why is bitcoin so popular right now, why is bitcoin so high right now

 why is bitcoin so popular right now

why is bitcoin so high right now

              What is Bitcoin

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.

Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”

Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.

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

Bitcoin is an excellent investment. The following reasons denote why it is so popular and demanding in the bull market. Initially, Bitcoin was the first digital asset to begin the current ecosystem of cryptos. Though Bitcoin is at the (very) “high-risk” end of the investment spectrum, it managed to sustain its momentum.

This is a growing cryptocurrency where no other coin can even come close to Bitcoin or BTC. The dollar amount of all remaining Bitcoin was $150 billion. The estimated market capitalization for all cryptocurrencies is $230 billion, and the second-most important digital asset was Ethereum, with a market worth less than $18 billion.

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.