What’s Behind The Popularity Of Bitcoin?

Over the last decade or so, the dialogue around cryptocurrency has steadily spread.

One name that repeatedly crops up during all the debates and discussions is Bitcoin. Considered to be the most prolific and reliable of the cryptocurrencies, Bitcoin is the very pinnacle of digital money and its benefits.

Fortunately, we’ve done most of the busy work for you. So, what’s behind the popularity of Bitcoin (BTC)? Read on to find out!

Fast Results

People like making money, and they like doing so as quickly as possible.

While patience is a virtue in the world of trading just about anything, Bitcoin is the perfect example of acquiring immediate satisfaction. Money can be sent to anywhere in the world for the most minimal costs possible, and commitments are sparse. You can dip in, make some money, and dip out again.

There’s no involvement from traditional banks, and few regulatory oversight by national governments, which means things don’t keep grinding to a halt or getting bogged down with numerous logistics and rules. Much of real-world finance is really weighed down by routine visits to advisors and the endless filling out of forms with contracts as long as your arm. Wouldn’t it be nice to click a few buttons and be richer? Well, that idea is pretty much what Bitcoin represents in spirit!

It’s also worth noting the effects of the pandemic. After all, paper currencies were long in decline before coronavirus, but more people are shunning traditional payment methods to go digital instead. Bitcoin has been a lifeline for some, helping them to afford products and services online that they could not typically purchase without. It is fuel for consumer confidence, which can only mean great things for the future.

Online Flexibility

Following on with themes of ease and convenience, it is important to remember that the internet exists to make things easier. Bitcoin piggybacks on that motif!

A good example of this line of thought is Paxful. Here you can buy Bitcoins using fiat money or exchange it other forms of cryptocurrency like Litecoin (LTC). This website is also great because you can get your bearings with cryptocurrency quickly, with helpful rates, trade speeds, and secure wallet services all being just a click away. Whether you want to go from LTC to BTC or simply get clued in on the details, Paxful is your one-stop online destination.

Bitcoin operates exclusively in cyberspace, easily accessed, and navigated by almost everybody in the western world. You are never locked off, isolated, or out of your depth. There is no exclusive club, no financer elitism – just straightforward participation by all. What’s more appealing than that?

Notable Endorsements

For an idea to become popular and pass-through public opinion, it must first impress or at least satisfy influential figures.

In the case of Bitcoin, said influential figures are taken with the cryptocurrency. CNN noted that Rick Rieder, chief investment officer of fixed income at Blackrock (BLK), said that Bitcoin could feasibly replace gold in time. PayPal initially showed skepticism toward Bitcoin but has now been won over, launching its own crypto service. The latter moment directly sparked an unprecedented price surge.

When recognizable names or famous faces apply their full weight behind something, it often gains traction. It’s the publicity of the highest kind and instills confidence in the heart of others. Over time, high praise from a few sparks engagement by nearly all, and Bitcoin is the latest subject to reap the rewards from that principle.