Why Bitcoin Became Popular?

Why Bitcoin Became Popular?

Before the bitcoin, there was a currency issued by the government of every country. The government issued these currencies, which means the central power that manages, oversees legalization, taxation, production, and everything related to these currencies. These currencies have a fixed value. The relative value can increase and decrease according to shortage and excess of one or other currency, but the value of a particular currency doesn’t change.

And if we talk about bitcoin, it was new and unique to the market and had some benefits over ordinary currency issued by the government. And the only responsible factor for its dramatic popularity was these benefits. And this idea was used by Andresen ideally. Earlier, bitcoin was not public, but when it came under Andresen, it was made public.

Why is it ordinary from other currency?

The best feature over ordinary currency issued by the government of any country is, no central power. Yes, bitcoin is decentralized in nature. Any government does not back up Bitcoin, or any bank or any other international organization. That means there is no central power to manage and oversee legalization, users’ information, and bitcoins functioning. Because of the lack of prominent power users, find it more accessible and feel freer to use bitcoin through website like https://bitcoin-prime.app.

Another feature of bitcoin over ordinary currency is- No one can take your bitcoin or get into your account by any means neither by using OTP or any other such facilities, as bitcoin doesn’t provide any such facilities. It doesn’t give you options like forgot password or any such thing. It came with such an idea because of the fraud and scams. This bitcoin policy is so firm that even the actual owner of the account can’t have his account back if he forgets the password.

If we talk about bitcoin, it can be used as money. If we think it can act as money, then we will find that it has all those characteristics, which any money is supposed to have. These characteristics are-

Recognizability, it should be recognized as money by both parties. Anything can’t be used as money when the people involved in exchanging accept it as money, and it becomes applicable on a broader level when many people accept it. Divisibility, it should be breakable in smaller amounts. This means that there should be smaller units of that currency too. So, it can be used for small transactions too.

Fungibility, meaning it should be interchangeable. It can be explained by a more straightforward example like one bitcoin should be exchangeable with other bitcoin, which requires the same value, or with a different currency. Portability, easily carried or moveable. Now, this is easily understandable what portability means, the money or currency can be taken quickly. It shouldn’t be like a vehicle and anything like that making it difficult or impossible to carry with.

Durability can be used repeatedly, as many times one wants to, it’s shouldn’t become valueless with time.

All these and other characteristics of money are also found in bitcoin. Hence, like money, bitcoin can also be used as a method of payment.


Moreover, it is not only a form of money, but it can also be used as an investment. For example, even if you don’t know the stock market, This affects stock’s price value. People buy and sell stock when needed. So, it can also be said that it is a way of investment. When the price of a particular stock in the stock market is high, people need to sell it and make more money than invested. And you will be able to find some feature in bitcoin. Many people use bitcoin as a way of investment. As we already know, that demand reviews famous faces and legalization, and everything has been affecting bitcoin form’s price value always. This cause sometimes an outstanding increment in its price value and sometimes significant decrement, just like the stock market. In the same way, people can make more money by investing in Bitcoin. This purchasing of bitcoin by the purpose of investment increased in the pandemic period, making its price higher.

So, it is a multi-purpose currency, making it more popular is than ordinary currency. These are some of the reasons for bitcoins’ popularity in such a short time. It is expected that if humans are provided with something better than what they have been using, they will turn towards better features.

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