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Bitcoin is one of the types of cryptocurrencies and this Digital currency invented by a group of financial people or unknown person disclosed with the name SATOSHI NAKAMOTO. The founder of this digital currency is still a puzzle. Bitcoin is a decentralised digital currency which provides very fewer transaction fees when compared with other online transactions.
Bitcoin is open-source; is designed for public, nobody holds or controls. Transactions are verified by network links through cryptography and recorded in public distributed ledger called a blockchain technology so that there is no need for intermediaries.
The current cryptocurrency market is valued to be worth around $237.1 billion, but analysts assume that figure could climb to a staggering $1 trillion by 2021. This makes bitcoin trading an appealing position. According to CoinMetrics and Forbes, on 11 March 281,000 bitcoins were sold by owners who held them for only thirty days. This compared to 4,131 bitcoins that had placed dormant for a year or more indicating that the vast majority of the bitcoin volatility on that day was from recent buyers. During the week of 11 March 2020 as a result of the COVID-19 pandemic, cryptocurrency exchange experienced an 83% increase in the number of account signups over the week of bitcoin’s price collapse, a result of buyers looking to capitalize on the low price.
The process of releasing Bitcoin for circulation is known as Bitcoin mining. Mining requires the solving of computationally complicated questions to discover a new block, which is added to the Blockchain. Mining includes and verifies the transaction reports to Blockchain across the network. Miners receive a bonus for including blocks to the blockchain on every 210,000 blocks. The block bonus was 50 new bitcoins in 2009 and it is currently reduced to 12.5. A different kind of hardware can be used to mine bitcoin but some make more bitcoin than others. ASIC (Application-Specific Integrated Circuits) and GPU’s (Graphics Processing Units) are getting used in the mining process to obtain more bitcoins and this process of mining is known as “Mining Rigs”.
On Aug 18, 2008 – The domain name bitcoin.org is registered. By now, this domain is “WhoisGuard Protected”, meaning the name of the person who registered it is not public information.
On Oct 31, 2008 – There was an announcement made on The Cryptography Mailing List at metzdowd.com by the person or group using the name Satoshi Nakamoto stating “I have been working on a new electronic cash system that’s fully peer-to-peer, with no trusted third party”. This now-famous whitepaper published on bitcoin.org, entitled “Bitcoin: A Peer-to-Peer Electronic Cash System” would become the Magna Carta for how Bitcoin operates today.
On Jan 3, 2009 – The first Bitcoin block is mined, Block 0. This is known as the “Genesis Block” and contains the text “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks,” possibly as proof that the block was mined on or after that date, and perhaps also as important political critique.
On Jan 8, 2009 – The first version of the Bitcoin software is published on The Cryptography Mailing list.
On Jan 9, 2009 – Block 1 is mined, and Bitcoin mining begins in earnest.
To make money through Bitcoin trading here is the steps to follow:
You should always have some strategies in mind before starting Bitcoin Trading. Some traders believe in their technical analysis and some traders use trading bots to trade on their behalf. Bitcoin trading strategies teach you to utilise charts and money management.
Information – It is necessary to use different information sources. The value of the bitcoin is based on public perception. So you need to gather information through news sources like Bitcoin magazine, Coin telegraph, Business Insider or CNBC. Tradingcritique.com suggests that if there is no contradictory news that will be the right time to sell, on the other hand, if there is positive news that will be the right time to buy.
Analysing the Charts – There are a lot of chart patterns like bar and line charts and they are not 100% accurate. Candlestick charts provide the most necessary information and the information provided are listed below:
Use the right time frame charts to get accurate results. For trading bitcoins use charts with the time frame between 1-30 minutes.
On Balance Volume Indicator – This is one of the best indicators for trading Bitcoin. It is used to analyze the total money flow in and out of the instrument. The OBV uses a mixture of volume and price activity. The people are into selling when OBV is trading down and bitcoin is trading up. The same is true in reverse if Bitcoin is trading down and at the same time the OBV is trading up. What we want to see is OBV moving in a similar direction like Bitcoin price.
Advantages
Disadvantages
Bitcoin trading is an exciting asset to trade in cryptocurrency. It gives more potential profit along with high risks. Luck favours the brave, so understand and implement the strategies listed by tradingcritique.com and it will bring you more potential profit.
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