Bitcoin, and cryptocurrency in general, has in the past decade, completely revolutionized the way we view investing, and the financial market in general. A survey has shown that, in the United States of America, 17% of the adult population has an investment in Bitcoin, and the percentage is even greater for cryptocurrency in general. Not only that, but 51% of the people questioned who had no investment in Bitcoin, said they would like to know more about the phenomenon.
The future of Bitcoin is looking bright as well, as people from younger generations, millennials, generation z, etc. are far more likely to invest in Bitcoin, than make any other investment, or trust any other institution. This is likely owed to the fact that Gen Z, and Millennials are far less trusting of the establishment, and prefer to trust their own research and rely on their individual talents.
However, many are curious just how Bitcoin got to be so popular in the past decade since its existence. There are quite a few contributing factors to Bitcoin's popularity, not the least of which, its proven success rate, as Bitcoin has seen a drastic rise in value, and many investors have made insane profits off of Bitcoin. Another likely factor in Bitcoin's popularity, is the rise of the crypto trading sites like the ones found here, which make Bitcoin investing easy, and accessible to anyone.
But, even with Bitcoin's rise in popularity, many are still not aware of the perks and benefits it provides. So for the uninitiated, this article will explain the basics regarding Bitcoin.
What is Bitcoin?
Starting out with the most basic of questions, just what is Bitcoin? Bitcoin is a digital, decentralized currency, which is cryptographically encrypted in order to verify proof-of-ownership, and protect users from hackers. As it is decentralized it is not beholden to governments, or banks, or other central authority figures, which means Bitcoin does not succumb to the numerous fees that banks impose on fiat currency.
This allows for a greater degree of user autonomy, and user anonymity when making Bitcoin-based purchases, which is one of the main things that attracts people to Bitcoin in the first place. So now that we've answered what Bitcoin is, the time has come to talk about, where it came from?
Where did it come from?
Bitcoin, as an idea, was first introduced to the public in 2008, when the anonymous, Bitcoin creator, under the pseudonym Satoshi Nakamoto, published his paper Bitcoin: A Peer-to-Peer Electronic Cash System. Following the success of the paper, Nakamoto in 2009, less than a year later, officially launched Bitcoin, and mined the first block of Bitcoin himself.
A year later, the first transaction using Bitcoin would occur, when 10.000 Bitcoins were traded for two large pizzas from the popular food chain Papa John's. Bitcoin's value at the time was less than a dollar, which makes it all the more impressive that today, a mere eleven years later, Bitcoin's price has drastically soared to a single unit being worth tens of thousands of dollars today.
What are the Benefits of Bitcoin Trading?
Bitcoin is a decentralized, digital currency.This means that there are quite a number of perks that come with trading Bitcoin, as oppose to other, more traditional assets. The first thing is that it is not beholden to a central authority. This means that when trading Bitcoin, banks can't take a fee, as the cryptocurrency system is entirely based on peer-to-peer interaction.
The second benefit comes from the fact that Bitcoin transactions, and most cryptocurrency-based transactions in general, are entirely anonymous, and almost impossible to track. For those who value their privacy, Bitcoin transactions certainly is the way to go as you only need a Bitcoin wallet.
Lastly, as the crypto trend grows, so does the number of companies that have become interested. Many big-shot company executives have expressed their interest in cryptocurrency, and quite a few reputable stores and businesses have begun to accept payments made with Bitcoin. So, it is more profitable than ever to jump on the crypto bandwagon in 2022.
While Bitcoin has proven very successful as a financial investment, many are still curious about its future. Some fear a drop in value. To assuage those fears, let's talk about what some of the Bitcoin experts and analysts believe about Bitcoin's future.
Many experts predict the price of Bitcoin to rise by the end of 2022, as more people are embracing Bitcoin, and it has even been embraced by countries like El Salvador. Some believe that Bitcoin's price may double by year's end, however, this remains simple speculation.
To say some final words, Bitcoin is more popular than it has ever been. This popularity may continue to grow in the future, as the world is becoming ever more digitized and more and more people are spending time online, researching new methods for trading.
So, if you are interested in the phenomenon, bear some of the things said in this article in mind when you start your Bitcoin trading journey.