Why Buy Bitcoin (Why Bitcoin Exchange)
Why buy Bitcoin? Why buy Bitcoin? Why go long on Bitcoin?In 2017, the adverse ma
Why buy Bitcoin? Why buy Bitcoin? Why go long on Bitcoin?
In 2017, the adverse market conditions and economic uncertainty led to significant fluctuations in global stock markets, bond markets, and gold prices. People hoped that this volatility would continue for some time and provide more liquidity and operational choices for investment portfolios. However, as the market continued to rise, some investors shifted their focus to Bitcoin and invested a large amount of capital into BTC. This led to the spike in Bitcoin prices for two reasons: firstly, due to strong institutional demand, many people used it for asset allocation; secondly, Bitcoin is highly speculative, and many believe that this technology can enhance its hedging function. Despite a year passing, many analysts still see promising development prospects in this field and are increasingly investing their energy into it, leading them to enter the Bitcoin market. Why buy Bitcoin?
To help everyone understand the reasons, let’s talk about what makes Bitcoin worth buying. 1. What is cryptocurrency? First and foremost, let’s understand what cryptocurrency is: it is “digital cash.”
Bitcoin is a new form of payment based on computer code, designed as an alternative form of legal currency. Through blockchain technology, everyone’s identity is publicly visible and tamper-proof, ensuring the security and reliability of all transaction information. Moreover, the use of smart contracts to create a decentralized system can facilitate trust among all participants. Therefore, anyone can create their own digital wallet address (called an “account”) through smart contracts and then proceed with sending or receiving payments. They can also receive Bitcoin rewards from other nodes on the network. If a certain digital currency becomes a mainstream application, its usage will become more widespread, and users will need to accept audit reports from other platforms to ensure they are not impacted by fraudulent and malicious activities. 2. What is cryptocurrency? Simply put, cryptocurrency is a financial innovation designed to help those unfamiliar with cryptocurrency easily buy and sell cryptocurrencies and other tokens. Cryptocurrencies include a series of different cryptocurrencies: ERC-20 (Ethereum Virtual Machine), ERC-721 (Litecoin), and TRC20-USDT.
ERC-20 (Ethereum Protocol) is specifically designed software for executing specific tasks on a public chain. It is open-source and enables free transfer of data among developers. When you have a new machine, you can run multiple dApps on your device.
3. What is cryptocurrency? Cryptocurrency represents a new digital commodity and service that can be used for value exchange, production of goods, or services. For the general public, cryptocurrency is like a new tool. However, professional investors do not have such convenient conditions.
Why Bitcoin Exchange
In October 2018, the price of Bitcoin surged.
At that time, news circulated in the market: the US SEC was investigating BitMEX, and subsequently, Bitstamp and Kraken announced the closure of their trading platforms.
This news caught everyone’s attention and sparked discussions. Regulatory agencies consider Bitcoin as a commodity, requiring registration of its exchanges and sufficient security mechanisms to ensure safety. Therefore, Bitcoin had to be treated as an asset. If anyone was found manipulating the wallet address, legal action would be taken to prevent the user from accessing their funds.
However, due to the current opacity of the cryptocurrency market and lack of proper technical support, among other reasons, some investors’ trust in exchanges has decreased. This has prompted people to turn to more compliant methods to buy or hold BTC, Ethereum, and other digital assets.
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