What Is The Key To Bitcoin Success?
This blog post will cover:
- Bitcoin is a «digital gold»
- Bitcoin price over the years
An important reason for Bitcoin’s popularity is the lack of control over the transaction performance by regulators, as well as high speed, privacy and availability of financial transactions. Casual actions such as paying with a credit card or making a funds transfer outside the country of residence require payment of a large bank commission. Foreign transfers sometimes take several days. Bitcoin solves this issue in minutes.
Bitcoin is a «digital gold»
With the rise of Bitcoin popularity among the ordinary users, cryptocurrency began to be noticed by large institutional investors and even the leaders of different countries. Media resources have reported that Bitcoin is a «digital gold», able to replace fiat money.
The presence of a large number of projects in the blockchain industry (more than 12,000) didn’t prevent Bitcoin from remaining a leader on all counts. The capitalization of Bitcoin today is more than $380 trillion, which is 37% of the total market capitalization. Most users also continue trusting the PoW consensus algorithm as a benchmark for reliability, decentralization and privacy.
Bitcoin is called «digital gold» with an emphasis on its reliability to save funds. Bitcoin’s emission is limited to 21 million and will be finally mined by 2140 only. Precious metals, talking about gold now, are considered by traditional investors as a protective asset for long-term funds preservation. The amount of precious metals in the world is also limited.
Bitcoin price over the years
In 2020, amid the constraints caused by the pandemic, stock markets were actively declining. At the same time, Bitcoin brought huge profits to its investors.
In 2021, Bitcoin continued its upturn rally, beating its previous high and reached the price of $70,000.
The downtrend of 2022 doesn’t kill the investors’ faith in Bitcoin. Experts continue to expect new price records, starting from $100,000.
SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.
