Bitcoin, the only cryptocurrency out of over 18,000 has gained so much attention from people that made it the most popular cryptocurrency in just a few years. This global digital currency is not limited to its birth country but has spread throughout the world of its nature that is its innovative technological features. Probably those are the reasons that made bitcoin that popular. Here are all the possible reasons-
Bitcoin’s Popularity Surge – What’s Driving It?
1. Society was waiting for it: An innovation getting wide acceptance from its very beginning is like society was waiting for it. And it is true to some extent. The year 2008 and 2009 was the most critical years for people to trust the traditional banking system. Global financial inflation was started due to unethical activities of lending institutions and some other financial institutions that started first in the US. At that time the persona, Satoshi Nakamoto brought it to the people bitcoin launching it on 3rd January 2009.
2. Decentralization: The most appropriate feature that bitcoin provided at a crucial time for the world is decentralization. The fund transfer through this network doesn’t need any government or bank interference. None of them can control the network. So, people get a complete system that they can use independently and can control their own money.
3. An alternative investment during a pandemic: Bitcoin’s popularity started to grow rapidly when the pandemic was declared in 2020. Due to the global health issue, the stock market crashed and the only asset which people could invest freely from their places was the bitcoin.
4. Fast transaction: a great facility of bitcoin is it provides fast fund transfer. International transactions take hardly 10 minutes to complete whereas banks take 2-3 business days. This is another reason why people prefer Bitcoins.
5. Low-cost transaction: Bitcoin transactions don’t demand unnecessary transactional and additional charges as banks do. The transactions in Bitcoins too. That is why all people can use it.
6. Security: Bitcoin, being a currency and network system based on an online platform gives overall security to its users. Its encryption and decryption technique, hash puzzling, and diversified data structures are the hard security shields for online scams.
7. Easy to get it: Bitcoin is very easy to get nowadays. Uncountable numbers of cryptocurrency exchange platforms offer buying facilities for bitcoin. You can buy it with fiat currencies as well as other cryptocurrencies. So, it has become an easily available asset now and people are really purchasing it.
8. The supply is limited: For anything in this world, the value or demand increases when its supply reduces. Same for bitcoin, its supply was set limited to a maximum number of 21 million among which nearly 19 million have been created already. So, now there are only around 2 million bitcoins left to get into circulation.
9. High-value investment asset: We all are aware of bitcoin’s all-time high valuation in 2021 when it reached over $65,000. It has some lower points though. But irrespective of its high and low journey, bitcoin has maintained an overall high value. Experts are comparing it with the most precious commodity gold because they think bitcoin has the capacity to back people from financial inflation and stock market crash.
10. Accepted as payments: Bitcoin is now accepted as payments by so many big and reliable companies like MicroStrategy, Visa, Mastercard, Overstock.com, Starbucks, and many more making it a utilizable currency besides just being an investment asset.
11. Banks have been involved in it: Some reliable banks have also started doing business with bitcoin. This makes people even more trustful in bitcoin and more people like to use bitcoin today.
12. Social media is pushing it high: The social media plays an important role for bitcoin to go higher in fame. Every now and then there is new news, new posts, and articles, talking about bitcoin. Be it anything, positive or negative, is increasing its reach to the people of the world.
Conclusion
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