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A Few Benefits for Bitcoin Beginners to Appreciate

If you are considering entering the crypto universe or if you’ve only recently made your first investment, you might still be exploring the benefits of bitcoin as opposed to your credit card, online bank account or digital wallet you are used to. In an abstract sense, cryptocurrencies represent financial evolution which manifests itself in unique and tangible ways compared to fiat money.

Also read: Here Are Some Fun Things to Do With Bitcoin Cash

Fast and Easy Payments

If there’s one thing cryptocurrency deserves credit for, besides that it makes you a true owner of your money, it’s the ease it brings to electronic payments and transfers. Bitcoin has been around for over a decade now and it is not a tool only for the tech savvy anymore. A myriad of crypto platforms have made it simple to keep and send digital coins. It takes just a few steps to purchase your first cryptos and start spending.

A Few Benefits for Bitcoin Beginners to Appreciate

All you need to have initially is a bitcoin wallet and plenty of free options are available. For beginners, a software wallet is probably the best choice and you can download and install a number of mobile applications or desktop programs. If you don’t plan to spend coins on a daily basis and in case you need a higher level of security for your crypto holdings, you’ll be better off with a hardware wallet – getting one is easy too.

With cryptocurrencies, sending money is quick, easy and inexpensive. You just need to have the recipient’s address, which you can either copy and paste in your wallet, making sure the first and the last few digits are the same, or obtain it through a simple QR scan as most wallet apps allow you to do so. After entering an amount, hitting the ‘Send’ button initiates an irreversible transaction; it’s a good idea to set up a spending PIN on your wallet as well.

Low Cost Transactions

Generally, crypto transactions are fast and cheap but the speed and the cost depend on various factors such as the number of transactions a network has to process at a given time and the fee you are willing to pay to the miners. Bear in mind that not all cryptocurrencies are made equal, so to speak. In the case with coins such as bitcoin cash (BCH), transfers are almost instant and often cost less than a penny. That’s regardless of the amount sent or distance covered. With crypto, payments, transactions, and international transfers are faster, easier and safer and you don’t have to worry about progressive fees or bank holidays.

A Few Benefits for Bitcoin Beginners to Appreciate

People sending remittances home and companies working with remote contractors abroad often take advantage of that. Besides, bitcoin has another useful feature – you can always check if and when the money has arrived. You can do so with a block explorer. Small businesses should also appreciate the lack of chargebacks with crypto transactions, in contrast with traditional payment methods.

Profitable Saving, Accessible Credit

If you join the crypto space in search of a better store of value than what the fiat system offers for your money, it’s worth noting that by design cryptocurrencies don’t suffer from significant inflation. Digital assets based on the original principles of Bitcoin have a limited supply, setting them apart from fiat currencies, which can be constantly inflated when governments create more money through quantitative easing or by manipulating benchmark interest rates. Historically, long term investments in many major cryptos have appreciated.

A Few Benefits for Bitcoin Beginners to Appreciate

Using peer-to-peer digital cash does not require involvement of third parties, which is another strong point. Everyone is free to transact directly with anybody else. But if you need specialized financial services, a thriving ecosystem growing around cryptocurrencies can provide you with such. Platforms like Cred, for instance, let you earn up to 10% interest on your BTC and BCH holdings, much more than any regular savings account these days, or get a sub-10% APR crypto-backed loan without the credit checks and hidden fees employed by banks and credit card companies.

What other advantages of cryptocurrencies would you add to this list? Let us know in the comments section below.

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Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Bulgaria, which sometimes finds itself at the forefront of advances it cannot easily afford. Quoting Hitchens, he says: ”Being a writer is what I am, rather than what I do.“ International politics and economics are two other sources of inspiration.

Lubomir Tassev , 2019-11-23 23:21:44 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.

While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock

Nick Chong , 2019-11-10 12:00:38

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