The Pros of Bitcoin
- Most reputable cryptocurrency on the market
- Completely decentralised transactions
- High degree of privacy with transactions
- Mining options readily available
History – The history of Bitcoin trading
Bitcoin was invented in 2008 and became the currency it is today in 2009. It was released as open-source software by an unknown body operating under the pseudonym Satoshi Nakamoto. Bitcoin is advertised predominantly as a peer-to-peer electronic cash system which involves a completely decentralised digital currency. There is no central authority which governs the transactions and maintains account balance statuses. This met all the relevant criteria to be deemed a cryptocurrency and the adoption of Bitcoin over the years has steadily gained momentum. Bitcoin now manages to set record highs in terms of value and the opportunity to invest is becoming more and more attractive to the general public.
The beginning of Bitcoin was the mining of the genesis block on the 3rd of January 2009. This was mined by Nakamoto and on the 12th of January, the first Bitcoin transaction took place. Initially, the cryptocurrency was mostly used with black markets transactions on well-known platforms such as Silk Road. The beginning of this commercial trading era already saw the volatility of the market as prices soared and dived very frequently. The next decade would prove to be an era of growth as the cryptocurrency continually reached record price highs. To take a look at another reputable cryptocurrency option, head to our buy Binance Coin page.
The notion to buy crypto online has never had more favour than the past couple of years as many customers have dismissed the short-term volatility for the long-term investment gain. Be sure to read over our detailed page of the best cryptocurrency to invest in to ensure that your available options are all clearly laid out before committing.
Development – What was Bitcoin created for?
Development of the Bitcoin trading system must have begun before the 31st of October 2008 as the renowned paper, authored by Satoshi Nakamoto was released on that day. The white paper has gained plenty of fame within the crypto community and laid out the entire framework for what the cryptocurrency is today. The software was developed alongside the self-titled cryptocurrency and the ticker symbol BTC is used to denominate the units of Bitcoin. The data structure of the blockchain was detailed within the white paper and developed to become the public ledger that is available to everyone today.
The best Bitcoin trading transactions are completed using a Forth-like scripting language and detail how many units of Bitcoin are being sent to what address. These transactions are verified by the network of miners within the online crypto community and the relevant transaction fee serves as a reward to the miner who has chosen to validate the transaction. The software was developed to validate ownership after an account has completed the process to buy Bitcoin with their specific Bitcoin address. A private key is used in conjunction with this address to access any fund within the account. To take a look at our review of the hard fork that split Bitcoin, head to our buy Bitcoin Cash page.
Statistics & Major Facts – Facts to know before you buy Bitcoin
With the Bitcoin trading system, owners of the cryptocurrency will be able to transact by setting their own fees for the transaction. The higher the fee they are willing to pay, the faster the transaction is completed. Bitcoin has the majority of market capital out of any of the available cryptocurrencies at over 60%. While this figure is steadily declining with the creation of more competitive cryptocurrencies, the dominance within the industry has also allowed it to maintain its spot as the most valued cryptocurrency on the market. The gap is so significant that it is unlikely any cryptocurrency will be able to surpass it.
Around 300 000 Bitcoin trading transactions are completed daily with an average transaction value of 2.08 BTC. For any readers who are mining Bitcoin, the current reward per block is set at 6.25 + 0.5994 BTC. The 100 richest owners of Bitcoin own approximately 13.61% of the total amount of Bitcoin available, this is a relatively even spread for a cryptocurrency when compared to the rest of the industry. The number of active addresses trading Bitcoin is around a million and this figure can only be expected to grow as more traders embrace Bitcoin trading. These statistics all play in the favour to seek out the best Bitcoin trading opportunities. A number of regulatory agencies and investment managers have made public alerts and concerns surrounding the cryptocurrency but these are usually addressed over time. It is always recommended that traders keep a close eye on crypto news to avoid missing out on a price spike that may result from one of these concerns.
Security, Features, Use Cases – Is Bitcoin trading worthwhile?
The best Bitcoin trading was developed with security in mind. The entire system makes use of a revolutionary transaction mechanism that allows the network to process payments instead of a central authoritative body. This provides Bitcoin trading scams to be minimised as most of the funds lost will be due to lost account keys and fraud or scam exploits. These are almost always due to negligence of the account owner as opposed to finding an exploitable flaw within the Bitcoin system. While a Bitcoin address can be obtained, identifying the key for the account is impossible, which makes all Bitcoin wallets secure if the details are well kept.
An enormous amount of companies are now accepting Bitcoin as a means of payment and owners of the cryptocurrency will not be disappointed with the use cases that are available. With the continuing adoption of Bitcoin among the general public, it is likely that it will become a standard payment method over time as even service providers would seek the valued currency over traditional fiat currencies. The best Bitcoin trading is currently handled by platforms but perhaps it may become a financial standard in the future. For all details surrounding the second-highest valued cryptocurrency on the market, head to our Ethereum trading page.
How To Trade – Top tips for trading Bitcoin
Bitcoin trading can be done in a number of ways and as the markets continue to grow, new online trading platforms are always advertising their service. The process of trading this cryptocurrency is very similar to the other cryptocurrencies available on the market and it begins with reading through Bitcoin trading reviews. There are plenty of these available within the TradersBest.com South Africa page and once you have finished this cryptocurrency review, it is recommended that you delve a little deeper into Bitcoin before deciding to sign up with one of the trading platforms available in South Africa.
If Bitcoin manages to meet all of your cryptocurrency expectations, you will then need to head to our numerous crypto trading platform reviews to determine which of them has the best offer to cater to your trading needs. Each of these online service providers are evaluated using our tried and tested review structure which allows a comparison to be made between all of them once the reviews have been completed. If you are not looking to buy Bitcoin and want to take a look at another cryptocurrency, head to our Litecoin trading page.
Once you have decided on your cryptocurrency and trading platform, you will need to ensure that you have the correct payment method to be able to exchange your traditional Rands for some of the crypto units. The payment methods and fees are a crucial consideration when it comes to trading so you will need to be fully aware of all the costs involved with the service. Our reviews detail each of these sections and compare the fees relative to other offers within the industry, this gives a clear indication of the quality of service available and allows all readers to use some of the best Bitcoin trading sites out there. Not only will the fee structure and payment methods be detailed, but our team of experts also takes a close look at the licensing, security, customer service, website quality and options available with each trading platform. Our reviews are comprehensive and offer an unbiased wealth of information allowing readers to gain an insight into the service they will receive.
Now that you are able to buy crypto online, you will need to keep a close eye on all the news reports within the industry. Since cryptocurrencies are exchanged at any time, it is fairly common for price swings to occur during the ‘off-time’ of many global markets. Setting limit orders will certainly help in avoiding drastic losses but due to the volatility of the prices, it may also result in the selling of Bitcoin too early and losing out on the subsequent gains. Staying informed with the crypto markets will also allow traders to more accurately predict the price behaviour if improvements are being made within the system or a drastic upgrade is on the to-do list.
Future Outlook – What does the future hold for Bitcoin trading?
With Bitcoin being one of the most established cryptocurrencies on the market, it is relatively difficult to predict the future outlook for the cryptocurrency. Many professionals within the industry have backed its growth to continue towards unprecedented heights while others have taken a firm stance that the price spike is a bubble. The system certainly has the potential to become a standard among the financial sector but only time may tell if this will prove to be true.
The general public interest to buy Bitcoin has never been greater and this bodes well for the cryptocurrency but the volatility of adoption by the various governments all over the world will be equivalent to the change its price undergoes daily. To take a look at another cryptocurrency on the market, head to our buy XRP page.
Reputation and Customer Feedback – Impressive feedback from traders
Bitcoin’s reputation is undoubtedly the greatest within the reputation. There are plenty of active traders within the community and it is highly likely that Bitcoin will form part of the majority of their investment portfolios. For the most part, the customer feedback has been unprecedented and many stakeholders are hailing it as the future for the financial world. Bitcoin is having to share some of its dominance within the industry as many smaller cryptocurrencies are managing to maintain equivalent levels of service and customer satisfaction.
Overall Conclusion – Thinking of investing in Bitcoin?
By now, you should have a clear understanding of exactly how Bitcoin began and all the history surrounding the cryptocurrency. There is a high level of anonymity behind the creator/s of Bitcoin and it is unlikely that this information will ever be shared with the community. The development of Bitcoin was groundbreaking for the industry and the framework that was established then has been the base for plenty of cryptocurrencies to follow. Since Bitcoin is open-source software, the community has unprecedented levels of control over the entirety of the platform.
The statistics and facts surrounding Bitcoin certainly favour many traders’ decision to invest in the cryptocurrency. This coupled with flawless security methods that are in place should set any customers heart and mind at ease whenever making a transaction. The Bitcoin features are fairly common among most of the crypto market but the use cases outnumber any other crypto option available since Bitcoin is the most in-demand. Finally, Bitcoin trading can be done fairly easily and the future outlook seems to hang in the balance of the support that crypto markets receive over the years to come.