Close button
The Guardian
Email YouTube Facebook Instagram Twitter WhatsApp

The Demystification of Bitcoin

Related

Bitcoin


Bitcoin became a global phenomenon when it was released back in 2009. The cryptocurrency has been a hot topic in both mainstream media and on the internet for a long, long time now, with people clamoring to find out more about its immense money-making potential. With over a decade under its belt, it’s safe to say that bitcoin has been around for a while, yet other than it being a cryptocurrency, many people still know very little about it or are gravely misinformed. Granted, this isn’t all on them. Information on Bitcoin had been quite scarce on the web until recently, and now that it’s freely available, here are some key things you might want to know about Bitcoin.

Bitcoin’s Massive Potential
The number one reason for all the talk surrounding Bitcoin is its money-making potential. Not too long after it was released, stories of people making upwards of millions of dollars thanks to Bitcoin investments started circling the globe. The good thing about these stories is that a lot of them were, in fact, true. The bad part is that many people didn’t understand how this could happen, so they immediately associated it with something shady. These negative assumptions led to bad press, which has undoubtedly left a mark on how people view the cryptocurrency.

The reason behind Bitcoin’s money-making potential is, in truth, quite easy to grasp. The cryptocurrency is extremely volatile, and depending on a plethora of factors, its price can rise and fall significantly in a short amount of time.

As a result of this, investing in Bitcoin can be a risky, but highly profitable business! With good knowledge of the trading market, accurate predictions, and the use of top-notch trading technology, anyone can try their hand at Bitcoin trading and experience the many benefits it has to offer.

Bitcoin and Its Competition
Something that a lot of people are misguided about is Bitcoin’s dominance in the cryptocurrency market. While Bitcoin is currently the most popular cryptocurrency out there, it’s not the only one that does a great job of holding its own. A recent competitor with the potential to take the top spot is the Yuan Pay Group coin aiming to get state backing in China! The company which offers excellent quality payment solutions is currently open to investors, and with the right moves and a bit of luck, their coin might surpass Bitcoin in a few years!
Of course, these aren’t the only cryptocurrencies currently out there.

There are more than a dozen cryptocurrencies you can look into right now, with many of them offering excellent benefits. Other than Bitcoin, a few of the names you might hear about are Litecoin, Ethereum, Libra, and Tether. As of right now, all of the cryptocurrencies we mentioned don’t even come close to Bitcoin in terms of price. While this doesn’t mean that Bitcoin will always be the go-to cryptocurrency on the market, it does mean that it’s possibly the best one you can currently go for.

x

The Anonymity of Bitcoin
As a lot of you may already know, one of the biggest benefits of using Bitcoin is the anonymity it grants. Bitcoin users don’t need to divulge any personal information when they make transactions, which isn’t the case with most classic payment options. What this means is that your name, address, and other info people want to keep to themselves stays private. This is possible thanks to Bitcoin’s public ledger. All transactions are recorded and made public where anyone can view them, but since they’re only linked with an electronic address, connecting them to the user is near impossible.

x


Popular Ways to Get Bitcoin

When most people think of ways to get their hands on Bitcoin, they think of Bitcoin trading and Bitcoin mining. Bitcoin trading is currently one of the most popular ways to obtain Bitcoin. Lucky for most newbies in the game, the process of Bitcoin trading is a lot easier than they might think. You can find a ton of excellent guides on how to get into Bitcoin trading online, which often include tips, strategies, and a ton of helpful information. In comparison, Bitcoin mining has lost a lot of its charm these days, especially among regular Joes.

As a result of the Bitcoin halving events over the years, events in which the supply of Bitcoin available for mining is significantly limited, it’s hard for most regular people to profit by using this method. Mining a nice amount of Bitcoin can take a long time and expensive equipment, which is why nowadays it’s mostly done by collectives and companies. A new rising trend in ways to get Bitcoin is playing Bitcoin games. These fun minigames don’t require any investment other than your time.

x

In this article:
Bitcoin
Receive News Alerts on Whatsapp: +2348136370421

No comments yet