Bitcoin has become the most dominant currency in the crypto space. There may have been a few crypto currencies before it, but none have had the popularity and the global market appeal and performance as the bitcoin. This article will detail how this rise in bitcoin popularity occurred and what it has meant for the crypto currency arena.
Table of Contents
· It was a blue ocean
Bitcoin was the first big mover in a space that was essentially calm and untouched, there were a few minnows in the water, but no sharks. There may have been a few other crypto currencies, but the bitcoin was the most powerful and important in the online space. The developers and sponsors of bitcoin had first mover advantage many would argue, and it was this that made it possible for the bitcoin to gain such widespread popularity so soon.
· Blockchain is secure and well tested/trusted
The technological premise upon which bitcoin is based has been proven to be secure and authentic. Blockchain provides a secure means of transacting and has been perfected and progressively monetized as bitcoin has developed and grown. It is this trustworthiness and reliability of blockchain that increased the popularity of bitcoin, and has seen so many uses, from the trusted online casino currency at the bitcoin casino to the currency of choice for investors in big auto tech.
· Has a limited supply
The popularity of bitcoin has to be related to its pre-determined and limited supply.This has arguably increased the demand for the currency, especially as it nears the limit of production. Simply put, the rarer the item the more value it will command.Bitcoin has a hard limit of 21 million coins that it is getting close to, and as this nears more investors want a piece of the action.
· Virtuous cycle
As popularity increased so did value and as value did, so too did demand and popularity: it’s a virtuous circle. This has led the currency to reach unknown of values and it has now become the investment choice of the rich and famous, as well as the wise and web conscious, serving to further increase value and popularity. The trick at the moment is the development of secure platforms to trade, store and transact in bitcoin and as these improve so too should people expect the popularity of this currency to increase.
· Still somewhat secretive
It may have gone mainstream and can be used everywhere from the online casino to the local pizza place, but bitcoin is still somewhat an underworld, undercover cryptocurrency. The levels of anonymity and secrecy provided in these financial transactions makes them in high demand and will keep them incredibly popular. There is anonymity but also still unchangeable records related to all bitcoin transactions.
These are just some of the main reasons that bitcoin has become so popular. If you are interested in any cryptocurrency, then you will need to know and understand the rise of bitcoin as this is one of the foremost and progressive cryptocurrencies that there is.