In the cryptocurrency arena, the popularity of bitcoin is unmatched, and that is because of many reasons. From 2008 to 2022, the journey has its ups and downs, but its impact has been solid in the mass. In this article, we will discuss more on several contributing factors behind bitcoin’s successful run so far.
Let us know more about important aspects:
Presence of Blockchain Technology
The root cause behind the inception of Blockchain Technology was to create a mode of direct transaction for the users devoid of any involvement of any third party, be it a mediator bank or government authority. Miners are very valuable in the process as they are the decision-makers in the validation process of transactions, or any relevant proposals related to the process. Therefore, this can be considered a platform with a decentralized system with adequate privacy to the user credentials, a transparent data handling system, and pace in the process.
Nominal Fee for Transaction
Bitcoin enjoys the benefit of the absence of third-party vendors or mediators such as banks government bodies to monitor or sometimes control the nitty-gritty of any transaction. Hence, there are no additional charges or fees involved in the transaction process, which impacts the overall cost involved in any transaction process. Therefore, unlike the traditional process, using bitcoin as a mode of transaction is more satisfactory and beneficial.
It does not matter whether it is a cross-border transaction or within a country. Bitcoins are quite popular amongst people.
No Middlemen involved
We all know the crisis many economies went through during the economic slow-down during 2008. It impacted the lives of many drastically across the globe, and the reason is simple: if your authorities or governing bodies are impacted, you also need to be ready to share the pain. Bitcoin originated during that crisis period by replacing the requirement of any third party through cryptographic proofs. Now, as long as there is no question on the integrity part and it’s saving you money, it’s the user who is in benefit!
Easy to Use Process
Well, with a wide range of adoption amongst various organizations, the usage of Bitcoin has become more straightforward and user-friendly as well. People might get a little surprised, but in the coming days, we might start using cryptocurrency the same way as we use the fiat currencies like dollars, Euros, Pounds etc. The more people will adapt to the usage of digital currency, the better would be the reach of bitcoin or other cryptocurrencies.
With the ever-increasing awareness in the people and wide-spread popularity of use, Bitcoins are there to stay and win more people. In addition to this, with digital wallets, usage has become easier and user-friendly.
In today’s world, data security is one very important aspect for sure. Bitcoin is close to impeccable in terms of protecting the credential or identity of any user alongside the monetary aspect. In short, while you are dealing with bitcoin, your identity is not shared or disclosed, keeping your entire transaction in a safe and secured place, and that the Federal ruling for identity theft can’t be applied. Your digital wallet uses your address; isn’t that interesting?
Therefore, until and unless the digital key of your wallet is compromised, you are all safe from any kind of hazard. So, security-wise there is not much risk that people need to be worried about. This plays a big role in defining the popularity aspect of bitcoin use.
It’s easy to get a Bitcoin
A proper crypto exchange is enough for you to get bitcoins for buying or trading purposes. Though the bitcoin mining process is not that simple, with bitcoin exchanges dealing with bitcoins has become a lot easier for the users.
We must not be surprised if we see a transformation in socio-economic aspects regarding the wide range of popularity and use of cryptocurrencies like bitcoins. In a nutshell, considering the popularity of bitcoins, the reach will go manifold in the years to come. In fact, for most people, the oldest player in cryptocurrency, bitcoin, has the potential to innovate and evolve more to take the world of cryptocurrency towards wider possibilities and innovations.