Thanks to the numerous benefit that people gain by using Bitcoin as their main payment method, this cryptocurrency has managed to shook the world and completely revolutionize the global financial sector. Thanks to it, online payments have never been faster and more secure.
Bitcoin is fully optimized for online use and each transaction made with it is instant. Other methods may take a few days of processing time before they are completed, but that is not the case with this cryptocurrency. As far as the security, Bitcoin users are extremely safe thanks to the fact that they are provided with a certain level of anonymity. The cryptocurrency utilizes cryptography, which is a method of protecting information through the use of codes.
These days, Bitcoin is one of the most-talked-about subjects. It recently reached its highest recorded value in history and from what it seems, the price will continue to go up. Many experts believe that it can go as high as $50,000 in value. We wanted to take a closer look at this case, so we are going to explain how the cryptocurrency managed to peak in 2017 and 2020, how do people actually make money with it, and does it have the potential to reach the sum we just mentioned.
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How Do People Earn Money Using Bitcoin?
Bitcoin traders earn Bitcoin by mining it. Mining is the process of recording and verifying every transaction made with this cryptocurrency. Each verified transaction is called a block, while the log that stores all blocks is called a blockchain. The more transactions they verify, the more Bitcoins are earned.
After miners earn Bitcoins, they need to sell them. This is a very difficult task, considering the fact Bitcoin is a highly volatile currency. The high volatility rate indicates that its value changes very rapidly. On numerous occasions, the value of 1 Bitcoin changes from day to day. To be able to make a profit with Bitcoin, traders must be able to predict its future price.
Unfortunately, not many of them can do that as it requires them to gather a lot of information about the market and its fluctuations. Instead of gathering that information by themselves, they turn to the experts who can do it for them. One of the expert platforms of such type is https://bitcoinprime.io/. This site has an AI-powered system which manages to predict the future price of Bitcoin with great precision. A majority of its users record a high daily profitability rate, which is why this platform has thousands of users around the world.
Now that we’ve cleared the air, let’s check the records of Bitcoin and see whether it has the potential to reach $50,000.
2017 and 2020 Records
2017 was one of the most influential moments in Bitcoin’s history. After spending years on the come-up, Bitcoin gained massive popularity and great infrastructure at the beginning of 2017. Thousands of people were signing up to trade with this cryptocurrency, and many of them became overnight wealthy people. The peak was reached in late-December when the price for 1 Bitcoin was little below $20,000.
But, it plunged after a few days and Bitcoin spent almost 2 years trying to stabilize itself. Finally, it became stable at the beginning of 2020 and it started recording an increase in value. In mid-December, the predictions of many experts came to life and Bitcoin managed to surpass the record from 2017 and top $20,000 in value.
Does it Have the Potential to Reach $50,000?
Instead of plunging in a matter of days, as it did in 2017, Bitcoin’s value is still stable and goes up with a rather fast pace. Now, it lays somewhere around $23,000 and it doesn’t seem to be wanting to go down. The growing infrastructure, its stable hash rate, as well as the rise in institutional interest, leads many researchers and Bitcoin experts to believe that it can still go up.
Some of them believe that the price could go as high as $50,000. Considering the fact that Bitcoin managed to remain stable, even after the record in value, we truly believe that this is a milestone which can be achieved in a very short period.
So, to answer your question – yes, we think that Bitcoin truly has the potential to climb as high as $50,000.
