Satoshi Nakamoto’s paper on Bitcoin (BTC) as an electronic cash system was met by skepticism by the niche technology industry when it was first conceived in 2008. Some didn’t see the need for decentralized money while others were doubtful of its value. A decade later, it has become the most popular cryptocurrency and has inspired the birth of other altcoins.
When Nakamoto sent the first Bitcoin to Hal Finney in 2009, the cryptocurrency had no equivalent fiat money value. It was only in March 2010 after BitcoinMarket.com started its operations as a Bitcoin exchange that the digital cash gained a price that’s equal to 0.003 USD.
The cryptocurrency’s value had a significant but slow rise from 13 USD in December 2012 to 266 USD in April 2013. In the same year, Bitcoin experienced price movements within the hundreds range and reached a peak of 1,000 USD by December.
BTC’s volatility continued from 2014 to 2016, with the digital money getting a tremendous breakthrough in terms of pricing on December 2017, where its worth reached an all-time high of nearly 20,000 USD. However, it was followed by a steady decline.
There hasn’t been a repeat of December 2017’s Bitcoin price as of this writing. Nonetheless, its value still falls within the 8,000 USD to 10,000 USD range with reports of launching toward a 14,000 USD milestone.
Bitcoin has piqued the interest of the average person because it’s believed to be the currency of the future. It provides various perks such as anonymity, autonomy, and ease of transactions. Moreover, earning it has become more accessible to the common man today.
The traditional way to acquire Bitcoins was through mining, where specialized computers process transactions by solving a complex mathematical problem. The answers allow miners to contribute to the blockchain and they get rewarded with newly-created BTC, as well as other fees.
Nowadays, more ways to earn Bitcoin have popped up. Cryptocurrency exchange platforms allow you to pay real-life cash, also known as fiat money, in exchange for its equivalent BTC amount. You can then grow your digital funds through trading, which is what a lot of people are doing.
The process of trading Bitcoin and other cryptocurrencies involve buying assets when the price is low, monitoring the market for price movements, and selling when the time is optimal. Because of BTC’s volatility, several people have earned considerable profit within a single day.
While Bitcoin trading is a comparatively new market than Forex, it rose to mainstream popularity because of its decentralized nature. Without having a sole entity or organization controlling the processes, users can easily trade digital assets with each other anytime, anywhere, and with any price.
Before you can start trading, you must first find a reliable platform that has the features and tools you need for this venture. Find a website that’s trustworthy and has guaranteed security measures in place to ensure that your digital funds are safe from hackers.
Aside from having several platforms to choose from, trading has also become more straightforward with trading bots such as Bitcoin-Compass. The software can do everything for you, from analyzing market trends to automatically making trades on your behalf.
Bitcoin trading may still be fairly new, but it has provided a way for the average person to grow their digital funds. Its price is now moderately stable, which adds to the appeal. To get started, find the right platform for your needs and preferences, set up a plan, and know the basics about the currency of the future.