The financial phenomenon known as Bitcoin has been steadily gaining popularity over the years. It has made some millionaires which is more and more opt for trading with Bitcoin. You’re probably interested in investing in the asset but you don’t know where to begin.
There are lots of online sources that will teach you all there is to know about trading. Knowing a bit about the background of the currency could help you out as well. There’s a lot of people who don’t know about Bitcoin. So, if you’re interested in the past of Bitcoin and how the cryptocurrency is doing today, this is the article for you.
Bitcoin: Past and Present
It’s fair to say that Bitcoin as an idea has been around since the 90s. Back then the first form of it was known as BitGold. However, a few years needed to pass for the cryptocurrency to actually come to light. The year that’s credited as the origin year of Bitcoin is 2008.
The man behind it is Satoshi Nakamoto and this person published a white paper on the technical outlines of Bitcoin. Next year, on the 3rd of January the Genesis block came to be. This was the first-ever Bitcoin block consisting of 50 BTC. The next blocks came soon after because the creation process for a single one takes 10 minutes.
Naturally, Satoshi didn’t work alone. There were many others on board and in 2010 one of them decided to test the value of Bitcoin. Laszlo Hanyecz was the man behind the idea and he decided to buy a pizza from Papa John’s. The pizza cost 10,000 BTC.
Naturally, the value of Bitcoin has grown since then thanks to the plenty of traders and miners that contribute to the phenomenon. The number of traders has grown especially. If you’re looking to trade then you should know it’s a risky business.
That’s why you can get the help of a trading bot. In other words, you can rely on platforms that offer such a service. You’ll need an account , sign up to Bitcoin system if you’re looking to use their trading bot. Naturally, you’ll need to make a deposit if you want to trade. What you’ll also need are a few tutorials that will teach you about the bot’s settings. Afterward, you’ll just set the bot and let it trade for you.
After experiencing a few ups and downs, the price of Bitcoin is going up again. That’s because the cryptocurrency is accepted more. Various businesses accept it as a payment method. The gaming industry, in particular, allows in-app purchases with Bitcoin.
Developers were also inspired by blockchain technology and developed a few games. Simulators, trading card games, and others are only some of the new titles on the crypto gaming market. However, most people are looking to trade Bitcoin. If you’re looking to do so, then you’ll benefit from some advice.
Quick Bitcoin Trading Tips
Before you do any trading you have to practice it. As mentioned before, you have some simulators that will give you all the practice you need. Some of them will focus only on Bitcoin while others will let you trade with other cryptocurrencies. Nevertheless, these titles will teach you how to make the right decisions in various situations.
Market analysis is another that these games will teach you. This will help you see the big picture when it comes to Bitcoin’s price. The thing is that the price up until now has experienced several ups and downs. By factoring in these past patterns you’ll be able to get a general idea about the price movements. The change of regulations in countries all over the world can also affect the price and you can put those changes in your analysis.
Then there are the different trading methods. You can buy and sell assets as well as wait for their value to rise. Alternatively, you can try scalping, day trading, and other methods. Choosing the proper wallet is also one of the decisions you’ll have to make.
All in all, there are several aspects you’ll need to cover before you become a successful Bitcoin trader. By doing so you won’t have trouble acquiring any skills and enhancing them.