Bitcoin has become the first product or service that has reached the same value as gold. Its massive price tag is the reason why so many people are willing to dive into this world and start investing in it. After all, there are also many stories of how Bitcoin has managed to change the lives of people overnight.
Not only that, but research has shown that there may be as many as 100,000 millionaires who made their wealth by trading with it. Speaking on gold and Bitcoin, we wanted to take a closer look and see what are the advantages of investing in Bitcoin rather than gold. Without any further ado, let’s check the details.
Where Can You Earn and Trade Bitcoins?
First of all, the best way to earn Bitcoins is through mining. But, it is worth noting that mining takes a lot of time and requires skills as well as a powerful device that can withstand the process. The reason why so many people resort to mining is that it is free, meaning that the future profit will be much higher.
The second option is to buy them at treading sites, which are the same places where you sell Bitcoins. If you want to gain access to the services, you need to register. Luckily for you, registering is very simple and short. All that is required from you is to fill out an online application form and supply the platform with some basic information about yourself.
After that, you need to choose a payment method and verify your identity. Then, you will gain access to the Bitcoin market. Some reputable trading sites such as Quantum AI even use advanced AI systems that keep a close eye on the market, collect all Bitcoin-related data and make accurate predictions on its future fluctuations.
Bitcoin’s Volatility Rate Can Make It More Valuable
The one advantage that gold has over Bitcoin is that it is stable and always has the same price. But, that is a double-edged sword and here’s why. Thanks to Bitcoin’s volatility rate, there may be some periods where this cryptocurrency drops in value, but there may be some periods where it rises and it is extremely profitable. For example, back in April 2021, Bitcoin exceeded $63,000 and was more valuable than gold.
And if that is not enough, experts and analysts have stated that Bitcoin can rise as high as $100,000 by the end of the year. Moreover, Bitcoin will become far rarer as 99% of all Bitcoins will be mined by 2032, which will make it more valuable.
Speaking of mining, we mentioned earlier that it is free. The only cost that you will have to be a part of this process is the one-time investment of a high-performance device. With gold, you can either dig the ground or buy it directly. Either way, you will always have some expenses. So the profit in percentages can be much higher with Bitcoin.
Things To Consider When Trading With Bitcoin
Lastly, there are quite a few things that you need to consider when trading Bitcoin. First, you need to decide whether you want your investment to be long-term or short-term. Then, you should get familiar with how the network operates and what is the technology that powers it.
Finally, there are many psychological aspects of Bitcoin trading. This occupation is not just about learning the tricks and thinking that you can master them. Working under pressure, patience, and dealing with Fear of Missing Out (FOMO), are just a few of the psychological aspects that you need to master and that takes a lot of time.