Undeniably bitcoin has been creating a buzz in the financial market, but its popularity shot up in the last four years. Visit the trading software if you wish to make your trading journey smoother and more profitable by getting the most accurate trading calls. From being an essential speculative investment asset to becoming a legitimate national currency of a Latin American country, this cryptocurrency has come very far.
Bitcoin user number is skyrocketing alongside the spot value of this virtual coin incurring cryptographic technology. So undeniably, cryptocurrency has had the early mover advantage in this marketplace. Still, it is not just the early mover advantage that makes bitcoin a hot topic in the current financial market. Let’s discuss these reasons.
Available on every trading platform!
Trading bitcoin has never been easy, as it is available on almost every trading platform. Bitcoin trading platforms make it easier to speculate and participate in the growing popularity of this virtual currency.
As per the data provided by coinmarketcap.com, almost 10000 cryptocurrencies are in circulation, but bitcoin has seen enormous popularity because of its availability on every trading platform.
Bitcoin maximalists foresee that this cryptocurrency’s value will be appreciated further in the future since bitcoin has already risen by over 4000% in just the past six years. This phenomenal performance is not just based on investment appetite but also on the new trading technology called segwit and blockchain, which will allow more transactions to be made, processing them faster and at a lower cost. Bitcoin maximalists are investing in this digital currency as it has always been a favourite for such large-scale investors.
Many countries do not ban Bitcoin!
The mainstream media has given undue coverage to this digital currency, which has ensured its popularity among people all over the world. Many countries do not ban it, and it has been declared a legal tender in many parts of the world, such as Japan, Canada, New Zealand, Australia, and Sweden. This digital currency is accepted by more than 32000 merchants, including over 3000 e-commerce sites that worldwide share over $400 billion in market capitalization.
Bitcoin is now El Salvador’s national currency!
People did not think any country could declare any digital currency as its national currency, which makes this virtual coin legal tender in all transactions across the country. El Salvador is the one country that has recently declared its legal tender, and citizens are now allowed to use this cryptocurrency.
People who have invested in this coin during the last three years enjoy excellent returns on their investment, whereas others believe it’s time to get some of these coins before it skyrockets further in the future.
A Huge adoption by MNCs!
MNCs such as Apple, Microsoft, Fujitsu, and Intel have all welcomed bitcoin in their payment systems. Since MNCs are a vast market force and their use of this cryptocurrency has made it popular among the general public.
Bitcoin is hard to mine!
Bitcoin is a digital currency created by a mining process that demands enormous computing power and cost to mine these coins. It is not hard for everyone to obtain these coins, but the annual output limit of this cryptocurrency ensures that the demand is only limited to 21 million coins. Therefore, this coin will not run out soon unless there is a simultaneous supply and demand curve.
Blockchain and Web 3.0!
Bitcoin is not just a currency but has blockchain and software that can be used in online transactions. It is used in various applications to track goods, pay for goods, and exchange goods. It has been adopted as the go-to technology that enables different peer-to-peer exchanges, which has led many companies to explore the possibilities of using this technology.
Bitcoin is Much More!
The market analysts have predicted that this coin will rise by around 100 times within the next few years, which might not require huge capital investment, unlike equities or bonds. Bitcoin is not just a speculative investment asset but also a game changer for the entire financial market. It provides the much-needed utility to transact across the globe without paying fees or processing delays.
A new gold standard!
Many investors have regarded Bitcoin as digital gold since its inception in 2009. This cryptocurrency was undoubtedly an excellent investment option that provided huge returns on investment over the past few years. Bitcoin generated almost 1500% returns only last year, which was way ahead of any other investment asset in 2021.