Cryptocurrency is one of the leading trends in the financial market. Today, there are over 18,000 cryptocurrencies present worldwide.
You can see many people making a lot of money with cryptocurrency. This may attract you to own a digital asset that you cannot only use for making transactions but also for investment and earning money.
You may be curious about which cryptocurrency you should choose to invest in. Finding the best cryptocurrency would be crucial for your success in the crypto business and it is Bitcoin (BTC).
Bitcoin over the past few years has become the world’s largest cryptocurrency by market capitalization. Many global leaders have come forward in the support of Bitcoin and believe that it is a key to success in cryptocurrency.
So, let us find out why Bitcoin is crucial for success in cryptocurrency.
What is Bitcoin?
Bitcoin can be defined as a digital currency that exists on blockchain technology. Bitcoin ensures enhanced safety, thanks to cryptography.
When introduced in 2009, many were unaware of the term Bitcoin. But Bitcoin has gradually become the most stable cryptocurrency.
Bitcoin operates as a normal currency but with notable differences. It is based on peer-to-peer payment methods and has no physical version.
BTC is a decentralized currency which means that it operates free from the influence of a bank or government. The transactions of Bitcoin are unanimous and recorded on a public distributed ledger.
Carl Runefelt, alias, The Moon, is a global crypto leader who is pushing for the mass adoption of cryptocurrency.
According to Carl, “Everyone should at least hold one Bitcoin for success in cryptocurrency.”
You might have heard people talking a lot about Bitcoin. Some of which might just go over your head.
You should understand Bitcoin yourself. This would help you to know its purpose and how you can safely invest in it.
Bitcoin is the world’s most secured and profitable cryptocurrency. The protocols of Bitcoin are designed in a way to limit its supply.
The limited supply of Bitcoin ensures an inflation hedge. Bitcoin is finite as only 21 million Bitcoins can be mined in total.
Carl believes, “Bitcoin is the best hedge against inflation that we have in the world right now and Bitcoin is also the best form of money that we have and have maybe ever seen in the history of humans.”
The transaction fees of Bitcoin are very low as compared to fiat transactions. You can send or receive Bitcoin anywhere at any time, thanks to its 24/7 availability.
Bitcoin is a Game of Patience
If there is one word that is often associated with crypto, it is volatility. Cryptocurrency is extremely volatile which means that your return in crypto can fluctuate within hours.
So, the most important thing is how you are going to respond to these fluctuations.
Bitcoin in the past has gown through multiple dips but bounced back even stronger. For example, Bitcoin dropped from $19,000 in December 2017 to $6,635 in December 2019. But it bounced back to a staggering $68,991 in November 2021.
Carl, on his YouTube channel, The Moon, says, “Bitcoin is a game of patience. You cannot look at the daily chart and put too much significance on it. Holding long term will make you money in Bitcoin and crypto in general. If you look at the day-to-day or minute-to-minute, it can look very volatile; you see 50 jumps and then 60 dumps. People get fearful and panic, but always remember if you zoom out on the Bitcoin, you will always see a bull trend on Bitcoin.”
When you are investing in Bitcoin, you should read its previous trade charts. This would help you avoid making decisions based on short-term changes or market hype.
Should You Invest in Bitcoin?
You can see people becoming millionaires or even billionaires by investing in Bitcoin.
The value of Bitcoin has increased manyfold in the past few years. Regardless of the uncertainty prevailing in the crypto market, Bitcoin has shown positive trends.
The recent Bitcoin dip does not mean that Bitcoin is not a sound investment. You can see many other assets losing their value too in these times of global financial uncertainty.
Bitcoin tends to bounce back even stronger. The recent drop in the value of Bitcoin might be a blessing in disguise.
So, it would be to your benefit if you buy Bitcoin when it is affordable to make a lot of money in the future.