With the emergence of online banking and digital payments, digital finance management has become popular among the mass.
In 2009 when Bitcoin was first launched there were too many rumors, doubts, and myths that revolved around it. However, it must be appreciated that Bitcoin has stood the test of time over the year to prove its potential as an investment.
Bitcoin is a cryptocurrency that functions as a form of digital money and is quickly gaining favour across the globe.
Since these are digital assets there is no physical existence of a Bitcoin crypto assets and all its transactions are operated through a public ledger blockchain, which is completely decentralized.
Each bitcoin is mined by solving a complex mathematical program, which uses an encrypted code. There is a limit of Bitcoin which is 21 million, and there at any point in time maximum of 21 million coins can be in circulation.
Nevertheless, according to analytic records, several coins have already been lost for a variety of reasons, including sudden death, forgetting virtual passcodes to access cryptocurrency wallets, etc.
Quick Facts about Bitcoin
- Cryptocurrencies, like Bitcoin, Cardano, or Ethereum, use cryptographic encryption and blockchain technology to operate.
- Currently, 19.4 million Bitcoins are already in circulation out of the total limit of 21 million.
- Cryptocurrencies are not regulated by any central authority like banks or government, they rather operate as a ‘decentralized’ form of currency.
- Many cryptocurrency trading platforms allow the purchase of Bitcoin using your credit card, for which you need to pay a fee to your credit card operator.
Bitcoin Acceptance is on the Rise
Bitcoin has created a lot of buzzes lately with acceptances from major brands and multinational companies not only as a mode of payment, but these companies have also shown interest in Bitcoin investment.
MicroStrategy, Tesla, Voyager digital LTD, etc. have come up as prominent investors in Bitcoin. Besides through the last decade, there has potential growth in the acceptance rate of this digital currency as a mode of payment.
Companies like Microsoft, Etsy, Home Depot, Overstock, PayPal, Starbucks, etc. have been some of the leading brands exhibiting progressive trends in accepting Bitcoin as a payment mode.
This acceptance has led to greater demand and popularity of Bitcoin in the cryptocurrency market.
Bitcoin Investments Continue to Grow
Platforms like Cash App or PayPal have reported a steady rise in the number of investors associated with these cryptocurrency trading platforms.
The extensive rise in the revenue of Cash App to $1.6 billion is a clear sign of the growing investors.
In 2020 Cash App revealed a whopping profit of $30 million in the third quarter.
The Bitcoin Bull Thesis
Undoubtedly, Bitcoin even after its price drop after November 2021, remains to be the most popular cryptocurrency in the world.
Bitcoin has an overwhelming market cap of approximately $360 billion. Besides that, Bitcoin has exhibited a long-term track of consistency in terms of holding the most popular crypto token despite its volatility.
In November 2021, Bitcoin crossed its all-time high mark of $69,000, after which it dropped in price, but even after a drop it still holds the leading position among all existing cryptocurrencies.
Bitcoin is increasingly being accepted as a good investment apart from other financial assets. It is indeed being approved by investors and market analysts as potential prospective portfolio diversification.
Owing to its fixed supply there is a constant demand for Bitcoin. Besides, investors seem to prefer decentralized operations, and the security offered by blockchain technology also ensures that your transactions are secure.
The cryptocurrency market which had a slow start initially is gushing to reach new horizons of market capture and capitalization.
One of the major achievements accounted to the cryptocurrency system is the acknowledgment and recognition from many countries which now consider cryptocurrency as a legal mode of payment and deem it good for trading.
Apart from countries, iconic corporate houses throughout the world have started accepting crypto payments and have invested in digital currency as well.
Bitcoins which are proposed to be the future of the economy have already headed on their way and if you are also seeking to invest then you can find the Official Website useful to put your first step.