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From being an essential speculative investment asset to becoming a legitimate national currency of a Latin American country, this cryptocurrency has covered a long journey in a short period of time.
Bitcoin user number is skyrocketing alongside the spot value of this virtual coin incurring cryptographic technology. So 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 and here you can find some trends that made this coin popular:
Available on every trading platform!
It has never been simpler to trade bitcoin since it is accessible on almost every trading platform out there. 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 maximalism!
Bitcoin maximalists are investing in this digital currency as it has always been a favorite for such large-scale investors. 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 can allow you to trade bitcoin in less time. Apart from that, you can also use your BTC wallet to make cross-border transactions, and you do not need to pay a hefty transaction fee for your international transactions.
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 and some large businesses like Microsoft, PayPal and Starbucks.
Bitcoin is now El Salvador’s national currency!
People did not think any country could declare any digital currency as its national currency, but BTC made an exception case. El Salvador is the one country that has recently declared its legal tender, and citizens are now allowed to use this cryptocurrency for purchasing goods and services.
Bitcoin is not just a cryptocurrency but also an investment vehicle with an ever-growing value. People who have invested in this coin during the last three years have received excellent returns on their investment during the pandemic, which is a rare case in the economic market.
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 it is capped at 21 million coins. So, mining this coin is not easy, and miners have to solve some complex mathematical problems in a few seconds or minutes to mine BTC.
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 more than just an investment asset!
The price of bitcoin has skyrocketed much faster than most expected over the past few years. 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 any fees or processing delays.
