Bitcoin is the most successful cryptocurrency on the market, having hit peak values of over £60,000 per coin. Its competitors, Ethereum, Tether and Ripple, come nowhere close to Bitcoin when you compare the number of owners and investors. For example, over 100 million users across the globe own Bitcoin, with many of them Bitcoin-made millionaires. 14% of the entire population of America owns Bitcoin and this is expected to skyrocket after Bitcoin has predicted a rapid rise in value by the end of the year.
But why is Bitcoin so popular?
History of Bitcoin
Bitcoin effectively started the cryptocurrency market back in 2009, when an unknown group or person released it to the world. At the beginning, talk of Bitcoin was relatively quiet, especially since financial experts weren’t making a very big deal out of it. But once some early investors got onboard, a domino effect took hold and more and more users started to buy Bitcoin. This resulted in the value of Bitcoin growing exponentially, bringing more press attention to the cryptocurrency and with the attention, more users.
Over the past decade, Bitcoin has continued to grow in popularity, even though it’s paved the way for the birth of more cryptocurrencies. Now there are hundreds, and Bitcoin is still leading the market, and will continue to do so if its history is anything to go by.
Recent news sparked a surge in Bitcoin buying after the Japanese government announced that it would accept cryptocurrency as a valid currency, with other countries set to discuss doing the same in the next two to three years. The result? Mass use of Bitcoin, and the eventual elimination of “traditional” currencies.
Although Bitcoin’s current popularity and constant attention might paint a picture of it being all smooth sailing for the cryptocurrency, this couldn’t be further from the truth. Bitcoin has had its fair share of struggles, especially in 2018 and 2021 when they experienced two major crashes.
The 2018 Bitcoin crash is what financial experts now call “the burst of the crypto-bubble”, the first and biggest massive fall in value for Bitcoin. It lost between 65-80% of its overall value which is mainly due to the regulatory crackdown that the likes of both US and China put in place when there was a cryptocurrency boom during 2017. It’s suggested that some governments wouldn’t want cryptocurrency to become mainstream because it would prevent them from being able to track money as they do now with more traditional currencies. Whatever it was, Bitcoin managed to survive the crash and bounce back quickly, spurring even more people to buy into the crypto whilst its value was so low.
The second big crash came in spring 2021, again after a boom in late 2020, and many forecasters predicted it would be bigger than Bitcoin’s first crash. When it came, it hit Bitcoin big, but it wasn’t just Bitcoin that took a massive hit after $300 billion was wiped off of the whole of the cryptocurrency market. Close competitors Ethereum and Litecoin also saw their value drop substantially during this time causing panic for investors across the world.
Bitcoin’s value in the market
Bitcoin’s value fluctuates, much like every currency, but it’s considered far safer to invest in than other currencies. Mainly because even when it crashes or it takes a dip, it always manages to bounce back to even greater value than it previously was at. Not only that but it’s continuously broken its own value records over the last 2 years, and expectations are that it will break them again by the end of the year.
As of the end of May 2021, Bitcoin is valued between £30,000 to £35,000 per coin, after taking a dip in the last 4 weeks.
Why is Bitcoin so popular
Bitcoin has many benefits that physical currencies don’t have; mainly that it uses blockchain technology for added security and safety. Pair that with the use of “e-wallets” that add a layer of encryption and it’s almost impossible for hackers or malware to get your funds online.
That’s not the only reason why Bitcoin is popular, the fact that it has created thousands of Bitcoin millionaires, as well as Bitcoin billionaires, and it’s obvious to see why people would want to buy into it. People have earned high profits by investing and trading in bitcoins with the help of automated trading bots. Check out the Bitcoin Era app 2021, which is regarded as one of the best trading robots in the cryptocurrency market, with built-in algorithms for automatic trading.
What does the future of Bitcoin look like
The future of Bitcoin has never looked brighter, especially since its becoming far easier to buy and sell with the cryptocurrency. Take 50 Cent and Snoop Dogg as an example, both offered their fans to buy their albums using Bitcoin, making 50 Cent a Bitcoin millionaire in the process!
Predictions are that Bitcoin will become more mainstream, as governments across the world accept that cryptocurrency is here to stay. This will push more people, hundreds of millions in fact, across the world to buy in Bitcoin, driving the value up. So it couldn’t be a better time right now to invest, before the prices soar far above affordable.
People that have invested in Bitcoin
It’s not just financial experts that are betting on Bitcoin, tech giant Elon Musk has been backing the success of Bitcoin for a while, even investing hundreds of millions of dollars of it into Tesla. The outcome? Tesla is set to make more from its Bitcoin investments than its own sales this year, an almost unheard of result.
Why you should invest in Bitcoin
There’s so many opportunities for good investments with Bitcoin, especially if you use 3rd party platforms that automate the investments for you. These platforms use an intelligent algorithm to identify the best deals on the market for you to buy and sell Bitcoin, making it an easy way for you to make passive income on the side of your day job. You can trade Bitcoin utilizing one of the many legitimate crypto exchanges on the market. Visit this site https://www.economywatch.com/uk/cryptocurrency/buy-cryptocurrency, if you are interested in using the best UK crypto exchanges for buying, selling and trading bitcoins. Even if you are a newbie trader with little trading experience, this tutorial will show you how to get started in the market.
If you’re an inexperienced investor, or completely new to it, Bitcoin is the perfect start to your investment portfolio. Start buying today and see how much money you can make in as little as two weeks!