Everyone who is new to the world of cryptocurrencies hears the name Bitcoin even before they can understand the entire concept of digital currency trading. Bitcoin’s popularity has reached the point where it is considered synonymous with cryptocurrency – almost every layman believes bitcoins is cryptocurrency. This is not true!
There are hundreds of different kinds of cryptocurrencies in the digital money market. Each of these currencies has its own value and benefits; the traders choose the one they think will fetch them the most profits. So, despite having so many options to choose from, why is it that bitcoin is the most popular digital currency in the world?
The popularity of bitcoins depends on a number of reasons; let’s have a look at a few of them;
Bitcoin was the first ever cryptocurrency in the market
One of the reasons for its popularity is the fact that bitcoin was the first digital currency in the market. Back in 2009 the creator of bitcoin, Satoshi Nakamoto made peer-to-peer electronic cash public, which later became known as bitcoin. It allowed traders to carry out completely safe and anonymous transactions; these; two factors immediately made it a favorite among traders.
Bitcoin’s history and its success as a profit generator have earned it its reputation and place in the market.
It is more accessible
Things are changing fast in the digital currency market; despite so many trading options available now, bitcoin still remains one of the most accessible cryptocurrencies. It has more supporting hardware, software and quite a good number of exchanges. It also has a healthy pool of traders and its developer ecosystem is bigger than other currencies.
Bitcoin has a strong network
This is one of the biggest benefits of bitcoin trading; it has a large network, which keeps growing as more and more traders are being pulled in. The newcomers are more comfortable in trying their luck with something that has been around for years instead of the newer versions of digital money. Bitcoin’s security, availability, authenticity, and anonymity have been tested over time that is why it is, perhaps, the most trusted digital currency in the market; therefore, this trust keeps adding new traders to the network.
This huge network makes bitcoin the most powerful digital currency available today.
Bitcoin is decentralized
In simple words, bitcoin has no choking point! Other currencies are usually owned by an individual entity (person or company), which gives the owner more influence over the currency. Bitcoin, on the other hand, is decentralized, which means it does not have a bank or any third party that regulates the transactions. Therefore, bitcoin depends on its own value, which protects its owners from external economic factors. Moreover, bitcoin transactions are not subjected to any bank or third party fee or policies.
Since its inception, bitcoin has seen many new types of digital currencies sprout, most of which simply replicate bitcoin’s properties. However, despite all the efforts of the owners of these new currencies, the privacy and security bitcoin has offered, is still unrivaled.