why is bitcoin so popular right now
why is bitcoin so high right now
Why is Bitcoin so Popular nowadays?
In December 2017, Bitcoin hit an all-time high of nearly USD$ 20,000 per Bitcoin. Below are a few reasons which explain Bitcoin’s popularity:
Decentralized: Unlike fiat currencies such as the US Dollar, Bitcoin is decentralized, meaning that it is not created or controlled by a Central Bank or any country or government. Rather, Bitcoin is maintained & secured via the peer-to-peer bitcoin blockchain network through bitcoin miners.
Privacy: Bitcoin offers more privacy than traditional bank accounts as Bitcoin addresses are string alphanumeric characters and are not linked to the personal information of the bitcoin wallet holder.
Limited Supply: Bitcoin has a limited supply of only 21 million bitcoins in existence, making it a scarce resource, unlike fiat currencies which can be and are printed out thin air in response to the Financial Crisis of 2007-2008 (known as Quantitative Easing Policies). By increasing the money supply, the value of currency decreases, making Bitcoin a way to hedge against a fall in the monetary value of fiat currencies
To buy other Cryptocurrencies (Bitcoin Trading Pair): Most other cryptocurrency coins, or altcoins, are usually bought by using Bitcoin or Ethereum. It is also the utility of these Bitcoin trading pairs that garners demand and popularity for Bitcoin.
Transparency: The Bitcoin Blockchain is a transparent and immutable public ledger where all transactions over the blockchain are visible and available to the public. The technological breakthrough of the Bitcoin Blockchain prevents the likelihood of fraud and creates the possibility of a more fairer and just financial ecosystem.
Greater Access to Financial Markets: Bitcoin and cryptocurrencies give the unbanked access to financial markets which they would have had otherwise in the current financial and banking sector. It is comparatively a lot easier to set up an account to buy and sell bitcoin on a cryptocurrency exchange and to safely store, send and receive to and from a cryptocurrency coin wallet.
What is the future of Bitcoin and Cryptocurrency
BTC is a great and guaranteed profitable investment for crypto enthusiasts for the year 2021. Because of All-time highs that are seen every day in the top headlines and its steady rise. BTC not only attracted online payment platforms like Paypal but also it turned the heads of top Institutional investors and Microstrategy groups to come forward and buy a lot out of it.
Whether or not you’re new to Bitcoin finance or simply interested in a way to create the foremost of your investment, understanding what to grasp before finance in Bitcoin is important.
Gradually, many crypto investors were benefitted at the end of 2020 and still, the BTC rally is in full swing and it is definitely the best time to buy some BTC and store it in your wallet.