Bitcoin, after the bull market phase, had a broke price of $60,000. The bull run started after the 12th of May when BTC halving occurred, which cut in half the block reward. What’s more, this amazing bull market phase has promoted Bitcoin trading and attracted an unbelievable amount of BTC investors, including institutional and individual investors. Its presence on different social media platforms has now been very evident resulting in a significant increase in the number of interested users. If you also want to start with BTC trading and buy your first Bitcoin here, we explain everything you need to know before you get into Bitcoin trading.
Bitcoin as a virtual cryptocurrency is defined as the innovative medium of exchange that is used for making payments online. The purpose of BTC is to provide an alternative and decentralized payment option. The popularity has increasingly grown as the number of supporters invested in BTC and accepted BTC payments.
That being said, Bitcoin can be used today not only for BTC trading but also for shopping, because as we mentioned earlier, there are a lot of organizations, including businesses that support BTC purchases. Some renowned brands include Twitch, Namecheap, PayPal, Etsy, many others.
The Price History
Secondly, after you’ve taken the time to learn more about Bitcoin on the blockchain network, you should familiarise yourself with the price history of BTC. This is important because you want to notice patterns that are associated with cryptocurrency.
It will also give you a clear overview of the volatility of Bitcoin. For example, if you take some time to research the history of Bitcoin, you will see that there is a pattern where bull runs are generally happening after Bitcoin halving. First, you should know the Bitcoin halving cuts in half the reward that miners get as compensation for investing time and effort on the blockchain network.
If you want to start trading as a beginner, it’s beneficial to compare automated training sites because they will automatically trade for you and complete the more technical and complicated aspects of trading, which is always easier for anyone that hasn’t got much experience in this area. For instance, On the Bitcoinbillionaire site, you can earn a high ROI of up to 70% on a daily basis, and you only need to make a deposit of $250.
Thanks to the halving, new BTC is generated on the network at a much slower pace, because they are less motivated to mine as the costs are growing, and the general supply of BTC is decreasing. This is why the demand is greater than to supply, especially with each passing halving.
For example, if you compare the having in 2017, the price has peaked at $19,000, and four years later, this halving has resulted in the price of over $60,000. Overall, you will notice a clear connection between the limited supply of BTC and the demand for BTC on the trading markets.
Lastly, you should invest in a reliable Bitcoin wallet that will store BTC and allow you to safely make transactions online. Bitcoin wallets are a vital component of any BTC transaction between the buyer and the seller; even if you’re just purchasing goods or services with your BTC, you still need a Bitcoin wallet.
When you’re choosing the right Bitcoin wallet, it’s good to know that there are different formats that you can use; for example, you can have a web wallet that allows trading on the move and a mobile wallet, which is pretty useful for offline and online shopping and you can safely store your funds with cold storage option like a hardware wallet or a paper wallet, for example. In conclusion, make sure to do your research, pick safe options for your wallet and trading platforms while keeping up with the latest news in the field.