Why Bitcoin Is The Most Popular Cryptocurrency?
Bitcoin is one of the most talked-about subjects in the news these days. The reason for that is because this cryptocurrency recently managed to write history as its value spiked yet again and broke the record made in 2017. The best part about it is that it keeps going up and does not show any signs of slowing down.
This cryptocurrency was created in 2008 by an individual that goes by the pseudonym Satoshi Nakamoto. To this day, the real identity of this person remains a mystery, although rumours circulate that Satoshi is a Japanese male in his mid-40s.
These days, the market is overflown with various cryptocurrencies. Bitcoin paved the way for them and allowed them to grow and make an impact on the global financial industry. But, even though there are countless cryptocurrencies like it, Bitcoin still remains the market leader. We are going to take a look at why Bitcoin is the number 1 choice for traders around the world.
It Is By Far The Most Valuable Cryptocurrency
The number 1 reason as to why Bitcoin is the top choice for traders is because it is by far the most valuable cryptocurrency on the market. None other currency of this type is even close to Bitcoin’s value. Many of you wonder how do people actually make money off Bitcoin? Well, it is a process that includes 2 steps.
First, people mine it. Mining Bitcoin requires people to record and verify every transaction made with this cryptocurrency. That is done by completing various complex puzzles. The reward for each verified transaction is Bitcoins. Every transaction that miners record is called a block, while the log that contains all of the transactions is called a blockchain.
The second step of the process is selling them, which is much harder than you would think and requires help from experts. Bitcoin is a highly volatile currency, meaning that its price fluctuates often, which means that it can go up and down in a matter of days. The goal is to predict the future price of it so that you can sell it at the perfect moment, and that is very difficult, hence why you need help from experts.
These experts are trading sites which contain the knowledge and can predict Bitcoin’s future price with great precision. One of the most reputable sites of this character is Bitcoin Storm. This platform uses an advanced AI system which collects all of the data on the market and makes pinpoint predictions. It has thousands of users from around the world and the daily profitability rate is massive. So, if you are looking for an expert opinion on this subject, sign up to Bitcoin Storm and start trading.
The second reason as to why Bitcoin is the most popular cryptocurrency is that it is extremely stable. That is due to the reason that its infrastructure is continuously growing and the interest in it is high. Recently, even institutional interest was recorded, which is a massive step toward its growth.
Even when Bitcoin was going through a rough period and it price plunged, it was the most valuable cryptocurrency on the market. Just a reminder, back in late-2017, after Bitcoin reached a peak value of over $19,000, it plunged in a matter of 2 days. But, it managed to rise again and recently, Bitcoin went well over $30,000.
Lastly, many experts on topics connected to Bitcoin believe that not only Bitcoin will continue to dominate the market in the upcoming years, but it also has the potential to become the global universal payment method.
This may be a long reach, but Bitcoin is very secure currency. Additionally, it is user-orientated because it provides people with a certain level of anonymity, applies lower general fees, and due to the fact that it is self-sustainable (banks and/or governments cannot control it), it allows people to save money by not charging them extra/added fees to certain transactions.
All of these advantages made Bitcoin well-accepted and a part of the reason why millions of people around the world use. As we mentioned earlier, its infrastructure is growing and that is why experts think that in the future, pretty much every person will use it, thus forcing regulatory bodies to make it an official global payment method.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes