The phenomenon of crypto, hands down, has been one of the most revolutionary innovations in the digital field. Ever since its inception in 2009, through the creation of the first crypto, ‘Bitcoin’, numerous virtual currencies have been developed and introduced to the world. However, bitcoin has been the talk of the town almost throughout the time with the highest market cap and value of the currency. Although many crypto have emerged recently, with their demand increasing drastically, Bitcoin still dominates the demand of crypto among people in the market. Currently, as we write this article, the market cap of BTC stands at a whopping value of $1.1 trillion.
More recently, due to the prevailing global economic crisis as well as the increasing digital innovations in the crypto, there has been a significant increase in the acceptance of digital currencies all around the world, regardless of the domestic economic conditions. The purpose of this article is to further increase our readers’ trust and confidence in the crypto market, specifically by shining light upon different aspects of the leading digital currency in the world, ‘Bitcoin’. We will be referring to several key aspects of BTC such as its special characteristics and features, the investment potential in this digital asset and several other aspects and mechanisms.
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Therefore, without any further ado, let’s hop on to the topic under discussion, which is the top factors we believe make BTC the best crypto in the market.
Features of BTC which make it the pioneer of crypto market
- BTC offers a great deal of User-friendliness: Bitcoin is regarded as one of the simplest crypto among the rest due to the user-friendliness it offers to its users, especially the beginners. It is claimed that Bitcoin takes the share of the crypto market by almost up to 65% or even beyond this level. While people have used it as a brilliant method of purchasing goods and services (payment method for purchases), others have gained massively by buying and selling BTC on the exchanges, which has allowed these people to make millions of profits through this day-trading. The underlying volatility of BTC has allowed people to make profits in trading, while keeping the risks safely low.
- Bitcoin as the Pioneer Virtual Currency: Ever since its creation, all the way back in 2009, Bitcoin has always dominated the crypto market, and no matter how high any other crypto has risen meanwhile, none ever surpassed bitcoin, keeping it undefeated since the last decade. As we write this article, BTC trades at $58,611.20 on Tuesday, 9:00am.
- The massive Supply and Circulation of BTC: It should be known that the Bitcoin network has a massive supply and circulation of its currency all around the world. While the dominant crypto moves around in the developing and even under-developed countries as well, the governments of the developed countries have mostly relaxed restrictions on the circulation of digital currencies such as bitcoin. It should be known that what makes the supply and circulation of bitcoin so high is the fact that its single unit can be divided down to almost 8 decimal places i.e., 0.000000001. This smallest unit of a single BTC is known as a ‘Satoshi’. This allows the Bitcoin network to distribute its currencies units to a wider range of people with different buying capacities, hence increasing the supply and circulation and consequently the demand of Bitcoin all around the world.
- High Usefulness of Bitcoin: It should be known that Bitcoin runs on one the biggest and most widely trusted and accepted technologies, known as the ‘Block chain technology’. Block chain technology is one of the most secure technologies in the world and is widely popular for its highly secure features, thus guaranteeing safe transactions upon it. This technology is also considered to be impenetrable, which then again, increases the credibility of bitcoin as a crypto and thus pushes individual and retail investors all around the world to invest huge sums of their money in this crypto.
- Moving your Bitcoin Holdings: For the holders of BTC, moving it is one of the easiest and most convenient tasks, which can be aided by several tech, such as the digital wallets and several other tech tools. Also, this transfer of BTC occurs within seconds or minutes hence also being beneficial for users in terms of timeliness and efficiency. The massive scope of transactions uses quite less cost for electrical energy to travel. Given the digital nature of crypto itself and its other facilities such as the block chain network, mining and the digital wallets, all of these technologies are digital, which run on devices which themselves run on electricity. Hence, proving that for these processes minimal physical contact is required, which shows high convenience in terms of conducting activities through BTC.
- Durability: Bitcoin ensures durability through itself due to the fact that all the payments made on the network of Bitcoin are safe and secure and these payments, due to their encrypted nature prevent any form of losses for the users, while they are conducting the transactions on the block chain technology.
Also, unlike the normal fiat, which is physical in nature, crypto is incapable of being physically damaged or torn out due to its digital nature. Also, BTC can’t be lost physically or be robbed from your pockets as they rest inside your digital wallet.