There are over 5 million people that use Bitcoin in the world. Even though many governments consider it as an outlaw currency, due to the fact that Bitcoin is user-orientated, many people are fond of using it. They are provided with a greater level of security, void all fees due to the peer-to-peer focus, and have a chance to make a profit with it.
Since this cryptocurrency is one of the most talked-about subjects in the financial industry, we decided to join the bandwagon and name a few interesting things that you should know about it. Let’s check them out.
Bitcoin’s Price Changes Daily
Bitcoin is a cryptocurrency that has a very high volatility rate. That means that its price is subject to frequent changes. In most cases, it goes up and down every day. Let’s take the Tesla investment as an example.
After Tesla decided to invest $1.5 billion in Bitcoin, the price for this cryptocurrency went from $47,000 to over $50,000 in less than 4 days. Many factors are in play and everyday events can influence its value, which is why the price can change so rapidly
The Creator Is Unknown
Bitcoin was created by Satoshi Nakamoto back in 2008. Satoshi also completed the first Bitcoin transaction in 2009, but the interesting thing about this individual is that the identity remains a mystery to this day. Satoshi is just a pseudonym. We are unfamiliar with Satoshi’s age, gender, or nationality. Many people have claimed to be this person, but nothing has been confirmed.
Mining is The Best Way to Earn Bitcoins
Mining is a process that allows Bitcoin to be self-sustainable. Through this process, people record and verify Bitcoin transactions and update the blockchain every day. The reward for mining is Bitcoins. After a certain amount of Bitcoins are earned, people turn to trading sites such as BitcoinSystem to sell them and make a profit. This site even has an AI system that predicts Bitcoin’s future fluctuations and it allows traders to maximize their profits.
It is worth mentioning that mining Bitcoin is free and that is why so many people prefer this method of earning Bitcoin.
Bitcoin is Superior Compared to Other Cryptocurrencies
There are thousands of cryptocurrencies on the market, but Bitcoin takes the throne as the best one. Bitcoin was the first cryptocurrency to be invented, its network is way bigger than any other cryptocurrency, the infrastructure is ever-growing, Bitcoin is far more stable, has greater liquidity, but most importantly – Bitcoin is far more valuable than the competition.
As of March 2024, Bitcoin’s price sits at over $50,000 and it is as valuable as gold. No other cryptocurrency or product for that matter, has managed to achieve this milestone.
Many Celebrities Have Invested in Bitcoin
Bitcoin’s network includes numerous celebrities that have invested or are involved with this cryptocurrency in some way. The list of some of the most popular names features Paris Hilton, Logic, 50 Cent, Snoop Dogg, Gwyneth Paltrow, Serena Williams, Elon Musk, and Bill Gates.
All of these celebrities have invested in the network by financing trading sites or purchasing Bitcoins to trade them in the future and make a profit out of it.
Global Brands Accept it as A Payment Method
Not only can you make money with Bitcoin, but you can also use it as a payment method at some of the world’s most reputable brands. With that being said, Bitcoin can be used to purchase products or services at companies such as Wikipedia, Microsoft, AT&T, Shopify, Overstock, Whole Foods, Starbucks, etc.
Since Tesla invested in Bitcoin, they too have stated that they plan on integrating Bitcoin as an accepted payment method for their vehicles.
Bonus: Benefits of Using Bitcoin as Payment Method
After confirming that Bitcoin is the most popular cryptocurrency in the world, we need to analyze another thing. Its popularity won’t mean a lot to you if you are not sure whether using Bitcoin as a payment method is a good or bad decision. Well, it would be unfair to say everything around it is ideal. However, the list of benefits that you can get is a lot longer. That is the reason why we would like to highlight the essential ones and make everything a bit clearer to you. Let’s start!
Transaction Costs Are Affordable
You are probably making a lot of fiat currency transactions each day. However, whenever you make that type of transaction, you will have to pay a banking fee. The good news for you is that third-party financial authorities are not involved in the transaction process at all. For instance, you will not have to spend money on returned deposit fees or any kind of minimal balance fees because they simply do not exist.
On the other hand, making international payment often takes a lot of money. In some cases, they can take more than 5% of the amount you are sending to someone from another country. However, this type of problem does not exist as well. Just like mentioned above, intermediary institutions do not exist here. That is the reason why international crypto transactions are low. This can be an essential benefit for people that are running businesses in different countries or simply travelers that move from one place to another all the time.
Also, Transaction Are Quick
How often you need to wait for 48 (or even 72 hours) to get your money after withdrawal. Well, the good news for you is that the withdrawal process is a lot quicker in this case. Banks also have their working hours. Despite that, they never work for the weekends. Because of that, if you withdraw your money on Friday, there is a big chance you will get it on Monday. In case when you work with Bitcoin, the transactions usually last a couple of minutes. Even if you need to wait a bit longer, you won’t have to do that for more than 1 hour. We believe this is an essential benefit for people that want to have their money as soon as possible.
All The Users Have Autonomy
Autonomy with traditional payment methods does not exist at all. On the other hand, autonomy is probably the main benefit you can get from Bitcoin. For instance, you will get the chance to directly control your money without any involvement of third party financial authorities. Doesn’t this seem like an excellent thing?
Discretion Is One of the Features that Bitcoin Has
The last but not least benefit of trading with Bitcoins is discretion. Believe it or not, all the transactions that you make will not be connected with your identity. Each time when you make a transaction, the anonymous bitcoin address changes. Of course, that doesn’t mean these transactions are completely untraceable. However, they are more difficult to track which gives you an extra protection from all the hackers that will try to take your money.