The digital world is opening up more opportunities for anyone to make money, one of which is by trading cryptocurrencies. For many people, cryptocurrency is a form of investment but of course a high-risk investment. But as usual in the investment world, the riskier an investment commodity is, the greater the returns that can be obtained. It is a kind of "natural law of investment".
Today one Bitcoin chip is valued at around $70 thousand and who would have thought 14 or 15 years ago that one Bitcoin chip that could not buy a McDonald's burger has now jumped tens of thousands of times? But who wants to invest today? Of course, there are still many but the considerations that must be taken are also increasing. With a price of more than 70 thousand US dollars, anyone who wants to invest in Bitcoin today must think carefully.
Bitcoin price rollercoaster ride
The Bitcoin price journey can be described as a rollercoaster ride with its high speed, volatile, and full of surprises. Many economists view it as an illogical phenomenon but if we examine it carefully, in the end Bitcoin price changes are logical too. The more people want something, the more valuable it becomes. This is the basic principle of price and Bitcoin price is no exception.
But of course the Bitcoin phenomenon cannot be viewed from a "standard economic perspective". It is a phenomenon that is entirely built on a digital landscape with no physical value and was driven initially by a group of influential people on the Internet such as those active on Reddit forums.
We believe that we have all missed the best opportunity. We didn't buy the most popular cryptocurrency 10 years ago and therefore we have lost a lot of momentum. However, if you want to become a Bitcoin investor, it's never too late.
You can start today by understanding what Bitcoin is, its storage and distribution methods, what crypto wallets are, the best platforms to buy and sell Bitcoin, how to forecast its price movements and much more. The more knowledge you have, the better prepared you are, although of course your success is not determined entirely by how much knowledge you have. There are still other factors such as self-control, foresight to see opportunities, and diligence to see various kinds of info related to price fluctuations.
Okay, let's say you are now determined to invest in Bitcoin, one of the first things to know is the best platforms to support you. For example, in case you live in Australia, there are various platforms that can support you but the best ones are the "locally-oriented" ones like MoonPay. MoonPay is a platform that makes it easy for anyone who wants to sell Bitcoin. With MoonPay, selling Bitcoin and converting the proceeds to AUD is as simple as a few clicks. Even those who have never transacted with Bitcoin before will have no trouble.
What do you need to know before you get started?
Of course, you need to understand what Bitcoin is and how it works. Bitcoin is basically about decentralized peer-to-peer transactions, and because it is decentralized, the chances of a party being cheated or a digital currency being breached are lower.
Bitcoin is not the only one as today we can find thousands of other cryptocurrencies with Ethereum trailing in 2nd place (after Bitcoin), however the fact that a group of computer experts today can work and create such a digital currency and yet it is highly doubtful that they can influence many people to use it is quite mind-boggling.
Bitcoin is strong not solely because of its ecosystem. It is strong because of the "brand power" it carries and its reputation for being the first in the cryptocurrency world. Bitcoin has a total number of 21 million and approximately 19 million coins are in circulation. Bitcoin cannot be "minted" at will so its price is more stable and avoids potential inflation. But no one knows what will happen if the "21 million limit" is exceeded.
What is undeniable is that all cryptocurrencies, including Bitcoin, are dependent on the people who use them. In this context, they are not too different from fiat money but the population of those who use cryptocurrencies tends to be small and the increase does not jump significantly from year to year. In fact, the percentage of cryptocurrency users may not even reach 10% of the overall Internet users. This fact suggests that the road to expanding the reach of Bitcoin (and other digital currencies) into the lives of ordinary people is still steep. But that doesn't stop us from investing in Bitcoin, does it?
