When Satoshi Nakamoto released his manifesto ”Bitcoin: A Peer-to-Peer Electronic Cash System” on 31 October 2008, it revolutionised our perspective of finances irreversibly. We used to operate our monetary items through controlling authorities and limitations; however, the concept of Bitcoin aims for an economy of decentralisation and libertarianism. Quite the reverse of the current system!
Moreover, Bitcoin carries another bright side; it is transferred on the P2P (Peer-to-Peer) on Blockchain, unlike either IBANs or verifications. A path without intermediaries is also pretty attractive for investors who want to keep their anonymity and privacy while they operate their transactions.
Actually, when we think of recorded banking system transfers, neither our personal nor financial data is secure in the case of a leak or cyber attack. However, Bitcoin and altcoin processes are encrypted from beginning to end. To state who sent Bitcoin to whom is impossible even for the most talented crypto specialists.
Holding decentralised principles firmly and eliminating intermediary establishments infuriated superior authorities grimly and encountered unfair accusations of creating a Ponzi scheme. They repeatedly said that traders would lose all their assets sooner or later. Comedically, all these conservative grumblers against every paradigm-shifting innovation have become the fanatics of investing in Bitcoin today.
Is Bitcoin profitable?
Briefly, Bitcoin (BTC) was created as open-source software, a computer file aiming to change our perspective towards an independent financial ecosystem; nevertheless, Zeus of cryptocurrencies evolved into an intelligent and trendy investment in time. Another reason why the Bitcoin price increased from nuts to thousands of dollars in a year was surprising for everyone.
It is already widely known that the close supporters of Bitcoin are the main financiers who believe in a brighter and independent future. Yet, its volatility gathers a tremendous number of active investors following Bitcoin value daily. The large cycles of depreciation and appreciation, called bubbles and busts, formed a massive cryptocurrency market expected to be worth $ 2 billion by 2026.
Who decides the Bitcoin price?
Like any asset, Bitcoin price USD is determined depending on supply-demand, government regulations, media effect, and investor and user sentiments. Various determiners, especially media, cause instability ground for all popular cryptocurrencies, including Bitcoin. For instance, tweets of high profiles such as Elon Musk or Jeff Bezos were more than enough to bounce these digital assets up to 40% in a single night.
On the flip side, concerning announcements of governments stating further precautions against cryptos also affect the market prices. Crypto assets have always been in the limelight of governments since their first step on the stage of finances. They can not tax an income they can not document; thus, Bitcoin and its apostles are a furious case for many regulatory authorities.
While these establishments claim cryptocurrencies are used in malicious activities, otherwise they would be included in declarations; Bitcoin enthusiasts underline the most significant pillar of crypto philosophy; secrecy! And the battle goes on with ups and downs!
Is it a good time to buy Bitcoin?
Nobody can answer this tricky question competing with the formula of Alchemist. There is no perfect time to invest in Bitcoin. Even the most experienced portfolio managers fail to analyse Bitcoin charts. Indeed, technical analysis is the concept of assuming future movements in a market based on retro-operative price patterns and technical indicators. Still, Bitcoin analyses do not have 100% accuracy on any of the analyses, including Fibonacci retracement, RSI, and the Stochastic, to determine support and resistance points.
Therefore, the best time to invest in Bitcoin is when you have a sufficient amount to embark on such an asset with high risk. Please remember that placing the money you can not afford is not a wise way to invest in anything, and Bitcoin is not an exception. To take a loan or sell a real estate property has never been a good judgement. These kinds of actions may result in devastating conditions.
All in all, Bitcoin is considered a sine qua non-puzzle piece of the upcoming days. It has and will! This revolutionary currency has kept its throne on the Mount Blockchain for over a decade. Those who believe in an independent financial world defend it passionately while there are still old-school investors and authorities muttering about its decentralisation.
Either this or that way, Bitcoin symbolises much more than just an asset. Resistance against what we were taught! A world with no roadblocks by major institutions and corporations sitting on vital information! More to the point, it is the first type of money in the brief history of humankind made by ordinary people, us, rather than our rulers!