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How to Get Rich Investing in Stocks by Riding the Electron Wave

The Rise And Rise Of Bitcoin

Currencies / Bitcoin Aug 27, 2020 - 09:47 AM GMT

By: Sumeet_Manhas

Currencies

Most of us have now heard of the phrase crypto currency, but not many of us fully understand it and how it works.

Bitcoin is one of if not the most known crypto currency and probably the most trusted.

 Let's take a look at some of the basics of bitcoin to fully understand its rise.


The Beginning

Although now a familiar well known name, bitcoin actually was only invented twelve years ago, in 2008, and was only fully functional from 2009. Satoshi Nakamot was its creator with the first block of the chain going live on the 3rd January 2009.

Initially BitCoins were traded at very low prices and only really started to grow in value from 2010 when its trading price jumped from $0.0008 to $0.08 which was a significant increase.

Although people were sceptical with buying bitcoin to begin with, it has steadily improved over time. Although there have been various highs and lows to its value, bitcoin has remained a staple choice for crypto currency buyers.

Bitcoin Explained In Simple Terms

To really fully understand how crypto currency and bitcoin works can be very difficult to explain and understand. In simple terms, bitcoin is a digital form of currency that can be used worldwide. You can both receive and send money across the globe using the internet and can be exchanged without ever being linked to your identity. It is a highly secure way of transferring money.

All transactions are recorded in a list called blockchain that is a public list. As well as being able to trade with bitcoins you are able to also buy and sell them. To learn more on how to buy and sell bitcoin you could use a guide for help such as Crypto Head's UK Guide.

Is It Safe To Buy And Use Bitcoins?

Many people seem to think bitcoins are illegal or not safe to buy and use, but this is untrue. Although trading bitcoins due to their value changing all the time can be tricky it is a safe way to buy and sell goods or services.

Although bitcoin is legal in most countries including the United States Of America, South Africa, and Mexico is still illegal to use in some countries, so always be sure to check all the rules and regulations in the country you live before trying to trade or use bitcoins.

Bitcoin Success Stories

Many people have made a lot of money through trading bitcoins such as Erik Finman who ate the tender age of twelve purchased one thousand dollars worth of bitcoin which in 2019 was valued at $4.5 million in bitcoin. That's quite some return for his money.

Many other people have had success with trading their bitcoins by buying them early on when their value was very low.

It's still possible even today to make good profit from buying bitcoin, by keeping a close eye on their value on the stock market as the prices increase and decrease. It's all about timing and a little bit of good luck.

Should I Buy Bitcoin?

Now is as good a time as any to get involved with buying bitcoins. Crypto currency is growing from strength to strength and will only get stronger as the world moves even more into the digital world.

Although like with all currency, prices can fluctuate from high to low, don't let that put you off. Do your research and keep a close on the stock market to decide when is the best time to buy. But don't leave it too late as you may miss your chance.

So Where Can I Use My Bitcoin?

More and more companies are now accepting bitcoin for payments of goods and services. You have been able to use bitcoins with Microsoft and their gaming console Xbox since 2014.

To find out which companies accept bitcoin as payment do a little search on google, or your favourite search engine to discover the many different outlets that now accept crypto currency.

You will be surprised with how many do, and with bitcoin becoming more and more popular every day it won't be long until all your favourite shops will be accepting it.

What Banks Work With Bitcoin?

Although more and more banks are starting to accept bitcoin and use them at the moment the choices of banks you can use are quite limited.

In the United States USAA and Goldman Sachs, in Canada National Bank Of Canada and in the United Kingdom Revolut all accept Bitcoins.

As bitcoin begins to grow in popularity, in future years it is inevitable that most banks across the world will start to accept and use bitcoin as an accepted currency.

Will Bitcoin Replace Cash?

As more and more we move into a cashless society there is a high chance that one day bitcoin will replace cash.

The big question is how long until that may happen. Some people believe it could take up to ten years but it could happen a lot quicker than that. With the current Covid19 pandemic situation taking place across the world, it is a lot more likely that we will start to see the phasing out of cash within our everyday lives a lot quicker than we first expected.

And due to the nature and security of bitcoin there is every chance that it will step up and take over as the main trading currency across the world.

Summary

Although bitcoin has seen turbulent times with its value in recent years, 2020 could easily see it reach its 2017 all time high point and reach even higher value.

It has taken the general population a long time to fully discover and understand about crypto currency, buy with bitcoin being a leader in the market and now a household name the future looks very bright for bitcoin and those that use it.

The future is definitely moving towards a cashless society so it's better to look into and discover bitcoin now before the prices inflate and you miss the gravy train it could offer.

By Sumeet Manhas

© 2020 Copyright Sumeet Manhas - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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