We live in a world which has constantly been promoting the digital, technological form of economy, especially after the outbreak of Covid 19 pandemic. This is no surprise that the blockchain technology command which is the basic foundation of cryptocurrency has been blowing people’s minds away simply by being simple. People are opting for this method of payment making, gaining Oil Profit more and more due to its fluid nature, And the amount of convenience that it offers to its investors. However, were you aware that there are different cryptocurrencies in the market that are available, and there is a constant competition going on between each one of them? In this article, we will together take a look at one of the most popular varieties of cryptocurrency entitled Bitcoin, and why it is suspected to be one of the most powerful, and effective ones.
The History of Bitcoin:
Before we go on to talk about the different reasons behind the unparalleled success of bitcoin, let us look at its history, briefly. Bitcoin first came into the market in the year 2009, and happens to have a creator which has largely remained anonymous to the market. It is said that Bitcoin was initially invented as an income equaliser, wanting to provide people with equal opportunities. The creator considered the current scenario to be a failure economically, and came up with an alternative to the central banks. In this form of digital economy people are allowed to make transactions all over the world, and make profits from the same without having to go through the regular hassles.
Looking at a few Reasons Behind The Bitcoin Success:
In the following section of the blog we will try to take a close look at what makes cryptocurrency, especially Bitcoin one of the most influential areas that is there in the market.
- Initiating Factor: Before we talk about anything else, let us pause then remember that Bitcoin was the first to happen to the cryptocurrency market. We know that whatever happens to be the initial breakthrough happens to have the largest impact on people’s In fact, Bitcoin has been quite inspirational for different other cryptocurrencies as well. Since its inception Bitcoin made it possible for the civilians to go for an easy payment method. This is, thus, one of the largest reasons why Bitcoin remained such a hit in the market through the years.
- The Secure Network Issue: One of the more important reasons behind the proliferation of Bitcoin is the secure network that comes with the package. The mechanisms of Bitcoin users primarily depend on proof, thereby strengthening the decentralisation with the help of blockchain technology. Like we all know, the blockchain technology enables people to have access to a greater degree of security, and make lives a wee bit easier for people around.
- The Reserve Currency Factor: When we are discussing the reasons which are responsible for the growth of Bitcoin as the leading cryptocurrency, we have to keep in mind that it is often used as the reserve currency in the world of cryptocurrencies. Because Bitcoin happens to have a status which is unparalleled, the participants generally look at Bitcoin as the go to cryptocurrency. In more cases than one people start with Bitcoin, and then move on to other branches once they gain a certain degree of stability.
While we admit that there are different cryptocurrencies available in the market now, and many of them are making great progress, it would be rather imperative to keep in mind that Bitcoin still happens to be the leading force. It is no rocket science that if other cryptocurrencies perform better than Bitcoin they will be able to replace the same, however, according to the economist there is still time for that to happen. If Bitcoin keeps on making progress like it has in the past, it will continue to be the unstoppable, indomitable area like before.