Bitcoins happen to be the number one cryptocurrency in the trade market at present. Of course, it has got its reasons to be so popular among the masses. Bitcoin is not just a digital currency but, it has formed a whole new world of economic activities and control with completely new rules that differ from the traditional process of doing things. It adopted the most convenient and appropriate technology for the modern world and made its base strong from the very beginning. Certain factors that are very much important behind bitcoin being popular are here described.
Only bitcoin is the currency that doesn’t follow any territorial rule. All the traditional currencies in the world are bound to the lows of the countries where they are legalized and used. Carrying a traditional currency from one country to another is a difficult thing where you have to go through the process of currency exchange. But, the bitcoin network is the only and unchangeable network that is spread around the world by its users and without following any government rule bitcoin can be transferred from one corner of the world to another.
People love independence, and when it is about their money, the need is extreme. A reason for it is the long years of dependency on the government and banking system in the aspect of the economy, especially controlling their money and transaction process. For each small transaction, you are dependent on the bank. But, bitcoin is the only transaction network that doesn’t allow any government or bank or any kind of other authoritative involvement. The network is open-sourced and works as a distributed public ledger where transactions take place directly from one user to another.
Bitcoin has come up with the most convenient technology that is Blockchain technology which makes it acceptable and attractive to the world. Blockchain technology provides a distributed ledger system where each user is given the same information and working capacity. Each user can send money, and receive money. So, transactions are direct. Also, it doesn’t need any long process like opening a bank account to be a user of bitcoinor be a part of the network. A lot of cryptocurrency exchanges are there in the market like bitcoin revolutionwhich is a reputed one from where you can start your bitcoin usage with a simple registration process.
One of the crucial reasons for bitcoin’s popularity is its low–cost transaction. In traditional banking transactions especially in the case of international money transfers, a huge amount of charges with added unnecessary charges are demanded by the banks that sometimes become unbearable for the users. Bitcoin makes it easy for them by reducing the transaction charge that becomes almost negligible in comparison to its high value.
Bitcoin can’t be issued unlimitedly like any other traditional currency. Its protocol has fixed its limit of issuance to 21 million. But, the fact is, already around 19 million bitcoins have been produced so, less than 2 million areleft now to come into circulation. As a result of this fact, it creates a demand among its users and so it is being traded at a very high rate. All of these factors have increased bitcoin’s need and popularity among the people.
One of the main reasons for its craze is bitcoin has become a great profitable investment asset. It is being invested and traded worldwide and giving high returns to the players who are well educated about it.
Besides considering every single factor regarding cryptocurrencies, one should not forget the contribution of the first ever crypto, Bitcoin in stabilizing the economic segments. Nakamoto created BTC only after observing the falling and disintegrating finances all over the world. And one might say now that Bitcoin has created a revolution ever since its discovery with its economic efficiency and other beneficial features.
Conclusion
So, these are the reasons that played and even play important role in bitcoin being popular. Its huge popularity and acceptance by the world are creating hope in the people that it can become the only currency of the future world.
