Top Facts You Should Know About Bitcoin
Bitcoin market seems to be growing from strength to strength in recent times. There are more investors and people are beginning to accept its use in various ways which is great to know given that there were lots of doubts when it first came into being. However, this is one market that you don’t want to enter without the right knowledge. The reason is that you may become worse off. For instance, the month of August brought a slight drop in price thereby leading to loss. In order to make huge returns from your investments, it is important that you understand how it operates on daily basis.
Here is the great part
Do you want to know the best part about all of these? It is the fact that this post will be revealing some top facts about bitcoin. These will help you make investment decisions that are smart. There is no doubt that you will be steps ahead of other investors after discovering these facts.
The market is volatile
Most experts have pointed out about how highly volatile the Bitcoin market has been over the years. While you may want to be thinking about your chances of making huge returns from investments within a very short time, try to know that this can also lead to huge losses.
In the month of July, the market experienced an increase in price from 9,300usd to $10,400usd. This change took place within 30 minutes. However, in the month of August, there was a drop of around 7.59% in its price. It is a market that is highly unpredictable which is why you need to always make the right decisions to protect your investments.
It isn’t the only cryptocurrency
Bitcoin may be very popular but that doesn’t imply it is the only cyber currency that you can buy from exchanges like Bitcoin profit (https://insidebitcoins.com/bitcoin-robot/bitcoin-profit). This is because there are other cryptocurrencies. Being aware of these other cryptocurrencies gives you a good chance of diversifying your investment portfolio in the best way possible. Some other cryptocurrencies you can try out are Binance Coin, Ethereum, XRP and Litecoin.
It is very popular
The popularity of bitcoins doesn’t seem to be slowing down in any way. This is evident on the price that it commands in the market. One Bitcoin costs thousands of dollars to acquire and experts are even predicting that these will increase by over 100% in the next 2 – 3 years. That too after the launch of automated bitcoin trading apps, the bitcoin trading has certainly increased as they help even the inexperienced traders to trade like a pro. You can find more information here.
The Chinese government made moves to restrict its citizens from taking part in Bitcoin trading activities. However, they seem to be getting more involved than ever before.
Supply is limited (finite)
Most people believe that the supply of bitcoin is unlimited. However, this isn’t true as it is very limited. As a matter of fact, the number of bitcoins available to be bought and sold by traders is 21million. Over 15million has been mined already in the market. The last of the bitcoins is expected to be mined in 2140.