The History of Bitcoin and its Advantages That Made it Popular!
In Oct 2008, a mysterious entity published a white paper that has outlines of a new cryptocurrency. That mysterious entity was Satoshi Nakamoto, who released that cryptocurrency code in 2009 for the first time.
Bitcoin network came into existence in 2009 and later was considered as the first modern cryptocurrency. Bitcoin is a virtual digital cryptocurrency used as a medium of exchange, just like traditional currencies.
At first, bitcoin’s value was negligible, and people used bitcoin units to appreciate people for their services and buy goods and services. People considered its negative factors and didn’t take an interest in investing in it.
Later bitcoin advocates found the underlying technology on which the bitcoin network is based. Blockchain technology is a public distributed ledger that keeps a record of all bitcoin transactions and makes the entire network secure.
In 2013, bitcoin gained immense popularity, and its market value was more than $10 billion. After attracting many people, the first ATM appeared in British Columbia, and from them, its growth is unstoppable.
Numerous private companies, businesses, and agencies started accepting bitcoins, which leads to businesses and companies’ growth.
The growth of bitcoin was because of plenty of advantages. You can also easily trade bitcoin on the Crypto Group and be a part of the future wave.
Advantages of Bitcoins
Accepted as a medium of exchange
In today’s time, numerous merchants are accepting bitcoins as a payment method. Some sites have been developed to buy physical items virtually using bitcoins.
If you want to limit your exposure to traditional currencies, then start accepting and dealing in bitcoins.
Easy to make transactions internationally
Bitcoin transactions are not restricted to borders, and users can easily make transactions in-country and internationally.
Like ATM cash withdrawals, international money transfers, and credit card payments, no transaction fee is charged when making international transactions.
The international credit card charges over 3% of bitcoin transaction value and the money transfer fee are more than 15%.
Bitcoin transactions are easy to make because there are many bitcoin exchanges and ATMs all around the world.
User Anonymity and Privacy
Doing transactions with fiat currencies that connect with bank accounts doesn’t secure the privacy of users. Undoubtedly, bank accounts ensure private user information safety but keep track of every transaction made by the user.
The bank accounts are vulnerable to hack attacks, which record all your information about spending and receiving the funds.
The underlying technology of bitcoin, i.e., blockchain, ensures the entire network is secure and provides complete protection to users’ funds.
Bitcoin transactions are transparent, but no one can track your activities or personal identity of the user because the central government or banks do not govern them.
Bitcoin is the most demanded and popular cryptocurrency and has greater liquidity when compared to other cryptocurrencies. The users get the most value of their funds while converting bitcoins into traditional currencies.
It is a fact to be known that most of the cryptocurrencies cannot get exchanged directly for conventional currencies, and if done, they lost their value while exchanges.
This is why bitcoin is similar to traditional cryptocurrencies and can easily buy and sell goods and services.
Low transaction fees
Bitcoin charges minimal and sometimes no transaction fees when compared to digital payment methods like PayPal and more.
The cost differs at every bitcoin exchange, and in cases where bitcoin charges a fee, it charges over 1% of the transaction value. The digital payment methods charge around 2% to 3%.
A limited number of bitcoin
Only 21 million bitcoins exist, which indicates it has a built-in insufficiency feature. Unlike fiat currencies created by central banks, bitcoins are scarce and have a long-term value alongside traditional currencies.
Sovereignty from Political Agents
Bitcoin is a decentralized currency, which means it is neither controlled nor created by any banks or government, making it sovereign from political agents.
Because no third-party is involved, it is difficult for the government to ban bitcoins. The liquidity and popularity of bitcoin are in the hands of its creators, traders, and investors.