A Short History of Bitcoin and its Price

BTC was started in 2009, it was initially valued at 0 US dollars. And businesses started trading Bitcoin from the mid 2010s. Its value reached 32 US dollars in june 2011. Then 2013 was a decisive year for BTC when it shot up to 220 US dollars in April.

However, 2020 was the year when it saw an enormous rise in its value. Breaking all the records it reached just below the 30 thousand US dollar mark. After a strong ending to 2020, btc continued its rise in 2021 too. 3 months into the new decade and it has crossed the 60 thousand US dollars barrier breaking all previous records.

However, its fluctuating trend continues as is seen numerous times before. For now, its price is somewhere between 56 to 58 thousand USD. The amazing scene of its rise has attracted many investors including the likes of Elon Musk.

Recognized as the king of cryptocurrency, btc is expected to rise again and some analysts believe that it will cross one hundred thousand dollars milestone before the end of this year. Similarly, some analysts predict it to be higher than 200 thousand US dollars before the end of 2022. However, we have no evidence whatsoever to justify it truely.

How to buy and sell btc:

Compared to earlier days, buying or selling btc has become very easy. There is no shortage of mobile apps and local dealers offering these trading services. These services also include other cryptocurrencies like ethereum, Litecoin, Cardano, Binance Coin, etc. They also offer Forex trading services. The trading is mostly done in usd. Bitcoin is stored in a bitcoin wallet.

What is mining and can it be profitable?

One of the other ways to get your hands on bitcoin is to mine it. Mining is a process where a part of a user’s device is used to support the transactions of btc. In return, the person who is mining gets a share of bitcoin himself. There are a large number of ways to mine bitcoin. Some software allows people to mine bitcoin on their laptops and mobile phones. However it’s not worth it unless you have a large investment and a large system.

Power consumption and its high price is one of the biggest issues in this business especially for underdeveloped countries. However, one can make thousands of dollars worth bitcoin if investment is good enough. Right now China and the USA are the leading countries in mining this cryptocurrency.

Is bitcoin worth the investment and time?

Seeing the recent rise in the btc usd trading and price in it is worth the time. But the downside of this business is that nobody can predict its price and future accurately and it can be very risky to invest in such a volatile looking currency.

Even though some big names and companies like tesla have shown significant interest and invested in bitcoin, which gives it a considerable amount of support still it does not guarantee a consistent future price.