Technology has given us over 18,000 cryptocurrencies from 2009 to today. But, only one currency became successful to attract the whole world’s interest. That is the cryptocurrency Bitcoin History which was the first one among them.
So, what are the factors that make bitcoin so famous? Although there are both upward and downward trend in crypto, you need to be careful about when to invest and how much?
Bitcoin is not just the first cryptocurrency but it is an evolutionary creation. The concept of electronic money was conceived years before 2009. But, that was not successful. In 2009, a pseudonymous person Satoshi Nakamoto invented bitcoin and introduced it to the world.
Since the creation of bitcoin almost over 18,000 other cryptocurrencies have been created till today. It has shown the way for other cryptocurrencies and to a new world of money transfer. So, bitcoin became popular just after its creation only.
Technology and convenience:
Bitcoin’s technology doesn’t match with the concept of traditional fiat currency and traditional banking system. Bitcoin transactions are way more convenient than the old banking system. There are a few features of bitcoin’s technology and way of transactions that will make you understand why digital currency is so popular.
· Bitcoin works on Blockchain technology that offers so many facilities. The technology offers peer-to-peer transactions. That means you can send and receive bitcoins directly to or from other users.
· There is no involvement of banks or any central point of authority because the whole network is decentralized.
· The transactions are so speedy and smooth. International transactions occur in just 10 minutes that in the case of the conventional system took almost 2-3 business days.
· Transaction charges are negligible, even in cross-border transactions.
The innovation of bitcoin takes place when the whole world was going through a global economic breakdown. People almost started losing their hope in the traditional banking system because of their unauthenticated actions. So, the features of bitcoin offered to the people were easy to be granted by them because there was no interruption by any governments or banks.
High value and high return:
In 2021 bitcoin’s value reached its all-time high at over $64,000. Not only that, but bitcoin is carryinga high valuation throughout its journey. Long-term investors earned a lot from2019 to 2021 because the price hike was extreme. And also, short-term trading is considered to be a profitable asset.
People just love to do trading with various easy-to-use exchange applications. You can also invest in national cryptocurrencies like eKrona, which is a Swedish cryptocurrency. Simply register by clicking on this Such cryptocurrencies are regulated and so assure a safer trading experience.
Bitcoin is now compared to the high-value commodity gold too. Investors believe that bitcoin has the capacity to back the stock exchange crush down and market inflation as a store of value. You should also check if you can exchange crypto for any other tangible items and if you can use it in some of the ecommerce portals.
The supply-demand ratio works for almost all types of trading assets to make it popular. Bitcoin is finite. It can be created at a maximum of 21 million which was fixed at the time of the release of the bitcoin protocol. Currently, more than 18 million bitcoinare there in the existence.
So the remaining amount is so small in comparison to its increasing users. Do, the demand will be higher in the near future. In the next few years, the popularity of Bitcoin will increase manifold and this will have an overall effect on the investment plans of many people.
Social media and trend:
Bitcoin is the fascination of today’s social media. The influencers are always talking about it, and there isa lot of news we can see releasedin the newspapers about bitcoin. You should not go by what others are doing, as the same digital currency that is working for others, might not hold the exact good position and return for you. This trend is spreading to many other people and increasing its popularity.
Bitcoin has already won people's hearts. Experts stated that cryptocurrency has the ability to become the legal currency of the future world. Though, it has a long way ahead to achieve this. For now, we can just enjoy the facilities that bitcoin gives us and wait to see what happens in the future.