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A Beginner's Guide to Bitcoin

 

September 6, 2018 (Investorideas.com Newswire) Most people have heard of bitcoin these days. It is perhaps the best-known of the many cryptocurrencies available. Bitcoin used to be a shady currency traded on the Dark Web, but today, anyone can buy and sell bitcoin (and other cryptocurrencies) via regulated currency exchanges. If the thought of buying, selling, and trading cryptocurrencies excite you, but you are still clueless about bitcoin, there is a brief guide to the main points you need to know.

What is Bitcoin?

Bitcoin began life as an open source project to create a decentralized system for monetary transactions. The first bitcoins were mined in 2009. Today, we can use bitcoin to pay for all kinds of things, from flights to Barbados on Expedia to food from Subway. It has entered the mainstream and even the banking sector is prepared to adopt bitcoin.

How Do I Acquire Bitcoin?

Bitcoin can be bought and sold online, typically via crypto exchanges such as Coinbase, Bitpanda, and Uphold. Use a debit card or credit card to buy bitcoin for personal use or trading purposes. It is also possible to buy bitcoin from a network of ATMs. Alternatively, if you have a product or service to sell, ask for payment in bitcoin.

How Much is Bitcoin Worth?

When bitcoin was first created, it was worthless. Today, it is worth around $7k. The price of bitcoin was relatively low until 2015 when one bitcoin was worth around $400. It began to rise steeply not long after, and by the end of 2017, the price of one bitcoin had shot up to nearly $20k, which created a lot of crypto-millionaires (on paper at least).

Can I Trade in Bitcoin?

Anyone can trade in bitcoin. Trading bitcoin is as easy as buying bitcoin, waiting for the value to rise, and then selling when you think it has reached a peak. You can also use bitcoin to fund your forex trading activities. Instead of depositing regular currency onto your trading account, you deposit bitcoin instead. As well as gaining or losing on a trade, you can gain or lose money based on the rise or fall of bitcoin's value when you conclude your trade. So, depending on the change in the price of bitcoin, you could lose money overall, even when you make a successful trade.

Is Trading Bitcoin Risky?

The problem with trading bitcoin is that the price is extremely volatile. Its value rises and falls rather dramatically from one day to the next, which makes it hard to predict which way the market will go. Trading in bitcoin can be risky. You need to have a good understanding of the many market factors that influence bitcoin's price. For starters, increased regulation in the cryptocurrency market has a negative impact on bitcoin's value, whereas political instability tends to encourage people to invest in non-traditional assets.

Is Bitcoin Here to Stay?

Bitcoin and other digital currencies are here to stay. The world is evolving, and we are increasingly relying on digital technology to make our lives easier. It stands to reason that traditional currencies will one day become obsolete.

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