The cryptocurrency space heading for a bright future. It all started with the blockchain, then bitcoin. Now the cryptocurrency space is huge, with countless bitcoin competitors. Countless cryptocurrency are actively trying to take bitcoins spot as the top cryptocurrency.
The Rise of Bitcoin
Bitcoin is a very serious cryptocurrency. Few years after its launch, bitcoin disrupted the entire financial sector. It felt like the financial sector was getting fed up of the negative attributes that come with fiat currencies. This digital asset managed to reach a peak of $20,000 per coin.
Since the rise of the cryptocurrency industry, bitcoin has managed to remain the top cryptocurrency. Being the back-bone of both legal and illicit entities, people rush to reap its benefits. Currently, bitcoin is still by far the most popular cryptocurrency. Bitcoins growth has a lot to do with individuals choosing bitcoin over other currencies as an investment. Apart from the obvious returns that the currency promises, there are other reasons why people choose it. This article will cover most of the reasons people choose bitcoin.
Why People Choose Bitcoin
It can be said, that fiat currencies no longer impress the majority of investors. The idea of a government agency exercising strict control over how people exchange money is not a pleasant concept. Many argue that the fiat currencies are the reason for widespread inequality and political tensions.
In comparison, investors that go for Bitcoin do not have to worry about this. Bitcoin is blockchain based an is fully decentralized. This means that no one has control over your currency. The price is not decided by the central banking system and transactions cannot be interfered with.
Governments Supporting Bitcoin
Initially, governments did not like the idea of cryptocurrencies. Some say that governments are afraid of bitcoin. This does not come as a surprise since the rise of crypto would take away control from the government when it comes to currencies. Many used this argument to suggest the government is going to ban the use of digital assets.
As it turns out, governments are realizing how hard it would be to ban a cryptocurrency like bitcoin. Today, many jurisdictions have started to embrace bitcoin. Since banning it is not an option, regulating it is the way to go. This might sound like a bad thing but regulations are in place to protect everyone and reduce crimes. The implementation of regulations will also help reduce crime carried out using bitcoin thus cleaning up its name.
Bitcoin investments are by no means quick. Most consider bitcoin a long-term investment that will generate profits in the long run. This is relatively true as bitcoin is expected to grow tremendously in the coming years. Traders can also user bitcoin to make quick profits but that requires skill. Many have come out as millionaires after trading bitcoin.
The Simplicity of Bitcoin
Bitcoin is a very easy asset to handle. It takes almost no effort or expertise for bitcoin investments. A prospective investor can simply open a wallet in an online exchange and purchase coins using his credit card. This advantage is more obvious when in contrast to traditional stock markets. The stock market can be a very hectic environment for inexperienced users. Bitcoin has eliminated all the lengthy deal making procedures and complex legal processes. It is important to note that this might change in the near future. The implementation of new regulations might make it a more complicated process to purchase Bitcoin.
Investors and Free Information
When trading assets information is goes a long way. In the traditional space, many are compelled to spend lots of money on critical information. This information can guide important decisions that will make an investor money. A good example are the monthly charges investors pay for access to helpful publications. These publications help give investors ideas.
Even established investors may still need to seek the services. An investment consultant that helps keep investors up to date with legal frameworks and trends is not uncommon. When it comes to bitcoin, the situation is quite different. Most of the important information is available online and free of charge.
Cryptocurrencies have seemingly emerged out of nowhere. Now, they can be considered a key element of the financial world. Despite the rise of the cryptocurrency space in general, Bitcoin has kept the spot as the top cryptocurrency. There are many benefits to bitcoin that helped it keep the top cryptocurrency spot. Today, we can confidently say that cryptocurrencies are the future. Despite this, it is unclear if Bitcoin will remain the leader of the crypto industry.