Nigel Skinner Blog Content Manager
Football Manager Expert and Political Betting Specialist across Exchange and Spread Betting Sites
Bitcoin History
What is Bitcoin?
- Founded in 2009 Bitcoin is a digital or virtual currency used predominately online.
- It was the first and is the leading cryptocurrency
- There are now thousands of virtual currencies.
- Instead of paying for something in cash you can now use bitcoin or another cryptocurrency.
- Transactions are recorded in a blockchain list stored only on the computer, it is not reliant on banks.
- Each bitcoin you own is stored in a digital wallet on your mobile or computer.
- You can send bitcoins to other bitcoin wallets as a payment for goods and services with no need for a bank to get involved.
- Let us say you sold a car in 2021 and accepted bitcoin for the price of the car, a year later those bItcoins could be worth a huge amount more OR a huge amount less.
- Companies and individuals accepting bitcoins as payment is growing year on year.
- Remember bitcoins don't exist they are digital representations of currency.
People have made fortunes off Bitcoin, and some have lost money. It is volatile, but people make money off volatility.
The 1st of January Price of Bitcoin 2013-2022
Historical Prices
- You can see in the above graph the huge growth that bitcoin had experienced since 2013.
- Each day of trading prices rise and fall.
- $68,789.00 in November 2021 is the highest recorded price of this stellar currency.
- That growth has reversed as you can see by the daily June 2022 prices.
- If we compare that to another indicator, the average UK house price has grown by 63% since 2013.
An example of a volatile Bitcoin trading month
| June 2022 | Bitcoin Dollar Price |
|---|---|
| June 30th | $20.104.02 |
| June 29th | $20.280.64 |
| June 28th | $20.735.48 |
| June 27th | $21,024.48 |
| June 26th | $21,496.49 |
| June 25th | $21,233.61 |
| June 24th | $21,084.65 |
| June 23rd | $19,950.12 |
| June 22nd | $20,719.41 |
| June 21st | $21.172.21 |
| June20th | $20,372.85 |
| June19th | $18,954.25 |
| June18th | $20,432.26 |
| June17th | $20,372.85 |
| June16th | $22,576.73 |
| June15th | $22,572.84 |
| June 14th | $22,206.79 |
| June 13th | $22,487.39 |
| June 12th | $26,762.65 |
| June 11th | $28,360.81 |
| June 10th | $29,083.80 |
| June 9th | $30,112 |
| June 8th | $30,214.36 |
| June 7th | $31,155.48 |
| June 6th | $31,370.67 |
| June 5th | $29,906.66 |
| June 4th | $29,832.91 |
| June 3rd | $29,704.39 |
| June 2nd | $30,467.49 |
| June 1st | $29,799.08 |
Buying and Selling Bitcoin
Bitcoin Trading
- With the invention of bitcoin and other cryptocurrencies, there is a vibrant trading market for them, like there is for dollars or pounds, prices fluctuate heavily and fortunes and been won and lost by traders of bitcoin.
- Like any form of trading, you need an exchange to buy and sell.
- There are now 000’s exchanges such as Coinbase where you can buy and sell bitcoin.
- The price of bitcoin seesaw massively and you need to always be aware that this can happen in an instant.
- They are valuable and risky because people want to exchange them regularly, such is their volatility.
- You need to buy low and sell high.
I think within the bitcoin universe an algorithm that replaces the function of the government is pretty cool. I am a big fan of bitcoin.
Bitcoin Prices
Fluctuation of Bitcoin prices
- In February 2011 a bitcoin was worth the equivalent of a dollar.
- Since then prices have risen astronomically.
- In November 2021 they hit a high of over 68 thousand dollars.
- In mid-June 2022 they crashed with the price at the time of writing around 22 thousand dollars.
The Bank of England has said that bitcoin could become worthless and people investing could be in danger of losing everything.
Bitcoin
The best betting sites, spread betting firms and selected betting exchanges have started taking traditional bets and trades on the price of bitcoin.
You can filter the different organisations by clicking the best betting sites link above.
On the spreads, you can buy and sell the price and depending on how the currency performs benefit financially.
The betting exchanges normally offer a bitcoin proposition market based on a particular date, as you can see below.
What will be the prices of bitcoin on the 1st of August 2022?
| Betting Exchange Example Market | Decimal Odds |
|---|---|
| Under $10.000 | 11.5 |
| $10.000 - $20.000 | 3.5 |
| Over $20.000 | 1.56 |
Bitcoin is a technological tour de force.
