The Bitcoin industry has already taken the world by storm, and as time passes, it only seems to be growing bigger. Bitcoins being the first widespread cryptocurrency, people are often inclined to buy and use it instead of other cryptocurrencies.
Today, more people are interested in using cryptocurrencies for investment, which indicates the potential they see in it. Naturally, there have been all sorts of career opportunities that have opened up with the rise of this currency. There are some very educational cryptocurrency courses out there that are available to help enthusiasts improve their knowledge. What is it about BTC that makes it so promising? Here are seven things about BTC that you should know.
Bitcoin cryptocurrency market share
The global Bitcoin technology market value stands at around $293 million in the year 2019, and experts predict that it will reach $477 million by 2025. Analysts calculate the market value from the total volume of Bitcoin transactions. With a Compound Annual Growth Rate (CAGR) of 8.3%, Bitcoin is the fastest growing cryptocurrency. There are several other cryptocurrencies available in the market, but none come close to Bitcoin with regards to g popularity, market share, growth, profitability, and liquidity. It remains the most promising option for anyone looking to invest in cryptocurrencies.
Bitcoin transactions and fees
Due to the finite amount in the market, Bitcoin prevents any chance of inflation. Once the number hits the cap, the platform will see no more new coins. Currently, Bitcoin transaction fees are way lower than credit and debit card purchases, which is profitable to small and medium businesses. Now, there is no fee to receive Bitcoin payments, and several wallets offer more control over how much you can send. However, some charge a fee to incentivize faster confirmation of transactions. Most businesses are also integrating systems that accept payment through Bitcoin and other digital currencies, so you can expect processing fees to remain reasonably affordable.
Bitcoin legality
Bitcoin is the most stable cryptocurrency in the crypto world. It is acceptable in over 15,000 storefronts and numerous online shops and platforms. You can also legally trade Bitcoin in most places. However, not all governments are in support of cryptocurrencies, especially Bitcoin. It is legal in countries such as Japan but it’s legality varies from state to state in the US. Other countries like Belarus have openly discouraged Bitcoin, but do not prevent any citizen from owning or trading the cryptocurrency. As such, it is essential to check local regulations and determine if it is legal to purchase, mine or trade cryptocurrencies.
Market trends
The current market trends can influence the future of any cryptocurrency. With many coins coming and going, Bitcoin enjoys the longest run and is as stable as ever. According to cryptocurrency experts, the Banking & Insurance sector will have the largest market share, considering Bitcoin is cheaper and less volatile. Its decentralized operations, coupled with anonymity, also make it attractive for financial transactions, explaining why many financial institutions are gearing to create investment products around the infamous cryptocurrency. Currently, all the major players, including Blockstream Corporation Inc, COINBASE Inc, Coinify ApS, Bitstamp Ltd, and BitPay Inc, are stable and excellently serve the Bitcoin technology market with all it needs.
About Bitcoin security
It is understandable that when people switch to something like a new-age currency, they may be concerned about its security. What is important to notice about BTC is that it runs on blockchain technology, which is one of the most advanced and secure ways of keeping data secure. The encryption of Bitcoins ensures that there is no misuse of it.
Because the Bitcoin ecosystem is transparent about transactions, while keeping you anonymous, fraud or theft cases are almost non-existent. The fact that this cryptocurrency is decentralized keeps it from getting hacked or leading to any losses.
Bitcoin industry competition
Bitcoin isn’t the only cryptocurrency with a global reputation. Just recently, Facebook announced its Libra coin, which many cryptocurrency enthusiasts claim is the next significant breakthrough after Bitcoin. The Bitcoin market continues to witness fragmentation with several startups springing to offer commercial services that relate to the cryptocurrency. For beginners, Bitcoin is the latest cryptocurrency to invest in. However, advanced traders looking for specific features and conveniences may find options like Monero XMR more attractive. Each coin has a unique purpose, and various new currencies are gaining mainstream recognition by the day. Nonetheless, there are no expectations that the Bitcoin industry will flop anytime soon. If anything, all forecasts indicate steady growth.
Bitcoin liquidity
Liquidity is one of the most important aspects people look for while investing in cryptocurrency. For user convenience, Bitcoin ATMs have been opened in places like Oregon, Virginia, etc. It extends Bitcoin acceptability and ease of transactions, hence making it more liquid than ever. Moreover, technology has enabled the acquisition and disposal of coins an effortless task that takes a few minutes. Merchants with large transactions may have to wait a while longer before they find other investors or traders to match their order. In the future, we can expect credit & debit card vendors to debut in the cryptocurrency world.
Conclusion
Bitcoin remains the premier peer-to-peer global transaction processing system that has the potential to penetrate all financial systems as a viable currency. Bitcoin will top any list of cryptocurrencies to purchase or trade. Other coins are also coming to life, and the future crypto-sphere has a lot to offer. At the moment, Bitcoin is relatively stable and set to expand. It is also lucrative for both new and seasoned crypto traders.
References
https://www.grandviewresearch.com/industry-analysis/bitcoin-market
