Reasons behind Bitcoin Popularity

Bitcoin, just like other crypto coins is currently becoming more popular than any other digital asset following the 2017 value rise from $1000 on January 1 to $16,421 on December 14. This attracted so many investors due to current stability and prediction claims its value could hit to $55,000 in the next 5 years https://www.quora.com/What-is-bitcoin-Why-is-it-so-popular. As a result investor, holders and traders believe that Bitcoin is the safest high-worth investment opportunities in 2018 according to the reasons below;

4 main reasons why Bitcoin is rapidly gaining popularity globally

  1. Broad applications:

As days passes by people are becoming more educated on the usefulness of embracing digital currency. Bitcoin is used as a currency, it can also be used in making purchases or transacting and making payment for services am numerous fiat currencies. Hence different government such as USA, UK, AUSTRALIA just to mention few are contemplating on adopting bitcoin as a national currency

  1. Bitcoin is easy accessibility

Unlike the past where it was difficult to purchase, transfer or store cryptocurrency due to high tech-savvy, today Bitcoin has made it extremely easy by simplifying the whole tiresome process to few steps that can be done on some websites or phone and desktop applications where individuals can buy, sell or store without any difficulty.

  1. Regulatory oversight and Institutionalized funding

Due to the increasing value `and market demand for a stable digital currency, Bitcoin is gaining favor among many government bodies. Since government lobbyist agencies are now investing in Bitcoin, they are up to creating regulation and making a close oversight on the market stability of Bitcoin globally providing the necessary oversight and safety.

  1. Avoiding financial disasters and outdated practices

As a result of the collapsing of the global financial institution and other traditional monetary systems, the public has lost much of its trust to this third party. Thus, everybody is trying to embrace the new era of cryptocurrency that is transparent, a safe currency system and Bitcoin is giving more satisfactory to its customers than any of traditional financial system.

Finally, the promising global factors that have contributed to the rise and popularity of Bitcoin could be the widespread adaptation and acceptance of Bitcoin in different countries of the world accepting Bitcoin in an investment citizenship program. Currently, both the private entities and legal bodies have started accepting Bitcoin as a valid currency. Even though Bitcoin could not be having a steady rise, it has gained popularity and traction on current trends and is gradually partaking and shaping the future global monetary system

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820 thoughts on “Reasons behind Bitcoin Popularity

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