Why Bitcoin Is So Popular Among Other Forms of Cryptocurrencies?
Since 2009 the world has seen more than 18,000 cryptocurrencies. But, among all of them, the first cryptocurrency bitcoin is still the most famous one. But what makes bitcoin so popular in just a decade? Let’s know 12 important and interesting points about bitcoin that are the main reasons behind its popularity.
- First cryptocurrency: Bitcoin is the first-ever cryptocurrency. It is a digital form of money that has no physical existence like the Dollar or Euro. The concept of digital money was new for the people of the world. So, bitcoins innovation spread like a craze to the people.
- Decentralization structure: Bitcoin came in a situation of global financial crisis when people almost lost their trust in the centralized banking system. Bitcoin, on the other hand, came with a distributed ledger network that is not controlled by the government or bank.
- High demand: Bitcoin’s protocol has fixed the number of Bitcoin at 21 million that can ever be mined. Out of that almost 19 million have already been created. The less supply of bitcoin creates more demand as it is accepted by the people highly.
- Bitcoin, digital gold: Bitcoin has raised its value and market cap to an extent that it has become a store of value that investors can invest as a hedging asset. It is being compared with gold now. This comparison increased its popularity.
- Fast transaction: Bitcoin allows peer-to-peer transactions. There is no necessity for an intermediary. So, the transactions are seamless with bitcoin and fast. International transactions were taking almost 2-3 days in the case of banks where the bitcoin network does it almost within 10 minutes.
- Economic: The reduction of banking processes and interaction of governments makes bitcoin’s transaction economic. Banks used to levy unnecessary charges on transactions and for the cross-border transactions, those were unbearable.
- High return investment: The demand and popularity of bitcoin lead it into the high-value asset class investment list. Bitcoin investment is a trend now and also investors are suggesting it with a diversified portfolio. With a good and secure exchange platform like the https://1kdailyprofit.app/, trading and investing has become easy and profitable.
- Countries’ legalization: In just a decade bitcoin gained so much attraction among the citizens of countries that governments of many countries are thinking to make it legal for the people. As an example, in 20021 EI Salvador, a country in Central America declared bitcoin as a legal tender like the Dollar. This incident pushed bitcoin’s fame to a new level.
- GST Council’s tax on bitcoin: GST Council is thinking to levy a 28% tax on bitcoin with other cryptos. This is a good sign that can lead bitcoin to be the future currency.
- Major companies’ acceptance: Major companies, their CEOs, and founders have almost become bitcoin enthusiasts. Companies like MicroStrategy, Microsoft, Starbucks, Tesla, Nike, Amazon, Pavillion Hotel and Resorts, and many other tourists and airline companies are accepting cryptos including bitcoin as payment from customers.
- Financial institutions’ acceptance: Bitcoin’s acceptance by the financial institution is one of the most important factors behind its popularity. Some renowned traditional banks like US Bank, Wells Fargo, and some other big institutions like JP Morgan started adopting bitcoin. Brokers, insurance companies, and payment companies like eToro, PayPal, Visa, Mastercard, Saxo bank, Capital.com, AvaTrade, Interactive Brokers, and Swissquote have started their business with bitcoin.
- Social media sensation: Social media and new channels are always there to raise any important and interesting factor. In the case of bitcoin also, from its beginning back in 2009 bitcoin is under the spotlight of them. The influencers of bitcoin keep posting updates about bitcoin on social media. So, these things are making bitcoin famous to the people.
Final Words
In a nutshell, the whole world is accepting BItcoins and is pushing it toward being famous. If you are a enthusiast Bitcoin trader, you should feel good to know that Bitcoins aregaining popularity among popular businesses and companies who prefer accepting Bitcoins as their preferred payment methods. So, there is no doubt that there is a chance for bitcoin to be the main currency for trading in the future.