How Bitcoin Become a Digital Phenomenon
Bitcoin today is the largest cryptocurrency in the world based on its market cap. During 2020 the value of Bitcoin kept increasing, and it managed to hit a record of $60,000 by March 2021. The full scale of the bull market phase was too big to be ignored, and Bitcoin made headlines all over the world while attracting the attention of reputable companies, governments, and many organizations that wanted a piece of the pie.
If you’re wondering what made Bitcoin a purely digital phenomenon that disrupted the financial markets and offered an alternative option to traditional currencies, here we review that and more below.
The popularity of Bitcoin is based on the system that was built specifically for BTC, and that is the blockchain network, which is distributed peer-to-peer-based payment system that exists purely digitally and was created in order to make sure BTC transactions are facilitated and processed without the control of any external authority.
Actually, the creator of Bitcoin and the blockchain network thought that traditional currencies were too reliant on the trust of central banks and governments and as we know financial crisis in 2008 was one of the reasons that triggered the creation of Bitcoin and the blockchain technology.
The benefits offered of the Bitcoin ecosystems are numerous, not just for the investors but also the miners on the network. As an investor, you should know that the BTC transactions are completely anonymous because this is a peer-peer-based network. The transaction fees are low, and the processing time is fairly quick.
It would take about 10 minutes for one block of transactions to be processed. Furthermore, due to the nature of the blockchain system, it is totally secure, and no miner or any other user is able to change the data on the network due to its transparency or even control of the network.
Popularity Due to Online Trading
Bitcoin really became a phenomenon when online trading took off because it meant the cryptocurrency was accessible to a greater audience. One great example is the automated trading site thebitcoinsystem.io. It is based on Artificial Intelligence technology and is able to read large market data sets and automatically trade on behalf of its users. The system generates up to 60% ROI for its users on a daily basis, and all you need to do is register and make a deposit of at least $250.
Another reason why online trading is popular is that you can trade from all of your devices as trading systems are basically available on mobile as well as desktop devices while there are dedicated apps that you can download.
Bitcoin has had multiple bull market phases, but the last one cemented its status as safe-haven answered that increases in value even during times of crisis. Since the Bitcoin halving in May 2020, the price of Bitcoin experienced an increase by over 300% by March the next year when it surged to $60,000.
Initially, the price was around $9000 after the halving. Although, as we said, there were other bull runs, this one is different because institutional investors BTC between and that is kind of support that impacted its credibility, reputation and also the demand. Actually, the demand drives the bull run of BTC.
Corporations Accepting BTC
Another component of Bitcoin’s huge success is the fact that companies started to accept BTC payments as its price grew, and they inadvertently supported the bull cycle of the cryptocurrency because they offered more opportunities for Bitcoin users to buy services and products with their BTC and also fuelled the adoptions of other virtual currencies, that were developed after Bitcoin.
One of the most important examples of public support by a famous company was when Elon Musk bought BTC worth $1.5 billion and also declared that Tesla will accept payments in Bitcoin. This decision made it possible for other corporations to accept BTC payments like MasterCard, for example. In conclusion, it is safe to say that, Bitcoin is a digital currency that is yet to experience even more success across the world.
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