of a Bitcoin ETF called the Winklevoss Bitcoin Trust.

Motivations for a Bitcoin ETF

The S-1 filing describes shares of the ETF to be "Easily Accessible and Cost Efficient." By offering a product that can be bought on an exchange, the Winklevoss Bitcoin Trust will allow investors to avoid the process of purchasing bitcoins on exchanges and having to handle storage. The ETF price will also be based on a blended bitcoin price that reflects the volume-weighted average of top exchanges from across the world, whose current exchange rates can differ, and some of which may be difficult for investors to access. Bitcoins can currently be bought on exchanges and through companies like Coinbase, but typically, set-up is required that requires the linking of a bank account and some level of identity verification. Furthermore, secure storage of bitcoins by placing them into cold storage - that is, in wallets that are kept disconnected from the internet - can be technically challenging and investors may not want to take the responsibility of handling this.

A Bitcoin ETF traded on an exchange will give investors ways to implement various investment strategies such as shorting the ETF and buying it on margin. Brokerages may also offer the ability to buy and sell options. Furthermore, the release of a Bitcoin ETF will give Bitcoin exposure to the investing mainstream and add to its validity as a store of value and as a currency.

The Winkdex

An amendment to the S-1 SEC filing was filed on February 19, 2013, and it included an announcement of the Winklevoss Index, or Winkdex. The Winkdex is a price index for Bitcoin. From winkdex.com: The index is "calculated by blending the trading prices in U.S. dollars for the top three (by volume) qualified Bitcoin Exchanges during the previous two-hour period using a volume-weighted exponential moving average. This proprietary formula weighs transactions proportionally by volume as well as exponentially by time to give greater weight both to the higher volume transactions and more recent transactions." The top three exchanges by volume are selected from a set of five exchanges based on the volume exchanged over the previous 24-hour period.

Criticism

Some might argue the ETF provides no value if one can buy and hold bitcoin on a service like Coinbase without having to incur the recurring fees associated with the ETF. Coinbase is a San Fransisco, Calif.-based company, backed by renowned venture capitalists such as Andreessen Horowitz, that provides Bitcoin services to consumers and merchants. For a one-time fee, consumers can purchase bitcoin on Coinbase. However, a Bitcoin ETF will allow investors the ability to exercise different investment strategies regarding Bitcoin that are not currently available in the U.S.

The Bottom Line

The Winklevoss Bitcoin Trust, originally proposed to the SEC on July 1, 2013, is currently working its way toward regulatory approval. When approved, its shares will be issued at a price arrived at through a volume-weighted average of the Bitcoin price on leading Bitcoin exchanges across the world. Anyone with access to a brokerage account will be able to purchase shares or exercise other investment strategies made available by the brokerage.

Mit flatex Zertifikat auf Bitcoin Kurs spekulieren

Es hätte fast gar nicht besser kommen können für die Einführung des flatex Bitcoin Zertifikats. Im Dezember starteten sowohl die CBOE als auch die weltgrößte Terminbörse CME die Einführung eines Futures auf Bitcoin. Ende dieser Woche fiel der Bitcoin Kurs dann stark vom Hoch bei circa 20.000 Dollar in der Spitze auf unter 11.000 Dollar ab. Ein Crash von beinahe 50 Prozent. Wieso ist dieses Ereignis günstig für das neue Bitcoin Zertifikat? Mittlerweile steht der Kurs der Kryptowährung wieder bei über 14.000 Dollar. Möglicherweise wurden einfach nur viele Gewinne mitgenommen und jetzt wird der Aufwärtstrend wieder aufgenommen. Mit dem neuen flatex Zertifikat auf Bitcoin können Anleger einfach und ohne Hindernisse wie Wallet oder das Registrieren an einer Krypto-Börse vom Krypto-Boom profitieren. Gleichzeitig haben Zertifikate kein so großes Verlustrisiko wie der CFD Handel von Bitcoin, zumindest nicht in der „Schnelligkeit" von Verlusten. Bei beiden ist natürlich das Risiko eines Totalverlustes gegeben. Was das Besondere an dem Krypto-Zertifikat ist und was Anleger dabei beachten sollten, erklärt dieser Artikel.

WEITER ZU FLATEX: www.flatex.de

Hintergrundinfos zum neuen Bitcoin Zertifikat von Vontobel

Das neue Bitcoin Zertifikat funktioniert genauso wie jedes andere Open-End-Partizipationszertifikat auch. Der Emittent ist dabei die Vontobel Bank aus der Schweiz. Unsere Recherchen haben ergeben, dass das Wertpapier natürlich nicht nur bei flatex gehandelt werden kann, sondern auch bei jedem anderen Online Broker. Schließlich ist das Zertifikat börsennotiert. Allerdings war flatex nach eigenen Angaben der erste Broker in Deutschland, der den Handel mit dem Bitcoin Wertpapier ermöglichte. Außerdem, so die Aussage von flatex Mitarbeitern, wurde das Produkt gemeinsam von flatex und Vontobel entwickelt. Da die Emission laut dem Unternehmen FinTech Group AG, der Muttergesellschaft der flatex GmbH, am 21. Dezember diesen Jahres war, war der Vorsprung jedoch nur sehr kurz. Denn spätestens einen Tag danach, konnten auch Kunden anderer Broker das Zertifikat bei ihrem Anbieter handeln. Dennoch erweist sich flatex hier in gewisser Weise als Innovationsführer.

Bei flatex das neue Partizipationszertifikat auf den Bitcoin für nur 3,90€ flat handeln.

Übrigens ist der Broker ohnehin für „Innovationen" bekannt, manchmal auch in negativer Hinsicht. So war es zum Beispiel flatex, der als erster Online Broker einen Negativzins auf Gelder auf dem Verrechnungskonto einführte. Allerdings gibt es auch viele positive Innovationen zu berichten. Eine besondere Trading Aktion war beispielsweise, dass Händler anstatt Gebühren auf Orders zahlten, je einen Euro Bonus pro Trade bekommen. Doch kommen wir jetzt wieder zurück zum Bitcoin Zertifikat. Im Folgenden wollen wir kurz die Vor- und Nachteile gegenüberstellen. Dabei wollen wir nicht auf die allgemeinen Chancen und Risiken von Bitcoin eingehen, die sind hinlänglich bekannt. Wenn nicht, dann können sie hier nachgelesen werden. Vielmehr zeigen wir die Vor- und Nachteile des Vontobel Bitcoin Zertifikats auf.

• Einfache Geldanlage in Bitcoin
• Ohne Umwege wie Wallet oder Krypto-Account
• Börsentäglich handelbar
• Wird direkt in Euro abgerechnet
• Ohne Laufzeitbeschränkung
• Bezugsverhältnis von 1:10
• Keine Knock-Out Schwelle
• Keine laufenden Kosten im Zertifikat

WEITER ZU FLATEX: www.flatex.de

Der wohl größte Vorteil besteht darin, dass Anleger ohne technisches Hintergrundwissen oder Aufwand in Bitcoin investieren können. Da der Kauf genauso funktioniert, wie bei jedem anderen Wertpapier auch, bedarf es hier nicht vieler Worte. Die Abrechnung erfolgt dabei wie gewohnt über das Verrechnungskonto. Die Kosten und Gebühren für den Kauf richten sich nach dem Preisverzeichnis des Brokers. Bei flatex kann das Wertpapier bereits ab 3,90 Euro Festpreis gehandelt werden. Vorteilhaft ist auch, dass das Bezugsverhältnis 1:10 beträgt. Das bedeutet, dass ein Anleger mit 10 Zertifikaten den Wert eines Bitcoins abdeckt. Vorteilhaft ist das insoweit, da der Bitcoin Kurs aktuell circa 14.000 Dollar beträgt. Wäre das Bezugsverhältnis 1:1 würde ein Zertifikat 14.000 Dollar kosten. Das Vontobel Bitcoin Zertifikat ist ein Open-End-Zertifikat, sprich, es hat keine Laufzeitbeschränkung.

Es handelt sich außerdem um ein klassisches Partizipationszertifikat. Das heißt, es gibt keine Knock-Out Schwelle wie bei einem Hebelzertifikat, bei der das Wertpapier wertlos verfallen würde. Ein Totalverlust würde der Anleger demnach erst erleiden, wenn der Wert des Bitcoins und damit auch des Zertifikats bei 0 stehen würde, von einer Insolvenz des Emittenten einmal abgesehen.

• Neben allgemeinem Kursrisiko existiert auch ein Fremdwährungsrisiko, da Bitcoin in USD gehandelt wird
• Nur an Börsentagen handelbar; Bitcoin selbst kann 24/7 gehandelt werden
• Emittentenrisiko, im klassischen Bitcoin-Handel gibt es kein Emittentenrisiko
• Bisher nur Long-Zertifikat, keine Absicherungsmöglichkeiten
• Es können keine Bruchteile von Zertifikaten gehandelt werden; bei Bitcoin an sich schon
• Spread von fast 4 Prozent

An dieser Stelle haben wir auch das Fremdwährungsrisiko aufgeführt. Natürlich wird der Bitcoin auch in Euro gehandelt. Doch die Referenzbörsen an denen sich das Zertifikat orientiert, rechnen die Kryptowährung in US-Dollar ab, dazu weiter unten mehr. Da das Zertifikat jedoch auf Euro lautet, haben Anleger die Chance auf Fremdwährungsgewinne oder das Risiko von Fremdwährungsverlusten. Aufgrund der extrem starken Schwankung (Volatilität) des Basiswertes an sich, spielt dieser Faktor jedoch nur eine untergeordnete Rolle.

Was wir als Nachteil empfinden ist die Tatsache, dass das Wertpapier „nur" an Börsentagen gehandelt werden kann. Das ist natürlich völlig normal, doch der Basiswert an sich wird 24/7 gehandelt. Ähnlich wie bei Zertifikaten auf Währungen, können Anleger damit zum Teil nicht auf Nachrichten reagieren. Da es sich bei einem Zertifikat um eine Inhaberschuldverschreibung handelt, besteht auch ein Verlustrisiko bei einer Insolvenz der Vontobel Bank. Die aktuellen Ratings der Bank verraten jedoch derzeit keine Gefahr. Wir führen dieses Risiko deshalb hier an, da das Zertifikat keine Besicherung und lediglich einen Barausgleich vorsieht, anders als beispielsweise bei Goldgedeckten Zertifikaten.

Entwickelt wurde das Bitcoin Wertpapier zusammen von flatex und Vontobel.

Welcher Bitcoin Kurs wird beim Zertifikat zugrunde gelegt?

Bei Bitcoin gibt es ja nicht wie beim DAX eine Referenzbörse, die den Wert laufend oder zumindest täglich berechnet. Daher müssen Emittenten bei Produkten auf Bitcoin auf Alternativen ausweichen. Im Falle von Vontobel greift die Bank auf die Börsen Kraken Bitcoin Exchange und CoinBase zurück. Aus den Kursen dieser beiden Börsen bildet Vontobel einen Mischkurs. In den Bedingungen des Wertpapiers ist zu lesen, dass der Anbieter aber bei Bedarf auch auf andere Börsen ausweichen kann, die Anzahl der „Referenzbörsen" ist dabei nicht festgelegt. Allerdings sollten mindestens fünf Prozent des weltweiten Handels der jeweiligen Kryptowährung über diesen Handelsplatz abgewickelt werden. Als Grundlage werden die Daten der vergangenen 30 Tage herangezogen.

WEITER ZU FLATEX: www.flatex.de

flatex überzeugt wieder mal

Zwar machte flatex mit der Einführung von Strafzinsen auf dem Verrechnungskonto negative Schlagzeilen. Doch im Großen und Ganzen ist der Online Broker dennoch weiterhin eine der Top Adressen im Tradingbereich. Zwar kann das Bitcoin Partizipationszertifikat auch bei anderen Brokern gekauft werden, so auch bei unserem Aktiendepot Testsieger DEGIRO. Allerdings entstand die Idee und Umsetzung als Gemeinschaftsprojekt von flatex und Vontobel. Daher können wir flatex ebenfalls uneingeschränkt als Anbieter empfehlen. Anleger handeln dieses Wertpapier dort für nur 3,90 Euro Festpreis. Die Flatrate im Trading ermöglicht damit eine exakte Kalkulation der Tradinggebühren. In unserem flatex Depot Test konnten wir dem Broker ebenfalls Bestnoten bescheinigen, 10 von 10 Punkten.

Darum empfehlen wir flatex

• Kostenloses Depot und Verrechnungskonto (allerdings Negativzinsen auf Guthaben auf dem Verrechnungskonto)
• Keine Mindesteinlage
• Ständig wechselnde attraktive Tradingaktionen
• Schon ab 0,- Euro handeln
• Festpreismodelle
• Keine Limitgebühren
• Moderne Handelsplattform
• Top Broker App für Android und iOS

Über flatex select kostet der Bitcoin Handel lediglich 3,90€.

Fazit: Mit Bitcoin Zertifikat einfach am Kurs partizipieren

Mit dem neuen Bitcoin Zertifikat von Vontobel in Zusammenarbeit mit flatex, können Anleger sehr einfach am Bitcoin Kurs partizipieren. Das Zertifikat bildet den Bitcoin Kurs im Maßstab 1:10 ab. Als Grundlage für den Kurs werden die Kursstellungen der Börsen Kraken Bitcoin Exchange und CoinBase herangezogen. Selbstvertsändlich tragen Anleger auch in gewisser Weise ein Fremdwährungsrisiko, da das Zertifikat in Euro abgerechnet wird. Aufgrund der starken Volatilität im Basiswert, scheint dieses jedoch fast vernachlässigt werden zu können. Zwar tragen Händler ebenfalls das Risiko eines Totalverlustes. Ein Totalverlust tritt jedoch erst dann ein, wenn der Bitcoin Kurs auf 0 fällt.

Das Bitcoin Partizipationszertifikat wurde zwar in Kooperation von flatex entwickelt, kann jedoch auch bei jedem anderen Broker aus unserem Aktiendepot Vergleich gehandelt werden.

Prospectus

BitcoinETI is Europe's first bitcoin backed Exchange Traded Instrument for sophisticated investors.

Key Information

Name: BitcoinETI

Offering type: Sophisticated investors only

Objective: UCITS eligible, Asset-backed security whose value and the related performance is linked to the underlying Asset (Bitcoin) collateralised in a segregated cell

Ticker: BTCETI

ISIN number: MT0001151225

Exchange: Gibraltar Stock Exchange and Deutsche Börse

Currency: Euro

Management fee: 1.75%

Minimum order size: 100,000€

Sponsor: Revoltura Ltd.

Arranger: Argentarius ETI Management Ltd.

Structure: Asset-backed Exchange Traded Instrument

Bitcoin custodian: Coinbase

Timing: July 2016

Advantages

European-wide: EU passport through listing at the Gibraltar Stock Exchange, enables sales in all 31 EEA countries as well as in Switzerland

Non-leveraged: Bitcoin represents fractional, undivided interest in the ETI portfolio

Liquid: ETI units can be redeemed or traded in the secondary market

Transparent: The guidance price of the BitcoinETI and the bitcoin price can be tracked daily at BitcoinETI.com

Easy access: Can be purchased by suitable investors through their normal/standard broker relationships so the trade and settlement process is transparent and simple for all parties

Settlement: T+2 Clearstream/Euroclear

How to short bitcoins (if you really must)

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The rise of bitcoin, an electronic currency traded on an online exchange, has generated a media frenzy. Once scoffed at, its value has risen by 631% (denominated in dollars) since the start of 2013.

Lots of people think that means we’re in a bitcoin bubble and it will eventually pop. But if you’re one of these bitcoin bears, it’s not easy for you to “short” it—i.e., bet that its value will go down.

The usual way to short a currency is to use a currency pair—something like EUR/USD, the value of a euro denominated in dollars—which trades as a single unit. For example, if the euro was trading at $1.3000, you would “borrow” a currency pair from your broker, which you have to return within a certain period of time, and sell it on the open market, pocketing $1.30. If after an hour EUR/USD is trading at $1.2950, you can buy the currency pair at that price and return it to your broker, making a profit of $0.0050. (If you’re wrong, you lose out.)

Most of the exchanges which allow you to trade bitcoins, however, don’t currently offer anything like currency pairs, nor any other futures or derivatives. Which means you would have to amass a stock of actual bitcoins to bet on them. That gets expensive.

One day, if bitcoin becomes well established, institutional foreign exchange dealers could make markets in bitcoins. (Among the current obstacles: There are only 11 million bitcoins in existence, and there can never be more than 21 million, so it’s not a very liquid market. If a way ever emerges to break bitcoins up into even smaller fractions, that might solve the problem, according to traders we spoke to.) But for those looking to short bitcoins right now, there are two notable ways to do it:

• Bitfinex: A Hong Kong-based bitcoin exchange based in Hong Kong, Bitfinex allows ordinary bitcoin holders to act like brokers and lend bitcoins to people who want to trade them. The exchange does a lot of this automatically.
• ICBIT: ICBIT allows traders to make bets using futures—financial contracts in which a buyer agrees to buy a security, in this case a bitcoin, at a future date at a predetermined price. Futures contracts can be bought and sold, so you can make money without buying the actual bitcoins themselves. This platform will also let you trade commodities, such as oil, in bitcoins.

Still, do you really want to short bitcoins? The market is still pretty volatile, and because it’s an unfamiliar mix of currency and equity, it’s likely to stay that way for a while. Remarks Cullen Roche, the founder of Orcam Financial Group, “You’d probably be better off just going to Vegas though. You’ll have more fun, about the same odds, and the drinks in the casino will be free.”

If you’d like to make us aware of any other means of shorting bitcoin, please email sf@qz.com.

Update: Article has been amended to reflect that bitcoins can already be traded in small fractions, indeed to 0.00000001 BTC (eight decimal places). Nonetheless, even with the ability to break bitcoins into small pieces, there are too few bitcoins in existence for institutional traders to be willing to trade them.

Our readers also inform us that it’s possible to short bitcoins on MPEx, which allows you to buy and sell BTC/USD currency pairs.

Why The Winklevoss Twins' New Bitcoin ETF Matters

The Winklevoss Bitcoin Trust, currently moving towards regulatory approval, could be approved by the end of 2014 and will be a Bitcoin exchange-traded fund (ETF), with each share representing an amount of bitcoin held by the Trust. Currently, such an investment vehicle is only available to wealthy investors, through funds like the Bitcoin Investment Trust. The Winklevoss ETF will allow people with a brokerage account to invest in Bitcoin without having to worry about the challenges of buying, storing, and safekeeping bitcoin. (Read Investopedia's exclusive interview with Tyler Winklevoss.)

Proposed in 2013, the Winklevoss Bitcoin Trust was the first Bitcoin ETF to be filed with the Securities and Exchange Commission (SEC), but the Bitcoin Investment Trust announced plans in early 2014 to release an over-the-counter Bitcoin ETF. The latter is taking a different regulatory approach that does not require approval from the SEC, and has projected a launch in the fourth quarter of 2014.

What is an ETF?

ETF stands for exchange-traded fund, and is an investment fund that tracks an index, specific asset or basket of assets. Many aspects of the market are covered by ETFs. First introduced in 1989, ETFs are similar to index funds, but unlike index funds, ETFs can be bought and sold throughout the day on the stock exchange. They have low management fees, sometimes as low as 0.04%.

Background on the Winklevoss Twins

The Winklevoss twins, Cameron and Tyler, gained notoriety through their lawsuit against the Menlo Park, Calif.-based Facebook Inc. (Nasdaq:FB), from which they were awarded $20 million in cash and $45 million in Facebook stock in February 2008. They rowed for the U.S. at the 2008 Beijing Olympics, went on to Oxford University's business school in the U.K., graduating in 2010, and then became venture capitalists. In April 2013, they claimed to own 1% of all Bitcoin in existence. On July 1, 2013, their company Math-Based Asset Services filed with the SEC a Form S-1 Registration Statement proposing the creation of a Bitcoin ETF called the Winklevoss Bitcoin Trust.

Motivations for a Bitcoin ETF

The S-1 filing describes shares of the ETF to be "Easily Accessible and Cost Efficient." By offering a product that can be bought on an exchange, the Winklevoss Bitcoin Trust will allow investors to avoid the process of purchasing bitcoins on exchanges and having to handle storage. The ETF price will also be based on a blended bitcoin price that reflects the volume-weighted average of top exchanges from across the world, whose current exchange rates can differ, and some of which may be difficult for investors to access. Bitcoins can currently be bought on exchanges and through companies like Coinbase, but typically, set-up is required that requires the linking of a bank account and some level of identity verification. Furthermore, secure storage of bitcoins by placing them into cold storage - that is, in wallets that are kept disconnected from the internet - can be technically challenging and investors may not want to take the responsibility of handling this.

A Bitcoin ETF traded on an exchange will give investors ways to implement various investment strategies such as shorting the ETF and buying it on margin. Brokerages may also offer the ability to buy and sell options. Furthermore, the release of a Bitcoin ETF will give Bitcoin exposure to the investing mainstream and add to its validity as a store of value and as a currency.

The Winkdex

An amendment to the S-1 SEC filing was filed on February 19, 2013, and it included an announcement of the Winklevoss Index, or Winkdex. The Winkdex is a price index for Bitcoin. From winkdex.com: The index is "calculated by blending the trading prices in U.S. dollars for the top three (by volume) qualified Bitcoin Exchanges during the previous two-hour period using a volume-weighted exponential moving average. This proprietary formula weighs transactions proportionally by volume as well as exponentially by time to give greater weight both to the higher volume transactions and more recent transactions." The top three exchanges by volume are selected from a set of five exchanges based on the volume exchanged over the previous 24-hour period.

Criticism

Some might argue the ETF provides no value if one can buy and hold bitcoin on a service like Coinbase without having to incur the recurring fees associated with the ETF. Coinbase is a San Fransisco, Calif.-based company, backed by renowned venture capitalists such as Andreessen Horowitz, that provides Bitcoin services to consumers and merchants. For a one-time fee, consumers can purchase bitcoin on Coinbase. However, a Bitcoin ETF will allow investors the ability to exercise different investment strategies regarding Bitcoin that are not currently available in the U.S.

The Bottom Line

The Winklevoss Bitcoin Trust, originally proposed to the SEC on July 1, 2013, is currently working its way toward regulatory approval. When approved, its shares will be issued at a price arrived at through a volume-weighted average of the Bitcoin price on leading Bitcoin exchanges across the world. Anyone with access to a brokerage account will be able to purchase shares or exercise other investment strategies made available by the brokerage.

Zertifikat bitcoin

Dave Dierking, CFA

Bitcoin? An Ethereum ETF Might Come First

May. 1, 2017 2:09 PM • coin

While earnings, tax reform and a looming potential government shutdown held the front page of the financial news this past week, the alt-currency market had a newsworthy week itself. The Chinese exchanges announced that it would charge a 0.2% fee on bitcoin transactions. Japan said it would recognize bitcoin as legal tender. But the biggest news may be that the previously-rejected Winklevoss Bitcoin ETF (COIN) might be back on the table again. The SEC has agreed to review its decision to reject what would be the first bitcoin ETF in the marketplace. While it's not a done deal that it'll be approved, it now seems more likely than not we'll have a bitcoin ETF sooner rather than later. The price of bitcoin shot up in response hitting a new all-time high of just north of $1340. Bitcoin was just over $1000 at the beginning of April.

Another alt-currency also hit an all-time high this past week. Ethereum's ether token topped $65. What is Ethereum you may ask? Ethereum, like bitcoin, is a blockchain network. It's an open software platform that allows developers to build and run the programming code for applications. Ether is used to pay for services and fees on the Ethereum network but, like bitcoin, can be used as a tradeable currency.

While the Winklevoss Bitcoin ETF may be getting most of the cryptocurrency headlines, the SEC announced at nearly the same time that it has begun considering approval of an Ethereum ETF. The backers of the EtherIndex Ether Trust, which would issue the fund's shares, believe they have enough in place to get it approved. And it may actually end up hitting the market first.

So how would an Ethereum ETF differ from a bitcoin ETF?

• Potential uses - While ether can be traded in the same way as bitcoin, the SEC notes in a statement that ether, unlike bitcoin, was not designed to be a pure store of value. It's designed as a means of payment for activities on the Ethereum network.
• Regulation - Part of the reason that the Winklevoss ETF was originally rejected was its lack of regulatory oversight. Ether is regulated by the New York State Department of Financial Services. This type of regulation may give the SEC a degree of comfort that it may not have had with the bitcoin ETF.
• Corporate backing - At the end of February, a group of roughly 30 companies announced the formation of the Enterprise Ethereum Alliance whose goal is to create and develop the standards that will enable businesses to more easily use Ethereum as a means of tracking data and financial contracts. Some of the biggest names in the alliance include Microsoft, JPMorgan Chase, Intel, Accenture, UBS and Thomson Reuters.

At this point, the Ethereum network looks like it's better built for a number of wide ranging long-term applications. That's good for the outlook for ether but bitcoin is further down the road as a cryptocurrency. The Winklevoss Bitcoin ETF also looks like it's further along in the SEC approval process but don't be surprised if it's the Ethereum ETF that gets the nod first.

How To Short Bitcoin: 5 Ways To Profit From a Falling BTC Price

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The price of any currency or asset goes both up and down over time – and Bitcoin is no different. If you have developed an interest in Bitcoin as an investment, rather than just a way to make payments and avoid feeding the sins of the banking industry, you should therefore consider looking at ways to make a prifit from a falling bitcoin price as well as increases in value. Buy and hold (or hodl as many bitcoiners say) can be good sometimes, but it can’t be the best option 100% of the time – sometimes you will need to ‘go short’ – effectively betting on the price going down.

There are various different ways that you can ‘go short’. Of course if you own a large stash of BTC then you can just sell a few in the hope of buying them back later at a cheaper price. This is the easiest way, but there are other methods that can potentially give you a larger profit – although be warned that this usually means they will also give you a bigger loss if you are wrong and the price goes up.

Here are three of the most popular answers to the question – how to short bitcoin?

1. Margin Trading at Bitfinex

Margin trading means that you borrow money in order to make a trade. For example, if you have 1 bitcoin you would like to use to bet on the price going down, you may be able to use that 1 BTC to borrow 10 btc at 1:10 leverage. This means you will either make 10 times the profit or 10 times the loss.

Check out the video below for a super simply guide to shorting btc using Bitfinex

2. Sell Bitcoin Futures

A futures contract gives its buyer the right to purchase a currency or commodity at a fixed price at some specified date in the future. A person buying this contract is therefore betting that the price will go up, meaning that when their contract expires they can buy at below market price and sell immediately for a profit. The person selling the contract profits if the price goes down, because when the contract expires the other party will have to buy their coins from them at above market price. If you already own Bitcoin this can be a good alternative to ‘hedge your bets’ and profit from a downturn in price, without having to actually sell your coins – because if your coins are bought from you at above market price you can just buy them back on the open market and take the difference as your profit.

You can sell futures contracts at OrderBook.net

3. Bitcoin Options Contracts

Options are another financial derivative which can be used to profit on both rises and falls in price. You can use options to place a bet that the value of Bitcoin will be higher or lower than a particular value at a certain point in the future (say after 1 day, or 1 week), or that the value will or won’t hit a certain level above or below its current price within a particular time period.

You can purchase options contracts or create your own and pay with BTC through services such as BTC Oracle

Another options service with 5 different order types and a kind of practice account set-up for learning how to use them is Gryfx

4. Binary Options

Binary options are a simplified type of options contract, usually aimed at day traders. You simply bet that the price will be higher (in which case you are buying a ‘call’ option) or lower (a ‘put’ option) than its current value at a specified point in the future – usually measured in hours with the end of that day as the limit. This fill give you a fixed profit, usually around 40-80%, if you are correct, but you will lose everything if you are incorrect. This is a ery high risk high return method which often appeals to gamblers.

You can buy Binary options for BTC at Satoshi Options or for USD at AnyOption

5. Electronically Traded Funds (ETFs)

ETFs are funds that track the price of a currency, commodity or asset without actually owning any of it. You can use an ETF to go ‘long’ or ‘short’ – depending on whether you think the price will go up or down. ETFs often come with reliable high level leverage (1:10 or even 1:20).

A popular international ETF fund can be traded through Pluss500