Is it too late to trade Bitcoin?

Bitcoin received a lot of media attention in 2017 due to its value increasing beyond all expectations. At the start of the year it was worth less than $1000, but by the end of the year its value had surpassed $19,000. Bitcoin’s worth has reduced and levelled out more recently, but even at a value of close to $10,000, it still represents a healthy profit for the people that had already invested prior to the start of 2017.

The 2009 Introduction Value

When it was first introduced in 2009, you could buy 5000 Bitcoin for $27. The very first transaction was a gift of 10 of them from the developer to a rival cryptocurrency developer. If the recipient hung on to those, they would have been worth a lot of money at the end of 2017.

It was designed as a type of Internet cash, and one of the biggest aspects of its success is the blockchain technology it utilises. This allows you to make transactions quickly and without any middlemen, such as banks or credit card companies, taking any fees. It allows peer-to-peer trading, so nobody except those involved need to know anything about the transaction.

Will Bitcoin Continue To Grow?

It’s difficult to predict what will happen with any currency in the future, and Bitcoin is no exception. However, the indications are that other countries, for example India and Bangladesh, where Bitcoin trading is currently not allowed, are likely to lift restrictions over the next few years, which will help it to grow. Even Russia, which was very wary of Bitcoin to start with, has now legalised and embraced it.

You can now shop in some high-street stores with Bitcoin, and the number of online businesses accepting Bitcoin as a payment method is growing. In Japan, some employers have even started paying some salaries in Bitcoin, and they have made it a legal currency for savings and transactions. Due to this rapid growth of bitcoin, especially in day to day life, it may be worth considering getting involved, or at least learning how to use it.

Websites such as https://investingoal.com/ include a lot of learning resources when it comes to popular trading platforms such as eToro, as well as just general information on bitcoin and investing. They provide a range of reviews and guides, which could be useful for beginners that want to learn how to invest.

There are exciting things happening with Bitcoin, such as Norway’s largest online bank having integrated Bitcoin accounts. With its credibility growing it’s not surprising to see it now being traded on the CBOE Futures Exchange. Bitcoin’s future grew so rapidly the market had to be stopped two times to give it a chance to calm down.

Can It Beat the Competition?

Not long ago there were around 700 cryptocurrencies. This figure has more than doubled, which means it’s more competitive than ever. Some of them are gaining traction and others are falling by the wayside. They would all like to claim the top spot currently occupied by Bitcoin, but it had a head start on them.

Other cryptocurrencies might jump on the bandwagon of getting retailers to accept payments through them, but as with all currencies, only time will tell if they will be successful. When it comes to trading cryptocurrencies, the deals will continue with the most profitable. For now, and for the foreseeable future, that’s Bitcoin.