Despite all the plunges and leaps, Bitcoin has been profitable throughout
Toronto, ON -- (ReleaseWire) -- 11/20/2020 --The world's largest cryptocurrency has been setting headlines in the conventional press media. But the question everybody wants an answer to is – Is Bit Coining even profitable?
The short answer is yes! And How?
Now that is complicated. Let's dig a little deeper and get to know How Bit Coining will be profitable.
How is Bitcoin going to be profitable?
If you're following the Bitcoin trajectory, then you know it's been a wild ride. It's highly volatile, and the surplus of exchange hacks keep on grabbing the headlines; even then, the regular Bitcoin miners can't deny the numbers.
Bitcoin mining originated as a well-paid hobby for early adopters who got the chance every 10 minutes to earn 50 BTC every, mining from their bedrooms. Successfully mining one Bitcoin block in 2009 and then holding on to it since then means you have $450,000 worth of Bitcoin in your wallet by now-2020. It also went to less than a dollar in 2009 and then rose to almost $20,000 in 2017.
Despite all the plunges and leaps, Bitcoin has been profitable throughout. In fact, as mentioned earlier, people who bought it in the beginning and kept it safe have experienced a return of 9,000,000%
Alex Mashinsky, the founder of the Celsius Network, told BBC Mundo,
"Bitcoin will be worth $30,000 by the end of the year 2020, and the future of cryptocurrency is promising."
Mashinsky bases his optimism for Bitcoin on the fact that it is a scarce asset with a capped source of 21 million, "Which guarantees its long-term success."
All points in the direction of a new crypto bull market. Raoul Pal, the Bitcoin bull, predicted that Bitcoin would head to $100,000 in the not too far future. Also, a prominent crypto analyst is calling out for $288,000 sometime by 2024.
Bitcoin mining is competitive, but still can be fun and profitable only if you have special hardware to mine Bitcoin called ASICs. Nowadays, all serious Bitcoin mining is performed on dedicated ASICs, commonly in thermally-regulated data-centers with cheap electricity. Rhotex offers high-quality and eco-friendly cryptocurrency miners with an in-built cooling system.
Few Advantages of Bitcoin
- Low transactions fee on international payments.
- Accessible credit. Profitable savings.
- Greater liquidity.
- Wide acceptance as a payment method.
- Anonymity and privacy compared to traditional currencies.
Wrapping it up
So how profitable will Bitcoin be in the future? That honestly remains about as anticipated as the weather. That's the fun part of buying Bitcoin, after all. Only time can tell whether Bitcoin is going to be a digital flash or gold in the pan, but it certainly does make an interesting case – and with a 9,000,000% rate of return, it has been clearly profitable in the past. The best way to profit from this potential upside for maximum people will be buying Bitcoin and keeping it somewhere secure.