When people hear about cryptocurrency for the first time, they often fling the word ‘bitcoin’ out there hoping it sticks so they can sound like they’re in the know. Bitcoin (BTC) is the top cryptocurrency on the market. Introduced in January 2009 by a synonymous ‘Satoshi Nakamoto’ bitcoin went on to become the number one cryptocurrency in the world. Shaking the financial industry in its wake.
When I first heard about Bitcoin, I thought it was impossible. How can you have a purely digital currency? Can’t I just copy your hard drive and have your bitcoins? I didn’t understand how that could be done, and then I looked into it and it was brilliant. – Jeff Garzik, Co-Founder of Bloq Inc, a contributor to Bitcoin Core, Bitcoin developer
A ‘Bit’ is a small fragment of digital information. ‘Coin’ is a representation of money. In 2009, bitcoin (BTC) becomes the first cryptocurrency with decentralization as its main focus. Bitcoin is a payment protocol that uses a public electronically distributed ledger (known as a blockchain). Also a cryptocurrency built to be transacted on the protocol.
Initially invented by the mysterious ‘Satoshi Nakamoto’ in 2009, bitcoin (BTC) has since become an open-source software, allowing anyone to suggest and implement improvements to the network when necessary. With bitcoin being open-source, anyone is able to access the code and work from it. As a result, thousands of altcoins have been popping up using similar blockchain technology.
The price of bitcoin skyrocketed in 2017. Starting 2017 at around $1,000 for one bitcoin, then shooting up to over $19,000 by December. While this may have brought many eyes to the cryptocurrency industries and the opportunities it presents; it is hard to speculate on the future of the coin due to government regulations. Despite this, bitcoin (BTC) isn’t going anywhere for a while. Developers have been exploring the practical uses of bitcoin, while also finding ways to improve the current system. This could cause the potential value of the currency to increase over time. One of the main setbacks affecting the growth of Bitcoin and cryptocurrencies, in general, is the rise of government regulations. This causes market-speculation as people are hesitant to trade an asset that is in a grey area in their country.
We are offering bitcoin price calculator for those of you that want to see the price without looking int all of these charts.
When investing your money into anything on the planet, it’s important to do your due diligence paired with comprehensive research to manage your risk. As demonstrated by the market boom during the end of 2017, bitcoin has become hot property. Bitcoin is a volatile asset, so it’s not a good idea to invest what you can’t afford to lose.
Though Bitcoin has gone through many periods of volatility, 2018 has been the most stable year for the currency. It’s easy to invest in bitcoin. By creating a free account with iCE3X users are able to get access markets and deposit money to start trading. With a cap of 21,000,000 bitcoins in circulation at once, the price of Bitcoin can only go up from here, even if it takes years.
If you’re not investing to make trades, you can send bitcoin (BTC) anywhere in the world paying little to no fees. If you’re sending money to friends and family in different countries, this may be a cheaper alternative for you.
You seeing this @Nouriel?
Bitcoin doesn't care about dogs barking out blatant lies pic.twitter.com/vkwQLdsnPb
— Joseph Young (@iamjosephyoung) October 15, 2018
You can also read “South Africans are flocking to bitcoin as the Rand falls” for more information about what is going on with bitcoin and rand ratio.
One of the main features that peaks interest in bitcoin is that it functions without any 3rd party involvement from a government or reserve bank. Cryptocurrency exchanges such as iCE3X are platforms that give users the ability to convert traditional fiat currency into cryptocurrency. In order to protect their users from risks such as hackers or fraud, exchanges often go under regulatory procedures.
While Bitcoin is in a grey area worldwide, it is often legal in many countries, despite other countries banning it outright. For example, bitcoin is allowed in a wide selection of countries in Africa (Ghana, Nigeria etc), but banned in others (Morocco etc.).
Investing in bitcoin (BTC) is fairly easy. Many places allow users to buy bitcoin with PayPal, though we don’t suggest that. But if you’re an amateur trader or even seasoned trader, there are many opportunities to make good profits with bitcoin. If you’re not a trader, bitcoin (BTC) provides a practical use for your expenditures and can often be the cheaper alternative. We suggest you store your bitcoins in a safe location if you’re going to get started.
What do you think about bitcoin? Is it the crypto asset you deal in most? Or are there other coins that have your interest peaked? Let us know your thoughts in the comments below.
This article is intended to educate and should in no way be seen as investment advice or an enticement to use the ice3x.com platform. Bitcoin is highly volatile with big profit opportunities but you should also remember that you could lose part or all of your investment whenever you take part in any high risk investment. Bitcoin trading is not a regulated industry in South Africa, which in itself carries additional risks. IF YOU ARE NOT AN ASTUTE BITCOIN TRADER, SEEK INDEPENDENT FINANCIAL ADVICE BEFORE MAKING ANY INVESTMENTS.