Bitcoin is the first technological and financial innovation that emerged from a grassroots movement and gained popularity over almost a decade. It was launched in 2009, and since then, the cryptocurrency has only grown in the right direction. Crypto coins like Bitcoin, Ethereum, Dogecoin, and Litecoin are becoming famous. The trend of new cryptos is making people think about whether investing in bitcoin is still worthwhile or not. But, undoubtedly, it is. Bitcoin is considered the best of all cryptocurrencies. Throughout its journey after release, bitcoin is still holding strong. But what makes bitcoin different from all these well-established cryptocurrencies? Irrespective of the risk factor and volatility, why are more people investing in it? Let’s know the reasons behind it.
More and more people own Bitcoin. More and more merchants accept it. And more and more reputable institutions are starting to adopt it. Those are all signs that Bitcoin is slowly coming through its growing pains. If you want to start bitcoin trading learn the advantages of using bitcoin.
Bitcoin is user friendly, time-consuming, and profitable
In just a few years, bitcoin trading has evolved so much. In the beginning, people were facing issues using bitcoin. Transactions from individual wallets were not so smooth initially. But, this picture is not the same now. The growth of various cryptocurrency exchange platforms made the transaction process seamless to complete. Buying, selling, saving, and spending bitcoin is faster than other bank transactions. Crypto debit cards and credit cards are also available. Even bitcoin ATMs are there too. Did we ever think of any currency having this much versatile usage? One can use bitcoin anytime, anywhere, for any purpose. It’s economical to use. It’s time-consuming. And, it’s profitable. According to the report from Crypto.com, this February, about 70 million people owned Bitcoin among the 100 million who have invested in cryptocurrency this month.
Worldwide acceptance of bitcoin as merchandise payments
As we said in the past, some difficulties arrived regarding bitcoin payments. Marchants struggled to accept bitcoin as payments from customers. But technology has fixed the problem and made bitcoins acceptable in almost every field of today’s economic industry. Worldwide acceptance of Bitcoin is one of the factors that will keep it alive. There are some examples of how widely the bitcoin network is spreading.
In 2020 PayPal launched a new service enabling its U.S. account holders to buy, hold and sell bitcoin directly from their PayPal account. It significantly increased Bitcoin’s utility.
Elon Musk, the co-founder and CEO of Tesla, is the richest person globally, holding cryptocurrencies, including bitcoin. In 2021 he announced that Tesla was buying $1.5 billion worth of Bitcoin and would accept Bitcoins from U.S. customers willing to buy Tesla cars.
In 2014 when bitcoin was still largely unknown, Microsoft became an early adopter by accepting bitcoin as payments for games, apps, Windows Phone, Xbox, etc.
Companies like overstock.com, travala.com, AT & T, Starbucks, Cheapair.com, Dallas Mavericks, Amazon, Expedia, and Home Depot are working with third-party apps to accept Bitcoin payments in their stores.
Financial institutions are adopting bitcoins
The financial institution was initially very sceptical of Bitcoin. However, with the wide acceptance and growth comes an increased demand for more and more reputed financial institutions to adopt it. That makes bitcoin even more strong.
Banks have announced their plans to adopt cryptocurrency. One prime example is U.S. Bank which launched a Bitcoin custody service for institutional investment managers in October 2021. Another bank is Wells Fargo which announced its decision to offer crypto funds to wealthier customers in May.
Brokers such as eToro, Nightcap, Saxo bank, Capital.com, AvaTrade, Interactive Brokers, and Swissquote started to offer bitcoin trading.
Bitcoin has now made its place on the balance sheet of the world’s top financial companies. Big institutions have also brought bitcoin. JP Morgan has its dedicated blockchain unit called Onyx. It will also launch a Crypto Exposure Basket that will invest in companies with crypto exposure. The Motley Fool announced a $5 million investment in Bitcoin.
So, these are why bitcoin is winning among more than 400 available cryptocurrencies, and people can rely on it.