Bitcoin was introduced as the first digital cryptocurrency in 2009, and since then, it has gained unparalleled popularity because it has its transparent, decentralized payment system. It also is one of the main reasons why people today want to invest in cryptocurrencies and learn more about them.
Also, thanks to Bitcoin today, there are plenty of other cryptocurrencies on the market like Ethereum, Monero, Litecoin, Ripple, but, still, Bitcoin has the largest market share. In this article, we provide an overview, why it is the most popular cryptocurrency in the world.
Bitcoin Halving
Another smart move of Satoshi Nakamoto was limiting the supply of BTC. Actually, there's a total number of 21 million bitcoin, while already, approximately 18.38 million are in circulation. Moreover, the reward (compensation) the miners is getting halved, roughly every four years or when or after 210,000 blocks.
This means as the supply of BTC is decreasing, and the demand for BTC stays the same, or it's increasing, the price of Bitcoin will rise. In fact, the first time that the halving occurred was in 2012, and the price of Bitcoin has risen and reached $11. And the next year, its price soared and reached $1,124. When the second halving occurred, its price reached $664.44.
Price Volatility
Today Bitcoin has reached $11,118.92 in July 2020, which the average price of Bitcoin. As you can tell, due to multiple factors, there's an increased interest in Bitcoin, especially since the last halving took place in May 2020. So, you will find a lot of trading platforms where you can utilize your knowledge about cryptocurrencies and invest in Bitcoin.
A great platform that you should check out is https://the-bitcoinevolution.com/. It is compatible across all devices, including mobile devices, which means you get to access the platform on the go. What's more, it has automated trading software, and all you need to do is made an initial deposit of a minimum of $250. Besides, members can potentially earn a profit of $1,100 on a daily basis.
That being said, always make sure to make a decision that it's reasonable for you and your financial goals.
Innovation
This is the first digital cryptocurrency that doesn't rely on a third party, financial institution, to complete transactions between peers. In fact, the decentralized peer-to-peer cash system is one of the reasons why it has gained a favorable position in the market. It allows complete anonymity of its users, while it is completely transparent, fast, and overall, it represents a useful solution, especially when it comes to cross-border transactions.
Furthermore, it definitely, had a good head start, as it was developed in 2009, and it already had a group of early adopters. Over time it has gained a devoted following, and it had bitcoin miners that worked extensively. So, it had a pretty stable system, and it already it had a significant market cap of over $100 when the second cryptocurrency was launched.
Bitcoin in the Media
We can't say for sure that it educated more people about Bitcoin, but it certainly had a great impact as it introduced Bitcoin to the general public. Although there have been articles and papers published about it, still, TV shows like The Big Bang Theoryand The Good Wife have put BTC in the spotlight, although not always in a favorable light.
Also, a lot of reputable companies and organizations started to accept donations and payments made in BTC, like UNICEF, Wiki Leaks, Wikipedia, AT&T, KFC, Burger King, and many others. All in all, this made it definitely more popular than other cryptocurrencies and even made the term' Bitcoin' synonym for cryptocurrency.
Summary
In conclusion, Bitcoin undoubtedly is responsible for the so-called 'gold fever' that is happening right now. Even though it had ups and downs in terms of its price range, it is still definitely a valuable cryptocurrency that has had a huge impact on our society and financial markets in general. So, it's safe to say that, although we don't know what the future holds, Bitcoin will be part of it.
