In this day and age, we can see that concept of cryptocurrencies has become more popular than it has ever been. Sure, we all know that the first couple of years weren’t as easy. There was a lot of skepticism that surrounded them for various reasons. The most important once is that nobody really had control over it. That’s why they were ignored for a lot of time. However, the situation has changed massively in the last couple of years. Now, countless people from all over the world are interested in crypto trading.
Investing in cryptocurrencies has become extremely popular as they are very profitable and can provide you with a life-changing experience. There are many stories of how profiting from cryptocurrencies managed to change the lives of many people in a very short period and that is why people are so fond of them. For instance, we all know the story about a man who brought a pizza for one BTC. While it was never confirmed, it is a great indication of what many people thought about this concept at first.
Not only that but they are completely optimized for online use and have tons of advantages over regular payment methods when it comes to completing a transaction via the Internet. We are talking about PayPal, Pioneer, and others. Over the years, we’ve witnessed the creation of hundreds of cryptocurrencies, but there is one that managed to remain on top at all times. However, not all of them are as credible as the one we call the “king of all the cryptos”.
We are talking about Bitcoin. It was the first cryptocurrency on the market and 13 years after it was created, it remains the top choice of many traders, despite all the problems that have occurred recently, with fluctuations with its price. The recent change was massive, from $61,000 to $30,000 in a couple of days. With that being said, we wanted to name a few reasons why you should opt-in for Bitcoin when thinking of diving into the crypto world. Let’s check them out.
Massive Institutional Interest
First of all, BTC is the most superior cryptocurrency on the market and it is used by millions of people. It also has numerous advantages over regular payment methods and that is why the institutional interest in it is massive. The most obvious feature is how fast-paced the transactions are. They are complete in a matter of seconds. When you compare it to all other channels, you can see that it is the fastest one by far.
Numerous companies, including global brands, have decided to accept payments with BTC. The institutional interest increases the stability of the network, which ultimately, increases its value. Some of the most popular global brands that accept BTC payments are Expedia, Microsoft, Shopify, Whole Foods, and Overstock. Without a doubt, this massive adoption rate that occurred in the last couple of years had a positive influence on the price growth we’ve witnessed.
Trading Sites Focus Their Services on Bitcoin
As you may know, trading sites are the marketplaces where you can connect with buyers and sellers once you register. Reputable platforms such as Quantum-AI support numerous cryptocurrencies, but since BTC is very popular, they are always tailoring their services for it. When you take a look at some other cryptos available on the market, you will see that a vast majority of them are not as reputable. The only ones that can be compared to BTC are Ethereum and Cardano.
Not only that, but many trading sites, including the one we mentioned above, have AI systems that can analyse the market and collect the latest data on this crypto. The data is then used to make accurate predictions on its future fluctuations and help traders maximise their profits. Sure, these predictions about the price movements in the future are crucial for being successful in the market.
Its Value is Second To None
BTC has had quite an impressive year so far. Not only is it valued at $40,000, but back in April, it managed to reach yet another historical achievement as it crossed $63,000. That made it more valuable than gold, which is something that no other product or service has managed to do. However, this success was followed by a massive drop. But many experts say that we can expect it to rise to more than $50,000 by the end of the year.
Just to compare, the only cryptocurrency that comes close to Bitcoin’s value is Ethereum. But the price difference between these two is enormous. Ethereum’s current value is around $2,500. As we’ve said, others are not as significant as these two are. If you take a look at the market, you will see that there are a lot of them to choose from. Some were created to be competitive to these, but they proved to be surplus to requirements. Now, they are present on the market, but their presence is insignificant.
It Is Legal in El Salvador
Recently, El Salvador managed to write history as it became the first country in the world to legalize Bitcoin. As you may know, this country does not have an official currency, which made it hard for Salvadorans who are living abroad to send money to their loved ones. Therefore, this choice has become a great way for them to do so.
In an attempt to make it easier for its residents to receive money, the president of El Salvador signed a law that states that BTC is legal. Congress voted in favour of this law and now people in this country can legally trade with BTC So far, it is the first country that has focused on only one of these digital currencies.
Before El Salvador, Belarus was the first country that legalized the complete market. Furthermore, the government has decided that all of these transactions will not be included in the taxation system until 2023. Sure, you will agree that this is a great potential for the country to attract serious amounts of money and developing its economy. Especially now when all the economies are devastated by the global pandemic of COVID-19.
As you can see, BTC has many advantages over other cryptocurrencies. So, it’s no wonder that a vast majority of traders are opting for it than for all others combined. Its network is more stable, the value of Bitcoin is second to none, and most importantly, it has greater liquidity. That means that this cryptocurrency can be converted to cash faster than the competition.
These benefits are more than a reason why you should consider investing in Bitcoin. If you don’t want to sell it, you can rest assured knowing that many global brands accept it as a payment method. We are certain that BTC has a bright future.