Why choose Bitcoin over other virtual currencies?
Bitcoin has been in the market for over a decade since its introduction in 2009. Ever since its introduction BTC has created hype like no other cryptocurrency. Data shows a massive boom between 2013 and 2017, and several reasons entice individuals to enter the market. While BTC was introduced as an alternative payment method, it soon paved the way for trading and investment.
With high-profit margins and diverse profile options, it kept growing for years and became the hottest topic for discussion. Studies show that BTC brought attention to the crypto world like no other cryptocurrency, and there have been several reasons.Regardless of your understanding of the market, here you can find information that helps you achieve higher returns. If you are interested in Bitcoin trading, you may also consider knowing about The BitIQ platform.
If you are also planning to jump on the crypto wagon, then considering the following points will help you understand why you should go for BTC over other virtual currencies.
1)Digitalised- The most prominent reason that draws beginners to the BTC market is its utterly decentralized system. BTC is based on blockchain technology that ensures to keep the system decentralized. A central authority does not regulate BTC and is instead controlled by the activities of every individual on the blockchain network. This brings equality in the financial world, which is a huge factor for you to consider BTC as your virtual currency. In addition, decentralization means that you get more liberty in terms of fun control and conversion as no intermediaries are involved in the process.
2)Safety- When you are a beginner in the vast financial world, safety is going to be the biggest concern. BTC offers safety as it ensures that no transactional data and information can be accessed or hacked by anyone. The whole system of BTC is based on peer-to-peer technology, which gives you access through a private key. This private key gives you access to your wallet and keeps it completely secure. Further, your transactions do not contain your details and are made under a public name/key, making it nearly impossible to be tracked by any authority.
3)Profit- Bitcoin is the right choice if you want dramatic returns or steady profit. It has opened up a window for both short and long-term investment, which is unique to the system. Data shows thousand-dollar hikes in the value of BTC within one year, which is unimaginable and can not be expected from other virtual currencies. In addition, BTC can promise a profit margin like no other, especially if you are a risk-taker. While not all wish for higher risks, BTC offers stable coins that provide steady profits in the long run.
4)Transactional speed and cost- Bitcoin has made cross-border transactions easier, faster, and cheaper. Although there are ways to send money/assets across boundaries, most of these methods require three to five business days to process and not forget the additional cost. The most significant advantage of Bitcoin is that it allows you to make cross-border transactions within minutes and does not cost you high rates. With the addition of bitcoin cash, the transactional speed has increased. It now allows thousands of transactions within a second, which is not expected in other currencies.
5)Accessibility and transparency- Bitcoin is open to all and only requires a device and internet connection. The simplest method to join the market with a BTC wallet and the user-friendly interface are all additional factors you enjoy with BTC. Further, all transactions on the BTC system are recorded on the Blockchain’s public ledger. This means that the chances of fraud and scams get reduced to a great extent.
In addition to all these factors, BTC is the most significant venture in the digital world at the moment. Its integration and hype make Bitcoin standout amongst other virtual currencies. Now is the best time to take the leap and start your investing and trading journey with the modern approach- Bitcoin.