Not only Bitcoin (BTC) is the world’s largest cryptocurrency, but it is also the most popular of more than 18,000 cryptocurrencies circulating in the market.
If you would have talked about Bitcoin with someone years back that person might not take you seriously. Bitcoin has come a long way since it was launched into the market in 2009.
Many global leaders and celebrities have come forward in the support of Bitcoin and labelled it the best alternative to fiat or traditional currency. Media eagerly covers the news surrounding Bitcoin which has made it an inescapable part of the landscape.
Bitcoin has grown massive over the past few years and people like to hold it for a long time. You may be attracted by people making a lot of money by investing in Bitcoin and want to do the same for yourself.
So, let us find out why holding a Bitcoin is important for success in cryptocurrency.
What is Bitcoin?
Bitcoin is a digital currency that has no physical presence and exists online. It is a decentralized currency that you can buy, hold, and sell.
Bitcoin is a first-generation cryptocurrency and the world’s largest cryptocurrency by market capitalization. Bitcoin runs on a peer-to-peer network and is supported by blockchain technology.
The risks of fraud have been remarkably reduced in the past, thanks to cryptography that ensures the enhanced safety of Bitcoin.
The protocols of Bitcoin are designed in a way to limit its supply. This ensures an inflation hedge in the crypto market.
Carl Runefelt, alias, The Moon, is a global crypto leader who believes in the worldwide adoption of Bitcoin.
According to him, “Bitcoin is genuinely game-changing, and it represents a massive transformation for the global economy and, indeed, the whole globe. It represents a paradigm change.”
Benefits of Bitcoin
Bitcoin is not only a currency that you can hold but it is also an asset which you can invest to make money.
Many people have become millionaires by investing in Bitcoin, thanks to its positive adaptability and profitability.
Bitcoin is a decentralized cryptocurrency which means that it operates free from the influence of a bank or government.
The transactions of Bitcoin are unanimous and recorded on a public distributed ledger. The Bitcoin ledger ensures enhanced safety and profitability as compared to other cryptocurrencies.
You can make a Bitcoin transaction at any time anywhere in the world as it is available 24/7.
Carl says, “Bitcoin is the only non-political money in the world. Remember guys your bank money can get frozen, and your gold can get confiscated, but Bitcoin remains whether you’re in Slovenia or Sweden or Dubai. No matter where you are, Bitcoin is always online, always working for you, and for everyone else.”
Things to Remember when Investing in Bitcoin
Bitcoin is the buzzword in the financial market at present. People are eagerly looking to invest in Bitcoin to earn profits.
But Bitcoin like other cryptocurrencies is volatile and its value can fluctuate at any time.
Here are some important things that you should do when investing in Bitcoin:
- Invest what you can easily afford to lose.
- Always do market research before investing.
- Read the current trade charts of Bitcoin to understand the market trends and Bitcoin fluctuations.
- Avoid investing based on the market hype and always follow facts.
- Once you have purchased Bitcoin, never share the key to your wallet with anyone.
Why You Should Care
If there is one thing that is increasing the popularity of Bitcoin, it is its acceptability.
Bitcoin with each passing day is becoming a liquid asset. Large corporations are collaborating with existing Bitcoin clients to gradually accept Bitcoin payments.
More importantly, the number of people keeping Bitcoin as a store of value is increasing by the day. These are some valid reasons why you should care about Bitcoin.
Carl, on his YouTube channel, The Moon, says, “Bitcoin now is accepted in more countries than gold as legal tender, which means that Bitcoin is now more useful than gold which has been the form of money in the world for many years.”
Bitcoin is not only the pioneer cryptocurrency but the world’s most valued one too. No other cryptocurrency has even come closer to its value even during a Bitcoin dip.
The meteoric rise of Bitcoin has captured the attention of many investors. Today, people always prefer investing in Bitcoin more than any other cryptocurrency. So, you should start investing in Bitcoin when it is affordable; otherwise, one Bitcoin may be out of your reach soon.