What is Bitcoin? Why is it so popular?

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2021.02.12 / Last modified at 2021.04.06

Cryptocurrencies are indeed a hot topic right now amongst those who earn their money online. Its popularity has been increasing every year and Bitcoin is becoming more and more mainstream than ever before. Bitcoin is a form of cryptocurrency that has a unique feature that allow every transaction to be anonymous and not be traced by anyone, basically Bitcoin is not own by any bank, nation or monetary agency. By now every person should have heard or at least know the name Bitcoin thus leading to the price of Bitcoin to skyrocket steadily. In 2009, 100 Bitcoin was less than a dollar but now one Bitcoin cost you about thirty thousand dollars to buy one.

Many individuals around the world use and trade Bitcoin because it is easy and have such high convenience and most importantly the blockchain technology that has such a high security feature. Let us see some of the reason that allow Bitcoin to gain such popularity over the past decade

It’s decentralized Bitcoin’s network isn’t controlled by anyone. Not even the Feds. Every computer that mine bitcoin or make a transaction become part of its blockchain technology and start to work together as one. Thus it mean that, one central authority cannot interfere or take away people’s bitcoin. In another word, it’s practically impossible to get other people Bitcoin.

It’s quick and ease to use Bitcoin transferring process is indeed quick and convenient for those who use it because it doesn’t relate or interact with any other bank which would cost additional transfer fee. The transferring process of Bitcoin goes like this: Let’s consider a scenario where there are two person who want to transfer their Bitcoin. Person A want to send to person B so person A would have a wallet where it hold A’s Bitcoin address, so does person B. Thus person A’s would need B’s address so he can send his Bitcoin to person B. It’s quick and fast and doesn’t require any form of fees.

Those who own Bitcoin are anonymous Each and every bitcoin transaction doesn’t include both side of party’s address, name, id or anything that would leak or give information about the transaction thus giving both parties pure anonymity.

To sum everything that has been stated so far, every futurist in this era think that Bitcoin will be a new form of currency that would be used in the near future. Bitcoin is still growing days by days so it’s still new to some people but an early investment on Bitcoin right now would be ideal for those who are looking to retired faster in their 30s in the future. It’s not too late because the price of Bitcoin keep increasing from year to year. So decide for yourself and start investing now.