Categories: Business

The Bitcoin Boom – Why The Popular Cryptocurrency Is Surging In Price

The concept of crypto currency emerged in the year of 2008 and the credit for developing the very first crypto currency goes to Satoshi Nakamoto. The first original crypto currency in the world was bitcoin. The bitcoin and other crypto currencies became available on the crypto exchange in the year of 2010. BitProfit App will help you get started with bitcoin trading.

As more and more investors started to buy, sell and trade on crypto currency, the crypto market started getting more popular. The concept of crypto currency was emerged amidst the global financial crisis of 2008 so that people learn to control their money without any centralized control of government or any financial institution.

Bitcoin first appeared in the market as crypto currency. After bitcoin, gradually other crypto currencies came to the market such as Litecoin in 2011, namecoin in 2011, peercoin in 2012, Dogecoin in 2013, gridcoin in 2013, primecoin in 2013, Ripple in 2013, Aroracoined in 2014, ethereum in 2015, Firo in 2016, bitcoin cash in 2017, ambacoin in 2018, Algorand in 2019, avalanche in 2020, Shiba Inu in 2020, Deso in 2021, safemoon in 2021 etc.

IMAGE: PEXELS

Overview Of Bitcoins – What You Need To Know

Bitcoin is a virtual currency that can be used as an alternate payment method. Bitcoins can be used as a payment for goods and services. In case of bitcoin, a decentralized system is used and all the transactions are recorded in public ledger with the help of Blockchain network. Let’s read about the features of bitcoin.

The bitcoin network doesn’t have any governmental control over it. As a result, there is no need to wait for the validation during the bitcoin transactions.
There is no physical bitcoin in the market. It exists in the online world only in form of a program file.
The bitcoin can be mined, but for this the miners need to solve difficult coding problems.
To hold bitcoin, it is required to have a crypto wallet of yours.

Amidst the global financial crisis in 2008, the crypto currencies were introduced to the world to make the monetary transaction much more safe and secure. It is quite evident that the bitcoin is more popular than other cryptocurrencies available in the market. Let’s take a look at the differences between bitcoin and other crypto currencies.

Do you know that bitcoin was introduced in 2008 to increase the transaction speed and to reduce the number of governmental restrictions on the transaction network? Whereas, the other crypto currencies came much later in the market for the purpose of secure transactions and to provide low-cost.
Bitcoin can’t be used for trading while using it as a currency. But there are other crypto currencies developed for the purpose of trading as well.
The share of bitcoin is maximum in the market compared to other crypto currencies.
Bitcoin focuses mainly on how to lower the transaction cost and the transaction time of the influencers. But the other crypto currencies keep little number of middleman interferences.
The entire system of bitcoin was anonymous which doesn’t pressurize the users to disclose their identity, thereby reducing cases of fraud in the crypto market. The other crypto currencies also provide transparency to the system while working with multiple industries at a time. As a result, bitcoin is much more secure than other crypto currencies. Not only this, but bitcoin is also more mature and trustworthy compared to other crypto currencies.
well, bitcoin is so popular in the market and so valuable because there are only limited number of bitcoins available in the market. Due to the scarcity of Bitcoins, the value of the bitcoin will keep on increasing in future when the demand for cryptocurrency increases.
Over the last two years, the bitcoin has attracted public eyes with its exceptional higher return.
Compared to other crypto currencies, bitcoin asks for lower cost per transaction.

Conclusion

Now that, you have learnt about the reasons behind people going after only bitcoin while investing in crypto market, what do you think? Get in touch with a crypto exchange today and start investing in bitcoins.