Since first being invented in the late 2000s, bitcoin has gone on to see great success. The peak of this was arguably the period in late 2017 when it almost hit the $20,000 per coin mark, but it has enjoyed awesome overall success in truth since the early 2010s. If you look at what it was worth in 2010 to what it is worth now, this is clear to see. This rise to success has not only changed how we view bitcoin itself but also how we view the whole crypto market.
How has the rise of bitcoin altered our perception of digital currencies?
Given the market a new sense of respectability
One major positive impact of the stellar rise that bitcoin has seen is the respectability it has given the whole crypto market. As the price and subsequent media attention has risen around bitcoin, so also has the sense of trust that people feel in digital currency now. This is in stark contrast to the general feeling around it in its earlier years.
Before bitcoin’s rise, many people did not know about cryptocurrency at all or did not find it a trustworthy asset to be involved with. Very often, it was associated with crime and the dark web! Since bitcoin has risen and become more widely accepted by large financial institutions and the general public, this has changed. The benefit of this is that the trust that they feel in bitcoin is also reflected in the whole crypto market now.
People feel it is here to stay
Another issue for the cryptocurrency market in the early days was the perception of it as a flash in the pan. Before bitcoin’s rapid rise in recent times, many believed that it would soon disappear or be used by a very small number of people globally. As bitcoin has gone up in price and garnered more media coverage though, this view has changed around all digital currency.
The general feeling now is of a market that is here to stay and well established. Many now even have it on the same footing as the something like the FX market, which is a big change.
Crypto now seen as a viable investment
Investors were also not entirely sure of crypto in its early years. The decentralised nature of the market and the high volatility led many to avoid it for a while. The general perception seemed to be that investing money in crypto was just too risky. The rise in value of bitcoin has changed this attitude though and prompted investors to find crypto more viable as an asset overall. This has led to the whole cryptocurrency market being seen as investable now.
After all, investors are primarily concerned with making money and will take whichever path leads them there. With bitcoin now seeing a few years of overall growth, many are confident that the whole digital money sector is worth getting involved with. A lot of traders now will even use automated trading software to help – Bitcoin Profit is one that can help spot the best trading opportunities in the crypto market to make money from.
Has allowed other coins to take off
Although bitcoin is still the poster boy for the cryptocurrency market, there are lots of other coins, such as Ripple, that you could invest in. The problem was that before bitcoin really took off, no-one was that interested! They saw altcoins as a real gamble and something that was too much of an unknown quantity. However, the growth of bitcoin has changed this feeling in a few ways.
Firstly, investors who have put money into it are more comfortable with the digital currency market and therefore more likely to invest in other coins. Secondly, if bitcoin is not seen as a decent current investment by some, they will now look into other coins that may be more to their liking. All this has only come about due to the popularity of bitcoin and how it has brought people into the whole sector.
Bitcoin’s rise is great for all digital currencies
As the above shows, there are a number of reasons why bitcoin’s great run in recent times has allowed the whole crypto market to flourish. The basic principle seems to be that if bitcoin does well, so does the whole of the cryptocurrency market. Where it will head in 2020 is hard to predict, but with digital currency now well established in our lives, it is sure to be an interesting ride.
Video – Cryptocurrencies