Converting bitcoin to CAD, Euro, Naira, and other currencies has become one of the most sought-after services as bitcoin explodes in popularity.
Bitcoin has been around for far longer than people thought when it was first launched in January 2009 by people whose identity is still a mystery. A decentralized authority controls this digital currency, so its allure is that it offers lower transaction fees while granting independence to bitcoin users. Investors are not tied down by a bank or a government. Instead, they are subject to the daily rise and fall of the markets.
There is no such thing as a physical bitcoin, and the images that people see of the logo printed on a small round coin is just that — a logo. Instead, balances are displayed on a public ledger that everyone has access to, and each bitcoin transaction is verified, using a lot of computing power. No wonder Elon Musk caused quite a stir when he mentioned that bitcoin mining might pose a danger to the Earth’s climate.
Despite all of this and the fact that bitcoin is not a legal tender in many countries, this cryptocurrency has attracted millions of people, mostly because it has created hundreds of thousands of millions in a very short time. How exactly did bitcoin do this, though?
History of bitcoin
An unknown person first registered the domain name bitcoin.org. A few months later, a person or group with the name Satoshi Nakamoto announced that they had been working on a third-party peer-to-peer electronic cash system. On 3 January 2009, the first bitcoin, Block 0, was mined.
Mining a new bitcoin involves solving a new puzzle in order to discover a new block which is then added to the blockchain. Miners are reward with bitcoin, which is halved every 210,000 blocks. In 2009, the reward was 50 bitcoins. In May 2020, the reward had gone down to 6.25 bitcoins, which is still a huge sum.
Several investors believe in bitcoin’s power to revolutionize the global economy. The reason for this is simple: it facilitates a decentralized, low-fee payment system for immediate transfers to anywhere in the world. What’s more, it’s not affected by the decisions of one single person or government, but by the activities of the investors themselves.
In fact, at the time this article was written, 1 bitcoin was worth USD 47, 549.40, and investors believe that this value will only rise as the years pass. This means that this digital currency is set to birth even more millionaires and maybe even some billionaires.
There are several ways through which you can acquire bitcoin: you can visit site to buy from a trusted bitcoin seller, receive bitcoin as payment for goods and services, or engage in bitcoin trading.
As the value of bitcoin becomes more volatile, more investors are taking advantage of this volatility to make more money. Bitcoin trading works like regular trading in that you speculate on the price of bitcoin at a particular point in time, and then you initiate a buy or sell order based on that speculation. Some people find trading to be exciting, while some stay away from it. Of course, you will only feel excited about trading when you make a profit and disappointed if you make a loss.
The FGI aims to make this process easier, but it’s best to use trading apps while trading bitcoin so you can ensure that you’re completely safe while investing. A number of things affect the value of bitcoin:
- Bitcoin’s supply. Currently, this stands at $21 million and is expected to be exhausted in 2140. A finite supply means that the price of bitcoin could go up if the demand increases.
- Major events. Major events can impact the value of bitcoin. Great examples of this are when the price dipped in response to Elon Musk saying that bitcoin can adversely affect climate change and when China banned bitcoin miners.
- Successful integration. Every time bitcoin successfully gets integrated with a payment platform; its value goes up.
To be more successful at bitcoin trading, you should learn bitcoin trading styles and identify the ones that you’re most comfortable with. It would also help to decide whether you want to go long (where you expect bitcoin’s price to rise) or short (where you expect it to fall). Remember, though, that if things are not working out according to your expectations, you can always close your trade to make a profit or cut a loss.
How to convert bitcoin to CAD, Euro, and more
Many platforms can help you successfully convert your bitcoin to your preferred currency, whether that is converting bitcoin to CAD (Canadian dollars), Euros, or any other currency.
You can use platforms like Bitcoin Evolution that lets you enhance your trading. This is just a trading platform, you still need to do a bunch of research and actually learn about bitcoin trading before you begin.
There are several ways to get your money after converting your bitcoin to CAD, Euro, or any currency of your choice. You can choose to use a third-party exchange or a peer-to-peer platform.
A third-party exchange will exchange your bitcoin for cash at a certain rate, convert it to your preferred currency, and deposit it into your bank account. This process usually takes between 3 and 7 days.
On the other hand, a peer-to-peer exchange is immediate with no fixed price — the price depends on the current demand.
Bitcoin is currently on the rise and is expected to grow even more soon. Analysts are predicting that this digital currency can rise to as high as $500,000 in 2030. As such, many investors are trying to amass as many bitcoins as possible.
One of the ways to do this is by trading on trusted platforms. Don’t forget to do as much research as possible and share knowledge so that you can minimize your losses. If you’re uncomfortable with any part of this currency, you can stay away from trading and acquire bitcoins by buying. After all, there’s still a lot of room for growth.
Afterwards, you can convert your bitcoin to CAD, Euro, Naira, and other currencies and spend it on luxury.
You may also like our latest article, How to convert bitcoin to Naira, USD and more.