The introduction of bitcoin made a new path for investment and trading. After bitcoin’s creation, many other currencies came into the market. Today there are around 4000 cryptocurrencies in the virtual currency world. Still, bitcoin is considered the most successful currency among all other currencies on the BitIQ Platform. What makes bitcoin successful? The thing that made bitcoin successful among other currencies is its vast spread of fame for bitcoin. It holds the first rank in market capitalization of around $1 trillion and has many investors. There are 35-40 million active users of bitcoin.
Bitcoin was the first creation of virtual currency in 2009. SATOSHI NAKAMOTO started the project and left without revealing anything about himself. In recent years cryptocurrency remained a buzzword, but after bitcoin started gaining, everyone was excited to learn about the features of the crypto market and bitcoin. In starting, there were only a few names highlighted those provided a facility for investing in virtual currencies. Hundreds of platforms have offered easy investment plans for crypto in recent years. The name that comes in the top most of the exchanges platform is bitcoin.
Features that made bitcoin a successful currency: –
Blockchain: –
The use of blockchain by bitcoin is the key feature that made bitcoin successful. Most investors love investing in bitcoin because they can move their money from one source to another anonymously without getting the government in between. While making a transaction, you don’t need to worry about the decentralized system. Blockchain brings transparency to a bitcoin transaction. It also reduces the chances of fraud, cyber attacks, and hacking of bitcoin transactions. Bitcoin performs speedy transactions even internationally and domestically. You do not have to wait for long weekends when you can quickly transfer funds anywhere.
Satoshi Nakamoto did not participate actively after block chain attracted several users. Otherwise, the decisions would have been made in a democratic process. Instead, it led to the power that the bitcoin miners responsible for bitcoin transactions have a right to vote on the proposal in the network.
No other can alter data on the network and supply of bitcoin.
Trading sites: –
Another reason Bitcoin chooses Bitcoin over other currencies is that it is the first available on most trading sites. Bitcoin is only the currency that has a vast number of customers. Trading sites are benefited by adding bitcoin to their platforms. New currencies launched today need much time to create a space on trading platforms. Many platforms offer you fewer choices because they do not want to create a mess and offer only the most hyped currencies as the price of bitcoin rises, the market increases, and vice versa.
Highly liquid asset: –
Bitcoin is considered a highly liquid asset. Bitcoin has a vast network, and some economies accept it as a medium of exchange for their energy exports. It is also used in oil trading, making the complex and outspread payment system of payment most straightforward. Bitcoin gives one solution for the entire payment requirement you need in oil trading. It can be used to pay internationally and domestically. Oil trading is a complex process owned by more than one partner. The separate ledger can be maintained using blockchain and bitcoin for anonymous payment. Some technology giants have started accepting bitcoin for their payments like Facebook and Tesla do accept bitcoin for their cars. It has led bitcoin to chase other currencies in the market.
Final saying: –
It is easy to invest in bitcoin, and it provides hope for profits. Bitcoin is the only investment in the world through which one can earn maximum profits using the right strategy. If we compare both liquid assets, Bitcoin has left gold behind in its return ratio. People are rushing for gold investment, but brokers now suggest crypto and even bitcoin more than gold investment. Through crypto exchanges, it has become easier for one to reach direct to bitcoin without any lengthy paperwork. Starting from the white paper, bitcoin has ruled the entire crypto world in a short period. Most of the hype around bitcoin is created after the pandemic, and it has attracted a considerable number of investors during the pandemic. When no other physical investment options were available, people invested in gold and bitcoin and rewarded their investors with a four-time return on their investment. Bitcoin is the precise definition of profit that comes with risk.