Pros of Bitcoin:
- Potential for massive future growth
- Fully decentralised
- One of the safest payment methods
Cons of Bitcoin:
- The price for 1 BTC is currently very high.
History – The history of Bitcoin
In 2009 a man named Satoshi Nakamoto created the cryptocurrency we know as Bitcoin. Bitcoin is a fully autonomous, decentralised digital currency that operates on a peer-to-peer cash system. As Bitcoin is decentralised it is free from any government or financial institution’s control. A digital currency for the people and essentially run by the people as well.
The first block of Bitcoin known as the “Genesis block” was mined in 2009 which was the first real step for the cryptocurrency and what was to follow. As you may have seen, Bitcoin was not an incredibly high-value currency right from the start as people didn’t really know what it was to begin with. Despite the rocky start Bitcoin still managed to grow in fame and most importantly in value. While its value experienced periods of real instability Bitcoin has now hit a point of relative stability having one big spike at the end of 2017 followed by a big substantial low in 2018. In the most recent years, we have now seen Bitcoin reach new heights and continually smash its previous records.
Bitcoin has come a long way since its birth and appears to be moving from strength to strength at least for now. Sure it’s been quite volatile in the past but as it stands many people are very excited by the prospects of where it could still go in terms of its value. Check out our review of Binance Coin to see how another cryptocurrency compares to Bitcoin.
Development – Why was Bitcoin developed?
Bitcoin was the spark that lit the fire of all of the cryptocurrencies you see today. While it may not have been directly responsible for cryptos like Ethereum it is because of Bitcoin that there are so many to choose from today. The Bitcoin core client is the reason you see so many different cryptos out there as they all use most of the same framework and software that Bitcoin uses with minor differences. This was not necessarily Nakamoto’s plan but this is where we find ourselves.
Satoshi Nakamoto laid out the blueprints for Bitcoin with a white paper that he published in 2009. Should you want to see what the thought process was behind launching Bitcoin and how it was going to proceed then check out this paper in more detail.
These cryptos that Bitcoin essentially birthed are what is known as forks. Some were hard forks and others were soft forks but they all took a piece of the Bitcoin core client with them on their way to being independent cryptos. The most famous of these hard forks were Bitcoin XT, Bitcoin Classic, Bitcoin Unlimited, Segregated Witness and Bitcoin Cash. There were also several soft forks as well that include names like DASH, Litecoin and many more. Take a look at our Bitcoin Cash review to see it compares to its forefather Bitcoin.
Statistics & Major Facts – Top facts to read before you buy Bitcoin
Much like a precious metal or commodity Bitcoin only has a finite amount of coins to be mined. The total supply of Bitcoins started at 21 millions coins. Since then, over 18,5 million coins have been mined leaving a meagre 2,5 million coins left. The process of mining the rest of the available Bitcoins is predicted to still take many years. Bitcoin halving takes place roughly every 4 years or every 210,000 blocks in the chain and the experts predict that it will only be mined out by 2140.
As it stands, to buy Bitcoin you would need to pay $47,000 for one Bitcoin. It will almost certainly change again and then probably again. However, this illustrates just how far above other cryptocurrencies Bitcoin is in terms of value. It’s certainly had its difficulties in the past but it becomes more and more solid everyday.
Mining farms and pools are all vying to farm what is left of Bitcoin. Each of these miners needs to verify a certain amount of transactions in order to be rewarded with crypto. In order to successfully receive their rewards they need to provide proof of work. This is to confirm that they have put in the computational effort to solve the numeric puzzle that would verify the transaction successfully. This is done through the Secure Hash Algorithm 256 (SHA-256).
Security, Features, Use Cases – How secure is Bitcoin?
So, why is Bitcoin considered to be one of the safest digital currencies in the world to use. There are a few reasons but the two most important are the fact that it is fully decentralised giving you more anonymity than fiat currencies. The next reason is that Bitcoin has all of its individual transactions verified by crypto miners using impressive hardware rigs. These miners only get rewarded by completing the work faster and with better results than their competitors. This competitive environment ensures quality and payment safety.
Should you be worried about any potential Bitcoin trading scams? This is a common question and a fair question at that. The answer is no depending on how you look at it. The Bitcoin network is incredibly secure and very unlikely to lend itself to any Bitcoin scams. However, you can still be scammed by an intricate email that gets you to give up your access key for your crypto wallet. There are a few scams along this line so as long as you stay alert and maintain a healthy amount of suspicion about emails like that you will be perfectly safe from any Bitcoin scams.
Check out our review for XRP Ripple trading to see if there are any scams you need to worry about with this cryptocurrency.
How to Trade – Our top tips for Bitcoin trading
Bitcoin is growing more popular by the day which is leading people to ask, how do you buy Bitcoin? You might already be familiar with the concept to of an online broker. If you are, you will know these brokers make a number of different trading markets available for you to trade on these platforms. Bitcoin is something that people want to buy and sell in droves which is why more and more trading platforms have added a strong list of cryptocurrencies to their available markets which of course include Bitcoin.
At BitReviews Australia we analyse every one of the best Bitcoin trading sites new or old to assess how good these Bitcoin Trading platforms are. We have compiled all of these reviews and have put them all up on our BitReviews Australia website for you to read in more detail. This way, you can know exactly what you are getting into with the best Bitcoin trading sites before you actually sign up.
So, how do we actually test the best Bitcoin trading sites? Well, we cover all the important aspects and features of these sites to provide you with an objective and unbiased review of the overall quality of these trading platforms. Before you can get started with any Bitcoin trading, you should check out our crypto trading reviews and rankings list. You will be able to locate a trading platform that interests you far more easily this way.
It should not have to be a pain for you to buy Bitcoin with Australian Dollars on the best Bitcoin trading sites as they should make converting your currency easy. These trading platforms may offer you different avenues for trading Bitcoin. Some of the better platforms and crypto exchanges will actually let you buy and sell Bitcoin where others will only let you trade them through CFDs. Each has its merits, it simply depends on how you want to go about trading Bitcoin.
Our Bitcoin trading reviews will cover other important sections of these platforms like licensing and security, customer service and trading fees. Be sure to read our Bitcoin trading reviews to find one of the best Bitcoin trading sites that are secure to use, have decent trading fees and that also provide you with professional customer care.
You will need to put in a fair amount of time and effort when trying to understand where the Bitcoin market might go. While Bitcoin is certainly more stable now than it was a few years ago, you never know when that might change. Stay abreast of the latest articles, blogs and reviews to try and ascertain whether the market is going to continue on its upward trend or if it’s headed for a bit of a downturn. You can never do too much homework in this regard as it is your own investment at the end of the day.
Check out our Litecoin review to compare the trading prospects of Bitcoin with another cryptocurrency.
Future Outlook – Our predictions for Bitcoin’s future
Trying to predict what Bitcoin is going to look like a few months, let alone a couple of years down the line is a tricky business. The history of the digital currency suggests you should be prepared for a bit of a roller coaster ride in terms of the currency’s peaks and troughs. However, many experts suggest that we could continue to see a very steady rise in its value as the years press on. Of course, there are differing opinions on this matter but at the end of the day, you need to choose who you want to believe.
Whichever theory you decide might be true, you should never slack on your own ability to do the immediate research. The future is a long ways away and it’s always in your own best interest to stay on top of what is happening in the now. Keep an eye on any market fluctuations and as we mentioned before, immerse yourself in the latest reviews, articles and analyses to better gauge what the Bitcoin value might look like in the near future.
Reputation and Customer Feedback – Trader reviews of Bitcoin
A good reputation is something you have to earn so it should inspire confidence in you to know that Bitcoin’s reputation is better than it’s ever been. Where once there was confusion, doubt and volatility there is now curiosity, hope and excitement. Bitcoin is still your safest digital currency option and people are starting to realise that more every day.
When it comes to user reviews, it’s safe to say that people will always craft a review based on their own experience. You can find overly negative reviews based on these users’ own mistakes. Then, you will find your positive reviews of people who appreciate what Bitcoin provides them. Bitcoin is more than reputable enough for you to try your hand at the crypto but your feelings about the digital currency ultimately depend on your experiences.
Overall Conclusion – World-renowned for a reason
And so we come to the end of our Bitcoin review. The digital currency is truly fascinating and for those who had no idea what it was, hopefully, you now have a better idea of what it entails. The future of Bitcoin is not entirely clear but the signs are very good for the value of the crypto to continue to rise. We could never profess to give you financial advice on the crypto, all we know for sure is that it is an exciting prospect.
Bitcoin is on the pricey side, so if you are looking for a crypto that is a little more affordable then we recommend taking a look at our Ethereum Coin review. There are a number of trading platforms that let you buy crypto online and Ethereum Coin will almost always be included.