Often regarded as one of the greatest inventions of the 21st century, Bitcoin has witnessed immense success since its inception in 2008. Bitcoin was one of the first cryptocurrencies that actually connected with the people and solidified its position in the market.
After almost a decade since it was launched, Bitcoin has become the biggest and most popular cryptocurrency in the market. It has revolutionised the monetary and payment system that we have. Above all, Bitcoin has provided people with a hope of better future where people will have complete control over their money.
But what are the reasons behind this success of Bitcoin? Why has this cryptocurrency become so phenomenal? Well, let’s find out:
• The first blockchain cryptocurrency:
Bitcoin is the first cryptocurrency that actually used blockchain ledger to facilitate the transaction of money. The concept of blockchain was first coined by someone under a pseudonym of Satoshi Nakamoto on a thesis paper back in 2008. That thesis paper first introduced the world to the concept of a decentralised cryptocurrency.
Though many experts argued that it is mathematically impossible to build something like Blockchain as it violates certain laws of computer science, Nakamoto proved everyone wrong by providing the world with the first blockchain fuelled cryptocurrency, Bitcoin.
• Completely decentralised:
The most interesting thing about Bitcoin that attracted the people most is the decentralised process of Bitcoin. Every transaction and process in the Bitcoin network is completed by utilising complex mathematical equations.
Yes, it does not require any permission from any centralised authority to transact or receive money. Thus, it is not controlled by any government or any higher authority. The power lies completely on the Bitcoin network.
As a result, Bitcoin allows people to have a complete control over their monetary assets. As the power of the centralised monetary bodies like banks increase at an alarming rate, the role of people in the monetary system is becoming more and more insignificant.
And people are suffering due to the authoritarian behaviour of the financial bodies. Bitcoin being a decentralised cryptocurrency provides you with the power to have complete control over the money and that is something that has attracted people to invest in this cryptocurrency.
• Easy transaction of money:
Transacting money from one country to another has always been a hassle. Whether it is the high transfer charges, the restrictions of the banks or the hassles of a wire transfer, the experience of transferring money are never fruitful. However, the experience is bound to change if you use Bitcoin.
Bitcoin offers you to transact money to any part of the world without any hassle at the expense of moderate transaction fee. And it is also very easy to transact money in Bitcoin as all it takes is to match the cryptographic equations to transfer the money.
Honestly, there are several other reasons that have made Bitcoin popular. But the ones mentioned above are the most important. Bitcoin has brought a storm of revolution along with it and it is changing the corrupt monetary system that we have; thereby rooting for a better future.