Bitcoin is today the largest cryptocurrency in the world in terms of market capitalization. Bitcoin’s value continued to rise in 2020, hitting a record high of $ 60,000 in March 2021. The overall magnitude of the bull market phase was too great to ignore, and Bitcoin made headlines in the world. Whole world. We were together, attracting the attention of reputable companies, governments, and many organizations that wanted a piece of the pie.
If you’re wondering what made Bitcoin a purely digital phenomenon that disrupts financial markets and offeres an alternative option to traditional currencies, let’s see this and more below.
Bitcoin’s popularity depends on the system designed specifically for BTC and the blockchain network. This peer-to-peer distributed payment system exists purely digitally and created to ensure that BTC transactions are made and processed without the control of an external authority.
The creators of Bitcoin and the blockchain network believed that traditional currencies depended too much on the trust of central banks and governments. As we know, the 2008 financial crisis was one reason for the creation of Bitcoin and the triggered blockchain technology.
The benefits of Bitcoin ecosystems are numerous, not only for investors but also for network miners. As an investor, you should know that BTC transactions are completely anonymous because they are peer-peer networks. The transaction fees are low, and the processing time is quite fast.
It would take approximately 10 minutes for a block of transactions to be processed. Moreover, due to the nature of the blockchain system, it is completely secure. No minors or other users can modify the data on the network due to its transparency or even control of the network.
Popularity through online trading
Bitcoin became a phenomenon when online trading began as cryptocurrency became accessible to a wider audience. A good example is the automated trading site thebitcoinsystem.io. It is based on artificial intelligence and can read large amounts of market data and automatically trade on behalf of its users. The system generates an ROI of up to 60% for its users every day. The only task is to register and make a minimum deposit of $ 250.
Another reason online trading is popular is that you can trade from all of your devices. As trading systems are mostly available on mobile and desktop devices. At the same time, there are commitment apps that you can download.
Bitcoin has seen several phases of the bull market, but the last one has cemented its status as a haven that continues to grow in value even in times of crisis. Since Bitcoin’s halving in May 2020, the price of Bitcoin has soared over 300% in March of the following year, when it rose to $ 60,000.
After halving, the price was initially $ 9,000. While there have been other bull races, as I said, this one is different as institutional investors add BTC. It is some kind of support that has impacted credibility, reputation, and demand. Demand is driving BTC’s upward trend.
Companies that accept BTC
Another element of Bitcoin’s great success is that as the price rose, companies started accepting BTC payments and inadvertently supported the cryptocurrency bull cycle by giving users more money. Of Bitcoin, options to provide services and products using their BTC purchase and fuel the introduction.
One of the main examples of public support from a famous company as Elon Musk’s purchase of BTC for $ 1.5 billion. And the statement that Tesla will accept payments in Bitcoin. This move allowed other companies to accept BTC payments, such as MasterCard. In last words, it is safe to say that Bitcoin is a digital currency that has yet to experience greater success in the world.