In the world of Crypto, if there is one entity that has consistently been the frontrunner for quite some time now, it is bitcoin. In fact, since its inception back in 2009, it has gone through the ups and downs of the market, yet it has been able to sustain its growth.
Now, there are various reasons why bitcoin is the pioneer in the crypto world. The growth and acceptance of Bitcoin and Digital Marketing have been exceptional, and many people are still wondering what the reason for this rise could be. This blog highlights the details of the same.
As the inception of cryptocurrency, bitcoin has an interesting journey for sure. Starting at a value of zero to reaching an all-time high of $68,000, the journey has been an overwhelming one for sure. Back in 2009, when it came into the market, nobody ever thought of this much growth. Therefore, in spite of the volatility of the crypto market, bitcoin easily outpaces the rest like altcoin, dogecoin etc. Also, the fact that it has sustained the growth aspect for the longest period of time makes it a popular choice amongst the user base.
Cryptocurrency provides an alternative to the orthodox banking system
Bitcoin, as a crypto unit, came as a fresh relief from the orthodox banking system, which involves a third party or an external monitoring authority. The cost involved in keeping the vigilant party externally gets reduced in the crypto transaction. This factor gave a boost to the rise of cryptocurrencies such as bitcoin. Also, since it is not institutionalized, the risk of any debacle in case of any economic slowdown is also very less.
In addition to this, blockchain technology provides the required security for the transaction as well. So, keeping the transactions and user identity safe makes it more desirable.
It took some time to gain the confidence of the market giants, but slowly and steadily, the market for bitcoin has only shown an upward trend. The recent incidents, where public organizations have opted to convert the cash treasuries into crypto value, played a big role in changing the scenario. There have been quite a few instances like Bitcoins worth $50 million being bought by a US organization named Square or MicroStrategy, converting $425 million into bitcoin value. Now, these developments create a positive impact on the other investors as well.
Riding similar encouraging instances, the value of bitcoin has only gone high.
Paypal is one of the most renowned and sought-after digital payment platforms. With its announcement to include crypto-based features to buy or sell, the trust factor got a new boost. We must understand here that PayPal, with more than 350 million user bases, can create a big impact in the world of cryptocurrency. In addition to this, the whopping 30 million merchants will also have the option to accept payments through Cryptocurrency.
One interesting factor to mention in this regard is that PayPal used to be one of the detractors of cryptocurrency with regard to the sustainability factor. But the scenario changed, and it’s a big boost for cryptocurrencies like bitcoins. To help you guide with regards to the crypto transactions, Bitcoin Era, could be considered to be one of the best platforms.
Scarcity makes it more in demand
The scarcity of any product or unit creates an unpredictable demand usually. It is no different for bitcoins. Be it for miners or investors, bitcoins are scarce. With so many miners already in the market, it is difficult to get a new block, even if a potential miner has all the resources. Similarly, with only 2 million out of the 21 million bitcoins left to be mined, the value of bitcoin is only showing an upward trend.
In its journey of 13 years, bitcoin has reached such a great height. The true potential of bitcoin is yet to be seen in the world. It is considered just the beginning. However, judging a currency for its 13 years of the journey is too short a span. Therefore, keep a nominal amount of your savings and see what the future holds for bitcoin.
- Bukele’s Bitcoin exchange raises El Salvador’s sovereign credit risk: Moody’s
- Hong Kong begins discussions to introduce a stablecoin regulatory framework
- You Should Invest in Crypto Now and Here’s Why
- Crypto and NFTs meet guidelines as Turkey takes on the advanced future
- How to utilise crypto-mining apps?
- 7 Ways You Can Greatly Improve Your Crypto Portfolio