What is Bitcoin, are you too late to the party?

As the world’s largest and the most famous cryptocurrency by market capitalization, Bitcoin has experienced ups and downs in 2022. In March, Bitcoin managed to pass the all-time high of US$ 61,000. 

However, in May, Bitcoin experienced high fluctuations and the Fear and Greed Index was in the extreme fear stage for months. At that moment, BTC price had a free fall until it almost touched US$ 30,000. Despite the ups and downs of Bitcoin’s growth explained before, is it too late to buy Bitcoin in 2022?

Even if it’s not too late, is it possible to buy Bitcoin at any time, and can Bitcoin be cashed out in the future? To answer these questions, see the explanation in this article.

Bitcoin explanation in short
Before going to the main discussion, let’s first identify what Bitcoin is. Bitcoin (BTC) is the world’s first blockchain-based cryptocurrency. 

This cryptocurrency adheres to a decentralized system and works using blockchain technology, where this technology will process transactions and record them in a computer network.

Who created Bitcoin and when was Bitcoin invented?

Bitcoin was initially created in 2009 by a person or group of people using the pseudonym “Satoshi Nakamoto.” Bitcoin is a peer-to-peer cryptocurrency, meaning that all transactions occur directly between equal independent network participants, without the need for an intermediary to permit or facilitate them.

Bitcoin’s most striking advantage is that it was the first cryptocurrency to appear on the market and is currently the largest cryptocurrency by market capitalization. 

Bitcoin has successfully spawned a new industry with millions of enthusiasts creating, investing, trading, and using Bitcoin and other cryptocurrencies.

Even today in December 2021, the entire crypto market is worth more than approximately US$ 2.3 trillion. Thanks to Bitcoin’s breakthrough, BTC is still at the top of the market after decades of ups and downs.

How does Bitcoin work?
Bitcoin and how it works.
Bitcoin uses a mining system that takes place when a transaction is made. Miners get BTC tokens as a reward for solving the mathematical equations.

It is a decentralized digital currency on the peer-to-peer network where transactions can be done between users on the worldwide computer networks without the need for intermediaries or the intervention of financial institutions.

Bitcoin growth year by year
To find out if it’s too late to buy Bitcoin in 2022, here’s what Bitcoin has grown year on year for you to know. Before we begin our bitcoin price journey, let’s take a look at the Bitcoin Chart

Bitcoin evolution and Journey in 2011 – 2017
In 2011, the price of Bitcoin soared from US$ 1 in April to US$ 32 in June, a 3,200% increase in three short months. A sharp recession followed that sharp rise in the crypto market, and Bitcoin price hit a low of US$ 2 in November 2011.

There has been a little increase in the following year. The price rose from US$ 4.80 in May to US$ 13.20 on August 15. Furthermore, 2013 proved to be a defining year for the Bitcoin price.

The cryptocurrency started trading at US$ 13.40 and experienced two price bubbles in the same year. The first occurred when the price jumped to US$ 220 in early April 2013. That rapid increase was followed by an equally rapid decline in price, and the cryptocurrency changed hands at US$ 70 in mid-April.

But that is not the end of the process of rising and falling Bitcoin prices. Another rally took place towards the end of 2013. In October 2013, the cryptocurrency was trading at US$ 123.20.

At the beginning of 2017, the cryptocurrency was hovering around the US$1,000 price range. After a brief period of decline in the first two months, Bitcoin recorded a remarkable increase from US$ 975.70 on March 25 to 20 thousand US dollars on December 17.

Bitcoin Journey in 2019 – 2021
In June 2019, the price surpassed 10 thousand US dollars, rekindling hopes of another rally. In the same year, the cost of Bitcoin decreased to 7 thousand US dollars in December.

In 2021, Bitcoin had experienced an all-time high price of 61 thousand US dollars. However, in mid-May, Bitcoin experienced a decline to reach 400 million dollars. 

Many experts believe that Bitcoin will rally as high as 100 thousand US dollars. 1 billion in 2021 and can soar to 300 thousand US dollars. 4 billion in 2022. These numbers confirm that Bitcoin’s growth will continue to be sustainable.

Many businesses are looking for ways to integrate Bitcoin and other cryptocurrencies into their financial ecosystems for various reasons. It shows that Bitcoin is fully capable of growing even though the price has experienced a temporary setback.

Despite the slight dip in May, overall, Bitcoin’s future looks to be very bullish.  

 

In December, the price jumped again to US$1.156, then fell to around 760 US dollars three days later. The rapid turnaround signaled the start of a years-long decline in Bitcoin price and hit a low of US$315 in early 2015.

In 2021, there was a significant increase in the number of wallets that have stored large amounts of these cryptocurrencies. It means that more people are looking forward to long-term investments through Bitcoin.

Experts also say Bitcoin’s structure lends itself to the microclimate. Blockchain currencies and networks can easily withstand skyrocketing prices and adoption rates.

Several large companies and institutions in the world have also integrated cryptocurrency into their services. PayPal allows customers to buy and store cryptocurrency. Even some Wall Street organizations are also planning to enable Bitcoin and crypto trading on their platforms.

The ongoing COVID-19 pandemic situation is a perfect example. Even the world struggles with COVID-19 and its impact on the economy. Bitcoin is seeing steady growth and improving despite its recent fall.
Many experts still hope that Bitcoin’s persistence as a digital asset is the reason why it’s still not too late to buy Bitcoin in 2022.

Many experts still hope that Bitcoin’s persistence as a digital asset is the reason why it’s still not too late to buy Bitcoin in 2022.

Cathie Wood's one of the biggest Bitcoin investors.
Cathie Wood is one of the well-known fund managers of Ark Investment who still has faith that Bitcoin will hit 500,000 USD.

Greg Cipolaro and Dr. Ross Stevens, a New York Digital Investment Group researcher, support this belief. The researchers point to the fact that the Bitcoin supply is limited to 21 million coins. They add that the increase in fundamental demand combined with steady supply and automatically decreasing supply growth makes an attractive case for Bitcoin as an alternative investment for institutional investors.

Currently, about 18.5 million bitcoins have been mined. It leaves less than three million yet to be put into circulation. On the other hand, there are only 21 million Bitcoins available for mining. Scarcity can help maintain value in times of rising prices and low purchasing power.

Where to buy Bitcoin?
When you have no clue where to buy Bitcoin, you can start buying Bitcoins on biexm. At biexm, you can specify the amount of local currency you want to spend to buy Bitcoin, then biexm will give you the amount of Bitcoin equivalent to the dollars you spent.dhaka

biexm is a regulated and trusted cryptocurrency exchange platform in Australia, Singapore, Thailand and Indonesia. To buy and sell Bitcoin on biexm, you must register through the official biexm website or the biexm application, which biexm apps can easily download on the Play Store or App Store.

After filling in your personal information, you have to go through the KYC stage for the identity verification process. Without going through the KYC process, you will not be able to make deposits.

Once your KYC process is verified and approved, the next step is to deposit some funds and perform various transactions. biexm is the best place to buy Bitcoin and any other cryptocurrencies.

If you stay in Singapore, Click here to learn how to buy Bitcoin in Singapore.