In just over a decade, Bitcoin has turned from an idea to one of the most talked-about financial assets. With each passing day, more and more companies sign up to accept it as a form of payment. Supporters believe it to be the future of money, free from the control of governments and central banks that could manipulate it at their leisure.

The largest cryptocurrency conference in history took place in Miami last week and it was here that El Salvador's president announced plans to make his country the first to accept Bitcoin as legal tender . In fact, in a 62-22 vote by the country's congress, the Bitcoin Law was passed by a "supermajority." The bill says all shops and businesses are obliged to accept Bitcoin. But almost seventy percent of the country's population are reported to be without a bank account.

Bukele, El Salvador’s President, has said that his plans will help Salvadorian abroad, particularly in the United States, to send money back home. Additionally, he mentioned that a new Bitcoin-mining hub is being built in the country that will use volcanic energy generated from a man-made well.

Hindrances To Bitcoin’s Success

This news comes at a time when many are embracing Bitcoin. However, it is an entirely different story in China where the country has banned cryptocurrency services in banks and has blocked accounts promoting digital money on the micro-blogging site Weibo. Strict warnings have also been issued against crypto mining and trading in the country.

One of the reasons is speculated to be the environment. China is home to at least seventy percent of the machines that handle or mine cryptocurrency transactions. It is estimated that they use more energy per year than all of Argentina.

Bitcoin has been around for almost 12 years and it was originally designed by its anonymous creator, Satoshi Nakamoto, as an alternative to fiat currency. But until now, it has not been able to cement its position as a potential replacement for the dollar. Investors tend to see Bitcoin as more akin to gold; an asset in which they can keep a store of value.

Bitcoin’s Volatile Nature

The popularity of this digital asset, however, is on a constant rise. While it may not be viewed as a financial currency yet, it is being widely adopted worldwide due to its highly volatile nature and, in turn, the ability to make huge profits. With a record high of around $64,000 earlier this spring, the coin's valuation has been known to skyrocket or plummet seemingly on a whim. As of late Wednesday afternoon, Bitcoin was up more than 10% in a 24-hour period.

As a result, making big bets in this highly volatile crypto playground is no child's play. If you're not careful, you may find yourself in huge losses within the span of only a few minutes. This holds true, especially for beginners. But the emergence of crypto trading platforms and tools has allowed several small-scale or novice investors to trade in the crypto space.

Platforms, such as bitcoin profit, use advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML), and specialized software along with Trading (HFT) algorithms that ensure best trading decisions are made. They come with auto-trading services that can be used even by seasoned investors but are especially aimed at novice traders for whom these platforms have become a safe haven. This is because they make decisions on your behalf which means you won't have to spend countless hours in front of a computer screen trying to track even the slightest of movements.

Conclusion:

El Salvador's experiment will provide the first opportunity for analysts to gauge the cryptocurrency's impact on the economy. Some warn that the increased usage of digital assets such as Bitcoin will reduce the effectiveness of monetary policies