Bitcoin or BTC is one of the world’s first commercially successful virtual currencies or cryptocurrencies. It does not require the need of any third-party financial institutions to regulate the transactions. Introduced to the world in 2008-2009 by the anonymous creator Satoshi Nakamoto, the cryptocurrency remains one of the world’s most traded and well-known virtual currencies across the globe. In the discussions that follow below, we take you through some important questions related to Bitcoin while discussing what the future holds and some suggestions for the best Bitcoin trading platform available out there. For more information, read until the end.
Here are some facts about the revolutionary virtual coins existing in the cryptocurrency space:
- Currently, it holds the largest market share as compared to other cryptocurrencies
- Although its popularity has grown over the years, it has also been subject to various turmoils and ups & downs
- Bitcoin’s security is determined by proof-of-work (PoW) consensus also known as the mining process. This procedure is crucial to introducing new coins into the system
- The coin can be purchased using different cryptocurrency exchanges or trading platforms
- The first Bitcoin ever created was termed Block 0 or the Genesis block
- The text contained in the block is “The Times 03/Jan/2009 Chancellor on brink of the second bailout for banks”
- The bitcoin can be divided up to 8 decimals and its smallest unit is called a satoshi
One important concept related to Bitcoin is the mining process. Before we delve deeper into the subject, we should know what this process is all about.
Mining refers to the verification of several transactions that are placed on the Bitcoin blockchain. This verification can only be conducted by solving puzzles based on math. For every solved puzzle, the user or the ‘miner’ is rewarded with a new bitcoin so this way a miner can create more coins by solving some mathematical problems.
If you do not wish to mine Bitcoin, you can purchase some using a reliable cryptocurrency exchange or a trading platform.
So why don’t people randomly buy these coins?
Well, because of its high price. As of November 2022, the price for 1 bitcoin was close to USD 15,731.
Now that we have spoken about all the good things with Bitcoin, let’s get down to reality. Cryptocurrency is highly susceptible to any form of economic change, just as the case is with other financial units. Let’s look at some of the numbers to understand this better:
1- By December 2019, the price of one bitcoin was $7,167.52
2- By December 2020, the price reached $28,984.98, a jump of nearly 300%
3- In November 2021, Bitcoin’s price reached its all-time peak at $68,990
4- Since then, the price has continued to fall, reaching USD 15,731 in November 2022
Trading or investing in Bitcoin, like other cryptocurrencies, are associated with several risks:
1- Regulatory risk:
There is an absence of standard regulation surrounding Bitcoin-based transactions across the globe
2- Security risk:
Since more Bitcoin owners tend to buy the coin from the online market are hence susceptible to hackers or cyber crimes
3- Insurance risk:
Cryptocurrencies are not insured through any legal regulatory entities
4- Fraud and Market risks
Well, not to worry since we are currently at a point in time where we can take the assistance of experts in the cryptocurrency market. There are several platforms that provide all the necessary, including technical and non-technical help to beginners and to professionals.
One such platform is Biti Codes.
It aims to arm all new aspirants with all the tools necessary to become confident with trading and investing in cryptocurrency, especially Bitcoins. The platform is a one-stop shop for virtual money enthusiasts. It allows you to not only make transactions but make informed transactions by understanding the current market trends.
Biti Codes offers an exceptionally simple user interface. It does not overwhelm you with too much information at once and lets you take baby steps into the world of cryptocurrency. All you need to do is create an account and deposit fiat money.
Since the app and the concept of Bitcoin trading can be confusing to new joiners, they recommend undertaking the online course conducted by them to fully grasp an understanding of how to use the platform and interpret the data it presents.
They let you choose your own trading style and strategy, thus giving you more control over your profits and losses alike!
We would like to point out that although the craze of cryptocurrencies is on the rise, there are still a lot of gray areas that need to be covered surrounding the use of cryptocurrency in the real world. It’s safe to say that the market is on its way to achieving more acceptance and recognition. Hence, ensure that you do your own research before investing in any form of cryptocurrency.