Bitcoin, the world’s first cryptocurrency has taken the world by storm. Bitcoin was created in 2009 and since then its price has shown significant improvement. From $0.01 to $20,000 per coin, Bitcoin has seen several ups and downs. Lately, there was speculation that Bitcoin is nearing its death. But that rumor doesn’t last for long because Bitcoin was quick to recover and regain its value.
Bitcoin enthusiasts and investors strongly believe in the technology behind digital currencies. At present, there are more than 2000 active cryptocurrencies in the market. Still, Bitcoin remains the most popular cryptocurrency and it’s believed to be the future of finance.
Bitcoin was created by a person pseudo named Satoshi Nakamoto. Bitcoin is a form of digital currency which is built on the Blockchain technology. It is decentralized and can be used to purchase real-world goods without relying on a third party like a bank or credit card company. It is a digital proof which operates without any central bank or financial authority. It can be kept as an investment or used to buy other cryptocurrencies.
When it comes to investing in Bitcoin, people have different opinions. These contrasting views are due to market volatility and stories of extreme success or a massive failure. Some people totally reject the idea of investing in Bitcoin. While some believe that it’s too late and there’s no more opportunity left. However, both of these opinions are wrong. If you’re interested in investing in Bitcoin, there are still more opportunities lying ahead. In this post, we’ve shared the top reasons why investing in bitcoin can be a good idea.
There are hundreds of cryptocurrencies but Bitcoin has the highest adoption rate. This is primarily because Bitcoin has proved its credibility. Bitcoin has demonstrated its strength over the years and credit goes to its underlying technology. This most successful digital asset is also widely traded in South American countries, including Argentina, Colombia, and Venezuela. There must something about this coin that even top-level executives have an optimistic view about it. One such big name is Tom Lee, ex-strategist of JP Morgan and co-founder of Fundstrat who firmly believes in this technology.
Ongoing Development & Better Regulations
The Bitcoin developers are continuously working to further develop and improve the technology. These developers make sure that Bitcoin is not static. They keep adding superior privacy features and boost its scalability. One such major innovation is hard forks followed by further sub hard forks like the hard fork Bitcoin Cash is forked out to BCH SV and BCH ABC. Besides continuous development, some regulations are also being introduced. These regulations will help in reducing uncertainty and prevent crypto scams. Strict regulations will encourage fearful investors also to enter into the crypto market.
Bitcoin is a lucrative asset for investment because it’s scare. The scarcity and high demand for Bitcoin make it profitable for investment. As the largest cryptocurrency in the world, Bitcoin’s demand is quite high. Also, when it was launched, its supply was fixed at 21 million coins. This means that no more Bitcoins can be mined once this limit is reached. At present, more than 17 million coins are already mined. This scarcity and high demand result in increasing the value of Bitcoin.