Hailed by supporters as a market-disrupting liberation, Bitcoin has been incredibly successful in not only making its way into the limelight but staying there. This has not been without harsh criticism from the other side, however. It has been demonized by cynics and skeptics alike, labeling it as a dangerous, anarchist project to overthrow modern capitalism and some even going as far as to call it the swindle of the century.
Despite the constant censure, one thing remains certain: Bitcoin is here to stay. Since its inception in 2009, Bitcoin has had its fair share of bull runs and bears but it always seems to bounce back. In fact, Bitcoin aficionados treat many near-fatal volatility incidents as just flesh wounds. Massive plunges of up to 80% are welcomed as fortuitous buying opportunities by investors. And even though its highly volatile nature may be viewed as a weakness by many, it is, as a matter of fact, the evidence for the digital asset’s longevity.
Bitcoin rallied about 200% this past year and achieved new horizons as it hit a record high of about $42,000 in early January. Granted, its value has crashed significantly since then, the popularity of this cryptocurrency, however, still seems to be intact and on the rise.
Over the course of its 12-year life so far, there have been a number of reasons why it has continued to stay relevant. Here are 3 major ones why Bitcoin won’t be going away anytime soon.
Above The Competition:
Bitcoin was the first digital asset to beget an entire ecosystem of cryptocurrencies and its place in the kingdom is still unmatched. It continues to be the top dog in the crypto space even though a number of new crypto coins have successfully gained significant traction in the past few years. Some of them, such as Ethereum, Litecoin, etc. have been quickly climbing through the ranks. However, none of them have even come close to achieving the popularity that Bitcoin has amassed.
One of the main reasons for this is the fact that Bitcoin’s volatility is unmatched. While it may lose its value at any moment, it also has the capability of turning people millionaires overnight. Its high volatility is seen by investors as a great opportunity to earn massive returns.
There has also been a rise in the availability and usage of trading bots. These bots use advanced technologies along with powerful algorithms to capitalize on short-term crypto booms. With the entry of trading bots, many investors now have the luxury to sit back and relax while the bot does all the work on their behalf. For more information, visit thebitcoinsystem.io
Integration with Payment Systems:
Given its popularity, it was only a matter of time that many financial payments giants jumped on the Bitcoin bandwagon. Today, a number of large institutional organizations offer the exchange of bitcoin as a payment method. This clearly goes to show that Bitcoin still has a long way to go and it’s only just the beginning for this digital asset.
PayPal, in October of 2020, announced that its users would have the ability to buy and sell bitcoins as a means of transaction. Since then, Venmo, Square, and CashApp have also started accepting bitcoins. Other major companies such as Microsoft, Wikipedia, BMW, and many more have adopted Bitcoin as a payment method as well.
Its Unregulated Nature.
Bitcoin uses blockchain technology under which the users can send bitcoins directly to one another without the need or interference of a third party such as the government or banks. This allows Bitcoin to be decentralized which essentially means that the market is unregulated.
No regulations allow for transactions to be carried out with more privacy which is what many people are now trying to achieve. Bitcoins have been accused to be the primary currency of criminals, however, that isn’t necessarily true. Many businesses that may be using tax avoidance schemes that are not illegal will find this system useful as this information would not be public knowledge.