Bitcoin price Analysis
The following are key metrics between 09/09/2020 and 09/10/2020
- 24 Hour Low – $10,214.67
- 24 Hour High – $10,483.56
- Net Change – $28.40
- 24 Hour Open – $10,297.52
- 24 Hour Returns – -0.48%
- Transaction Count – 343,183
- Average Transaction Fee – $3.33
- Value Transacted – $2.51 B
Anyone with even the slightest knowledge or interest in cryptocurrencies has definitely come across the term Bitcoin a couple of times. Since its inception in 2009, it has shown tremendous growth and continues to be the number one choice for most investors.
At its core, it is a virtual currency whose operation is entirely online. It was the first currency of its kind. To this day, people only know its creator by the name Satoshi Nakamoto it could be a person or a group, no one knows for sure. It is powered by a digital ledger system called Blockchain technology. Each transaction is permanently and publically recorded on the network. Also, Bitcoin transactions are irreversible and highly secure thanks to the Blockchain technology.
Just like the traditional currencies, people use Bitcoin to pay for goods and services. The only difference between Bitcoin and the traditional currencies is that BTC’s operation is dependent on the private code printed inside. Also, all Bitcoin transactions are conducted on either a computer or a smartphone.
Bitcoins are stored in bitcoin wallets where the user utilizes public and private keys for access and transactions. Bitcoin can be broken into fractions called Satoshis.
There are three main ways to acquire Bitcoins
- Buying Bitcoin in exchange for real money
- Offering goods and services in exchange for Bitcoin
- Mining – entails solving complex math computations using powerful computers
The reason why Bitcoins are very valuable is that people are willing to exchange them for actual goods, services, and even cash. Also, the financial freedom offered by decentralization and Pseudonymity makes the coin quite appealing to investors.