Bitcoin 101: Rediscover BTC Transactions

Ahmet Sutbas

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May 21, 2020
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Every living being on this planet would have probably heard of the cryptocurrency Bitcoin. It emerged in 2008, just after Occupy Wall Street laid charges against the big banks for mishandling the borrower’s money, charging staggering fees, duping customers, and manipulating the system.

With Bitcoin, the pioneers wanted to place the seller in authority, make transparent transactions, eliminate middlemen, and nullify the interest fees.

To facilitate the protocols and address the ongoing complications involved with the physical financial system, a new decentralized system was created where you could actively control your money and know what is being carried out without actually depending on the banks.

In the due course, Bitcoin covered an impressive journey in a relatively shorter time. All across the globe, companies from the smallest capitals to multinational industries started accepting and using this currency. It has developed its application programming interface (API), exchange rates, and price index where businesses tagged Bitcoin as the most reliable channel for giving and receiving money.

To make the concept more clear, let’s begin with an in-depth understanding.

What is Bitcoin?

Bitcoin is a virtual form of cash- a digital currency- that enables users to indulge in a wide array of online payment structures. It is distributed electronically where the transactions are validated by a huge network of computers where businesses recognize BTC as a privacy-friendly solution to the corporate banking systems and a recession-proof alternative for inflationary physical currencies.

As per the latest market studies and Bloomberg report, it is calculated that around 1000 people are estimated to hold nearly 40% of the total BTC that is available in circulation.

With such vigor and vitality, Bitcoin has seen an immense transactional transformation in the past years. Being crafted on a safe network, BTC provides a separate user-base for crypto investments.

The BTC transaction characteristics include:

  • Decentralization
  • Transparency
  • Fast
  • Non-repudiable
  • Pseudonymous
  • Permissionless
  • Secure
  • Irreversible
  • Global availability
Who created Bitcoin?

Bitcoin was first published as a whitepaper by an anonymous developer or a group of developers, under the alias Satoshi Nakamoto in the year 2008. Programmed as open-source software, there has been quite a controversy about the real identity of Bitcoin’s creator, however, everyone to date has publicly denied being the original Nakamoto.

Furthermore, it has been widely estimated that Nakamoto owns around 1 million Bitcoins which approximately amounts to $3.6 billion.

To date, it is unclear who created Bitcoin, but the prowess that this currency holds is infinite. Let’s look at the quick history of BTC evolution.

A Brief Highlight

  • October 31, 2008: Anonymous Satoshi Nakamoto publishes the Bitcoin whitepaper.
  • January 3, 2009: Block number one or the Genesis Block is mined.
  • January 12, 2009: The first Bitcoin transaction was carried out.
  • December 16, 2009: Another Version 0.2 is released.
  • November 6, 2010: BTC market cap value exceeds $1 million USD.
  • October 2011: With a new BTC division, Litecoin is created.
  • June 3, 2012: The largest Block 181919 is created with 1322 transactions.
  • September 27, 2012: Bitcoin Foundation is established.
  • November 28, 2012: First Bitcoin Halving took place.
  • 4th December 2013: BTC rates reach a high of $1,079.
  • 7th December 2013: Price crashes to around $760.
  • February 7, 2014: The worst crypto hack in history is recorded with Mt. Gox that steered to the price drop.
  • June 2015: The most significant cryptocurrency regulations called BitLicense is created.
  • July 9, 2016: Second Bitcoin Halving happened.
  • August 1, 2017: BTC divides again to form Bitcoin Cash.
  • August 23, 2017: SegWit is activated.
  • September 2017: BTC trading gets banned in China.
  • December 2017: CBOE Global Markets (CBOE) and the Chicago Mercantile Exchange (CME) launch their first bitcoin futures contracts.
  • December 2017: Bitcoin rates reach its all-time high to $20,000.
  • January 2018: As an outcome of the 2018 crypto market crash, the prices fall down
  • September 2018: From its peak in January 2018, the cryptocurrency value drops by 80%
  • November 15, 2018: For the first time since October, 17, Bitcoin’s market cap value drops below $100 billion.
  • October 31, 2018: Bitcoin celebrates its 10 year anniversary.
  • September 2019: Bitcoin creates more than 5457 ATMs worldwide.
  • May 11, 2020: Third Bitcoin Halving occurred.

Is investment in Bitcoin safe?

So far, industries and traders have reflected colossal buying interests in BTC. Major institutions and Central banks around the world, including countries like the US, China, and Japan are formulating the ideas of government-backed digital currency where further advances are being carried out for future implementations.

Bitcoin, the gargantuan cryptocurrency rose to nearly 1400% in the year 2017. Investors who bought BTC a few years ago earned handsome amounts on their overall investments where the values multiplied several times.

We, at NitroEx, support safe Bitcoin trading and provide useful market insights to understand the in and outs thoroughly. We believe that BTC investment is highly beneficial and traders should reap the benefits at the current time where the prices have reached $9830.

How to get Bitcoins?

The simplest way to gather BTC is to turn toward Bitcoin exchange sites, out of which there are plenty around the world. Bitcoin exchanges offer a unique platform for BTC buyers and sellers to perform transactions against a particular fee. And it is extremely important to decipher which exchange caters to your needs and offer a myriad of trading options in real-time.

It’s also crucial to note that the value of Bitcoin somewhat varies across different exchanges- this happens due to supply and demand on those platforms and varying transaction rates.

Apart from that, there are also about 7722 Bitcoin ATMs all over the world which allows you to withdraw money from your debit account to BTC wallet or to deposit cash in the form of Bitcoin.

NitroEx is one of the trusted and secure Bitcoin exchange that allows seamless transactions with multiple payment options such as through digital tokens and bank transfers. We also allow you to trade BTC with other cryptocurrencies such as Ethereum, Litecoin, Tether, and Ripple.

What are the best BTC Trading strategies?

When you are investing in Bitcoin, you should consider crafting methodologies that cover the price points for your entry and exit levels.

The best and rewarding Bitcoin trading strategy is the one that is completely aligned to your individual goals.

At NitroEx, we suggest that you evaluate your risk appetite, trade tolerance, and available capitals before jumping into the BTC investment pool. As complicated as it sounds, it actually becomes the opposite when you start trading with Bitcoin.

Altogether, there are a few strategies that have gained popularity among the BTC traders. These include:

  • HODLing
  • Trend trading
  • Breakout trading
  • Hedging
NitroEx crypto platform enables you to build effective trading strategies that maximize your related BTC capitals and earnings. We help our traders to build best-in-class formulations that include:

  • Understanding the BTC Market
  • Choosing how to start BTC trading
  • suggesting a high-performing trading agenda
  • Managing your risks
Start BTC Trading with NitroEx

We provide a simple and quick user login set up that opens new doors for Bitcoin trading in two simple steps:

  • Sign Up/ Create a new account on NitroEx and place your first BTC trade.
  • Put your BTC trading strategies at test in a risk-free environment to build confidence.
Alternatively, if you have any queries related to Bitcoin trading or need support for optimizing risks, our crypto experts are available round the clock to make your journey easier. For more details, reach out to us at [email protected].
 

Sadan Ali

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Jun 19, 2020
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Dubai
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sadanali
In choosing the right strategy of exchanging bitcoin are a lot of factors, mainly the need to find the right approach to pick the best possible platform. The other day I came across a service that provides such services. Namely, the new bitcoin exchange method. One platform combines everything you need. I recommend viewing it.
Oh, really! I never heard of it. :)