Cryptocurrency is currently trending, and this hasn’t happened overnight. It was back in 2008 that Satoshi Nakamoto published having a digital currency in a paper. Since then, a lot has changed, and cryptocurrency has evolved. Today, various celebrities and industry leaders actively talk about it, invest in it, and endorse it. However, the leading coin at this time is Bitcoin.
There are several others, such as Ethereum, Cardano and Tether, to name a few. But everywhere in the news, one can find the mention of Bitcoin. Bitcoin’s fame is such that it has almost become a synonym for cryptocurrency. So what is it that makes Bitcoin so famous, and what is the hype around it? After all, Bitcoin is the coin with the highest value at this moment.
Let us look into the reasons:
Bitcoin was the first cryptocurrency
Bitcoin was the first-ever digital currency. There is a legacy attached to it. Additionally, as the first coin in the market, crypto enthusiasts have always remained the most trustworthy.
Even for people starting with or planning on doing so, Bitcoin is the first choice. Although other currencies are gaining ground, none of them has been able to compete with the legitimacy of Bitcoin as the original crypto.
Bitcoin has the most significant number of users
Bitcoin had its origin in 2008. Its existence precedes all the other coins. Although a few people were interested in the process of mining or trading back then, as the concept of cryptocurrency gained ground, people started exploring the new investment opportunity.
Naturally, because of the sole existence of Bitcoin at that point, it was the first and mostly the only choice for new users. Bitcoin kept on gaining more and more users. Currently, Bitcoin has the most extensive user base compared to any other crypto.
Easily acceptable by merchants
Bitcoin is old. Being the one coin that came first and had the most users, it is also trustworthy. Along with it, Bitcoin has made many people very rich within a short period. These are the reasons why most businesses have accepted Bitcoin in recent times.
There is no centralized power when it comes to cryptocurrency. There is no government involvement. There is no involvement of the bank. Transactions are easy, fast, and economical. These features are the reason why significant businesses and merchants have started accepting Bitcoin as a legit currency.
Bitcoin is more Accessible
Bitcoin is the most crucial cryptocurrency because of its value and trustworthiness. This characteristic is the reason why it is also the most accessible to most people. If you want to mine Bitcoin, there are several ways. You can do it alone or get in touch with other miners to conduct mining together.
On the other hand, it is also easy to deal with Bitcoin. Apps like https://bitcoin-equaliser.net/ make it easy for anyone and everyone to trade in Bitcoin. Due to this, most businesses also accept Bitcoin nowadays. With all the endorsement it has gained over the last few years, one can expect that in the future, trading Bitcoin and mining them will become as easy as ordering a product online.
Bitcoin is the US dollar of virtual currency
We all know how the US Dollar is the virtual currency in the modern world and how every other coin is compared to it to judge its value and, after that, the country’s economic condition that the money belongs to. Bitcoin is the same when it comes to digital currency.
It is the leader in the market, and there are several reasons for it. With the number of people connected with Bitcoin and the amount of time it has been in the market, it is trustworthy and has a massive value.
These are precisely the reasons why there is a continuous hype around Bitcoin. It is not only the first coin; it is also the most popular among investors and enthusiasts. It is also the one people trust the most, simply because Bitcoin has existed for a long time.