April 6, 2021 8 minutes read
This article was equated from our Spanish edition using AI innovations. Errors might exist due to this process.
Viewpoints revealed by Entrepreneur contributors are their own.
It was the summer of 2012 when in my mailbox and news applications I saw occasional headings pointing out “the digital currency”, Bitcoin, I keep in mind asking my office colleague: “do you believe we should invest?” And it was when all the concerns we could ask ourselves occurred:
- What is Bitcoin?
- Where do we purchase it?
- Will it be profitable to invest?
- What is Blockchain?
- What is an Exchange?
It would be up to five years later on, when I began to answer such concerns, as well as lots of brand-new ones that emerged along the way and encouraged me – finally – to totally get in the world of cryptocurrencies, now with income streaming from my own venture, assigning capital to buy my very first digital possessions.
Now in 2021, as a Trading Ambassador of the most total Exchange in Mexico and Latin America, I share experiences, analysis and guidance with the crypto community for people who, like you, who also ask the concerns I had, endeavor into the world of cryptocurrencies with the highest number of resolved doubts to produce earnings with these digital properties.
The first cryptocurrency
BITCOIN ($ BTC) had its origin as open source software (Open Source), provided by “Satoshi Nakamoto”, alias of a programmer or group of developers whose motivation for its advancement was the recession of 2008 – 2009, specifically the decision to print money for the rescue of banks after the credit and stock exchange crisis of the real estate bubble.
Bitcoin is referred to as the very first cryptocurrency of the more than 2,000 that exist today, independent of any government authority (decentralization), its production is totally digital, subject to an issuance restricted to 21 million Bitcoins .
This indicates that just 0.27% of the world population might have 1 total Bitcoin.
- Relative Privacy: Each Bitcoin transaction is kept in the chain of blocks (Blockchain ), a distinct, unmovable record, attributes that guarantee both security and accessibility of info at all times and for cryptocurrencies, it might be thought about as the accounting book in the that all deals of digital assets are taped. Unlike banks, crypto asset portfolios are not connected to our individual information.
- Resilience: as it is a digital property, it can not be physically damaged, altered or broken and it can be kept online permanently.
- Mobility: Virtually any amount of cash is easy to carry and use since it is a digital property, either in your physical or digital crypto-asset portfolio.
- Security: Due to the fact that it is an encrypted asset, in a decentralized network, nobody can manage it. Although all our funds are safe within the Blockchain, a crucial suggestion is that all your passwords, access codes and” passphrase” (series of security words) are kept physically in a safe location to decrease the threat of losing them. in a cyber attack.
Bitcoin throughout 2020
Without a doubt, we have all been exposed to more news and publications about Bitcoin on social media networks, probably more individuals within your circle of good friends, as well as some of your relatives have actually joined the world of digital properties.
Weekly chart, Bitcoin price action/ Image: Trading View The road to the all-time record:
With the upward pattern that started in April, rising more than 14 thousand dollars at the end of November (+ 263.25% ), it has actually drawn in the attention of a growing number of individuals, as well as institutions
In addition to the volatility of the cryptoactive, the impact of the present health contingency that forced individuals to exchange their Bitcoin for money would produce a 51.82% drop, just in the month of March, taking the rate from $ 8,024.38 usd to $ 3,866.11 usd.
In the very same month of March, as a measure of action against COVID-19, the United States government would authorize economic stimuli and start the circulation of checks for $ 1,200 usd. And in April, Brian Armstrong – CEO of Coinbase – revealed a record in purchases and deposits in exact quantities of $ 1,200 usd. specifying that people were utilizing such financial stimulus to invest in Bitcoin and other crypto assets.
In October, PayPal revealed that it will use payments in cryptocurrencies from 2021 and will have a wallet (Crypto Wallet) that will permit users to buy, offer and own cryptocurrencies through PayPal applications, with support for crypto properties. such as Bitcoin ($ BTC), Ethereum ($ ETH), Bitcoin Money ($ BCH), and Litecoin ($ LTC).
On November 17, Ricardo Salinas exposes in a post on Twitter that he has a 10% liquid portfolio in Bitcoin. It deserves mentioning that he has a fortune of 11.8 billion dollars through his interests in retail, banking and media organizations, according to the Bloomberg Billionaires Index.
Today I suggest THE BITCOIN PATTERN, this book is the best and most important to comprehend #Bitcoin.
Bitcoin protects the resident from federal government expropriation.Many people ask me if I
have bitcoins, YES. I have 10%of my liquid portfolio bought pic.twitter.com/6LtFVCXvuA -Ricardo Salinas Pliego(@RicardoBSalinas)November 17, 2020 Bitcoin is trading at over$ 60,000! It would be on December 16 when the rate would surpass the all-time high developed in 2017, attracting enormous attention and would end the year with a price of $28,990. creating brand-new highs in January(~ $42,000), February (~$58,400) and March (~$61,800 ), 210.26 %growth compared to the optimum established in December 2020. With this, drawing in more attention from new investors and traders, in addition to of SMEs embracing crypto as a payment method. Weekly chart, Bitcoin cost action, March 2021/ Image: Trading View Ease of access We Mexicans have more and much better options to obtain Bitcoin and other cryptocurrencies
. The Exchanges (cryptocurrency exchange platforms )have banked on the Mexican market.”For years, we have actually been at the forefrontof developments in the blockchain market and have seen the gradual rise of the Latin American market
as an essential region in this section. From our viewpoint, this area, specifically Mexico, has a fantastic prospective to be the next blockchain hub for several years to come.”, Maggie Wu, CEO and co-founder of Mexo. For his part, Changpeng Zhao, CEO of Binance, states:”There is a great requirement for cryptocurrencies in Latin America, specifically for financial access. We
continue to construct with our crucial partner, Settle Network, to bring greater availability to cryptocurrency in Latin America and will support extra regional fiat currencies in the area in the future.” The accessibility and parabolic growth that Bitcoin has actually included is what has made it regular and more regular to hear and read about Bitcoin. With the Exchanges ‘dedication to the
Latin American market, the adoption by organizations, SMEs and investors and the growing number of people diversifying their financial investment portfolio in between Bitcoin and other cryptocurrencies, what is your cost forecast for Bitcoin? do you already purchase crypto?