Steem Crypto Challenge Month #5 : I Love Bitcoin, Guess The Bitcoin Price.




Bitcoin is a digital currency created by Satoshi Nakamoto in 2009. Those who have Bitcoins can use various Web sites to trade them for physical currencies, such as U.S. dollars or euros, or can exchange them for goods and services from supported vendors.

When and how did I find out about Bitcoin?

It was the end of the year 2017, my office colleague told me about Bitcoin during tea time. Whenever we come to know something new, we first try, and if it is a success then we inform our friends. In this way, my friend told me and provide information about Bitcoin, but he just told that Bitcoin is a digital currency, he invested 3 thousand INR and make a profit of 7000 in 1 month, this was impressive.

Without knowing anything about Bitcoin, I directly invest 2 thousand 5 hundred and in the next couple of weeks, the Bitcoin bad time was started.

I waited more but did not see any way for the bitcoin upside market.

Interesting things happened with me with Bitcoin

I started my research wherein I also come to know that bitcoin can mine, this attracts me more and I trapped in the scammed site. Pay some amount of bitcoin and get some amount of BTC daily, after paid BTC I never get access to that feature, and then I find there is no contact information for that site.

What I learn?

Never trust on such sites who ask to pay some amount of BTC and have not any contact information, customer support.

How Bitcoin changed my life?

My life actually not changed, but yes it was a new experience with the digital currency that I learn through Bitcoin. I have a few knowledge about the Stock Market. Technical chart and hence I was looking at the Bitcoin as per market view. When I was searching more on that day, I come to know that you can invest in Bitcoin in two ways.

  1. Invest money and buy any amount of Bitcoin as per your pocket, when the market is bullish/up side, sell Bitcoin, and make money.
  2. Invest money and buy good Computer hardware, Graphics card and be a Bitcoin miner. By mining Bitcoin, you will get a reward of BTC that you can later sell in the market, and keep mining.

Bitcoin Mining

The mining feature was actually attracted me more to the Cryptocurrency. When I come to know about mining, still I want to become a miner just waiting for the Government's decision for Cryptocurrency, once we get a Green signal for Cryptocurrency, I will start working on mining Cryptocurrency, make an investment and generate revenue.

This was a new thing added to my life.

How I invest in Bitcoin and my experience with trading it?

Due to a lack of knowledge, my experience with Bitcoin was not good, but I learn from the mistake and have a positive view, vision in Bitcoin, Cryptocurrency hence I am still here.

Investment

I invest in bitcoin when I do not have any knowledge about it, as I said just my friend told me about it I entered, even I was not aware that there are exchanges available where the bitcoin gets the trade.

2500 INR was my first investment in Bitcoin but as mentioned I lost almost all in scam sites.

Trading

Yet, I have not made any trade in Bitcoin, but since I have a knowledge of technical chart I always watch the BTC/USD market and make assumptions, I have a plan, and may in few months I will start to do trading in the BTC/USD.

After being a part of Steemit, I have made posts on BTC/USD Trading and shared my knowledge about technical and how to identify the price action, below are.

BTC/USD .......Live Chart - Technical View

BTC/USD .......Live Chart - Technical View

Crypto Bitcoin Live Chart - Technical View

Crypto Bitcoin Live Chart - Technical View

Crypto Bitcoin Live Chart - Technical View

Crypto Bitcoin Live Chart - Technical View

Crypto Bitcoin Live Chart

Crypto Bitcoin Live Chart - Support Broken.

Crypto Bitcoin Live Chart - Chart Analysis. Whats Your Opinion?

Crypto Bitcoin Live Chart

Crypto Bitcoin Live Chart

Crypto Bitcoin Live Chart - 200 Point Achieved.

The history of Bitcoin so far, and what the future holds for it.

The first cryptocurrency ecash system was developed by a cryptographer at the University of California, David Chaum in 1983. The system, despite every effort, could not succeed. Its subscription hardly ever crossed 5,000, paper, source

In 2008, Satoshi Nakamoto introduced bitcoins as a virtual currency that could essentially work as online cash.

The history of Bitcoin is very clear to all, this is the first Cryptocurrency who successfully survived in the traditional financial ecosystem system and made a big place for self. After the success of Bitcoin, more cryptocurrency has been introduced into the market.

Bitcoin cryptocurrency solves the double-spending issue by skipping third-party involvements and introducing peer-to-peer (P2P) transactions.

The Bitcoin Transaction

History of Bitcoin

Future

The future depends on the country's Governments, until all country Governments accept this new payment system, the future is still waiting.

When more and more merchants accepted Bitcoin as a means of payment. The Bitcoin project is constantly being expanded and improved and the price reached its all-time high.

The future will show whether Bitcoin will actually assert itself as a digital means of payment. The Bitcoin community is working hard on the further development of the Bitcoin protocol to make the system safer, faster, and more scalable. Each day, Bitcoin users transfer Bitcoins worth between USD 400 million and USD 800 million - way more than back in 2017, just before the all-time high was reached.

Statistic: Bitcoin price index from July 2012 to September 2020 (in U.S. dollars) | Statista

Will Bitcoin always be the dominant cryptocurrency?

This is the era of bitcoin and probably it still dominant until today but always expects that everything is not forever. It's not the question of supremacy it's a battle between the second spot because Bitcoin lead is very dominant among the altcoins but I don't know about the next five years these other coins are performing better and the technology is getting updated every year. I guess this only proves that Bitcoin is still the most in-demand and the most trusted coin. In the future, more coins will definitely flock to the market and yet Bitcoin will stay in the first rank. Bitcoin will remain the dominant cryptocurrency for a very long time.

How and when will Bitcoin reach the mass population.

We’re slowly shifting towards a digital world where paperless transactions are the new normal—including fiat money turned digital currencies and cryptocurrencies like Bitcoin. Cryptocurrencies are becoming more popular today and many people are trying their hands at this ingenious form of money.

A lot of people own Bitcoin right now, but not everybody. To achieve widespread Bitcoin adoption the usage to reach every part of the world, which still on the way. Many countries have been exploring Bitcoin’s remarkable potentials, including quick, accessible, and cheaper payment systems, borderless money transfers.

Key for Bitcoin’s mass adoption.

  1. Legal and regulatory.
  2. Utilitarian value.
  3. Technological capacity.
  4. Bitcoin awareness to every single people.

The price of Bitcoin (BTC) will be around 13900.00 USD


Thank You.

@gabo2878

#steemcryptochallenge

#bitcoinforecast

#india

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