Crypto Course 101: How to Get Started With Bitcoin
Tides seem to be turning in the crypto space as Bitcoin, slowly but surely, moves from the fringes to more of the mainstream. The digital asset’s surging value is a prime contributor to these recent developments, surpassing the $60,000 mark twice within the first four months of 2020.
Flirting with new all-time highs, Bitcoin has become the most sought-after digital currency. And similar to a surging stock, it has many inventors wishing they had got in earlier or wondering how they could get in on the action now.
Earlier this year, JPMorgan shared their views claiming that Bitcoin could stage a monster rally during the year which could potentially result in the digital asset reaching somewhere close to $100,000. Similarly, several other financial analysts have shared predictions of Bitcoin reaching sky-high values by the end of this year. This has led to a speculative frenzy, with many interested investors, supporters, and spectators wanting to get in on the action.
However, the crypto space is a highly volatile segment of the financial market and is certainly no child’s play as you could find yourself in debt if informed decisions are not taken on time. Making decisions purely based on hype and “noise” could end you in a tough spot like it did many investors in the year 2018.
Therefore, it is absolutely essential to perform your due diligence, especially when dealing with a market where there is so much risk and uncertainty involved. But since the financial world has been buzzing with Bitcoin and its potentially optimistic and bright future, it is best to equip yourself with the relevant knowledge before you dive headfirst into this sea of crypto. Here are 4 primers to get you started on your Bitcoin journey:
What Is Bitcoin?
Bitcoin is a form of virtual currency which essentially means that it is purely coding, with its foundation laid by the anonymous creator that went under the pseudonym, Satoshi Nakamoto. Bitcoin was the first of its kind, preparing the stage for an entire ecosystem of cryptocurrencies.
Unlike traditional fiat money, Bitcoin is decentralized in nature which means that it is not subject to the intervention of any third parties such as banks or the government. This helps maintain a private and direct link between parties on each end of the transaction. Also, since there are no intermediaries involved, its users can benefit from lower transaction costs, making it a cheaper alternative to transferring funds.
The Bitcoin network is purely peer-to-peer relying on blockchain technology at its core for smooth operation and security. Bitcoin uses a set of private and public keys which help ensure the protection of all parties involved. Through the use of distributed ledger technology (DLT), the system ensures transparency storing data globally on thousands of servers at a time while allowing anyone on that network to see everyone else’s entries in real-time.
How Is Bitcoin Created?
Since Bitcoin is a digital asset, it does not have any physical existence. Hence, it is created through a process called “mining”. Bitcoin miners employ powerful computers and specialized software in order to compete with each other to win Bitcoins by solving complex math problems.
It essentially involves verifying blocks of Bitcoin transactions. And supposedly, every ten minutes, a miner that is able to successfully verify blocks is rewarded a specific number of bitcoins. This reward, although, reduces with time.
However, Bitcoin’s founding code dictates a finite supply, capped at 21 million, out of which about 18.5 million Bitcoins have already been mined. And so as more Bitcoins are mined, this digital asset becomes even more scarce and thus, more valuable.
Some similarities can actually be drawn to gold here. Bitcoin is also perceived to go higher as it becomes more scarce. Many supporters have even hailed it as “digital gold”.
What Are Trading Platforms and Why Are They Important?
Bitcoin’s extremely volatile nature is one of the underlying reasons why Bitcoin is still going strong today. The aspect of a sudden change in value is what interests many investors who are looking to try out their luck at becoming early millionaires.
However, ever since the 2017 Bitcoin bubble burst, several of these investors have become shy of dipping their toes in these risky waters again. Trading platforms and tools such as bitqt have, however, emerged as a safe haven for many investors and traders still unsure of how to tame this volatile crypto beast.
Trading platforms make use of advanced technologies such as Artificial Intelligence (AI) and Machine Learning (ML), and powerful algorithms allowing you to make the right trading decisions that have lucrative results. These essentially allow their user to capitalize on short-term crypto booms and maintain high profitability levels without having to sit in front of your computer screen all day.
Trading platforms have proven to be a holy grail for novice investors that are still learning the ropes and aren’t in the best position to make the best trading decisions
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