There was a time when people didn’t know anything about the Cryptocurrency market.
And, then, all of a sudden, Bitcoin was introduced, and it took the world by storm. Since then, many similar currencies have come and gone. But, no one could tarnish the massive reputation Bitcoin has garnered.
Related Post: 3 Other Important Cryptos Other Than Bitcoin
Is it because Bitcoin was introduced at such an early time period? Well, no, not really. As you probably already know, Cryptocurrency existed even before BTC was found.
So, that’s not the reason behind the uproar regarding Bitcoin. There’s a lot more to it. And, you’re only going to find out about it if you keep reading till the end.
And, if you need any assistance regarding the BTC buying strategies or something as such, don’t forget to visit the Immediate Edge site.
What’s The Reason Behind Bitcoin Being So Popular?
Initially, the adoption of Bitcoin was relatively slow. Nonetheless, as the world of Crypto became more renowned, its popularity began increasing massively.
Here are some of the factors that played a part in this regard.
Reason – 1: Blockchain Technology
Unlike any other Cryptocurrency available prior, Bitcoin runs on the coveted blockchain tech. Therefore, it looked much more distinctive to people than the alternatives.
Besides, the aforesaid technology is quite transparent in almost every approach. Therefore, the risk of getting scammed was relatively low here.
Reason – 2: The First Mover Benefit
Although it wasn’t technically the first Cryptocurrency available in the market, Bitcoin was launched at the earliest – before Dogecoin or Ethereum.
Thus, it became quite easy for the currency to capture the attention of the market and become more popular than anything else. And that’s why no other currency could garner the same amount of investment as Bitcoin, even when the latter is performing poorly.
Reason – 3: Security
Bitcoin is secure from almost every viewpoint. For instance, if you buy a Bitcoin, you’ll be the sole owner of it until you sell it again.
Hence, even if someone can break through the security structure of blockchain, they still can’t do much about it. At least, as long as they don’t have the ownership.
Reason – 4: Scarcity
Cryptocurrency, especially Bitcoin, has been a limitation in numbers, unlike our money. So, the availability of the same will end after some point.
Besides, the application of the same is pretty limited. For example, as of now, you’ll only be able to use it in the tech industry. However, it’ll get global after a point in time.
So, that’s another advantage of using it.
FAQs – Frequently Asked Questions
In this section, we’ll answer a few queries that you might have regarding BTC and everything related to it. Please keep reading to find out more about it.
Which Crypto Is Most Sustainable?
If it was 2018, we’d have said Bitcoin without thinking twice. However, considering the current scenario, we don’t feel so confident about it. Instead, in our opinion, SolarCoin or Stellar will be the one to follow for now. Even Ethereum can perform pretty well in this regard.
Why Bitcoin Is The Future Currency?
Well, Bitcoin has everything that we’re currently looking for in our economic strata. It’s much more secure, cannot be stolen, and isn’t regulated by any authority. It’s the core idea of the “free-fire” currency we were looking for from the beginning!
Is Bitcoin Eco-Friendly?
Nope, not really. Sometimes, the miners take various steps that might hurt our environment in multiple ways. A report on it has suggested that Bitcoin mining is responsible for around 65 megatons of CO2 in a year. It’s pretty concerning if you ask us.
The Bottom Line
Honestly speaking, Bitcoin has been here for quite a while now. Hence, it’s pretty natural for the same to be the most popular Crypto available out there.
However, if you’re thinking about investing in this aspect now, we’ll ask you to avoid BTC right now. After all, it’s not really going through a golden patch when talking about the price currently. So, you’ll end up losing a large chunk of investment.
Instead, Ethereum might be a much better option for you in this regard. It’s safer, doesn’t affect the environment too much, and is much more secure than BTC itself.
So, if you opt for the same, it’ll be a win-win situation for you.