Bitcoin is one of the most talked-about subjects in the global financial industry, if not the most talked-about topic. Even though it was created in 2008, it wasn’t until 2017 when it managed to grab the attention of every person on the planet. During this period, it managed to rise in value and reach more than $19,000.
After it plunged, many thought that this would be the end of it. But, as 2021 came, not only did Bitcoin rose again, but it managed to reach heights that none of us thought are possible. Halfway through 2021, Bitcoin is valued at around $40,000, with experts believing that it can rise as high as $100,000 by the end of the year.
With that being said, we wanted to take a look at it and name a few details that will allow you to learn what is Bitcoin and how it operates. Let’s start breaking down the details.
What Is Bitcoin?
Bitcoin is a digital currency or commonly referred to as a cryptocurrency. That means that it does not have a physical form and that it is only used online. It was created by Satoshi Nakamoto in 2008, a person or a group that remains anonymous to this day.
It is powered by blockchain technology in which every user takes part in the process of controlling it. They do that by mining blocks – Bitcoin users record and verify Bitcoin transactions and integrate them with the blockchain. The blockchain technology is what made Bitcoin be self-sustainable, highly decentralized and out of the control and reach of banks.
How Do You Make Money With It?
The process of making money with Bitcoin involves registering and using the services of reputable trading sites such as bitcoinchampion.io. This trading platform has thousands of registered users from all around the world, as well as a high profitability rate.
After registering, you will gain access to its advanced services, which include the use of AI systems that are able to analyse the market and predict its near-future price. Now mind you, this will not guarantee you profit, but it does help a lot and increases the chances of making one.
One other option for trading Bitcoins is a Bitcoin ATM, but they are much harder to access and have massive fees. Finally, if you are wondering how can you earn Bitcoins, there are two ways – you can either mine it or buy it from trading sites like the one we mentioned above.
Why Does Its Value Rise So Much?
As with any product or service, the main factor that influences the price of Bitcoin is supply and demand. The rarer a product is, the more valuable it will be as the demand is much bigger than the supply. That is the case with Bitcoin.
Bitcoin is finite and very hard to earn. That is why its value is so great, especially after halving events, which make the process of mining far more difficult. There are several other factors with some of them being institutional interest, competition, and cost of production.
Can You Purchase Products/Services With It?
The answer is yes. Bitcoin has quite a few advantages as a payment method, which is why many companies, global brands included, have integrated it into their system and accept payments with it. Some of these brands include the likes of Wikipedia, Expedia, Overstock, Shopify, and Microsoft.
As for the advantages that Bitcoin boasts as a payment method, they include greater security thanks to the fact that users are provided with online anonymity, instant online transactions, which is not the case with regular payment methods, as well as the fact that they void all unnecessary fees.