Since the introduction of Bitcoin by Satoshi Nakamoto, it has come a long way. The reason for its foundation was the economic crisis of 2008-09. Initially, people didn’t have an idea of cryptocurrencies, but the times have changed since then. Today, it has become widely accepted and recognized cryptocurrency. Even if you don’t know about the working of cryptocurrency, you might have come across the term in the internet world.
What was the need for Bitcoin?
Cryptocurrency has sparked debates on various platforms. So, what is it? To know this, you must be familiar with the concept of middlemen, they are present in every industry and take away a large part of the producer’s money. Bitcoin was created for the removal of the middlemen – banks.
For instance, you need to send money to another country. The money first goes through your bank to the receiver’s bank in the other country – and the banks charge a fee here.
Bitcoin is a digital currency with amazing features
- It doesn’t depend on any state, government, or financial institution.
- It is transferred globally without needing an intermediary.
- It has an unalterable monetary policy.
- Its transactions are different from the traditional methods.
Reasons for the surge in bitcoin’s popularity
Bitcoin’s popularity is due to many reasons
- Low transaction fees is a key aspect. This makes the currency a tempting choice for sending money, especially cross-border transactions.
- Because of the absence of any regulation, it has been making strides in its popularity. Investors can protect their wealth. Anyone can convert the fiat money into bitcoins and hold onto it unless the stabilization of traditional currency.
- The surge of Bitcoin also paved the way for new businesses. Many online businesses are being opened that offer use of bitcoins in the form of exchange. As more and more people are going behind bitcoin, it is becoming more prevalent than ever before. Moreover, crypto debit cards are also popping out now.
The awareness about the currency has made it easier to use. People are finding places to spend their bitcoins with great ease. Digital wallets assure that you have access to your digital money every time.
- Bitcoin trading has garnered the investors’ interest. You can now earn a great and faster return on bitcoin trading platforms but still look out for bitcoin manipulation since it might lead to your downfall.
Bitcoin around the world
Recently, El Salvador has become the first-ever country to adopt Bitcoin as a legal tender. It is only an example of the rising popularity of cryptocurrency. While not every country has been as open as El Salvador, you get a general idea about how it works.
When to invest in Bitcoin?
There are plenty of reasons this is the right time to invest in the cryptocurrency, and here is why:
- For more than a decade, bitcoin has been the best asset to invest in. You can make profitable gains like no other. Buying at low and then selling at highs have been the main thing by which investors make money. People start losing confidence in bitcoin at lows, but it is the best time to accumulate.
If you look at the past records of bitcoins, you will see a cyclic trend in the market. A slight spark can turn the market into a parabolic path. Recently, the value of Bitcoin was at 57,206.90 USD. Although the price remains fluctuating, the wider acceptance and growth of Bitcoin makes it one of the best choices for investment.
- The market and technology for Bitcoin are young, which means there is always a scope for improvement and growth in the price. Even though the market is relatively new, it has seen massive growth, more recently. The growth prospects are huge with risks.
- Bitcoin investment is considered equivalent to gold investment, and that’s why it is called digital gold. One of the most common things is that both of them are finite resources. It is not unknown that only 21 million bitcoins can be in circulation in the market. Currently, there are a little over 18,883,662.5 Bitcoins present.
If you are in the crypto world, this is the right time to invest. Every new thing does have some downsides, and that is also the case with crypto. But taking a leap of faith along with risk-taking capability is what it takes to live in this Bitcoin Era. According to the experts, the market is going to flourish in the coming years.