As of 2021, Bitcoin’s network has around 5 million users. Its potential leads many experts to believe that this cryptocurrency even has the power to become a global universal payment method in the distant future. It is widely accepted by users from all around the world thanks to the fact that it benefits them, rather than the banks.
Not only that, but banks are excluded from the process and they cannot hassle the parties involved in a transaction in any way. Because Bitcoin’s network grows each day, especially in the recent period, when Bitcoin spiked in value and topped $50,000, we decided to name the main reasons as to why people are so fond of it. Let’s break down the details.
The Obvious – They Can Make A Lot Of Money
The first and obvious reason as to why they like it is because it allows them to make a lot of money. Bitcoin is the only currency that can transform your life and make you an overnight millionaire. No other payment method or currency is as profitable as Bitcoin.
If you are wondering how do people make money with it, we are more than happy to explain the process in the simplest way.
To earn Bitcoin, you can either buy it or mine it. Many people choose to mine it since it is free, although it is hard to do. By mining, we mean that you need to solve complex puzzles. Each solved puzzle equals a successfully verified and recorded Bitcoin transaction, which equals Bitcoins as a reward.
After you earn it, you visit trading sites to sell it. One of the most reputable trading sites, Bitqs, even uses advanced AI systems which analyze the market and collect all the data about Bitcoin. That data is used to predict the future fluctuations of Bitcoin, or in other words, predict the price. Knowing the future price is a very powerful asset for the traders as it can help them maximize their profits.
Superior Compared to Regular Payment Methods
The second reason why people are so fond of Bitcoin is that this cryptocurrency has tons of advantages over regular payment methods. First off, all transactions are instant. While you may think that this is the case will all other payment methods, you may be mistaken. Take credit and debit cards as a comparison. While the funds are instantly transferred from your account, it takes up to a few days for them to be received, due to the processing time that banks have. That is not the case with Bitcoin.
Next up, Bitcoin provides its users with a higher level of online security because all its users gain a certain level of anonymity when they trade. Regular payment methods do not have this feature, and the risk of a scam is much greater.
Finally, Bitcoin is highly decentralized and self-sustainable. We mentioned that banks are excluded from every transaction, which means that they are powerless and cannot impose various added and/or hidden fees. General fees for international transactions with Bitcoin are also lower. So, by using Bitcoin as a payment method, users can save money with each transaction. While many would think that Bitcoin is just a myth, trust us, it is the real deal and it represents the future of online payments.
What About Other Cryptocurrencies?
There are tons of other cryptocurrencies, but Bitcoin is also superior to them, which is the third reason why people are so fond of it. Bitcoin has far greater security, focuses on user anonymity much more, has greater liquidity, and most importantly, it is by far the most valuable. Its network is also far more stable compared to other cryptocurrencies, and Bitcoin has huge future potential.
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