Today, there are many different opportunities for traders to make profits. Since there are many different opportunities, it is easy to get confused about which market you should try your luck with. Since the pandemic, most of the markets have suffered and as a result, traders were not able to make a lot of profit. However, those who entered the crypto market are happy with their decision to start trading cryptocurrency. Cryptocurrencies, including Bitcoin, have seen massive growth in the last couple of years and many people have made fortunes by trading these crypto assets.
Cryptocurrencies, mostly Ethereum and Bitcoin, have been in the spotlight for quite some time now. More investors and traders are entering the crypto market as the demand for cryptocurrencies increases. A lot of people do not know about any other cryptocurrency apart from Bitcoin. This is because Bitcoin is the most well-known cryptocurrency and offers more opportunities to make profits than any other cryptocurrency. Many people have started trading Bitcoin. It is understandable that many traders and investors will not know about how the digital currency or its blockchain network works. Fortunately, with the help of an automated trading platform, such as immediateedge.biz, making profits through Bitcoin trading has become very easy and simple. The trading software takes into account many underlying factors before automatically placing trades on behalf of the users. Many people have made huge amounts of profits with the help of automated trading.
The price value of one Bitcoin was less than $1,000 a few years ago but the price value of one Bitcoin right now is around $50,000. It is important to note that there are a number of reasons for the growth of Bitcoin. We will now look at some of the most significant factors that have caused the increase in Bitcoin’s price.
Easy and quick transactions
As Bitcoin and other cryptocurrencies are getting more popular everywhere around the world, more people are supporting the use of cryptocurrencies instead of traditional money. This is mainly because of the advantages that come with cryptocurrencies. For instance, Bitcoin is a decentralized currency and Bitcoin users can send and receive money without having to wait for any bank or any central authority figure to confirm the transaction. An internet connection and a device are all you need to perform a Bitcoin transaction. This offers great convenience for the customers and can make their transactions fast and easy.
High adoption rate
More and more online merchants and businesses have started accepting Bitcoin as an acceptable payment method and this is another reason why Bitcoin continues to get popular. Moreover, Bitcoin is a global digital currency and people all around the world realise that Bitcoin may as well be the future of money.
Another advantage of Bitcoin is that you can send and receive the cryptocurrency at any corner of the world. However, as mentioned previously, you will need an internet connection and a device that will help you access your digital wallet and perform the transaction. Those who believe that Bitcoin is not here to stay should know that it is very easy to convert your crypto assets into cash any time you want.
Many people enjoy the advantages that Bitcoin’s decentralized nature has to offer. Most of these people or businesses want to keep all their profits to themselves and with Bitcoin they are not required to pay any taxes. No bank, government or third party can interfere as the cryptocurrency uses a peer-to-peer network. The users will have complete control of their financial activities without any restrictions from the government or a bank. And restrict your financial activities.
Multiple uses of Bitcoin
We have already looked at many advantages of Bitcoin. Even though Bitcoin was developed to be a means of exchange, people see the cryptocurrency as a tradeable asset and an investment opportunity as well. This is why many investors, businessmen, traders, and other individuals are showing their interest in Bitcoin.
Investors buy Bitcoin and wait for a long time until the price goes much higher. Think about it, those who bought and stored Bitcoin a couple of years ago have made huge profits due to the increase in price. Traders try to buy and sell more frequently and try to take advantage of everyday price movements in the crypto market. It would be safe to say that Bitcoin provides us with a lot of opportunities to make money.
PayPal & Cryptocurrencies
PayPal, the global digital payments company, announced in October 2020 that they will now allow cryptocurrency buying and selling features on their platform. When these features were launched, four majorly traded currencies were included, namely Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Paypal also expressed its plans of allowing users to perform cryptocurrency transactions in the future.
Today, Paypal has over 377 million users around the world and these users will now be capable of using cryptocurrencies as means of exchange. Moreover, PayPal’s 30 million merchants will also have the option of receiving cryptocurrency payments. When Bitcoin was launched in 2009, PayPal criticized cryptocurrencies and did not believe Bitcoin would ever become a sustainable digital currency. Now as Bitcoin grows, along with PayPal’s and others’ support, there has been an increase in the demand for cryptocurrencies and that has caused an increase in the price value of Bitcoin.
Venmo, which is a mobile payment service owned by PayPal, is another popular payment platform that will allow over 40 million users to make payments with cryptocurrencies. More and more online platforms are now jumping on the bandwagon and helping cryptocurrencies, like Bitcoin, grow. Moreover, many countries like Germany, USA, Japan, etc. have taken a positive stance towards Bitcoin and cryptocurrencies.
Once we have learned about the reasons why Bitcoin continues to grow in popularity around the world, it wouldn’t be wrong to say that most people prefer using cryptocurrency in order to perform fast transactions and make profits through investing and trading.