There will never seem to be a shortage of bitcoin news and opportunities. The ever-presence of the leading cryptocurrency in our lives started over a decade ago. From the very moment it stepped on the scene, the fascination of people and investors never faded, only increased. In the modern ay, things are largely the same as it is still the most popular and the most valuable digital currency in the world.
But why is it still the case? How come nothing has overcome it yet, after eleven something years on the market? If you are interested in finding out the reasons why bitcoin is still the king of all cryptocurrencies, you have come to the right place. In the article before you we will explore exactly what still makes it so appealing to the masses and why more and more people invest in it each year. To further your knowledge and expertise on the matter, make sure to check out bmmagazine.co.uk, where you can learn the basics for initial bitcoin investing.
1. Head Start
There is no denying that bitcoin is the pioneer in the crypto industry. The main advantage, at least if we look back from now, is that it existed first. When the first BTC was mined in 2009, it remained the single such entity for around two years. It took until 2011 for other digital currencies to show up. Sadly, for them, BTC has already been used by thousands, and thousands more were mining it. It was only worth around $13 per coin, but that soon changed.
More importantly, when the second crypto was launched, more than 8 million bitcoins were circulating the networks, a market cap of over $100 million. To this day nobody managed to come even close to it, and even though the market percentage was huge before, it is still amazing at the current 50%. This means half of all virtual currencies are bitcoins, and what more do you need to be the leader?
2. Acceptance and Mainstream Status
For the same reasons of being the first in history, bitcoin is now the model crypto coin and the one everyone associates to digital money. It is like Coca-Cola in the drinks industry, McDonald’s in the fast-food industry, or Nike in the sports apparel industry. When you think of an example product, you think of such brands. Well, when an average Joe starts contemplating cryptos, it is BTC that comes to mind first. This then reflects itself in the investments from new users who usually make their initial investment in bitcoin and nothing else. Despite its infamy of volatility and sudden jumps and falls nobody can follow or expect, it is still the main player in the game.
Best of all, due to the mainstream approach towards it, it is now a legitimate form of payment on numerous online shops, as well as in real-world stores. High profile techies, celebrities, and businessmen like the Winklevoss Twins, Bill Gates, Elon Musk, and Ashton Kutcher, Floyd Mayweather, Lionel Messi, and Snoop Dogg are all avid supporters who speak highly of bitcoin and who actively invest in it. There is hardly anything better than the support from the world’s most famous individuals. Brand recognition is at its highest with BTC.
3. New Record
Towards the end of 2020, bitcoin experienced another sudden rise in worth per single coin. By then, the record was nearly $20,000 which happened in December of 2017. For the better part of 2020, the leading crypto kept a rather favorable and steady value of between $11,000 and $13,000. However, starting from November of 2020, it started to rise slowly and ended the year with a worth of $28,990. An absolute record.
Things hardly ended there, however, as the new record occurred on January 8, 2021, an amazing $40,675.80 per 1 BTC. Right now, at the time of writing, it sits at $37,311 and it seems that there is no sight of slowing down and that another sudden jump is possible. Some estimates from the last two years expected this and much more, so it is good to see that the experts were right with their predictions. Such an increase drew in even more investors from all over as everyone wants to jump on the train and make some cash in the process.
4. Bright Future
Remember we said experts expected something like this to happen? Well, they originally claimed that either towards the end of 2020 or in early 2021, 1 BTC would be worth around $100,000. This is not that impossible despite it sitting around $40K right now. More importantly, this speaks of the sheer potential that the king of all cryptocurrencies has, as well as the belief of the leading members of the tech industry and finances.
As many claims, there is no limit to the potential of bitcoin and it could have already achieved a lot of it if it had not been for the traditional, reserved, and conservative governments, banks, and other institutions. Everything that cryptos bring to the table disrupts the current norms of operating with money and imposing laws, which is why many countries banned it or greatly limited its potential.
Things are slowly turning for the better and it is now clear that there is no stopping it. If we do not move with the times, we will be left behind and suffer the consequences. The sooner we realize that the future belongs to digital money, the better.
These are somewhat true for most cryptocurrencies but bitcoin still does them the best, or rather, they are achieved at their highest levels with bitcoin.
You cannot really hack into and steal bitcoins or other digital currencies during the transactions, nor can you access an e-wallet without the unique key the user has.
The fact that nobody can know who is behind the electronic wallet key that stores your bitcoin balance is revolutionary, and among the top reasons, it is both popular and controversial.
7. Media Attention
As mentioned, you are constantly hearing about it on TV, the web, and in the newspapers. You cannot escape it, which is why it will always remain relevant.