It’s another day in the crypto universe, which means it’s also another coin to be talked about. After Ripple (XRP) and Zcash (ZEC), it’s time to take a look at the father of them all: Bitcoin (BTC). As one of the top cryptocurrencies by market cap, Blockchains.my (BCMY) is very happy to support its blockchain in our digital wallet app. Supporting BTC helps to make sure that we’re facilitating our users with the speculating and spending abilities of Bitcoin, while at the same time being a part of this technological wonder ourselves.

Without further ado, let’s learn how Bitcoin came into fruition so that you’ll know why it deserves to be in our wallet.

Ask yourself, what cryptocurrency did you first hear about when you jumped into the crypto space? While the answers may vary, the fact is that Bitcoin was the first cryptocurrency that started it all – which means that it’s more likely the first one that most people would have heard about before diving deeper into the vast ocean of crypto.

Bitcoin was first invented in 2009 by the famous Satoshi Nakamoto, whose true identity is still unknown to this day (though many prospects have been proposed) – in fact, it’s thought that the name itself is a pseudonym for a person or group. Bitcoin operates on a public blockchain that serves as a large distributed ledger, where everyone within its network is directly involved in transactions, with some serving as “miners” to give confirmations that ensure these transactions go smoothly. By this, Bitcoin aims to solve some of the problems that arise from using regular FIAT (government-issued) currencies.

Due to its freedom-friendly nature, people started to take notice of it. In 2010, the first real-life Bitcoin transaction took place when someone bought two pizzas with 10,000 Bitcoins – which at that time, the whole unit was worth around $30. At that time, the misspelled call to HODL (HOLD) hadn’t been conceived of yet… which was probably a good thing.

Needless to say, those 10,000 Bitcoins would have been worth around $197,830,000 when Bitcoin hit its all-time high record of $19,783 per BTC on December 17, 2017. What a lucky human being the owner of that pizza shop was! Of course, he probably didn’t know about HODL either.

Since Bitcoin works by being decentralized, its price fluctuates wildly because there’s no one (officially) to control it. It’s then no wonder that some are actively trading it everyday, hoping to make a fortune out of their Bitcoin holdings and trading portfolios. At the time of the writing of this article (August 7, 2018), Bitcoin was sitting comfortably at a market cap of around $121 billion, with around $4 billion being actively traded within the last 24 hours.

Also at the time of this writing, one Bitcoin was worth about $7,066 per BTC. It’s quite a decline from when it was trading at $7,769 at the beginning of August. When we look at a bigger perspective though, the current price is still higher than the price a month ago, when one Bitcoin fell into the range of around $6,700-6,800.

With an all-time low of $66.62 (that took place on July 7, 2013) since it was being listed on CoinMarketCap, and an all-time high that nearly hit $20,000, Bitcoin remains an asset that’s highly volatile.

Technical Analysis

A look at the Bitcoin candles (1 Day interval) suggests that there’s a strong support at $6,800, a crucial point that was tested several times within the last few months. If it gets enough momentum and real volume, Bitcoin could bounce back up and head as high as the $7,350 point, where there is a resistance line. If a breakout happens and Bitcoin manages to surpass $7,350, there should be a small correction that can see it retrace to the $7,100 area, only to head back up towards the $7,700 and $8,350 area. But don’t take our word for it, as it could do anything.

Fundamental Analysis

Any technical analysis could be proven futile though without taking into account what could make or break the price of Bitcoin: the fundamentals. These are things such as news and sentiments.

So far, the sentiment among the public is looking good, with a lot of people dropping their positive comments in anticipation of the first-ever Bitcoin ETF. It could also be the reason that made Bitcoin break out in the first week of August, after testing the bottom at the $6,000 area several times the previous months.

It is widely anticipated that the decision regarding the ETF will come out on August 10, which is only a few days away from now. If the ETF is approved, it could be bullish news that helps Bitcoin soar to the sky, since with an ETF, we are anticipating large money in the form of institutional investors. If retail investors can make a figure that’s close to $20,000, imagine what these institutions can do with their money.

Verdict

Things still look good for Bitcoin in the mid to long-term, where both Technical Analysis and Fundamental Analysis suggest that Bitcoin’s value may continue to rise.

One thing that we can all agree on: if you’re here, chances are you probably have downloaded our wallet app (if not, go here to download it) and believe in the potential of cryptocurrencies. This means, we are hopeful that the future of Bitcoin, along with the other cryptocurrencies out there (especially the ones that we support) will be bright.

Just in case you want to learn more about why you should have our wallet, check out our main page – you’ll see that it’s advanced and secure, and you should be able to have your digital assets stored safely and securely.

As with any other investment, do your own research. In no way are we claiming that this is professional investment advice that you should trust 100%. This article is for entertainment and informational purposes only, and we cannot be held responsible for actions taken by a reader as a result of reading this piece.