There are vast numbers of cryptocurrencies that are present, but bitcoin is the one that is referred to as the first modern currency. Many people are attracted to bitcoin because of the key features that it offers. Since its invention, so many ups and downs occurred in bitcoin’s value, but bitcoin’s value peaked for the first time in 2018. Bitcoin’s market is very volatile; therefore, its value keeps on increasing and decreasing. Bitcoin users must understand that central authorities or banks do not control it, but its value depends on users’ demand and supply.
Over a decade ago, when bitcoin was introduced, it was cursed because people see no good in the bitcoin network. The bitcoin advocated believed the system by understanding the underlying technology of it that is blockchain technology. The blockchain is a distributed public ledger that records all bitcoin transactions and mine new bitcoins.
Despite the volatile market and global macroeconomic uncertainty, bitcoin is considered the future wave. In today’s time, many agencies, organizations, and individuals have started accepting bitcoins as a payment method.
Let us move forward and understand the reasons why bitcoin is trending and becoming so popular across the world:
High availability
Bitcoin transactions have no intermediaries; therefore, it is quite easy to perform the transactions without interference. No financial institution or government takes advantage of your funds, and you are the owner of your bitcoins. You can complete the transactions anytime and anywhere. In many small countries where there is no good electronic medium of exchange or where the traditional methods are weak, bitcoin is taking the market.
The users only need a good internet connection and a smartphone to complete the payment. Transferring money through bitcoin is considered as the safest way. People across the world are shifting to bitcoin for completing the transactions internationally.
Not limited to borders
For performing money transfers through the bank, you need to do a lot of work. Users must stand in lines for hours, and international transactions take a couple of days to get completed. With bitcoin, the transactions are not limited to the border, and international transactions can be accomplished in some minutes.
Unlike banks that are charge a lot of money for completing international transactions, bitcoin transactions don’t charge any time. Transactions performed through bitcoin exchanges usually charge less than 1% charge of the total transaction value.
Safe and secure method
The blockchain technology used in bitcoin makes the entire bitcoin network and the transactions secure. While making transactions from banks, banks record all sensitive personal information of users that is a negative factor.
This is not the case of bitcoin as bitcoins are stored in a bitcoin wallet that doesn’t require you to add your personal information. The bitcoin wallet has a bitcoin address from which the bitcoin users can send or receive bitcoin easily. Bitcoin is a decentralized currency that makes bitcoin resilient and less immune to security threats and attacks.
The transactions performed through bitcoin wallet are not linked to the real identity of any user. Blockchain is a public ledger that records all the transactions making the network more secure. This is the reason why no one can track transactions or users.
Investment opportunity
Bitcoin investors are making the best out of the volatile market of bitcoin. The value of bitcoin keeps on increasing and decreasing, making some investors earn profit and some loss. Investors who use their skills and analyze the market and invest in bitcoins when the price is less make the best profit by selling them at a high price. Bitcoin offers high liquidity compared to other assets or currencies, attracting investors and traders most. Traders mostly invest in bitcoin prime and make huge profits by looking at the supply and inflation rate.
Before investing in bitcoin, users must understand that bitcoins are scarce. There are 21 million bitcoins that are mined to date and are expected to exist until 2140. Over time, it is becoming hard and hard to mine the bitcoins, and therefore you must first analyze the market, supply rate, and inflation rate and
