What is the hype around bitcoin?
Bitcoin, considered the most widely rendered and oldest mining cryptocurrency in the entire market right now, has gained a lot of popularity in recent times. What are the things that draw people’s attention to bitcoins? Well, studies have shown that people tend to go after certain cryptocurrencies when their value increases or there seems to be a steady growth in their rate chart in the market. There was nothing different for bitcoin but some other factors also did pump up the popularity of bitcoin.
How did Bitcoin come to fame?
- Since its first introduction to the market in the year 2009, Bitcoin had very little growth in the market for nearly 3 years straight.
- A man used a pseudonym for himself to be Satoshi Nakamoto, who drafted the idea of bitcoin and introduced it to the market at a value of 0 USD. He started it with 50 coins and mined the first one on the 3rd of January 2009.
- For more than two years no one heard much about bitcoin until high professional business modulators started talking about it on Twitter.
- A tweet from the CEO of Tesla, Elon Musk, who is well known for his foreseeing ability with science and technology, encouraged people to utilize the cryptocurrency market where he mentioned many different cryptocurrencies. Bitcoin was one of them.
- When listed down by many big entrepreneurs across the globe and also by the likes of Elon Musk hinting at it, people started investing their liquid wealth to this digitized version of currency which gave a big breakthrough to bitcoin in the cryptocurrency market.
Why did bitcoin hype so much?
- Nobody firstly believed bitcoin to be a hit. But from almost a negligible amount, when the bitcoin market rose to 1 USD in 2011, people started thinking of this currency as an actual mode of transaction that can be beneficial and secure.
- In 2013, during a major period of bull run of the international share markets, bitcoin finally rose to 100 USD, and there was no stopping it thereafter.
- By the time of 2017, it became the first cryptocurrency to reach the 10000 USD mark and thereby became the costliest digital coin in the market.
- Many large Multinational companies started investing and also allowed bitcoin to be a legitimate mode of transaction.
- Jeff Bezos, the CEO of Amazon, enlisted bitcoin transactions as one of Amazon’s inclusive features, Elon Musk ensured people of using bitcoin to buy vehicles from Tesla.
How is Bitcoin beneficial?
- Bitcoin has a market more than some of the major companies currently. With its prices skyrocketing to almost 20000+ USD, it is one of the steadiest cash-flowing digital assets that a person can currently possess.
- Bitcoin is considered as one of the safest modes of a transaction as all of it is encrypted and the algorithm is so developed that the encryption changes every minute.
- Bitcoin can be used by companies supplying raw energy to other different companies for their usage. As Bitcoin miners require a huge amount of energy in mining a single bitcoin, the energy company could trade off using the bitcoins resulting in the smooth flow of work.
Bitcoin being the most widely used and popular source of cryptocurrency can be a great method to invest in. The digital market always increases currently with a very low chance to crash below its 20000 USD mark which it currently has established. Also, the security of the transactions is another remarkable issue that would help in safeguarding the money that you would invest through bitcoin.
Even with the origin of so many become a trader in the market, you can easily plan and invest in the bitcoin market and let the stocks decide the increase in value of your coin. This was all the hype around Bitcoin.