Bitcoin – On the Road to Irrelevance?

The fact that Bitcoin prices crashed badly in 2022, falling from its all-time high in 2021 at $69,000 to a new low at $15,461 has led many to suppose that Bitcoin has lost its relevance in the market today. This set of investors imagine that it is no longer wise to invest in Bitcoin at this point as the price  stands a greater chance of returning to dust at this point. Are these traders correct in their pessimistic approach to Bitcoin? Will the price of Bitcoin continue falling or are we to expect a bull rally soon? 

This work is very vital in helping you find the best answers to these questions. You will also find in this work the best way to buy Bitcoin anonymously for those who are no longer comfortable with trading Bitcoin using the Centralized exchanges that require identity verification before one’s account is approved for trading. 

What is Bitcoin?

Bitcoin is the most valuable digital asset built on a Blockchain today. It is the first cryptocurrency ever launched, though by an unknown founder referred to today as Satoshi Nakamoto. 

Is Bitcoin on the way to irrelevance as many supposed today? 

The year 2022 has turned out to be a complete bear season for Bitcoin and every other cryptocurrency traded in the market today. Thus, Bitcoin lost over 70% of its value this year falling from its previous all-time high created in October 2021 at 69K to a new low at $15,461. 

This pushed many investors to question the relevance of Bitcoin and the chances available for the price to rise again. Has Bitcoin lost its value in the market? Is it correct to suppose that the price of Bitcoin will no longer rise again given the fact that it has failed to find strong buyers up to the year’s end?

The current skepticism about the future of Bitcoin is often common with new traders who are still new to the market and have not been exposed to the previous bear seasons where the prices of various crypto projects including Bitcoin tend to fall massively and remain at their lower support levels for long only to rise again during the next bull season.

Historically, the price of Bitcoin has always rebounded after each bear season. Hence, many traders today are convinced that this present bear season will not be the end for Bitcoin. 

What you need to know before trading Bitcoin today

One important point every crypto trader needs to know before proceeding to trade Bitcoin today is that; its price is subject to great volatility and often affected by market sentiments. To trade Bitcoin profitably, the trader first needs to pay attention to the economic data that drive money in and out of the capital markets. 

Advantages of trading Bitcoin

  • Serves as an important means for international payments with low costs.
  • Helps investors to control their wealth without external monitoring.
  • Used by investors to protect their capital from devaluation due to the effects of global inflation.
  • Provides an employment opportunity for investors across the globe.

Disadvantages of trading 

  • Bitcoin trading comes with high risk and there is no promise for future returns.
  • Requires a lot of time and study to predict the market trend.
  • Bitcoin trading is prohibited in some countries today. 
  • Often used by scammers to defraud people. 

What is the best way to Bitcoin anonymously today?

The best way to trade Bitcoin anonymously today is to use the decentralized crypto exchanges that do not require any form of identity verification before the trader could use the platform.

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