New month, time to start a new series at Upbots Academy, don't you agree? As you know we offer several algorithms on our platform and it can be hard to know which one to choose. Last month we discussed many topics related to Automated Trading ( Top algorithms, backtesting or even how to become Algo Dev ).
That's why for this month we're going to help you see more clearly by discussing the cryptos you can find on Upbots. It is quite natural that we will start with Bitcoin, let's go!
Creation
Bitcoin is a virtual currency created in 2009 by an unidentified person whose pseudonym is Satoshi Nakamoto. Unlike fiat currency, bitcoin is not issued by a central bank but by a blockchain. This technology allows, among other things, to store and transmit information transparently, securely and without a central control body.
The ideology behind Bitcoin is the abolition of all centralized control, a freedom in the exchanges without going through governments. In its early days, BTC was very much associated with the underground economy and crime in the broadest sense. While it is true that one can make transactions in BTC on the darknet, it is interesting to remember that the most widely used currency in the criminal world is still the US dollar.
Use
BTC can be used to pay, send funds to a third party but it is also and above all an investment vehicle. As the first crypto to be born, it acts a bit like a store of value. If at the very beginning of its creation it was worth nothing, this is no longer the case today with a price around $45,000 at the time of writing.
For the record, the first commercial transaction was the purchase of two pizzas for a total of 10,000 BTC, when you think that its ATH was once 69,000, sounds crazy right? It was on May 22, 2010 and this day has since been known as "Bitcoin Pizza Day".
From a technical point of view
From a technical point of view, BTC is currently trading at around USD 45,000 but we can expect a more pronounced drop to around USD 42,000. This is an excellent place to open a long position, should a continuation of the uptrend take place.
How to profit on the Upbots platform
We have several bots trading BTC on our platform, here is a list that should help you make your choice.
HARSI
Spooner
Swing Sniper
Sonny BTC
Fluctus
Optimus
Their performance ranges from 10% to 300% in the last 6 months. Of course, more profit involves more risk. Come check for yourself!
Conclusion
To kick off the new series “Know your coins” it was obvious to choose Bitcoin right? Next week we’ll dive more into another one, Ethereum
Stay tuned and I’ll see you next week!
