Best of the Week
Most Popular
1. Stock Markets and the History Chart of the End of the World (With Presidential Cycles) - 28th Aug 20
2.Google, Apple, Amazon, Facebook... AI Tech Stocks Buying Levels and Valuations Q3 2020 - 31st Aug 20
3.The Inflation Mega-trend is Going Hyper! - 11th Sep 20
4.Is this the End of Capitalism? - 13th Sep 20
5.What's Driving Gold, Silver and What's Next? - 3rd Sep 20
6.QE4EVER! - 9th Sep 20
7.Gold Price Trend Forecast Analysis - Part1 - 7th Sep 20
8.The Fed May “Cause” The Next Stock Market Crash - 3rd Sep 20
9.Bitcoin Price Crash - You Will be Suprised What Happens Next - 7th Sep 20
10.NVIDIA Stock Price Soars on RTX 3000 Cornering the GPU Market for next 2 years! - 3rd Sep 20
Last 7 days
Silver Bulls Will Be Handsomely Rewarded - 21st Sep 20
Fed Will Not Hike Rates For Years. Gold Should Like It - 21st Sep 20
US Financial Market Forecasts and Elliott Wave Analysis Resources - 21st Sep 20
How to Avoid Currency Exchange Risk during COVID - 21st Sep 20
Crude Oil – A Slight Move Higher Has Not Reversed The Bearish Trend - 20th Sep 20
Do This Instead Of Trying To Find The “Next Amazon” - 20th Sep 20
5 Significant Benefits of the MT4 Trading Platform for Forex Traders - 20th Sep 20
A Warning of Economic Collapse - 20th Sep 20
The Connection Between Stocks and the Economy is not What Most Investors Think - 19th Sep 20
A Virus So Deadly, The Government Has to Test You to See If You Have It - 19th Sep 20
Will Lagarde and Mnuchin Push Gold Higher? - 19th Sep 20
RTX 3080 Mania, Ebay Scalpers Crazy Prices £62,000 Trollers Insane Bids for a £649 GPU! - 19th Sep 20
A Greater Economic Depression For The 21st Century - 19th Sep 20
The United Floor in Stocks - 19th Sep 20
Mobile Gaming Market Trends And The Expected Future Developments - 19th Sep 20
The S&P 500 appears ready to correct, and that is a good thing - 18th Sep 20
It’s Go Time for Gold Price! Next Stop $2,250 - 18th Sep 20
Forget AMD RDNA2 and Buy Nvidia RTX 3080 FE GPU's NOW Before Price - 18th Sep 20
Best Back to School / University Black Face Masks Quick and Easy from Amazon - 18th Sep 20
3 Types of Loans to Buy an Existing Business - 18th Sep 20
How to tell Budgie Gender, Male or Female Sex for Young and Mature Parakeets - 18th Sep 20
Fasten Your Seatbelts Stock Market Make Or Break – Big Trends Ahead - 17th Sep 20
Peak Financialism And Post-Capitalist Economics - 17th Sep 20
Challenges of Working from Home - 17th Sep 20
Sheffield Heading for Coronavirus Lockdown as Covid Deaths Pass 432 - 17th Sep 20
What Does this Valuable Gold Miners Indicator Say Now? - 16th Sep 20
President Trump and Crimes Against Humanity - 16th Sep 20
Slow Economic Recovery from CoronaVirus Unlikely to Impede Strong Demand for Metals - 16th Sep 20
Why the Knives Are Out for Trump’s Fed Critic Judy Shelton - 16th Sep 20
Operation Moonshot: Get Ready for Millions of New COVAIDS Positives in the UK! - 16th Sep 20
Stock Market Approaching Correction Objective - 15th Sep 20
Look at This Big Reminder of Dot.com Stock Market Mania - 15th Sep 20
Three Key Principles for Successful Disruption Investors - 15th Sep 20
Billionaire Hedge Fund Manager Warns of 10% Inflation - 15th Sep 20
Gold Price Reaches $2,000 Amid Dollar Depreciation - 15th Sep 20
GLD, IAU Big Gold ETF Buying MIA - 14th Sep 20
Why Bill Gates Is Betting Millions on Synthetic Biology - 14th Sep 20
Stock Market SPY Expectations For The Rest Of September - 14th Sep 20
Gold Price Gann Angle Update - 14th Sep 20
Stock Market Recovery from the Sharp Correction Goes On - 14th Sep 20
Is this the End of Capitalism? - 13th Sep 20
The Silver Big Prize - 13th Sep 20
U.S. Shares Plunged. Is Gold Next? - 13th Sep 20
Why Are 7,500 Oil Barrels Floating on this London Lake? - 13th Sep 20
Sheffield 432 Covid-19 Deaths, Last City Centre Shop Before Next Lockdown - 13th Sep 20
Biden or Trump Will Keep The Money Spigots Open - 13th Sep 20
Gold And Silver Up, Down, Sideways, Up - 13th Sep 20
Does the Stock Market Really "See" the Future? - 12th Sept 20
Basel III and Gold, Silver and Platinum - 12th Sept 20
Tech Stocks FANG Index Nearing Critical Support – Could Breakout At Any Moment - 12th Sept 20
The Tech Stocks Quantum AI EXPLOSION is Coming! - 12th Sept 20
AMD Zen 3 Ryzen 4000 Questions Answered on Cores, Prices, Benchmarks and Threadripper Launch - 12th Sept 20
The Inflation Mega-trend is Going Hyper! - 11th Sep 20
Gold / Silver Ratio: Slowly I Toined… - 11th Sep 20
Stock Market Correction or Reversal? The Jury Isn't Out! - 11th Sep 20
Crude Oil – The Bearish Outlook Remains - 11th Sep 20
Crude Oil Breaks Lower – Sparking Fears Of Another Sub $30 Price Collapse - 11th Sep 20
Inflation by Fiat - 10th Sep 20
Unemployment Rate Drops. Will It Drag Gold Down? - 10th Sep 20
How Does The Global Economy Recover After This Global Pandemic? - 10th Sep 20
The Best Mobile Casino - 10th Sep 20

Market Oracle FREE Newsletter

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.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules