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cryptogeekPundit
Asked: March 15, 20222022-03-15T08:53:07+00:00 2022-03-15T08:53:07+00:00In: Blockchain

What is Bitcoin (cryptocurrency)?

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What is Bitcoin (cryptocurrency)?

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  1. Coindiskus Enlightened
    2022-03-15T08:54:23+00:00Added an answer on March 15, 2022 at 8:54 am
    • Digital Currency: Bitcoin is the first of its kind digital currency (popularly called cryptocurrency), launched in January 2009.
    • Underlying Technology & Transparency: There is no physical form of Bitcoin available. Its balance is kept on a decentralized public ledger (also called blockchain), which can be accessed by everyone, thereby providing unprecedented transparency. A massive amount of computing power verifies all Bitcoin transactions.
    • Bitcoin: What you can do with it? You can:
      • Create or mine Bitcoin
      • Distribute Bitcoin
      • Trade Bitcoin
      • Store Bitcoin
    • What’s so Special?
      • Absolutely Decentralized: The most exciting thing about Bitcoin (denoted as BTC) is that unlike government-issued currencies it is not issued or backed by any government or bank.
      • High Popularity Despite being Legal Tenders: Though they are not legal tenders, they are very high in popularity among investors. It is the increasing popularity of Bitcoin that led to the launch of around 5,000 other altcoins.
      • Lower Transaction Fees: BTC promises to lower transaction fees than any other traditional online payment mechanism.
    • Understanding Bitcoin in Simple Words

    Bitcoins are a collection of nodes (master nodes and simple nodes) that are nothing but computers. These computers run the code of Bitcoin and consequently store its blockchain.

    Each blockchain is a collection of blocks. Each block, in turn, is a collection of transactions. The best thing about this system is its transparency, making it unlikely for anyone (including those who started it) to cheat the system.

    All the computers that run the blockchain have the same block and transaction list. Everyone (whether they run a “node” or not) can see the new Bitcoin transactions occurring live and filling up the blocks one after the other. Cheating this system is unlikely.

    Does that mean no one can cheat the Bitcoin System?

    If a bad actor has to carry out a nefarious action, he/she has to operate 51% of the computing power that makes up the Bitcoin. As of May 2020, there are 47,000 nodes. Therefore, cheating this elaborate system is highly unlikely.

    Now, suppose a bad actor carries out an attack. In such a case, the people who are running the nodes or the computers will most probably carry out a fork to a new blockchain. This will make the attack a wastage of time, resources, and effort of the bad actor.

    • Should you invest in Bitcoin? Why?

    Absolutely. What are you waiting for? You should invest now because of the following reasons:

    • Outstanding Prospect of Growth in 2021

    Almost all analysts are predicting a bull run in 2021 as they are expecting the mass adoption of BTC in the near future.

    • Nexo co-founder Antoni Trenchev has said that by 2021-end, the Bitcoin price is expected to rise to $50,000.
    • A respected on-chain analyst has said that one of his economic models a 10-time price appreciation to around $200,000-to-$300,000 by 2021-end or early 2022.
    • Many analysts believe that the next most logical target is the US$24,800 Fib level (just below US$25,000).
    • Phenomenal Performance in 2020

    Bitcoin price has increased by around 170% in 2020. If we consider the lows during the COVID-19 crash in March 2020, the bounceback is phenomenal. Since the lows of March, the BTC price against the US Dollar has increased by around 400%.

    • JPMorgan Analysts believe BTC will Present Itself as an Alternative to Gold in terms of Store of Value

    A Bloomberg report says that the analysts of JPMorgan investment bank believe that BTC will continue to gain traction and may present a bear case for gold.

    “The adoption of bitcoin by institutional investors has only begun, while for gold its adoption by institutional investors is very advanced.”

    Billions of dollars worth of investment can potentially flow from gold to Bitcoin. Therefore, in the coming time, the gold may lose its shine as BTC’s prospects brighten.

    • 62% Market Capitalization

    On December 10, 2020, the market cap of Bitcoin was US$341,785,729,235, out of the total global market capitalization of US$546,541,275,989. BTC’s market share is 62%, the highest in the cryptocurrency market. Its price movement largely defines the overall movement of the market.

    • Big Players are Investing Heavily
      • Big-time investors such as BlackRock’s Rick Rieder, Paul Tudor Jones, Stanley Druckenmiller, and Bill Miller are parking more and more of their capital in Bitcoin and other altcoins.
      • Payment companies such as PayPal and Square are continuing to funnel more retail capital into Bitcoin and other cryptos.
    • Big Players are Buying at Lows

    Unlike 2017’s bear run (when the BTC value tanked to 3,500-level), this time it’ll be decent corrections. On December 9, 2020, the BTC/USD pair breached the US$18,000 level and moved downwards to US$17,640.56 and at one point in time exchange data showed buyer interest lined up at the US$16,200-level.

    When asked about the prospects of the Bitcoin market, Cointelegraph Markets analyst Michaël van de Poppe and many others said that their overall estimate is positive because many big investors including Grayscale, Paypal, Square, MicroStrategy, and many others are buying at lower levels as the small crypto “traders, shitcoiners, and weak hands” sell-off.

    They believe the downtrend will continue until the US$18,500-18,700 level is reclaimed. Currently, the BTC/USD price is revolving around US$18,022.35. So, time your entry by checking the technical charts and you’ll most definitely reap the benefit in the coming year.

    • Can I invest US$100 to buy Bitcoin?

    Yes, you can buy a portion of a single Bitcoin. However, always keep in mind that you’ve to give a certain commission for purchasing BTC. If you are paying US$10 for buying US$10,000 of Bitcoin, it means you are just paying 0.1% in fees. However, if you give US$10 fees for buying US$100 Bitcoin, you’re 10% in fees. While investing US$100, you should keep this thing in mind. This will help you make an informed and better entry into the market and invest properly.

    If you are a beginner, you can also try NapBots, a trading bot platform that designs profitable trading strategies and makes them available in a unique marketplace. The best thing about NapBots is that you can keep this AI-driven bot on autopilot and it can trade automatically on your behalf. It scans the market in real-time, automatically trades for you, and helps you to make money even when you are sleeping.

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