Widely popular nowadays, Bitcoin is an innovative network of payments that focuses on peer-to-peer technology to leverage payments between individuals, and businesses. The design of Bitcoin is public, with no specific ownership or control. This makes it easy to conduct Bitcoin transactions between ourselves. It takes low processing fees, and worldwide transaction facilities are available.
Brief History of Bitcoin
Satoshi Nakamoto was the brain behind the invention and implementation of Bitcoin. He integrated many of the currently existing ideas of Bitcoin from the cryptography community. The real identity of Bitcoin’s inventor remains disputed to date, which has led to widespread investigations by investigating bodies all over the globe, with little success. The first real-world transaction of Bitcoin took place in the financial year 2010, with two pizzas purchased through 10,000 mined Bitcoins. Over the years, many companies increased trading with Bitcoin, including transport and software companies.
The domain name bitcoin.org was registered in 2008 on the 18th of August. The Bitcoin community, often perceived as “anarchic”, comprises individuals, businesses and developers. Developer Gavin Andersen attained the position of the lead developer at Bitcoin after being handed over the reins by Satoshi Nakamoto, who avoided further dealings with Bitcoin or connection with the Bitcoin community.
What’s the Position of Bitcoin Right Now?
In 2022, Russia’s war in Ukraine caused inconvenient global economic factors, leading to Bitcoin’s devaluation. The price of Bitcoin declined below $40,000 in April 2022. It further devalued to $26,970 during May 2022, post the collapse of Terra-Luna, in addition to its sister stablecoin, and UST, in accompaniment to the shedding of tech stocks. It dropped to $18,000 in June 2022, trading beneath its highs of 2017.
The current global crypto market cap is $1.185 trillion (+50% YTD), comprising a 24-hour trading volume of $48 billion (+137% YTD). The market has witnessed mostly sideways action in the first quarter of 2023, with March benign, and particularly volatile. The crypto market cap witnessed a decline of $87 billion (a lowering of 8.6% within two days).
The Bitcoin NFTs trend started in late January with the launch of Ordinal Inscriptions. Bitcoin remained the most viewed coin globally in the first quarter of 2023 and dominated the market. It has appreciated by 71.43% since the beginning of the new year and addressed present concerns regarding inflation, interest rates, and the threat of recession. $28,619 was the high achieved by Bitcoin in April 2023, which was close to its record 90-day high of $28,803.34. It has the potential to achieve propulsion to levels not witnessed since June 2022, confirming the end of the bear market phase.
Reasons to Still Consider Investing in Bitcoin
Considerably Better Performance
BTC has performed considerably well in Q1 2023, considering that it suffered losses in each quarter of FY 2022. Since Q1 2021, this level of performance has remained unmatched. Economic data indicates signs of a recovery – the Consumer Price Index spiked by 10.4% in February in the UK, the highest observed rate in 45 years. Moreover, the value of Bitcoin has increased exponentially since the time of its inception.
Solidified Spot in Global Geopolitical Ambience
Bitcoin has become a valid legal tender in El Salvador in FY 2021. Other nations may follow suit to attract innovation and introduce Bitcoin as a part of the national economy. Bitcoin can make a good investment if it fits the investor’s risk tolerance and general market outlook.
Availability of a Variety of Crypto Exchanges for Bitcoin Trading
Several crypto exchanges are available for Bitcoin trading, namely eToro, BitcoinIRA, Uphold, OKX, Wunderbit, and Public.com. These provide investors with many opportunities to leverage bitcoin trading in safe and secure ambiences.
Are You Late for the Bitcoin Party?
Fortunately, you are not late to the Bitcoin party. Bitcoin has experienced an exponential price hike, and at present, purchasing a Bitcoin can prove to be a difficult prospect, only achievable by highly rich people. However, a single unit of Bitcoin, a Satoshi, is a product you can purchase. A single Bitcoin comprises 100,000,000 Satoshi. 1777 Satoshi (or “Sats”) can be purchased with 1 US Dollar. Moreover, Bitcoin’s price volatility is an issue that is soon expected to be mitigated.
Bitcoin is Highly Trustworthy
Bitcoin’s ease of access, flexibility, and value for money make it a good investment in the present times. No third parties are involved, and the technology utilized is secure and robust. The secure nature of the transactions makes Bitcoin highly trustworthy. Bitcoin has emerged as a legal tender in El Salvador and is likely to experience continued growth globally. It’s not too late to join the party!
Disclaimer: Investing can be quite a wild ride – especially when you don’t know the terrain! To keep things from getting too rocky, take some time beforehand to get familiar with all of the risks involved. Our site is here to up your investor game by providing all available intel about platforms and trends, but we don’t take responsibility nor can we be held accountable as advisors. That being said, it’s still important for you to make educated decisions that match what works best for YOU – just remember: no amount of savvy will guarantee success or protect against loss so invest money you can spare
