Over the years you without a doubt heard of Bitcoin, the cryptocurrency that has changed the global financial markets as we know them. Bitcoin was “invented” back in 2008 by an individual known Satoshi Nakamoto and was released to the public as an implementation to open-source software in 2009. What made Bitcoin stand out was that it was the world’s first decentralized digital currency, a payment method that is basically untrackable. Such transactions are verified via network nodes and are noted down in the blockchain which can be described as being a publicly distributed ledger. Bitcoin can be exchanged for other currencies, services, and products.
Even though now Bitcoin has become a leading digital currency, it has been highly criticized for being used in illegal transactions, huge amounts of electricity consumption by bitcoin miners, and price volatility. Many times this cryptocurrency has been characterized as a humongous speculative bubble that could blow at any moment. Dozens if not hundreds of huge financial institutions and powerful investors have made guesses about the means of bitcoin and cryptocurrencies as a whole, and in a normal world, such assumptions would kill any stock or any other sort of commodity. Yet, none of these factors have stopped Bitcoin and cryptocurrencies as a whole to grow and further increase their market caps.
A big part of Bitcoin’s success is people slowly started to understand the convenience behind the cryptocurrency. They started to implement the new payment method into their businesses, thus allowing consumers to pay with crypto. Cryptocurrencies as a whole are extremely convenient and have superior security protocols than any other financial institution on the planet. Thanks to the fact that cryptocurrencies are not dependent on any bank or centralized authority, you can forget about intermediaries and their big fees on transactions. Besides saving serious amounts of money on fees, the execution time of a transaction is under 10 minutes, thus beating the usual time frames we are used to hearing in banks when ordering a wire transfer or etc.
Another factor that has played a huge role in the success of bitcoin is the fact that no government controls the bitcoin market, it is controlled solely by the users. With this, fraud issues do not exist because crypto has no physical appearance. The only real negative factor about the bitcoin crypto market is that it is an extremely volatile market, and changes within the market happen according to the supply and demand. The volatile market can also be explained by the uncertainties that still arise when it comes to the legitimacy of Bitcoin and cryptocurrencies as a whole.
How You Can Obtain Bitcon
When it comes to obtaining bitcoin, you really only have 2 options. The first one is to simply buy bitcoin via any regulated platform or broker. This way you can easily make money by buying the crypto at a certain point, holding it long enough to see its value increase, and sell it off once you feel satisfied with the profits you have made from this simple, yet profitable venture.
Note: The price of bitcoin as of January 2019 was roughly $3,800, and now, as of March 2021 the price of a single bitcoin is $48,50!
Your second option which is much more complex and harder to start is to start a mining operation to obtain bitcoin. And when we say mining, we don’t mean grabbing a shovel and digging for bitcoin in your backyard. A crypto mining operation involves hundreds if not thousands of powerful computers that will work around the clock solving complex algorithms that in return will start providing you with pieces of code which when combined, provide you with a bitcoin.
Verdict
If we had to keep it simple, cryptocurrencies aren’t going anywhere anytime soon. There is a reason people call them the currency of the future. If you wish to invest in crypto and profit from trading them, there’s no better time to start than now, because every moment you waste you are losing money, a volatile market and all. Thank you for reading!
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