Right from the time Bitcoin came into the market in 2009, this cryptocurrency has gathered worldwide interest, and this has been the case even to this date. In 2020, the Bitcoin search was way higher than “Ethereum.” Even Google Trends has added that the interest in the Bitcoin area was mostly from non-western countries. Its growing popularity has convinced many nations to accept Bitcoin. Hence, companies like China and Sweden have introduced national cryptocurrency's value. Many countries like the UK, USA, and Canada have introduced regulations to make cryptocurrency use more regulated.
- Multiple statistics claim that Bitcoin is here, and its popularity is on the rising side.
- Right from that time, the market capitalization declined a bit, with 600 billion USD in June 2021.
- The market capitalization is mostly calculated by just multiplying the total Bitcoin numbers by the circulation of its price.
- The Bitcoin market capitalization has increased from around 1 billion US dollars in 2013 to several times since its popularity grew in 2017.
It is not that hard to state that there are certainly some factors that clearly make Bitcoin so famous among the masses. If you are willing to be a part of the crypto trading world, it's important to understand the key aspects of the Bitcoin market. If you are convinced with crypto market, then you can click on bitcoinscircuit.app and be a part of this trading section on your own!
Lower transactional fees:
One of the primary reasons behind the growing demand for Bitcoin among the masses is its lower transactional fees. Bitcoin will always attract less cost than traditional methods like financial institutions.
- Most people are now going for Bitcoin in order to send money, mainly across borders.
- The lower transactional fees of Bitcoin clearly make sense for most people, especially when purchasing services or products online.
The popularity during the pandemic stage:
Bitcoin’s popularity suffered a huge blow in 2018 and was pretty dormant most of the time in 2019 as well. But, it started picking up its pace in 2020 all over again.
- During this time, Covid-19 battered the global economies and forced the entire world to impose lockdowns at regular intervals. That resulted in devastating consequences on the global economy font. Even some of the mainstream investments took a major hit.
- The growing fears among the investors regarding these traditional assets created that perfect environment that gave rise to Bitcoin all over again.
- As per some of the cryptocurrency experts, the global investment sectors are now embracing digital coins as an alternative asset to the traditional ones like gold, equities, and money.
- As per some recent research surveys, Bitcoin is also seen expanding beyond the limited circle of speculators and tech geeks.
- The financial services and global investment banks have stated that in case of long-term purposes, the value of Bitcoin will see a sharp rise only if volatility remains under strict control.
No sign of government involvement:
Most people are in love with Bitcoin and its idea as it does not have any central bank or government as a regulatory authority. As it has already been proven in Covid-19, no matter how much turmoil a country is going through, Bitcoin will always remain constant in its job profile.
- For most investors, Bitcoin provides a major tool to protect their wealth.
- All these points are enough to prove why Bitcoin’s value keeps on rising every passing year. And for good reasons, of course.
Quite easy for anyone to use:
Everyone can use Bitcoin because the methods are pretty straightforward. Most online businesses have already adopted it. Nowadays, you will see so many websites using Bitcoin as the main payment method as well. This is becoming quite prevalent as most people keep adopting this digital currency. In some instances, you can also see the use of Crypto Debit cards. It is now just a matter of time before this debit card will also blow up and become the main mode of payment transfer!
These are some of the common reasons why bitcoin has gained so much popularity. Being a pioneer in cryptocurrency, it enjoys a special status in the crypto market. However, there are other cryptocurrencies that should grab your attention and includes names like it area Cordana, Litecoin, Dogecoin, and others.