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Wednesday, July 6, 2022

Why is Bitcoin a Successful Cryptocurrency?

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When Bitcoin was released, there were many other currencies also launched in the market. Currently, there are over 4,000 cryptocurrencies available but Bitcoin is still popular. BTC is considered one of the most popular currencies as it is covering a huge market cap. As per a recent market report, there are over 40 million Bitcoin users. There are various reasons that will explain why this currency has the highest growth. 

Blockchain Technology is the one important reason behind Bitcoin. Blockchain network build to create a structure where BTC transactions were allowed between users and there was no interference of any other third party.   

This is a decentralized environment where many factors like the transparency of data, the anonymity of the users, and fast BTC transactions help to make this system technology easier for users. Satoshi Nakamoto is the founder of Bitcoin, claimed the highest number of Bitcoin users after the Blockchain network come with Bitcoin. 

However, Satoshi Nakamoto is disappeared since the Blockchain is available in the market. That means, only the minors have responsibility for the validation of BTC transactions. No one else has been authorized to alter the data in the network and affect the supply of BTC. 

Online Trading Sites: Bitcoin is the first cryptocurrency which is launched in the market and this is the reason why it is more popular in comparison to others. Since this is the first launched cryptocurrency and it is a highly adopted currency by most popular online trading sites. If any other currency is launched in the market there is still a challenge to earn a top place in the market. Other currencies are still trying to gain the trust of users in the market and their availability on online trading sites is very less in comparison to Bitcoin. 

There are various online trading sites that are using AI technology. AI technology automatically increases the winning rate of 90% on the right market conditions. If you deposit at least $250 then you have a chance to earn up to $1215 on a daily basis. In addition to this, there is an automated environment that reduces technical challenges in the software. You are not required to sit there and spend many hours for online trading or Bitcoin. You need to deposit on the site and the system will start trading automatically. 

Bitcoin Protocols: Satoshi Nakamoto confirmed to make Blockchain environment totally independent and there is no need for any other assistance. He programmed Bitocin halving for this purpose. This action divided half of the reward from the miners. This impact not only on the expenses but also impact to the supply of Bitcoin because this is a decentralized currency. In more depth, Nakamoto caped the BTC that can ever come to existence at 21 million.  

Bitcoin halving slows down the rate as new BTC is being released in the market. There is the reason behind that because their demand is growing very faster in comparison to their supply, which means the price is growing significantly.  

There are some more reasons why Bitcoin halving is very successful in regulating the supply of BTC is because the Blockchain has designed to increase the difficulty level of Bitcoin mining. Blockchain network has the strength to operate the system and it is a very secure technology. It is also used in other domains like healthcare, public sectors, retails, gaming, and many other sectors. 

Currencies have value and it is gaining huge popularity because people choose to use these currencies as a medium of exchange. This fact concluded that Fiat currencies were widespread after the elimination of gold in the US market. People accepted to do it as the value of these currencies automatically increases.  

Bitcoin currency was created and released in the market by Satoshi Nakomoto with some characteristics of a store of value. 

1. Bitcoin has limited supply as its maximum supply is 21 million. This factor is one of the big contributors to Bitcoin value.  

2. Bitcoin cannot be copied due to its blockchain environment, no one can counterfeit a Bitcoin. Blockchain operates the system and monitors the track of transactions and makes sure the system has to operate the original rules decided by Satoshi Nakomoto. 

3. Bitcoin is extremely transportable, users can easily transfer from one account to another digital wallet. It is very easy to transfer to another user or merchant. You only need someone’s public key (wallet address) to send them Bitcoin. 

All of these reasons Bitcoin has huge popularity in the market and these factors established Bitcoin strongly. This is a very unique approach to users and it breaks the human tendency to store Cash and increase Cash savings. This is a good investment strategy as someone can make another type of digital asset with the same properties. 

Fluctuations in Bitcoin price are very higher and this is impossible to find out the stability of the value and when it will fall down. This is a very smart trick to make this currency very challenging. However, Experts recommended that your cryptocurrency investment should be less than 5% of your portfolio. They suggested not to make any investment in cryptocurrency if they are looking for emergency funds or retirement savings.   

Many online sites are giving a very easy user-friendly environment where you can easily operate Bitcoin transactions and see the market situation every day. It becomes more comfortable in terms of market fluctuations because these sites have very clean graphs which show how quickly these fluctuations happened. With the help of these graphs, you can decide to invest the value of Bitcoins. AI technology helps to make this operation faster and the system does not need you to perform all of these actions. 

This is also a reason behind Bitcoin’s popularity as it attracts users to use these online trading sites and spend Bitcoins there. You can easily create your portfolio and decide which cryptocurrency you want to go with and start your investment. Bitcoin has a strong foot in the market due to its depth of awareness in public.   

#bitcoin #wazirxwarriors #cryptocurrency

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