The concept of crypto currency has become very popular with the last couple of decades. Crypto currency is nothing but a mechanism, where currency in its digital form is used. It comes with a lots of benefits, Over the last couple of years, crypto currency has emerged as one of the most popular types of tenders to be used all over the world for carrying out different kinds of transactions. But, crypto is not treated as legal tender in many countries. Talking of bitcoin trading, there are multiple different types of them that are used. However, when it comes to the most popular one, Bitcoin would be right at the top of the list. The reason why Bitcoin has become so popular out of different crypto currencies available is because it comes with few significant benefits. Are you dealing in Bitcoin? If you are, in that case, you would need a user friendly and flexible platform that would allow you to carry out transactions smoothly, and at the same time, offering optimum security. You can use Bitcoin Erain this regard.
A few reasons why Bitcoin has become so popular?
As mentioned, of so many different types of currencies available, Bitcoin is the most popular one. In the following section, you’ll be offered a brief insight into some of the reasons that has made it so popular.
- Transaction fee is very low: This is one of the reasons that have contributed towards the growing popularity of Bitcoin. As opposed to other kinds of payment methods like banks, minimal costs need to be incurred for using Bitcoin. There is no bank or intermediately services available and you do not need to pay any additional transaction fee for using third party apps. So, you can make international transactions with bitcoin at less transaction fee.
- No involvement of the government: One of the reasons why Bitcoin is preferred by so many people from all over the world is due to the fact that it has no central regulatory authority, like a bank or other government agencies. As a result of this, even when a country is going through a recession or economic turmoil, the price or value of Bitcoin remains steady. Investors can use Bitcoin as a mechanism to protect their wealth. If you are an investor, in that case, you can convert your money into Bitcoin and then hold it for a longer period of time to get the best returns.
- Easy to use: This is another very significant benefit that Bitcoin has to offer. It comes with a very user friendly and flexible mechanism, and as a result of which, it has been adopted by multiple different online businesses. Today, there are many online giants who have started accepting payments using Bitcoin. For example, Microsoft, Starbucks and PayPal are accepting payment in Bitcoin and you can even use your PayPal account for buying these coins.
- Security: Every year, money worth millions of dollars gets stolen during the process of online purchasing. However, when it comes to Bitcoin, it uses cryptography technology. In this kind of a technology, where there is no centralized control, and as a result of which, every single user gets an update of the transactions that are being carried out. Bitcoin is based on blockchain that is secured and encrypted. Apart from that, bitcoin wallets are equipped with some security measures that can help you to keep your funds safe.
- It is easy to get hold of Bitcoin: The fact that it is one of the most popular of different kinds of crypto currencies to be used, getting hold of Bitcoin is not very difficult. You can easily open a crypto account with an exchange by verifying your KYC online and trade bitcoin. You can store your keys in your digital wallets and use them for your transactions.
Besides, the aforementioned points can also be interpreted as their benefits. However, if you are new into this domain, in that case, you need to understand that there is a difference between traditional currency and crypto currency in store whether it is Bitcoin or any other kinds of crypto currency, there are certain protocols that need to be followed.