Bitcoin cryptocurrency is greatly known for its skyrocketing growth in 2021 of over $65,000. It created a remarkable change in the market drawing a lot of attention from the new age investors and milleneals. As per the experts, it is an unexpectedly high expansion for a new asset that was created in 2009, just a decade ago. Apart from the fact that it is the first-ever cryptocurrency, the actual popularity gain of bitcoin can be seen after this massive growth in price. A lot of its early investors became rich by making big fat profits out of it.
However, currently, in 2022, bitcoin is really running under a valuation that the experts and investors did not expect. As of 7th November 2022, bitcoin’s market price is $20,890. Then, why is bitcoin still so popular? Well, the fact is that cryptocurrency successfully made a permanent place in the economy with a completely new and reliable mode of the transaction system and became an integrated part of it.
Here are the factors that made it possible-
- Bitcoin eliminates the flaws of the traditional banking system:
In 2008 and 2009, during the global financial crisis, people almost lost their hopes in the traditional banking system, where they had to rely on a third party with their money. Bitcoin was introduced at that point in time to address such problems of the conventional money transfer system. The cryptocurrency came with a completely different technology that enables the crypto network to become decentralized. Therefore, people don’t have to rely on any third party, and they have control over their own money. They can also transfer funds to others directly. These features make bitcoin reliable to people.
- It is volatile, therefore, a great asset for trading:
Even though initially, the volatility factor of bitcoin was considered the riskiest factor of it, now the scenario is changed. Investors are using the volatility to make more profit. Thus, they are making multiple profits by doing short-term trading every time the price changes.
- Bitcoin is considered a hedging asset:
Bitcoin is recently compared with the valuable commodity gold and is said to have the potential to become a hedging asset. As per the experts, it can back people at times, such as during economic inflation and stock market crash.
- Potential extensive demand in the future:
Bitcoin’s existence is finite in number. So, the supply is limited, which is impacting its demand to be high in the future. So, cryptocurrency has become popular as more and more people are after it.
- A convenient and economical way of transaction:
The bitcoin network offers the most convenient way of making transactions. As it is decentralized, you can transfer your bitcoins to your friend directly. Therefore the transactions are fast and smooth and also economical. Even international transactions require less than 10 minutes to complete and don’t demand any additional charge. These features grow people’s interest more.
- Big companies and banks are accepting bitcoin payments:
Bitcoin has almost become an integrated part of our life. So many big companies accept bitcoins as payment from their customers when they purchase goods and services from them and are willing to pay in bitcoins. A lot of people prefer it, and more and more companies are starting to welcome bitcoin as time goes on. Companies and a few old and reliable banks and other financial organizations have started offering bitcoins to their customers.
Wrapping it up !!!
Therefore, you can understand the demand for bitcoin in the world. So many trading platforms have been introduced too; all are coming with new technologies and tools. You can find some good platforms, such as bitqt-app.com, that you can completely rely on with your money. Therefore, to have a part of the profit in the future, you can start thinking about investing in bitcoin now. Although there is a dip in the value of bitcoin, but it is expected that it will soon become a positive crypto currency with higher value. In fact it is expected that by next year it may reach a mark of $70,000. So, if you haven’t given a thought to investing in crypto currency as of now, it is time to reconsider your decision and start exploring the best options in the market.