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What Makes Bitcoin So Interesting?

Bitcoin launched slightly over a decade ago, following the 2007/2008 global financial crisis. According to some crypto experts, the financial crisis was among the primary factors leading to the development and launch of Bitcoin by Satoshi Nakamoto in 2009. Satoshi Nakamoto launched Bitcoin as an alternative to the centralized financial system that people primarily blamed for causing the financial crisis. To effectively trade Bitcoin, you may join the community of a trusted trading platform like bitcoin profit

After the launch, Bitcoin started gaining momentum slowly at first. However, it became increasingly popular, and many people learned about it. Anyone who has not heard about Bitcoin today must live in remote areas or on another planet. Today, millions of people and institutions use Bitcoin as a digital currency and as a digital asset.

So, one would wonder why there is so much interest in Bitcoin despite being launched just 13 years ago. Why the high interest in Bitcoin and not in other cryptocurrencies? This article attempts to answer these questions. 

Digital Currency

Before Bitcoin, using digital currency was only a pipe dream. Bitcoin is a digital currency. And this means that it does not exist in any physical form. Unlike fiat money, which you can touch and carry in your pocket, you can only have and use Bitcoin virtually. The launch of Bitcoin marked a significant transition from the old fiat currency to digital currency.

As a digital currency, Bitcoin has several exciting features:

  • It provides a convenient way to store and use money. You don’t have to carry physical currency that could be stolen or lost.
  • As a digital currency, you don’t have to worry about losing money because of fires and other accidents.
  • Bitcoin is now becoming accepted as a payment option.

As more businesses join the bandwagon, interest in Bitcoin is growing.

High Value

Bitcoin is a high-value asset compared to conventional assets like stock, shares, bonds, and even commodities like gold. Currency, one Bitcoin is worth around $19,000. You will hardly find a company’s share worth anything close to this. Bitcoin overtakes even gold with its premium value. At one point in November 2022, the price of Bitcoin reached an all-time high of over $68,000.

Having a high value is an attractive element for investors. High-value assets usually tend to attract more attention. The high value of Bitcoin is appealing because everyone wants to be part of it. If you acquire 100 Bitcoin today, you will have a significant economic value, which will likely continue growing.

Store of Value

One of the standard features between money and Bitcoin is that they all function as stores of value. As a store of value, the value of Bitcoin is almost assured even in the future. Despite high volatility that could lead to significant price drops, Bitcoin has never lost economic worth completely. Even when the value has declined significantly, it is still precious.

Being a good store of value means that people can buy Bitcoin and hold it with the assurance that it will maintain its economic value over time. Most long-term investors in Bitcoin consider this quality when they purchase and keep their Bitcoin for many years. Moreover, as a store of value, Bitcoin acts as a good hedge against inflation. Instead of maintaining fiat money that may suffer inflation at any moment, you can convert it to Bitcoins and then store it. 

Take Away

Bitcoin is attractive for various reasons. But its multiple uses and qualities are the main exciting factors explaining its popularity.