Are you interested in investing in cryptocurrency? Do you want to own a bitcoin? I know a lot of you are hearing good and bad information about cryptocurrencies. Well, those details are not entirely false. Like the stock market, the crypto world has ups and downs as well. You will experience those once you are in already.
One of the leading cryptocurrencies is Bitcoin. Many new investors are planning to invest in it. But, did you know enough about Bitcoin? Did you know how it started, how it is being made, or how you can use it?
Let me share with you what Bitcoin is!
How Bitcoin started
Prior to the creation of Bitcoin, there were already attempts to use digital cash. However, the internet and technology before were not as advanced as today. This is one reason why digital currencies didn’t boom. The Bitcoin network actually started in January 2009. A man named Satoshi Nakamoto was mining the genesis block of bitcoin with a reward of 50 bitcoins at that time. Well, imagine if you have discovered Bitcoin in 2009 and was rewarded 50 of them! The amount is surely massive as of this time! In 2011, other cryptocurrencies started to emerge. To invest in bitcoin, click here.
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How Bitcoin works
In a general sense, Bitcoin is digital money. You can’t touch it but you can definitely use it to do online transactions. Bitcoin can be bought using real money and you can buy it once you have an account with a cryptocurrency exchange platform. There are a lot of platforms now, including Coinbase, which is popular in the Philippines. Coinbase serves as your wallet to store your Bitcoin. It’s like exchanging your real cash for digital money. You also have a digital wallet where you can buy, store, or sell cryptos. It’s convenient to won Bitcoin since it can be exchanged for thousands of dollars even if you only have one.
Earning through Bitcoin
Some buy Bitcoin to store them in their wallets while some buy it to trade in a short period of time. Both investing and trading can be a source of income for you. Like stock markets, Bitcoin’s price increase when more investors buy it. The price decreases when more investors sell it. When trading, you can buy at the support level and sell at resistance so you can get a profit. This will depend on your strategy as a trader. In my case, I do both. I have an account for trading and an account for investing. I buy Bitcoin and I plan to hold some for the long haul.
I believe in the future of digital currencies. Aside from Bitcoin, Ethereum and ADA are gaining momentum as well. You may consider those two cryptocurrencies as well. With the advancement of the internet and technology, more and more companies are being open to the possibility of accepting Bitcoins. For example, PayPal just recently opened its doors to buying and selling Bitcoins. We’ll never know, maybe soon, PayPal will start accepting Bitcoin as a payment.
I have more blogs for Ethereum, Cardano, and cryptocurrencies soon. Tune in!
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