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Facts About Bitcoin That Are Worth Knowing

Bitcoin is by far the most popular and most dominant cryptocurrency on the market. The reason why is that it is widely accepted as a payment method and that it provides users with a good chance of making a profit. Reports state that there may be as many as 100,000 Bitcoin millionaires in the world, which is quite a solid number.

Facts About Bitcoin

Speaking of numbers, it is worth noting that out of the reported 7 million crypto users, around 80% use Bitcoin. That is why its network is so well-developed and stable, which leads to an answer to the question of why Bitcoin is so valuable.

Each day, thousands of new traders are looking to register in Bitcoin’s network and thus, start their trading journey. With that being said, we wanted to provide you with a couple of facts about Bitcoin that are worth knowing. Let’s dive into the details.

The Volatility Rate 

One of the things that make trading with Bitcoin hard is its volatility rate. Bitcoin is a highly volatile cryptocurrency, which means that its price can rise, but it can also drop down very fast. Here are two examples. After the 2017 record-breaking value of over $19,000, Bitcoin dropped by 80% in less than a year. Then, in 2021, after Tesla invested $1.5 billion in it, Bitcoin went from $47,000 to more than $50,000 in less than a week.

Trading Sites are Better Than Bitcoin ATMs

There are two options at your disposal when it comes to trading with Bitcoin. The first option is a Bitcoin ATM, while the second one is a trading site.

Trading sites such as Bitcoin Profit are a far better option, and here’s why. For starters, as you can see from the official site, they are much easier to access as they operate online. Moreover, they utilize the latest HTML5 technology and can be accessed on any mobile and desktop device.

And if that is not enough, the fees at trading sites are extremely low. When using Bitcoin ATMs, research showed that the fees could be between 10% and 25%, which is enormously high. Finally, trading sites utilize advanced AI systems that are able to help you maximize your profits by predicting the future outcomes of Bitcoin.

Bitcoin is Limited

Many people think that Bitcoin is an unlimited digital asset. Well, that is not true. When Satoshi Nakamoto created Bitcoin back in 2008, this cryptocurrency was limited to 21 million units. That means that as time passes by, Bitcoin will become scarcer.

Its scarcity is one of the main reasons why Bitcoin’s value keeps rising so much. That is also the reason why so many experts believe that Bitcoin will reach a value of $500,000 in 2030 and even go as high as $1 million in 2037.

Mining Does Come With a Cost

Bitcoin mining is often shown as a free way to earn this cryptocurrency. That is true, but to some extent. While the process itself does not come with a cost, there are a lot of behind-the-scenes expenses. First, you need to purchase a powerful mining rig, which is several thousand dollars.

Not only that, but the mining rig generates a lot of heat, meaning that you will have to install a cooling unit. Rigs constantly operate, which means that the unit will also have to be turned on, and these two factors equal a high monthly electricity bill.

Finally, Bitcoin mining requires a lot of time as you need to get familiar with the process itself. All of these factors are the reason why not a lot of people resort to mining this cryptocurrency. Instead, they visit trading sites like the aforementioned one, buy them, then resell them for a profit.

sachin
He is a Blogger, Tech Geek, SEO Expert, and Designer. Loves to buy books online, read and write about Technology, Gadgets and Gaming. you can connect with him on Facebook | Twitter

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