Forget the gold rushes of the 19th Century and welcome to Bitcoin trading, the new gold rush. This claim might be farfetched in theory but when you look at the current price of Bitcoin, there is a clear sentiment in the cryptocurrency market, which technically makes it an interesting safe haven when compared to other currencies, including gold. Not that Bitcoin is the safest currency to own given its volatility, but because of the rise in value over the last few years, there is just too much gain to be ignored.
Bitcoin’s success has triggered the rise of several other cryptocurrencies including Ethereum, Litecoin, and Ripple among others. This is slowly reshaping the currency trading markets with several Forex brokers now offering cryptocurrency trading services for Bitcoin and Ethereum. It is common sense to assume that the rest will follow suit, which in turn, will continue to raise the popularity of Bitcoin and its counterparts.
The Cryptocurrency market is currently valued at about $80 billion with Bitcoin accounting for more than 50% of this figure. This is also the reason why just like any other currency, several startup platforms have cropped up to provide information and the means of bitcoin trading. In fact, according to various platforms traders can now earn bitcoin without spending another mainstream currency. Ideally, traders are required to purchase their first bitcoins using a mainstream currency or any other acceptable cryptocurrency in order to start trading Bitcoin. But it appears that this is no longer necessary.
Now, entrepreneurs have launched platforms where traders can earn satoshis, which can then be used to buy Bitcoin. Based on information obtained from various platforms, (one Satoshi is equivalent to 0.00000001 Bitcoin), so it is likely to take a while before traders can claim to have earned one Bitcoin by accumulating satoshis. A trader would need 100 million satoshis for one Bitcoin.
This illustrates just how people are becoming creative in their bid to join the Bitcoin rush. This pioneer cryptocurrency has gained nearly 240% over the last 8 months after rallying from about $700 per Bitcoin on October 30, 2016, to around $2,400 on July 11.
