Bitcoin is a digital currency that first came in markets in 2009. The start was slow, but the whole business world moving to the internet has helped it gain worldwide recognition at a rapid speed. There are numerous reasons behind its growing popularity and all of them cannot be compiled in one post. Some of the primary reasons as to why Bitcoin is suddenly gaining worldwide recognition are discussed below.
Reasons Behind Bitcoin’s Popularity:
Bitcoin Is Stored on Virtual Wallet:
The bitcoin wallet serves the same purpose as a bank account for the traditional money. Once a user has successfully mined coins, they are stored in a virtual wallet – also known as Bitcoin wallet address. Each user is allocated a wallet to store coins. The wallet is then used to send or receive coins.
Bitcoins Are Becoming Mainstream:
During its early days, Bitcoin worldwide popularity was considered to be some kind of internet oddity. But this not the case anymore.
With several leading banks, business corporations and retail stores accepting it as a method of payment; the trend amongst the general public is shifting and the number of people buying/selling their favorite items is increasing each day.
Bitcoin Is Immune to Counterfeiting:
The currency is autonomous to third party influence and is created purely through cryptographic techniques. The code used in Bitcoin generation is impossible to replicate, which ultimately makes it immune to counterfeiting.
In addition to cryptographic features, gain Bitcoin gives its user complete anonymity. The anonymity, as a result, gives the users the freedom to transfer coins across the internet without regulators, censor or nosey authorities.
A network of Miners:
The backbone of this entire system is the network of miners. A miner is a high-end computer user who supplies the Bitcoin network with the processing power. The power is then used to maintain a tally of all transactions.
Maintaining a transparent tally is essential as it helps prevent fraud. The miners, in return, are awarded brand new bitcoins for their services.
Acceptance as A Form of Payment on Global Scale:
Bitcoin has often caused an argument over the reliability of its design. For years, the Cryptographers argued whether the digital currency is well-designed and can it be used to buy anything?
Luckily, Bitcoin is erasing all the doubts over its authenticity. Now you can buy a car, real estate, toys for your kids, yacht, and nearly everything using bitcoins.
Running a small/large business? Learn how to accept Bitcoin payments here.
Trades Through Bitcoin Are the Easiest and Cheapest:
Another reason as to why Bitcoin is gaining worldwide recognition is its simple and easy transfer. Whether you want to send coins to a friend next door or someone living in distant parts of the globe, all it takes is a few minutes to complete the transaction. And since the currency does not need to go through any clearing house (government, The central bank, Visa card, master card, etc.) the transactions are cheaper than those of traditional currency.
These are some of the reasons as to why Bitcoin is gaining popularity throughout the world. In conclusion, the currency is easy and cheaper in terms of making transactions, cannot be counterfeited and is accepted on a worldwide scale. Considering all these factors, Bitcoin is only going to hit the new heights in the future.
Read our guide on what are the best Bitcoin exchanges to safely transact the coins.
The cryptocurrency market continues to get recovered as almost every cryptocurrency has seen an upsurge in its price. The price of Bitcoin has headlined the advance and has leaped the $10,000 mark for the very first time since 1st February.
The cryptocurrency market cap has surged above $475 billion, which means that the cryptocurrency market is seeing a speedy recovery since it recently fell to $382 billion.
Bitcoin Price Hits $10,000 Mark:
Bitcoin continued to resist its critics even on Thursday and showed a 6% progress in its price with striking distance of $10,000 for the very first time since the starting of February. But since, the top cryptocurrency has yet been able to break through this barrier and it is now valued at $10,100 which means it has finally surpassed the $10,000 mark. Bitcoin has a market cap of $170 billion at this very moment, which has aided its market share to rise up to 39%.
Ethereum Price Joins Bitcoin:
The price of Ethereum has also joined Bitcoin price surge, even though its recovery is not as speedy as Bitcoin’s. Ethereum is trading at $933 at this time, which represents a 24-hour decline of about 0.20% in its price. This leads Ethereum with a total market cap of $91.5 billion and 19.1% market share.
Substantially, altcoins accomplished positive development against the dollar. But, these advances were rough, and just a few assets sort of protected the index.
Ripple has seen a decline of 2.24%, which basically halted the fact that Western Union, which is a “money-transfer giant” has confirmed the rumours that trial based on Ripple blockchain is going to include XRP integration.
Bitcoin Cash continues to protect its mark with gains of around about one-half-of-one percent whereas Stellar has seen a decline of 1.89%.
The cryptocurrency which is ranked on number 5th, Litecoin, declined by another 7%, which brings its price to $212 with the market cap of $11.7 billion. It’s one of the closest competitors, Cardano, has also seen a decline by 3.29% however it still holds the sixth position in the rankings.
NEO, which is ranked on number 8th has declined by 1.73% and is priced at $122, with the market cap of $7 billion. There is a 2% decline in the price of EOS, which is valued above $9 at this time whereas, IOTA is here to round out the top 10 with a 1.9% upsurge, which leads its value to $2.10 at this time.
Bitcoin value is currently at 2502.00 US dollars, means down about $500 from its peak of $3000 at 12th June. Accordingly, other cryptocurrencies such as Litecoin and Ethereum also face the similar decline in values. The thing is, overall cryptocurrencies trend has been gradually dipping from last few weeks.
It is really odd to put old security terms to unique digital currencies’ procedure, which makes it clear that digital market is approaching the conventional 20% failure. The bubble was the most repeated word used by the experts. In addition, two weeks before the peak of it, Robert Hackett also diagnose a bubble.
Some important features of a bubble in technology race are, it should be craziest, certain and unjustified in reality. Matt Prusak the famous strategist brings some example of “dump money”. Few of them are entertaining if you are not facing any losses right now. Prusak also points out the beginners in the bitcoin market.
Creator of #2 cryptocurrency Ethereum Dmitry Buterin has been watching for correction and tweeted,
For more details, Prusak also point out the BroBible’s post “What is The Etherum [sic] Cryptocurrency [sic] and How Will It Make You Rich AF?” which was with the spelling mistake, as the digital market was heading down.
Prusak elaborates many other proportions of crypto-mania but we’ll mention here one more. Through the course of lead-in, Ethereum’s value has been tracked by Ethereum classic’s values. While ETC is a fork whereas ethereum is a cryptocurrency with worldwide adoption.
“highly likely the price [of ETC] has been driven significantly higher by uninformed investors simply not understanding the difference between the two – similar to how adding “.com” to a company’s name in 1999 sent stock prices up on average 74%.”
Basically, this is the revolutionary stuff, long-term potential for buying opportunity.
Tags: bitcoin value, bitcoin market, bitcoin exchange
Over the past few months, Bitcoin investment has seen a steady rise in its value. At the time of writing, one bitcoin is worth $1157.27 USD. This incredible value appreciation has grabbed the attention of many people. Also, with the media and government paying attention to the virtual currencies, the number of people looking to start their Bitcoin venture has gone off the charts.
Another reason as to why digital currency is gaining so much popularity is its worldwide acceptance as a form of payment at retails, corporations and large business organizations.
Moreover, it has made transactions quicker, safer and cheap as compared to the transactions involving fiat currency.
With all this being said, one question pops up into the mind: “should you make Bitcoin investment or not?”
The goal of this article is to provide you detailed insight on this question. So, let’s get started.
Should You Invest in Bitcoin or Not?
How to invest in Bitcoin?
Before asking “should you invest in Bitcoin or not?” you would need to know that there are two different ways through which you can invest in Bitcoin:
- Buying Bitcoin and holding on until the value appreciates
The first one is quite simple. You go to a Bitcoin exchange, buy bitcoins and hope for the value to go high.
Mining, on the other hand, is a little tricky because when a transaction takes place, it goes straight to get verified by miners over the network. The verification process involves some complex algorithms. However, once the transaction is verified, the miners receive freshly mined BTC as a reward.
One of the biggest risks involved in Bitcoin mining is that the currency has no inherent value, is relatively new and has a price which is highly volatile.
Despite the risk, plenty of private companies and organizations are investing a colossal amount of money in BTC. Moreover, the currency is being accepted as a form of payment throughout the world, which indicates that it’s only going to increase in usage and the likelihood of it dropping back to zero is extremely low.
Another risk involved in Bitcoin mining is the difficulty. In earlier days, the difficulty level was not so high and people could easily mine new blocks through their PCs and regular laptops.
However, the difficulty has now gone to the next level with more people joining mining pools.
Since the max that bitcoins will ever reach is 21 million, the closer you get to the number, the harder it becomes to mine the coins, hence the lesser rewards.
If a miner wants to make money through Bitcoin mining, he must invest big in high-tech mining equipment. Even then, profits are not guaranteed.
Apart from these two, there is a safe third option. If you can create some complex algorithms/graphic cards through some cheap equipment, then you can expect higher profits. However, a large majority of people don’t have the sufficient skill set to succeed through this option.
So, What’s the Advice?
Keep yourself updated with the market trends, browse through Bitcoin forums and do some research regarding costs before taking a dive into the BTC world. Following these rules would increase your chances of success by over 100%. Good luck with your venture.
Tags: BTC investment sites.