The cryptocurrency craze started with the launch of Bitcoin in 2009. Since then the concept has attracted many investors from across the globe. Bitcoin was developed not with the idea of being a payment system. However, with the technological advances and other changes, today Bitcoin is recognized as an official payment system in multiple countries. Additionally, there has also been growing interest in decentralized finance and blockchain technology. Other than cryptocurrencies, many companies today try to leverage blockchain technology to their advantage.
Cryptocurrency payments are also accepted by many institutions including online platforms, shopping websites, the gaming industry, and luxury amongst others. Here you can read about some Bitcoin controversies.
Bitcoin and its reason for being on the top
Bitcoin also helped various other cryptocurrencies to enter the global market. Many players entered the market and today we have more than 3000+ cryptos in the market. Despite growing interest and multiple market players Bitcoin continues to rule the market. This is because of the advantage of reduced transaction charges and no third-party involvement to undertake transactions.
Let us look at possible reasons why Bitcoin continues to enjoy being the top player.
Innovation advantage
Bitcoin has always been able to enhance its working platform. Compared to many other cryptocurrencies in the market, Bitcoin has the advantage of being easy to use and providing an improved user experience. This is measured in terms of user advantage, ease of platform and effectiveness in the transaction, and ability to undertake transactions at lesser cost and minimal speed.
Bitcoin also has the decentralized ledger model enabling no one to take control of any previous transaction. Also, this cryptocurrency does not have a dependency on any other payment parties to complete a transaction. Global investors who do not have access to any traditional banking system can complete the transaction at ease.
No regulations or under the monetary radar
Currently, no regulatory agency or third-party central bank is monitoring any transactions using Bitcoins. Every transaction including buying, selling and trading is not monitored. Many countries have come forward with their scheme of regulation on cryptocurrencies. This includes obtaining details and a list of investor details from dedicated exchanges. Despite these efforts, it is worth noting that currently there is no monetary agency viewing any of these transactions.
Global presence
In some countries, Bitcoin can work as a legal currency medium for exchange. In countries like Africa where the traditional banking system is still not completely updated, Bitcoin payments come as a relief. To make any payment through Bitcoin, you just need a smartphone with mobile internet connectivity tagged to it.
Integration with various payment systems
Given the global presence of Bitcoin, many online and third-party payment gateway has now integrated their payment gateway to accept Bitcoin payments. Similar to other payment models like debit, credit, or internet banking there is a fourth option on all these payment gateways to accept Bitcoin payments. Additionally, El Salvador became the first country to officially accept Bitcoin in exchange for goods and services. This is an incredible achievement in the Bitcoin journey allowing for easy transactions at a minimal timeframe and lesser cost impact.
Listed on most exchanges
Bitcoin today is a global currency and attracts investments from across the globe. Since the coin has a global presence, many popular exchanges have also today listed this coin in their exchange. There is seldom any crypto exchange that today has not listed Bitcoin. This makes it easier for any investor from across the globe to invest rightly in this coin.
Easy to use technology
Bitcoin is the first crypto to use blockchain technology. It may not look easy to a first-time user. However with the growing use and various other advancements in the platform the technology is now relatively simple and easy to use. Most investors find it easy to understand the algorithm, the ability to store the transactions data is another advantage. The platform is bug-free and allows you to identify details of your account balance with minimal effort.
Yes, Bitcoin is here to stay and attract additional investments in the coming years. Another reason for investors to run behind this investment model is its minimal supply in the market.
Interesting related article: