For over a decade, Bitcoin has been the most spoken about currency on the planet, mainly due to its constant surges in popularity and huge valuations. When it began back in 2009, Bitcoin was the first of its kind, an encrypted online cryptocurrency that the government had no control over, in terms of deciding its fluctuations. To start with, financial experts were skeptical, mainly because they couldn’t see that the more traditional currencies would ever be dropped for a cryptocurrency like Bitcoin.
Since then, however, Bitcoin has taken the world by storm, with over 100 million adults in a variety of different countries all owning and consistently investing in Bitcoin. But how did this cryptocurrency reach such great heights in such a short amount of time?
The history of Bitcoin’s success
Being the first of your kind is either going to make you a huge success or a massive failure, which is something that the makers of Bitcoin took a huge gamble on. Luckily for them, it has reached levels of success that no one saw coming, with Bitcoin costing now, on average, between £35,000 to £50,000.
When it was first released, the reception and interest in Bitcoin was minimal, with a few early investors trying their luck on something completely different to what they already held in their investment portfolios. As more and more people started to hear about Bitcoin, and how much it differed from traditional currencies, the more people started to invest. This created a domino effect across the world, as hundreds of thousands of people started taking an interest in Bitcoin, and ultimately, buying it. The outcome? Bitcoin’s value continued to increase, causing more media attention, therefore more people finding out about Bitcoin and choosing to invest. Added to this, the automated trading bots are also considerably raising the trade volumes. Have a look at immediate profit Coincierge.de that provides information about the immediate profit trading bot that trades Bitcoin, Ethereum and more.
Bitcoin’s also had a very famous following which has helped fuel its popularity with the likes of Shark Tank’s “Mr Wonderful” Kevin O’Leary publicly talking about how successful his Bitcoin investments have been. For a venture capitalist, and one that is known for being incredibly harsh and critical of new products and technology, it was deemed to be “worth it” if O’Leary backed Bitcoin. But he’s not the only famous name that got more people to buy into Bitcoin. None other than global tech entrepreneur and billionaire Elon Musk has also been a huge advocate for Bitcoin, claiming it is the “future of currency”.
Rises and falls of Bitcoin
It’s not all been one huge rise to success for Bitcoin, mainly due to the two major crashes that the cryptocurrency has experienced in the last decade. Much like all currencies, regardless of whether they’re physical or digital, they are open to crashes, especially when they see such a jolt in popularity which is exactly what happened with Bitcoin.
In 2018, Bitcoin suffered its biggest financial crash to date, with financial experts at the time claiming it was worse than the burst of the Dot-com bubble that had shocked the world back in the early millenia. When the crash hit Bitcoin, as predicted, it is estimated that the cryptocurrency had 80% of its value wiped off, making it fall so substantially that most people believed that it was the end of the “fad”. Luckily for Bitcoin, however, this drop made people more enticed to buy it, which again caused a surge in value until it once again matched the value it had had before the crash. This was almost unbelievable to the financial experts who had never seen anything like this comeback with any of the currencies that had experienced such a crash in the past.
For the next few years since the crash, Bitcoin went from strength to strength, with more investors and a continuously increasing value. Until, once again, it hit trouble in April of 2021 when the whole cryptocurrency market crashed, with an estimated 300 billion dollars being lost across the market. Even rivals Ethereum and Litecoin suffered massive losses alongside Bitcoin, but unlike their competitors, Bitcoin again managed to bounce back, with more users investing again.
Why is Bitcoin so popular?
Bitcoin is so well-liked across the globe because it offers something so different to those who own it. Unlike traditional currencies, governments can’t make all of the big decisions, and better yet, keep track of how much Bitcoin there is. Whether you think this is a good or a bad thing, it’s caused many people to invest in the cryptocurrency, alongside the fact that it’s fully safe and secure with enhanced encryptions and constant developmental work to improve its security measures. Besides, signing up for any of the top 5 bitcoin wallets 2021 is certainly an added security if you would add more bitcoins through trading to your bitcoin wallet.
That’s not all, Bitcoin is one of the most profitable investments you can make, especially since early adopters have become either Bitcoin billionaires or Bitcoin millionaires from a very small initial investment.
Bitcoin mining and its challenges
One of the most popular parts of Bitcoin is its “mining” process, however this has attracted a lot of media attention of late due to the question of how sustainable it actually is. For example, it’s estimated that the majority of Bitcoins right now are made in countries that don’t adhere to ethical working and regulations that other countries do. This causes a big problem, especially for the spokespeople and advocates of Bitcoin because it means that they are supporting an unethical and potentially damaging cause. This has spurred Bitcoin investors to do a little more digging into where their Bitcoin is mined, making sure that they only buy it from countries that meet the ethical standards that they should.
So is it still worth investing in Bitcoin? The answer is yes! It’s set to break all of its current records by the end of this year, and its number of investors will grow by an estimated 50 million before December! What are you waiting for?