Bitcoin is once again at the main focus in the global financial industry. This cryptocurrency has managed to rise again and not just reach the 2017 record in value, but breeze past it with ease. The recent spike in value showed us that Bitcoin’s infrastructure is ever-growing and people do not plan to stop using this cryptocurrency.
And to be fair, we understand why they are so fond of it. After all, Bitcoin holds tons of advantages over FIAT currencies. All transactions made with it are instant, the cryptocurrency provides its users with anonymity, and due to the fact that it is not controlled by banks or governments, people that are using Bitcoin can avoid all hidden or added fees. General fees are also much lower, so in a way, Bitcoin traders are saving money by using this cryptocurrency.
There are many things that each of us should know about Bitcoin, which is why we decided to share a few interesting facts about it. Let’s check them out.
Trading Sites is Where The Magic Happens
Pretty much all of us are familiar with Bitcoin and its potential, but not many know how traders actually manage to make money with this cryptocurrency. We are here to break all the details down.
The first way to earn Bitcoin is by mining. Mining is an activity in which miners (people that are trying to earn Bitcoin) record and verify transactions made with the cryptocurrency. To do so, these people need to solve complex puzzles and the reward for each solved puzzle is Bitcoins.
After they earn a certain amount of Bitcoins, comes the second part of the process – selling them. This is a very hard task because Bitcoin has a very high volatility rate; its value changes each day. Miners cannot pinpoint what the future price of Bitcoin will be, so they turn to the experts – trading sites.
These sites use AI software which collects all the data on the market about Bitcoin and manages to predict what the future price of Bitcoin will be, thus providing you with enough information to know when is the best time to sell them. Bitqt is a top trading robot and a platform which has thousands of registered users from around the world. This site specializes in this sphere and has a huge daily profitability rate.
The other way to make a profit with Bitcoin is to buy and resell them. This is the simpler, yet expensive method and a profit is not guaranteed, considering the fact that it is hard to sell you Bitcoins for a price that is higher than the one you bought them for.
The Creator’s Identity is a Mystery
Bitcoin was created back in 2008 and the first transaction was completed in 2009 after Hal Finney purchased 10 Bitcoins from the creator of this cryptocurrency. But, here’s the interesting part: to this day, no one knows what is the real name of Bitcoin’s creator.
All that we know is that he goes by a pseudonym, Satoshi Nakamoto. There have been many speculations as to who this individual may be. The biggest rumour is that he is a Japanese male in his mid-40s, but none of this information has been confirmed.
It Is Highly Decentralized
Bitcoin is a highly decentralized currency, meaning that it is not controlled/operated from one centre. FIAT currencies, for example, are controlled by banks/governments. Bitcoin is a self-sustainable and it is controlled by the people that are using it.
Banks and governments are cut out from the process, which is why they oppose the currency so much. They cannot apply fees which allow them to make profits. Think of them as the middlemen in each transaction. By using Bitcoin, you cut out the middleman and thus, save tons of money whenever you make a transaction.
User Anonymity
Earlier in this text, we mentioned that Bitcoin provides its users with anonymity. This anonymity increases the users’ online security, which is a massive benefit. Bitcoin keeps the real identity of the people a secret through the use of cryptology, which is a method of using codes to mask various information.
It is worth noting that the cryptology does not provide you will full anonymity, you get a certain level of it.