It goes without saying that Bitcoin is one of the greatest inventions in the financial sector. It provided people with a new and revolutionizing digital payment method that has tons of benefits and advantages over FIAT currencies.
First off, all transactions made with Bitcoin are instant; methods such as credit and debit cards may take several days to be processed. It also provides people with a certain level of online anonymity which is a huge benefit, considering the fact that we live in an era where online scams happen quite often. The general fees for some transactions are lower than the average and since this is a self-sustainable currency that cannot be controlled by banks and/or governments, they cannot impose hidden or added fees, thus enabling you to save money.
Recently, Bitcoin has been the headline in news from all around the world. The reason for that is because it managed to top the record in value from 2017 and write history once again. The recent spike in value was somewhat anticipated, but no one thought that it would’ve gone this much. As Bitcoin doesn’t show any signs of slowing down, it raises the question – just how high can its price go up?
How Do People Make Money With Bitcoin?
We all know how Bitcoin has the potential to turn people into overnight millionaires, but not a lot of us actually know how traders make money off of this cryptocurrency. Let’s try to explain the process in the simplest way possible.
To earn Bitcoins, people have to mine it. That is a process which requires miners to record and verify every Bitcoin transaction. Verifying these transactions requires them to solve complex puzzles. The reward for each recorded transaction is Bitcoins. Logically, the more transactions you verify and record, the more Bitcoins you will earn.
Then, it is time to sell them. This may sound easy, but the reality is that it is just as hard as mining them. Why? Bitcoin has a high volatility rate and its price goes up and down quite often. The struggle in selling them is to know the perfect time to do that and make the highest profit. Not many traders can predict what the price of Bitcoin will be and when is the best time to sell them.
So, what do they do? They turn to trade sites and ask for expert help. Bitcoin Storm is one of the trading sites that have a very sophisticated AI system which takes all of the data concerning Bitcoin and manages to predict the future price of Bitcoin with great precision. This platform’s success is also solidified by the enormous daily profitability rate. If you require expert help to sell your Bitcoins, read this Bitcoin Storm review as it can provide with valuable information on their services.
At the beginning of this article, we mentioned that Bitcoin wrote history as it reached a peak in value. Recently, Bitcoin not only broke the 2017 record, but it also managed to go over $30,000, which is a staggering number. Even though many experts were able to predict that Bitcoin will spike again, not many believed that it can go as high as this.
Most of the predictions stated that it will top $20,000, but they thought that the price would reach a stable state once it crosses that milestone. Well, they were wrong.
As for the question of how high can Bitcoin’s price go up, there are many answers. One of the most intriguing is that it can go as high as $50,000. While this claim may have been considered absurd a while ago, it seems that the milestone is now closer than ever. Bitcoin does not show any signs of slowing down, which means that it has the potential to reach this number.
As for the more distant future, experts are divided. Some think that it will not be accepted by governments as it opposes them and it is user-orientated, but some think that just because this cryptocurrency is user-orientated, its popularity will keep growing and reach a point where a majority of the world’s population will use it, regardless of how the law treats it. Hence, governments will have no other option but to make it official.