Synopsis: Bitcoin has been around for a little while now, and this article describes some of the reasons why it has remained at the top for so long. Bitcoin is decentralised and easy to work with. Users are anonymous, but all previous transactions are public, and despite having broad applications, there are minimal fees associated with Bitcoin, and this article explains what each of these points has to do with Bitcoin’s popularity.
Despite hearing about it all the time, the idea of Bitcoin and the way it works are difficult concepts to grasp, and if you can’t make sense of the technical aspects, you can at least learn why people love it so much. The following are some of the greatest qualities that Bitcoin has to offer, and they are all things that greatly separate it from traditional currencies and even other cryptocurrencies.
Bitcoin Is Decentralized
Whereas traditional currencies are controlled by a central authority such as a Central Bank, the machines that mine and process Bitcoin work together to make up much of the network, and there is no central authority. This gives individuals greater control over their Bitcoin and prevents a single authority from doing things such as manipulating policy or taking people’s Bitcoins away.
Easy to Start
Compared to a traditional bank account, your Bitcoin account can be set up in minutes, if not seconds. No questions or fees are required to set up, and you don’t even need to leave your home. Anyone can buy Bitcoin instantly and do so without worry.
Not only can you hold multiple Bitcoin addresses, but none of these addresses is linked to your personal information, so Bitcoin is entirely anonymous, and transactions cannot be traced back to you.
While you are kept anonymous, the transactions themselves are available to everybody. If you have heard of Bitcoin, you have probably heard of the blockchain, which is a giant ledger that contains all the Bitcoin transactions that have ever taken place. This dramatically reduces the risk of fraud and makes it easy for merchants and users to verify transactions.
Low or Non-Existent Transaction Fees
Money transfers are almost always accompanied by fees, and when it comes to international transfers, these fees can be frustratingly high. However, this is not the case with Bitcoin, whose fees are either extremely low or non-existent.
More and more companies are beginning to accept Bitcoin as payment or use it for their interests. Governments around the world are starting to look at this more seriously, as it can be implemented in many government operations.
The First and Most Reliable
Bitcoin was the first decentralised cryptocurrency and continues to be one of the most reliable. It’s incredibly secure and is often considered an “honest” form of money. It protects people from theft, taxation, devaluation, and confiscation, among other things, making it extremely attractive to a lot of people.