If you are a crypto freak, you must be aware of the most trending cryptocurrency in the world, Bitcoins! Bitcoins are robust blockchain encrypted virtual assets that hold incredibly high market values. Several other cryptocurrencies exist globally, like updated website Ethereum, Altcoins, etc., yet Bitcoins keep on winning the fame game.
Although Bitcoin is quite volatile, it has proven to be a popular and valuable digital asset. This cryptocurrency is also growing in popularity because of its wide range of applications. Bitcoin’s technology allows people to send money through transactions without needing to go through banks or other financial institutions.
If you are curious to know more about which factors make Bitcoins the most popular among all the other cryptocurrencies, read on to know more in detail to have an overall better understanding.
What Makes Bitcoins Popular?
Several factors make Bitcoins the most trending crypto to invest in. Bitcoins are so expensive and yet available in a limited amount. Bitcoins’ limited availability and high value is the foremost reason for such media frenzy popularity. Below highlighted are certain reasons why Bitcoins are so popular-
- Mining game:
Bitcoins are not readily available in the trade market all the time. The miners sitting on their systems solve high cryptographic algorithms and blockchains to mine high-value virtual assets like Bitcoins. 900 Bitcoins come into existence via proper mining every day, putting the miners in increased competition. Such competitiveness leads to more mining. Once the miners have mined out Bitcoins, they get the opportunity to trade those and crack deals with high-paying companies.
Some brands even hire miners to bring in more Bitcoins into the companies every day, offering high salaries. Such competitive games have brought about 19,027,425 Bitcoins into existence to date. When the 21 millionth Bitcoin emerges, no more coins will be left in the market, which creates an automatic rush among the buyers to secure their coins!
- The rise in value:
Bitcoins first came into existence holding the hands of Satoshi Nakamoto in 2009. Its value was even less than one USD back then, as 90% of the world population did not have faith in cryptocurrencies. But the acceptance of Bitcoins in the governmental sectors and involvement of traditional finance marketing sectors have raised the value of these cryptocurrencies to $39,000 for one BTC.
Such a sudden boom in the value of Bitcoins has shaken the media world. High media coverage and regular updates of the Bitcoin trade market have become an influencing factor for the masses, thus, making Bitcoin the most famous crypto in the world! You can now trade and get regular updates on Bitcoins from reliable online crypto trading platforms like Bitcoin Era.
- Breaking the stereotypes:
Previously, people used to believe in physical assets like money and gold. But the physical assets are somewhere losing importance among the youth due to less security. Increasing theft cases have left the world confused, questioning the safety of having physical assets with them.
On the other hand, cryptocurrencies like Bitcoins hold extremely high values, which sometimes go beyond the importance of physical assets. It also comes with high security due to the encrypted blockchains and unbreakable programming from the miners, making it almost impossible for hackers and third parties to steal the data.
Though one cannot touch or feel Bitcoins, they can trade and exchange them in return f high physical asset values. Hence, now the world has started believing in the concept of virtual assets over physical assets, breaking the stereotype!
- Comparison to gold:
The world has recently experienced sudden pandemic hits due to COVID-19, which has led to the fall in physical assets’ values like gold. When the world was suffering from terrible waves one after another, ordinary people had to take help from the government and use all their life savings for survival. The only people who were still enjoying life smoothly were none other than the Bitcoin investors and traders.
All the above factors have led to the immense growth in value and popularity of Bitcoins among the youth and other age groups. If you are getting butterflies in your stomach after reading the fantastic facts above, then it is probably the right time to invest in Bitcoins!