In December 2017, the value of Bitcoin skyrocketed to almost $20,000 which grabbed the attention of practically everyone involved in technology and finance. But before this historic period in cryptocurrency, Bitcoin has already been around for quite some time and a few finance and tech enthusiasts have already been using the popular cryptocurrency in various investment transactions, which may have played a huge role in its sudden rise in value.
But what does Bitcoin have that makes it more popular compared to other digital currencies? Why is it that most investors prefer to trade with Bitcoin over other cryptocurrencies, as evidenced with digital currency trading platforms focusing on Bitcoin like Bitcoin revolution? Here are some of the reasons why Bitcoin is so popular.
Bitcoin was arguably the first digital currency to incorporate blockchain technology as means to validate transactions. This technology allows for thousands of people to validate transactions using Bitcoin and prevent any illegal transactions to happen. This makes Bitcoin one of, if not the most secure cryptocurrencies available right now, which is an important factor investors look at in digital currencies and trading.
Though Bitcoin value has had an erratic behavior in the past couple of months, rising to almost $20,000 and plummeting to as low as $3,600, it is still one of the most stable cryptocurrencies around considering the hyperinflation most countries are experiencing right now. This certain degree of stability is something investors and traders look at in a cryptocurrency.
Bitcoin network, including all transactions surrounding it, is not being governed by a single authority or government body. In contrast, all transactions are being validated by a group of individuals through blockchain technology. This means traders and individuals can remain anonymous when transacting, and it won’t have any repercussions on the security of Bitcoin trading as a whole.