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Cryptocurrency News Articles

What Is Bitcoin and How to Invest in the Cryptocurrency

Jul 25, 2024 at 11:45 pm

Whether you're a crypto guru or a newcomer to the scene, chances are you've heard of Bitcoin. As the first cryptocurrency, it's taken the world by storm

What Is Bitcoin and How to Invest in the Cryptocurrency

Bitcoin, the world’s first cryptocurrency, was conceived in 2008 by the mysterious Satoshi Nakamoto. It quickly gained popularity, and by 2009, early miners had minted the first coin.

Users can buy, sell, or trade BTC directly without involving banks or other financial institutions. Every transaction gets recorded on the blockchain, a public ledger that ensures transparency and reduces the likelihood of fraudulent activity.

Although Nakamoto designed Bitcoin for daily transactions, many people use it to protect themselves from inflation and even generate wealth in the process.

As the sole cryptocurrency for a time, many people were understandably uncertain about BTC’s prospects. For its entire first year of use, its value remained at mere pennies.

It wouldn’t take long for the Bitcoin trend to catch on, igniting a spark that sent Bitcoin’s price above the $1,000 mark in 2013. The subsequent fall renewed fears that cryptocurrencies were no more than a fad, but these sentiments didn’t last long.

The coin’s next rise sent values soaring to $20,000 and beyond. Another significant dip gave investors an inroad before another colossal surge to nearly $70,000 in 2021.

All these ups and downs provided countless investment opportunities for folks keeping a close eye on BTC’s value. Today, BTC to USD conversion sites remain the most accurate way to determine a coin’s current value relative to fiat currency.

Of its numerous peaks and valleys, BTC reached its highest valuation to date in March of this year at just north of $73,000.

The Bitcoin mining process, the term given to adding new coins to the blockchain, is a grueling one. Miners must employ computing technology designed to solve the complex mathematical problems linked to Bitcoin’s code.

In Bitcoin’s early days, using even the most rudimentary personal computers could have been enough to crack these problems. The process gets more convoluted with each new transaction, requiring bigger rigs or multiple devices chained together to achieve the same result. At present, miners can generate one new Bitcoin block about every 10 minutes.

As dictated by Nakamoto in 2008, there will only ever be 21 million bitcoins in circulation. That means there’s a finite number of coins to mine, which experts estimate will run dry around 2040. Once we reach that point, it will only be possible to obtain new Bitcoin through trade or purchase.

To slow the acquisition process, the amount of bitcoin mined halves every 210,000 blocks. Early miners received 50 bitcoins per block pulled from digital soil.

Bitcoin has halved four times since then, most recently on April 20, 2024. Currently, it’s only possible to extract 3.125 coins from a single block.

Most individuals turn to crypto exchanges to purchase Bitcoin. These sites allow buyers to exchange fiat currency for digital coins at a predetermined cost; usually the value listed on conversion sites for the given day. Although Bitcoin’s high price makes it difficult to purchase a whole coin, you can simply buy portions instead.

Crypto exchanges vary greatly in terms of fees and scope. Some focus exclusively on Bitcoin, while others offer multiple digital currencies to choose from. In either case, you’ll need to fund transactions with a bank account, debit card, or credit card. After obtaining your digital currency, you’ll need a wallet to keep it safe.

Crypto wallets don’t actually store coins but rather hold a public and private key that allows you to access your currency on the blockchain. Should these keys fall into the wrong hands, that person can do the same. Generally speaking, there are two main types of cryptocurrency wallets: hot and cold.

Hot wallets are always connected to the internet and often exist via websites or some form of software. While this means you can get to your coins faster, it also gives hackers an easier path to your digital finances.

Cold wallets are completely off the grid and not connected to the internet in any way. As a result, they tend to be much more secure. Some users turn to a USB or Bluetooth device for cold data storage, while others simply record information on a piece of paper.

There are pros and cons to each approach, and many Bitcoin owners choose to hold multiple wallets at any given time.

No one can accurately predict Bitcoin’s future, although some patterns have emerged that could point to more growth on the horizon.

Historically, Bitcoin rises within a year on either side of a halving, like the one we saw back in April. Should trends continue, we could see BTC kissing the six digits before the end of 2024.

Similarly, we’re seeing a slowdown in the number of coins minted. The reduction in supply may lead to a higher price point as demand increases.

Some experts agree with this

News source:www.thestockdork.com

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