Cryptocurrencies are a product of many months of a complete breakdown of trust between stakeholders and the banks during the 2008 recession that saw many trillions of dollars wiped off citizens’ hands. The first model of the virtual currency – Bitcoin (BTC) created by a scholar called “Satoshi Nakamoto”, which was shrouded in high-tech was total decentralization. Yes, like, “everybody take control of your money”. 1 Bitcoin was $0.
The way it rose to prominence is a spectacle in itself, so we beginning to embrace everything that this unprecedented cryptocurrencies has to offer.
Fast-forward to 2022, even after the periods of turmoil due to the heavy crash in November 2021, 1 Bitcoin is valued at around $19,000 today. There’s something real to learn from the growth of cryptocurrency which led to the growth of the digital ecosystem altogether.
In this article, we will highlight the risks and benefits of trading in cryptocurrency. It is recommended to get along well based on both because you cannot have the returns on investment without first taking the risks involved.
Are Bitcoins Worth Buying in 2023?
After reaching an all–time high of $65,000 in February 2021, there came a huge wind that blew the Bitcoin’s value down to the regions of $19k and thereabout.
However, experts from different power financial houses have remained positive about the Bitcoin growing back to its old heights and even surpassing that. As reported by Time.com, some experts believe that a value of $100,000 is not only achievable but also imminent.
The Bitcoin has remained under pressure, having fallen many times below the $20,000 mark, with the most recent fall coming off the back of Wall Street going short amid an envisaged inflation.
As a resilient stable coin, the cryptocurrency is believed to bounce back from its bad run led by the decline of Bitcoin (BTC) and grow to unprecedented heights. Again.
Is Bitcoin A Good Investment? Reasons To Consider It In 2023
Here are some important things to note when trading in Bitcoin in 2023. These are the important points to consider when you are about making a bit decision on going long (buy) or short (sell) cryptocurrency:
Crypto adoption among US Business Owners and CEOs is at an all time high of 78.2%, more than 60% higher when compared to the average US citizen.
Bitcoin remains the popular choice for US Business Owners with more than 85% of crypto owner respondents possessing Bitcoin.
The second point here is cryptocurrency is known to be highly volatile. Volatility, simply put, refers to the range of price movements – that is, the ability to make quick busts in gaining or losing value.
The fact that the price fluctuation is impactful means that it is easy to make a profit (or loss). This is dangerous.
As with all other cryptocurrencies in the digital ecosystem, the bedrock of crypto is transparency and anonymity. That is, everyone who cares to check the Blockchain history of a trade can see how it’s moved over time so nothing is hidden but the identity of the trader is not revealed.
This is really good for those who really just want to remain in the background.
Although the advent of cryptocurrency is revolutionizing the internet society, the practical trading application of cryptocurrency is still a long way off. The liquidity of cryptocurrency has generally increased in the last few years, but it is fixed or small compared to other altcoins, which are very liquid.
Having seen the brief analysis of the risks/benefits profile of trading the cryptocurrecies, before it is picked up by a large company and the price skyrockets, if you start even with a small amount, you can place an investment. Therefore, look for a crypto that has merit and own a small portion of it. It has the potential to become an indispensable presence in our daily lives from now on, and even in future.
Information contained on this article are just that – a piece of information. You should not use this to make financial decisions and we highly recommended you seek professional advice from an authorized expert.
Tags: cryptocurrency 2023