Pros of Bitcoin:
- Provides anonymity for its users
- Incredible potential for future growth
- Fully decentralised digital currency
Cons of Bitcoin:
- The value of Bitcoin can be very volatile
History – A quick look at the history of Bitcoin
Since its release in 2009, Bitcoin has swept the world as the first decentralised cryptocurrency. It was created by a man named Satoshi Nakamoto who is shrouded in mystery as many wonder if that is even his real name. Real name or not, Nakamoto created Bitcoin to be a peer-to-peer digital cash system that is fully decentralised. Meaning it is not controlled or influenced by any governments or major financial authorities. The digital currency is also not tied to any physical underlying asset as you find with standard fiat currency.
Bitcoin has gone from being a little known digital currency to being one of the most sought after currencies in the world. The value of Bitcoin has skyrocketed, particularly in the last few years and does not appear to be stopping. The first block of Bitcoin known as the “Genesis block” was mined in 2009 by the mystery man Satoshi Nakamoto himself. In its earlier days, Bitcoin was looked upon with a certain level of disdain as it was largely used for underground black market payments.
However, there was enough curiosity about the idea that drew more and more people to it. The volatility of the digital currency was apparent as it hit record highs followed by the lowest of lows all within the space of a month. The cryptocurrency has arguably reached its most stable point in the last few years as it has steadily continued to grow with one notably large spike towards the end of 2017.
The cryptocurrency is a fascinating entity and while it may at times appear to be quite volatile in its value it appears to be on an upward trend. To give you an idea of the value of Bitcoin we recommend checking out our review of Litecoin trading to see how the pricing trajectories and value compare over the last few years.
Development – How has Bitcoin developed over time?
The development of Bitcoin has seen a number of key facets introduced, as well as a number of forks from the original Bitcoin core. Readers who are interested can read in more detail about the outline and original data structure through Satoshi Nakamoto’s white paper that he posted in 2009. It is essentially the blueprint for what Nakamoto envisioned Bitcoin to be.
Apart from that, we can see how the cryptocurrency has unfolded since its birth in 2009 ourselves. There have been a number of forks from the original Bitcoin core with some being far more notable than others. The most famous of these hardforks were Bitcoin XT in 2014, Bitcoin Classic in 2016, Bitcoin Unlimited in 2016, Segregated Witness in 2017 and finally Bitcoin Cash in 2017 as well.
There were many soft forks as well but that would need a research paper on its own to cover. The development of these forks resulted from the fact that there were many different ideas about the currency that wanted to be implemented and so instead of changing the original Bitcoin core client they simply created different cryptos that provided different buying opportunities, much like Binance Coin trading.
Statistics & Major Facts – All you need to know before you buy Bitcoin
The biggest fact about Bitcoin is without a doubt its valuation. As more altcoins and cryptos pop up they do begin to weaken the overall market capital of Bitcoin. However, Bitcoin is still the highest valued cryptocurrency by some distance currently sitting at around (very likely to change in any direction) $47,000 to 1 BTC.
The maximum supply of Bitcoin is capped at 21 million that could be mined. As it stands, there are around just under 3 million Bitcoins left to be mined as a little over 18,5 million BTC has already been mined. As the supply begins to approach its maximum supply cap the correlation with its rise in value is very apparent.
Those who mine Bitcoin need to verify transactions in order to be rewarded with Bitcoin tokens for their work. This is a very basic description of Bitcoin mining. In order to receive their Bitcoin tokens, these miners need to provide proof of work. Essentially, this is to show that you have put in a degree of 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 – Uses and Benefits of Bitcoin Trading
If there is one thing that Bitcoin is known for is its security. The cryptocurrency was essentially designed to be one of the safest currencies in the world and this is largely down to the fact that it is fully decentralised. This means that no governments or financial authorities have any control over the currency at all. The Bitcoin network is a beautiful piece of symbiosis as miners verify all Bitcoin transactions which make the payments even more secure and they are then rewarded for their work with Bitcoin tokens. It’s a win-win for everyone involved.
With such exceptional payment security, you are unlikely to find any real Bitcoin trading scams. You may have your odd trader that is duped by a suspect email that somehow coxes the passkey for someone’s crypto wallet. This would largely be down to a personal error in judgement rather than any breach of Bitcoin’s security.
As Bitcoin continues to grow and more people look to join Bitcoin mining pools, the digital currency value keeps rising and the payment security continues to be strengthened. With the success of the original Bitcoin core client it wouldn’t surprise us if Bitcoin Cash trading was headed in a similar (albeit not quite as valuable) direction.
How to Trade – Our Top Tips For Bitcoin Trading
Naturally, there are many trading platforms that have made sure to add Bitcoin trading to their list of financial instruments. More and more of these trading platforms pop up every other day and allow users to buy Bitcoin. That is why at BitReviews India we conduct countless reviews of the best Bitcoin trading sites to judge the overall quality of these platforms. You can always visit our site to do some more in-depth reading on the best Bitcoin trading sites that you may want to do your trading with.
Our expert team over at BitReviews has a very strict list of criteria that we use to conduct our reviews of the best Bitcoin trading sites. We review just about every aspect of these platforms to give you a comprehensive and objective look at what the provider offers. So, before you can get cracking with any Bitcoin trading, you should check out our crypto trading reviews and rankings list to pick out one of the best Bitcoin trading sites that you think will best suit your needs.
As an Indian resident, you will want to make sure that any of the best Bitcoin trading sites you are interested in allows you to convert Rupees to Bitcoin on the site and that it allows you to buy Bitcoin. Now, this will depend on the broker you have ultimately decided to choose. Many brokers will allow you to buy crypto online but many will also only allow you to trade Bitcoin through buying and selling CFDs which means you won’t actually own any Bitcoin. Both avenues of trading have their advantages but if you are specifically looking to own Bitcoin then be sure to check out our reviews to confirm if a broker allows you to do so.
There are a couple of other important aspects to look out for with the best Bitcoin trading sites. Namely; their licensing and security, their trading fees and their range of payment methods. All of these factors will influence the experience you actually have on these platforms. So, make sure to read our reviews to find one of the best Bitcoin trading sites that are safe to use, have reasonable trading fees and that offer you a diverse range of payment methods. Lastly, check to see if the broker you want to use offers you the option to use a demo account. A demo account is a great way to test out the trading platform without actually investing any capital into your account.
When it comes to actually trading Bitcoin, you will need to stay on top of the market at all times. If you want to take Bitcoin trading seriously you will need to do the research to try and gauge when the next market fluctuation will be whether that is a drop off or spike in value. The Bitcoin markets can be very volatile which means they can be very unforgiving should you not keep an eye on your investment. If Bitcoin sounds like it may be too much work for you, you may want to check out XRP Ripple trading instead.
Future Outlook – What’s In Store For Bitcoin?
Make no mistake, Bitcoin is continuing to establish itself as a powerhouse in the financial sector. Its price has continued to grow even amid big drop offs in value on occasion. However, this does not mean that any one person can make an accurate prediction about where the value of Bitcoin might land in the future. Some experts claim that the price will continue to rise much higher over the next 20 years but some say that it is still merely a bubble that will burst at some point. The market volatility of Bitcoin lends itself to both of these theories so it makes it all the more difficult to agree with one or the other. All you can do is continue to do market research and stay on top of your investment going forward.
Reputation and Customer Feedback – Bitcoin Reviews
The reputation of Bitcoin was once that of an underground, lesser-known digital currency. Many even looked on the concept with disdainful eyes but as the years have gone on Bitcoin’s reputation precedes itself. And we mean that in a good way. People are now scurrying to try and get their hands on Bitcoin as its value and its reputation continues to soar. It may need to fight off some competition from other cryptocurrencies but the reputation of Bitcoin dwarfs all other challengers. Customer feedback is positive as people continue to buy Bitcoin.
Overall Conclusion – The Most Well-Known Crypto in the World
As we reach the end of our Bitcoin trading reviews, you should have a decent grasp of how Bitcoin started and how it has managed to rise so high after a stumbling start. Bitcoin is one of the safest currencies to use as it offers its users a level of anonymity and payment security that few other fiat currencies can match. The fact that it is decentralised only serves to further endear yourself to the people. It is also thanks to Bitcoin that people now have so many other cryptocurrency options to choose from as many of these digital currencies use the Bitcoin core client software.
While it may seem a touch risky to invest big into Bitcoin, the statistics show that the value of the digital currency has been on an upward trajectory for some time now. So, while there have been troughs, the peaks have been so much higher. It falls on you to decide whether or not you want to try Bitcoin trading for yourself. Remember, we cannot profess to know what will happen in the future with this digital currency so be wary with your investments and stay abreast of all the latest market changes and potential shifts that may happen. Take a look at our Ethereum Coin trading page to see how the 2nd best crypto stacks up against the rest.