We love that our Peers love bitcoin. After a couple of busy months of gathering and training our first battalion of Peers, we’re beginning to see our future crypto leaders in action! They’re not only actively bringing in new users to Paxful, but generously sharing their two cents on bitcoin trading—especially since bitcoin just hit $10K recently! Take a look and see how you may benefit 😉
You don’t have to have thousands of trades and trading partners to be an influential Peer. Ow, one of our first Peers, is a relatively new, but ambitious crypto enthusiast from India. He joined Paxful only 4 months ago, but has earned himself 21 trade partners and positive feedback from 24 users at the time this article was written. As a role model, Ow has his email, phone, and ID verified and is ready for more!
Ow’s favorite thing about bitcoin
Albeit a new trader, Ow seizes all the opportunities he has to educate others, especially rookie traders, about bitcoin. In his recent blog, he takes his reader through the journey of understanding bitcoin in a way that is super easy to understand.
“Bitcoin is an open-source peer to peer money, which … operates with no central authority or banks. … Being an open-source with no central public authority, [bitcoin] is public and no single unit owns or controls it. Every stakeholder is equally involved and can take equal part in it.”
Bitcoin is popular for many reasons, one being its adaptability. You can choose to buy 10 bitcoins at a time, or a hundredth (or less) of it, depending on your budget and trade volume. With the possibility to divide bitcoin up to 8 decimals, traders have a lot of freedom to decide what they do with it. Bitcoin is a currency that doesn’t discriminate.
Explaining the current bull market and its implications
After introducing bitcoin in simple terms, Ow delves into the current bull market—but first, what does a bull market even mean?
“A bitcoin bull market is the period when bitcoin price rises or is expected to rise, making it an ideal period to trade or invest. For one bull market phase, approximately five price rallies occur.”
Ow continues to share his thoughts and analyses about the bitcoin price cycle, especially in regards to bitcoin halving and the price rallies that occur before the halving.
“[Between] 2012 and 2016, bitcoin halving occurred while bitcoin was recovering from a bear market. A bear market is the opposite of a bull market. The first price rally [usually] happens a few months before the halving, after which bitcoin price generally moves sideways for a few months. … After the halving [occurs], bitcoin price rallies a few times and reaches a new all-time high.”
Ow understands that this could be difficult to visualize in his reader’s head, so he draws in an example with numbers to support his theory.
“During the first price rally in 2019, bitcoin prices reached up to about $13000. Then it dropped to about $6700. Bitcoin is currently trading at about $10000. This is probably the beginning of the second price rally of this bull market.”
Whether or not a certain point in time is good for buying bitcoin is up to your verdict. Although we’re not here to offer any investing advice, we’re extremely touched to see our Peers stepping up in the crypto community and inspiring others to make decisions on their trading behavior.
As a closing comment, Ow tells us that he loves Paxful because it “enables anyone from anywhere to start a bitcoin trading business. So far, from the Paxful Peer Program, [I have] gained some valuable insights from experienced traders.”
We can’t wait to see more entrepreneurial leaders like Ow stemming from the Peer Program!
If you haven’t already, check out how to apply and what kind of perks you’ll get from us here!
*The content of this article is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.