Bitcoin was the first digital currency to be introduced, dating back to 2009. Today, while there are more than 6,000 cryptocurrencies across the world, Bitcoin continues to be the most popular of them, in terms of both price and market capitalization. So, what exactly makes Bitcoin so desirable for crypto traders around the world? Let us find out.
Why Does Bitcoin Dominate the Crypto Market?
Decentralization
The Bitcoin network is spread throughout the world among numerous users and computers, which means Bitcoin traders do not have to depend on third parties. In addition, Bitcoin is finite – the maximum number of Bitcoins that can be generated is 21 million. In fact, even the rate at which they will be generated is fairly predictable. The scarcity of Bitcoin also makes it inflationary.
Lower Risk of Fraud
Buyers who wish to make payments through Bitcoin can do so without providing any sensitive financial information (such as the details of their debit or credit cards) to their sellers.
This means such buyers can enjoy the kind of anonymity that is not available to those who use traditional payment modes.
Bitcoin functions as virtual cash that is pretty much impossible for any hacker to successfully intercept. Furthermore, since your identity remains concealed, Bitcoin can also shield you against targeted data breaches.
Real Money
In the previous point, we discussed how Bitcoin’s security makes it an ideal payment method. Well, another reason Bitcoin makes for an excellent payment mode is that it is perhaps the only digital currency in the world being widely accepted as payment.
People all over the globe use Bitcoins to pay for things, from food and coffee to air-tickets and vehicles.
Low Transaction Fee
Another reason behind the immense popularity of Bitcoin is its nominal transaction fee.
The fee required for making Bitcoin payments is considerably lower than what you pay for making payments through debit or credit cards.
Versatility
You can essentially carry your Bitcoins wherever you go, a property that is particularly beneficial when you are traveling internationally. As long as you have a memory stick, you and your Bitcoins are good to go.
In addition, one of the most cumbersome aspects of traveling to a different country is the currency conversion process. However, you also have that sorted with Bitcoins, since this digital currency can be used in multiple countries without requiring any conversions or alterations.
Transparency
The blockchain contains all information pertaining to the money supply of Bitcoin, and this information is accessible to anyone who wishes to access it.
In addition, you can also view any transaction performed using Bitcoin (any personal information, of course, is concealed).
Swift Payments
Funds associated with credit cards can get tied up for days on end, and these payment delays can be frustrating for all concerned parties.
Bitcoin payments, on the other hand, are considerably smoother and quicker, and involve few (if any) delays.
Permission-less
As you are aware, using conventional currencies requires you to obtain permission from governments and financial institutions.
Bitcoins, meanwhile, do not require any permissions, which means you can use the virtual coin pretty much anywhere around the world.
Final Word
To conclude, this blog covered just some of the reasons behind the massive and increasing popularity of – and demand for – Bitcoin. More and more people are being drawn to the world of Bitcoin trading, and if you are one of those people, we strongly recommend checking out the brexit millionaire official app.
