The main reason why Bitcoin is so popular around the world, and among the people who are interested in cryptocurrencies, is the fact that it was the first currency like this to show up on the market. There is always something new and exciting with it, and the people really love the challenges and excitement around the crypto market, which is mostly run by BTCs (to be honest). But, at the same time, it’s unstable and volatile, and if something looks good today, it may change until midnight. Through the years, we saw how things are changing, the price was going up and down, making a lot of people make profits of their crypto earnings, but also many more to lose their investment due to different reasons.
If you are interested to invest and trade Bitcoins, you need to be informed about everything that is happening, by reading relevant resources and websites. You can get even better news and information if you follow local websites like cryptobenelux.com, or any other related to your local market, so the things you learn are useful and relevant for you.
Many people ask themselves why BTC is still the most popular cryptocurrency when there are so many others to discover and trade. The answer is simple – the hype is the biggest around Bitcoins, and that’s why all of us love them.
But, if you need more reasons why it’s like that, then proceed reading this article, and learn more about the aspects of the blockchain and Bitcoins:
- 1. Blockchain by itself is interesting and challenging
- 2. It has a status of crypto gold
- 3. It has the potential to break the fiat market
- 4. Transactions are quick and cheap
- 5. The potential profit
1. Blockchain by itself is interesting and challenging
Bitcoins can be mined through a network named blockchain. That means you mine through the blocks, solving crypto tasks, claiming the coins, and confirming the transaction. It requires advanced equipment, powerful computers, and electricity supplies to power up those computers. A lot of people find trading less expensive and more accessible than mining. But, mining was the new concept represented to the people, and many find it challenging enough to take a part in it. Once a block is mined, the transaction is still open, and someone else needs to confirm another block after that, so it can be “sealed” forever in the chain. It sounds complicated, but for those who are ready to invest, it can be a real action of excitement, by getting Bitcoins in reward.
2. It has a status of crypto gold
Let’s be honest. What’s happening today is not the best scenario for Bitcoins. It becomes more demanding to mine and trade, and people need to invest a lot of money so they can own only a piece of BTC. Most of the crypto enthusiasts keep their coins in a wallet and wait for the right time to reinvest them, or exchange for fiat currencies. On the other hand, Ethereum is becoming more popular, because it lives the popular days when the price is changing, but in general, is growing more than ever.
3. It has the potential to break the fiat market
We are using credit and debit cards all the time, and perform wireless transactions with our fiat money savings. So, the concept of that type of payment is pretty known to us. What we have to learn is how cryptocurrencies work, and how they can be used to buy basic needs, as food, medicines, and clothes. Hopefully, we will be alive to see that huge change. Things are changing rapidly, and there are only a few countries around the world that are banning cryptos and forbid the citizens to own them. The main reason for that is their fear of collapsing the current bank system.
4. Transactions are quick and cheap
When you transfer cryptocurrencies, you can expect that the recipient will receive them immediately. There can be some fees applied, but they are insignificant, compared to the bank fees, especially for international money transfers. The fees depend on the location and the platform they are using to send the money.
5. The potential profit
Bitcoin’s price is going up and down every day. One of the most interesting facts is that the first transaction in BTCs was for two pizzas, but today the same amount would be much worth it. A lot of companies allow their clients to use Bitcoins instead of dollars or euros, and that’s great. But, those who save them for better times have a huge chance to make an exceptional profit from it. On the other hand, they have an equal chance to lose everything they have, because of the price drops. You probably remember the times when one BTC was equal to $10, but also to $2,000, then $60,000, and right now it’s around $30,000. So, the prices are changing, and you need to plan things smartly so you can make a profit. But, it causes a lot of excitement too, because you put a lot of risk into it, and your hopes can be ruined over a night. But if it wasn’t like that, they would be the same as the fiat currencies – and there is no excitement in that.
For some people, it’s too late to start thinking about investing in Bitcoins. But, don’t lose your hopes, because as the price was going up only a few months ago, there is always a chance (or risk) for it to go down once again.
Also, you have a lot of alternatives if you don’t find Bitcoins too exciting and challenging for you. Keep in mind that there are thousands of other cryptocurrencies that are worth giving a try. Also, you can exchange them for BTCs too, through trading and exchanging platforms. You can charge for your services in Bitcoins if you want – which is an example of passive investments, but a lot of people are already doing that.
Anyway, no matter what happens, Bitcoin will always be remembered as the first one to change the whole financial game. Even if it disappears one day (which is highly unlikely to happen), people will never forget the huge impact it has on the classic banking system.