Introduction: Why is bitcoin the most popular currency?
Today’s era is the digital era, and there are more than five hundred cryptocurrencies. Some currencies like bitcoin, Dogecoin, Ethereum, Lite coin, Wrx, Binance coin, and many other crypto coins and some coins we do not know the names of, and the value of these coins is nominal or very low.
But bitcoin is one of the most popular cryptocurrencies, and the current price of bitcoin is $43,026 at the time of writing this article. So, if there are many crypto coins, then why is bitcoin the most popular? So, in this article, we will discuss the reason behind bitcoin that makes it more and more popular than other crypto coins. So, without wasting time, let’s explore the facts behind bitcoin’s popularity.
What is bitcoin?
However, we all know about bitcoin, but here is a brief look at the meaning of bitcoin. Bitcoin is a cryptocurrency that is separate from third parties, and you are the manager or owner of your digital money because there is no involvement of third parties. You do not have to share your personal information in the bitcoin network. It is more than just a mode of payment. Click here to find out more about bitcoin trading.
The reason behind its popularity:
The first invention: – Cryptocurrency word came into existence after the invention of bitcoin. Bitcoin was the first cryptocurrency. It came into existence in 2008 with the founder of bitcoins, Satoshi Nakamoto. It was the first or unique product in the world. Since bitcoin was the first cryptocurrency, it makes it trustable and famous. People do not trust coins other than bitcoin, and it is the first reason for its popularity.
No involvement of third parties: – Bitcoin is a decentralized system that means no one can control the bitcoin such as the government, banks, financial institutions, president of the country, and even the founder of the bitcoin some multiple nodes or computers are working behind the bitcoin network and no one can stop the bitcoin processing.
No one can hack: – Bitcoin is the world’s most secure system ever. Even notorious hackers cannot hack bitcoin. It is a decentralized system, and many computers are working behind it. If you want to hack bitcoin or destroy the entire bitcoin system, you have to hack all the computers worldwide, and it is impossible. So, no one can hack or crack the bitcoin security.
Globally accepted currency: – Bitcoin is not just a digital coin. It is more than it. Bitcoin is a currency like a fiat currency such as USD, INR, POUND, EURO, etc., but digital. It is accepted all over the world that makes it more widespread. You can use fiat currency up to your country, but you can send and receive bitcoins from all over the world.
Low transactional fees: If you use third-party services like PayPal, bank services, and money transfer for abroad payment exchange, it will take 4% to 7% international transaction fees that are too high. Since bitcoin is a decentralized system, there are no third parties involved, and you have to pay minimal transaction fees and almost nominal transaction fees in most cases. So, people use bitcoin, and it is the best solution for businesses and companies to accept international payment without paying any extra fees to third parties. So, people are using bitcoin; hence it is becoming more and more popular.
Privacy: – When you open a bank account, you have to share your details such as your license, Pan card, Aadhaar card, etc. that means there is no privacy. But bitcoin is a separate entity, and your identity is anonymous. So, no one can track your details. But in the banking system, every staff member can check your balance and personal information and alter and share it with someone else. So, your privacy is not safe. Therefore, you are the owner of your bitcoin account, and you are the controller of your wallet. So, you can change your wallet anytime. SO, it makes bitcoin more popular.
From the above information, we have learned how bitcoin became a popular cryptocurrency. There are many benefits of bitcoins that make them popular or famous. There are Millions of bitcoin users, and every second bitcoin trade many times. Bitcoin is limited in supply, and the demand for bitcoin is high, increasing the price of bitcoin because it is the law of economics.