What Made Bitcoin Popular Among all Cryptocurrencies
Bitcoin is the first-ever cryptocurrency in the digital currency era that came with the most modern technologies. On 3rd January 2009, the world witnessed a revolutionary introduction to a decentralized economy. On that day, Satoshi Nakamoto laid the foundation of a decentralized economy. Hal Finney, the creator of the first row, was the first receiver of that genesis block. He installed the bitcoin software and got rewarded 10 bitcoins by Satoshi Nakamoto. Thus, the bitcoin journey begins. Later, many other cryptocurrencies were invented and involved in the crypto market like bitcoin, ether, dogecoin, etc. Bitcoin Lessons goes through many ups and downs, but in a decade’s journey, bitcoin is maintaining the lead. Let’s know about some of the great features that make bitcoin the most popular cryptocurrency.
- First decentralized currency:The bitcoin payment system is the first-ever decentralized payment system. Not only payment but the total regulation is also decentralized. That means no government can rule over it. No company can own it. No banking authority can control it. The government does not determine even the value of bitcoin. It is distributed to individuals.
- Technology:This empowers Bitcoin, and is aided by decentralized technology. Bitcoin works as a peer-to-peer network. A peer is a block that is distributed among the users. Every block holds the same data.To create a bitcoin, the user has to verify a block, or he can add a block to the chain. The mining process does Bitcoin creation. In this process, the user needs to solve a cryptographic puzzle. Once it is solved, you are within the bitcoin chain.
- Reward: This is the most interesting part of the bitcoin system. When an individual mines a block to create a bitcoin,n he is incentivized by some bitcoin currency. This makes bitcoin more popular. Now, many people started mining bitcoin. However, mining is a powerful and energy-consuming process. It needs a strong hardware setup to mine bitcoin.
- Fast transaction: In the traditional method of online transactions, we all face some issues related to delayed transactions, bank servers, transaction errors, etc. Since there is no third-party governance, Bitcoin transaction work more speedily as compared to the conventional mode of transaction. You can transfer your bitcoin money anytime to anyone sitting in any corner of the world.
- Economical- If we think about a transaction related to any bank,many transaction charges and additional charges are associated. But, in a bitcoin transaction, no change or a negligible amount of charge is needed.
- Safe transaction: Bitcoin transaction is undoubtedly safe. Bitcoin mining is based on cryptographic encryption that gives stability and safety to a block. Crypto keys safeguard the transactions. There are two types of keys, one which is public, and the other is private key. This form of transaction nullifies the dependency on validation. This became a solution to the problems posed by the conventional platforms.
- Limited source:There is always an upper limit on the number of cryptocurrencies circulating in the market. For example,at the time of its release, the bitcoin protocol fixed the number of maximum bitcoin,which is 21 million. Till today about 19 million bitcoin is already mined. So, there is a less number of bitcoin left to be mined. This factor increases the demand for bitcoin. And the demand also increases its value of it and vis versa. Thisunique supply and demand policy makes bitcoin even more famous.
- First-mover advantage:Bitcoin is the first digital currency. It creates its history in the crypto era. It almost creates a brand or a trend. Until the end of the world, this first-mover label will be thereirrespective of how many cryptocurrencies arrive in the market.
- Bitcoin leads to many other cryptocurrency creations:The creation of bitcoin has shown the world the way to invent many other cryptocurrencies. All the other cryptocurrencies follow almost the same technology asthe bitcoin network.
So, bitcoin is getting more and more acceptable by the world. It has become the most demanded investment factor today. If you also want to invest in bitcoin, you can go to the platform Bitcoin era, where you can check its current price and make your investment.