Unlike many other profitable digital currency around Bitcoin still hold the position of being one of the most valuable of them all but why?
First, let us begin with how it all began. Bitcoin was the first-ever cryptocurrency to exist back in January 2009 and created by Satoshi Nakamoto, whose identity remains a mystery. It was based on the idea of a peer to peer electronic cash system.
This remained until 2011 were other coins known as altcoins like Litecoin where created. and as of today's writing, they are over 6000 cryptocurrencies you may get online.
Bitcoin stands out from most cryptocurrencies because it is not attached to a state or a government or a regulatory body. Investing in bitcoin is open to everyone and will not compromise your financial privacy.
Even though Bitcoin's price may not be stable its latent gains can exceed its losses.
Just for everyone to know this is to explain why bitcoin is still a good investment and does not neglect the value of other crypto assets out there
Bitcoin is the currency for the fourth industrial revolution which takes place on the internet.
Bitcoin is a network that runs on a protocol popularly known as a blockchain. This is a time-stamped series of immutable records that are managed by a collection of computers not owned by anyone.
The primary reason bitcoin continues to dominate the crypto world is because of supply and demand which simply means in economic terms the number of goods and services that are available for consumers to buy.
So the more demand for Bitcoin will make it higher in price but if there are lower demand and high supply the price will be lower.
As of today, writing bitcoin may not fully replace fiat currency which is backed by the government but some analysts still predict that it may happen in the future.
Final Thoughts
It is important to know any type of investment has its risks to including. The main reason I invested in Bitcoin was that it was something new, exciting, and open to all. With Bitcoin, there is decentralization, freedom transparency, and Privacy.
And at its current growth rate who knows maybe, we may be living some time in the future where all countries use Bitcoin as an alternative currency option.
