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There have been a handful of unbelievably impactful inventions during the course of human history. You have fire, bread, dynamite, electricity, the airplane, the telephone, and of course, the internet. Here at Bit Trader, we believe that Bitcoin is going to make it onto that list sometime down the road.

It’s a new technology that is actively shaping the financial world around it. Every day more and more people are researching it and more professionals are accepting it as a legit phenomenon. It’s not just a tool for you to use in trading; it’s a representation of the best possible future for mankind. It puts the power of finances back in the hands of the people, rather than the hands of the banks and governments.

You manage your own money, and it goes through your own system. No prying eyes to decide whether or not you should be allowed to keep your money. This anonymity is close to our hearts at BitTrader, which is why we’ve put together our state-of-the-art software to bring it to as many people as possible. We’re hard believers in freedom here, and we believe that Bitcoin holds the key to true freedom that many people have been looking for.

Our philosophy aside, though, you need to understand Bitcoin in order to take advantage of it. We’ve done you out a series of questions and answers to help you wrap your head around the basic concept a little bit further down the page.

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BitTrader’s Technological Leaps

Before that, let’s dive into what makes BitTrader such a powerful Bitcoin trading tool. We utilize an advanced AI trading algorithm that makes all the hard decisions for you. This algorithm analyzes market swings, trading patterns, and the larger economic landscape to make better trades for you.

This technology is advancing in the trading market today. We built it from the ground up to serve a specific purpose. There are no copying and pasting formulas with BitTrader.

Bit Trader is Accessible to Beginners

We want to help as many people as possible get their hands-on Bitcoin. To that end, we’ve removed as many barriers to entry as we can.

Our user interface has been carefully crafted to make sure it’s clean and easy to use. We’re trying to avoid overloading you with information, so only expect to see the essentials on your dashboard.

We’ve also removed any financial barriers, too. BitTrader doesn’t charge a usage free, a subscription fee, or any other kind of hidden charge designed to trap you.

Our goals aren’t driven by our success, it’s driven by your success. That’s why we do everything we can to enable you to trade effectively. One of the things we do is give you a quick rundown of the Bitcoin basics that you might not know.

What is Bitcoin?

Bitcoin may be the single most important invention of our lifetime, and that’s saying something. It has opened the doors to so many possibilities that otherwise would have been inaccessible and changed the course of human history as we know it. Not once since the creation of centralized currency have we seen the banking conglomerate be challenged until now. Let’s take it back a notch, though. To understand who important Bitcoin is, we have to understand what it is. First and foremost, Bitcoin is a currency. It’s like dollars and euros in that way. That’s about the only thing in common between the two. Traditional currency has physical denominations of value. You can reach into your pocket and pull out a dollar bill and a dime. You can’t do that with Bitcoin. Instead, Bitcoin is a completely digital currency that does not have any physical representation. There are several reasons for this, but the one you need to concern yourself with is the fact that Bitcoin is decentralized.

What does that mean? Well, let’s make some comparisons.

When the Federal government decides it needs more money in the economy, it can simply head to the treasury department and print more. It really is that simple. This is what is called a centralized currency. There is a clear central power that has full control over the currency. This power decides when and where money is printed, as well as how much.It’s a level of control that scares people, and rightfully so. There are countless examples throughout history of this backfiring. Bitcoin is the solution to that fear. There is no single entity responsible for the maintenance and production of Bitcoin. Sure, there was the original creator, but that creation was built to be entirely self-sufficient.Bitcoin is produced on a needs-basis by the Bitcoin system. It’s all done automatically according to certain criteria. There is no man in an expensive suit sitting at a desk, deciding to make Bitcoin. 

This is a decentralized currency. There is no power center.

Decentralized currencies are relatively new to the mainstream and are going to change the banking landscape as we know it. All of the power that banks and banking dynasties have come from the control of money. They have a hand in its creation, how it moves and circulates, and who has how much. With a currency like Bitcoin stripping away that power, the banks are being challenged in a way that hasn’t been seen in human history. There is now a viable alternative currency that is completely separate from the banking system. Put it this way; if everyone with the Bank of America decided to withdraw their money and invest in Bitcoin, it wouldn’t be long before the bank lost all of its influence. That would also lead to a catastrophic recession with unforeseen consequences, but it’s an interesting scenario to think about none the less. The fact that for the first time in history, we have the power to begin dismantling the banking monopoly is incredibly exciting, and the very essence of what Bitcoin is. 

Can I Buy Anything with Bitcoin?

Of course. Bitcoin is a currency, meaning you can buy things with it as well as receive it as a form of payment. There are a few caveats to that, though. Primarily, you can’t buy anything with Bitcoin. It’s a technology that is slowly being integrated into everyday life. As a result, there are retailers out there that don’t accept Cryptocurrency as payment. There is also no physical way to trade Bitcoin, meaning you’re not going to have much luck using it to purchase anything in a store. Shopping online with it isn’t nearly as big of an issue, and more and more stores are accepting Bitcoin every day. 

Why Would I Buy with Bitcoin?

If your buying options are limited, then why would you bother using it in the first place? I have one word for you. Anonymity. When you buy something with your Visa card, Mastercard, or Credit card, the bank can see that transaction. It can see how much you spent, when you spent it, where you spent it, and where the money went. There is no privacy. This becomes a significant problem when you consider how much of that information typically gets shared with the government. With the two cooperating, the banks can completely freeze your assets, and the government can even seize your money if it deems it appropriate. Regardless of anything else, that’s your money, not the governments. You are entitled to the fruits of your labor. The fact that there is a big bad bully that can take all of that away from you on a whim makes us here at BitTrader sick to our stomachs. Bitcoin transactions come with none of that police-state behavior. All the transactions you make are secure, anonymous, and encrypted. The bank doesn’t have access to your Bitcoin account, meaning it can’t see every little detail of how you spend your life. As a result of the bank not controlling your account, the government can’t freeze or seize it. This is one of the biggest selling points of Bitcoin and a major factor as to why you should be using it. 

What is a Bitcoin Account?

When we mention a Bitcoin account, it isn’t exactly that. There isn’t some Bitcoin website that controls everything that you log onto. Remember, it’s decentralized. When we’re talking about an account, we’re referring to a Bitcoin wallet. Your Bitcoin wallets effectively acts as your account. It lets you store, send, and receive Bitcoin. Some even let you purchase or sell it. A Bitcoin wallet isn’t like the leather pouch you have in your pocket. Bitcoin is digital, so naturally, a Bitcoin wallet needs to be a device that can hold that digital information. Things like USB sticks, SSDs, phones, laptops, and more can all be considered wallets with the right setup. There is a bit more to Bitcoin wallets than that. Specifically, there are two different types that you should be aware of moving forward. 

The Two Types of Bitcoin Wallets

The first type of wallet we’re going to discuss is hot wallets. These are much more common in the world of Bitcoin primarily because it’s the better of the two for day to day transactions. What separates hot wallets from the alternative cold wallets has to do with internet connectivity. Hot wallets are always connected to the internet. You cannot access your Bitcoin in the wallet without a connection.

This constant connectivity makes moving money through the wallet a breeze, hence why most traders use them. Cold wallets, on the other hand, are never connected to the internet. If you want to move coins onto or off of the wallet, you need to do so manually by plugging it into a computer.

 

There is only one reason for someone to use a cold wallet, but it’s an important one. Security. The higher end of Bitcoin traders invest tens of millions of dollars into it. This is, needless to say, a lot of money. No sane person wants to take any kind of risk with that figure, and the safest way to minimize risk is to take the internet out of the equation. As well as that, though, this gives traders the option of sticking their wallet in a safety deposit box and leaving it there for a few years.

 

Generally speaking, Bitcoin is expected to maintain a steady rise in value in the next few years. How much it’s worth in 2030 is not how much it’s worth today. The educated guess says that it’s going to be worth a lot more. Most people tend to pick Bitcoin trading up as an everyday hobby. Some even replace Bitcoin trading with watching the news every morning. Again, pulling themselves from the system and into their own hands.

How Do I Access My Bitcoin Wallet?

There are a handful of methods used to gain access to your Bitcoin wallet. Some apps on your phone, for example, are just going to ask for a username and password. The vast majority of wallets, though, require something called a key.

Your key is a long string of letters and numbers that is completely unique. Trust us when we say you’re not going to be able to memorize this number, so write it down more than once.

There is more Bitcoin lost every year as a result of forgotten keys than anything else. Again, let’s swing back around to our decentralized point. There is no customer support for you to call when you forget your key. You’re completely on your own.

Thus, make sure that you keep several copies of your key backed up, although make sure each one is kept in a safe location. Maintain at least one physical copy and one digital copy on something that isn’t connected to the internet. The notes app on your phone does the job perfectly fine.

Do I Have to Buy One Full Bitcoin?

One unit of Bitcoin can cost you upwards of $9,000. That’s the kind of barrier to entry that would have killed Bitcoin dead in its tracks. Luckily, you are able to buy decimal points, similar to cents, rather than a single full unit.

Rather than having to spend $9,000 every time you wanted to trade Bitcoin, you can go all the way down to $50, or even lower if you want.

Has Bitcoin Ever Been Hacked?

The digital-only aspect of Bitcoin tends to make a lot of people nervous, particularly when it comes to security. That kind of caution is a positive trait, so hold onto it.

To answer the question literally, no. Bitcoin has never been hacked. However, certain institutions surrounding Bitcoin have.

Most notably, there have been a handful of breaches related to Bitcoin exchange platforms. These operate like Forex markets and allow you to buy or sell Cryptocurrency. Some traders leave their Bitcoin on these sites, thinking it’s safe. It’s not.

The security levels of sites like this are completely blown out of the water when put up against the security of Bitcoin wallets, and there have been a few practical examples. When hacks like this do occur, only one thing tends to happen. Anyone that left Bitcoin on their profiles had it drained.

Don’t let yourself become one of these cases. Keep your Bitcoin in a wallet at all times. Also, you should avoid leaving your wallet unattended for long periods. Sometimes trades change, and it may affect your pre-set algorithm. You need to be skeptical of everyone in the world of Cryptocurrency. Obviously, don’t be such a skeptic that you never do anything, but don’t dive in headfirst.

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Is Bitcoin Traded Like a Commodity or the Forex?

Bitcoin is a currency. That’s about the only similarity between it and the Forex, though. For all of your purposes, treat Bitcoin like it’s a commodity. You should be investing in it with the intent of trading if prices go up down the line.

It’s not as nuanced as Forex trading, and the swings that Bitcoin takes in value are much more dramatic. It’s also a finite resource more similar to gold than the dollar. Given that gold used to be used as a form of currency, that comparison is pretty accurate.

Now, don’t let the currency aspect fool you. Gold and silver were in that spot back in the day. Treat it like a commodity when you trade, and you shouldn’t go wrong.

What Happened in 2017?

2017 is a year that gets tossed around a lot in the Bitcoin community. That’s because it’s the year that Bitcoin really blew up. Bitcoin has actually been around for much longer than most people realize. Prior to 2017, though, it was only worth a few dollars a unit.

In 2017, major investors started taking notice and putting their money in it. This caught the attention of other investors, which caught the attention of the media, which caught the intention of other investors. You see where this is going.

Eventually, everyone was in Bitcoin, with more and more people hopping on it each day. This created a bubble. Anyone with a basic understanding of economics is going to tell you that every bubble eventually bursts. That’s exactly what happened with Bitcoin.

It plummeted overnight, losing a large proportion of its value.It wasn’t something that came out of nowhere, though. The signs that the bubble was about to crash were abundantly clear for weeks before the event actually happened.

Bitcoin is in a much more stable place now, though. It’s maintained a relatively average value even through the 2020 pandemic. This level of stability is a testament to the fact that the initial bubble was artificial and not a product of the coin itself.

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