Bitcoin (BTC) has come a long way since it was launched into the financial market. Today, everyone is interested in buying Bitcoin to make a lot of money.
But the question is, how fast is Bitcoin adopted?
It is now not about if global adoption of Bitcoin will happen, but when it will happen.
No one can give an exact timeline. But when you analyze the growth of Bitcoin over the past few years, you can sense that the time is no longer when the global financial system would be based on Bitcoin.
Understanding Bitcoin earlier rather than later can make your transition to crypto smooth.
Let us find out what Bitcoin is all about and how fast the world is adopting it.
What is Bitcoin?
Many people were unfamiliar when Bitcoin emerged on the global platform.
Bitcoin has gradually become the world’s largest cryptocurrency by market capitalization, thanks to its positive adoption and profitability.
But understanding Bitcoin is crucial for its mass adoption.
Bitcoin is a digital asset that is based on a peer-to-peer network called a blockchain. The transactions of Bitcoins are recorded on a public distributed ledger that ensures enhanced safety and increased returns.
Bitcoin exists online and it has no physical presence. In addition to this, the transactions of Bitcoin are anonymous and highly secured by cryptography.
Carl Runefelt, alias, The Moon, is a global crypto leader who believes in the mass adoption of Bitcoin.
He says, “Bitcoin is the best hedge against inflation that we have in the world right now and Bitcoin is also the best form of money that we have and have maybe ever seen in the history of humans.”
Benefits Offered by Bitcoin
You can see a lot of people making millions of dollars with Bitcoin in the last few years.
This shows that Bitcoin has some benefits that you can also enjoy by buying it.
Some of the benefits offered by Bitcoin are:
- Bitcoin is a very accessible and versatile currency and is not barricaded by boundaries.
- You can send Bitcoin anywhere around the world.
- The transaction fees of Bitcoin are exceptionally low as compared to fiat or traditional currency.
- Bitcoin operates free from the influence of a central authority like a bank or government.
- Bitcoin is available 24/7.
According to global crypto leader Car, “Everyone should have a vast majority of their crypto portfolio in Bitcoin based on its stability and accessibility.”
Things to Remember Before Investing in Bitcoin
If there is one word that is often associated with crypto, it is volatility.
Bitcoin like other cryptocurrencies is volatile and its value can fluctuate within seconds.
But Bitcoin offers enhanced price stability, thanks to its protocols which are designed in a way to control its supply.
Here are a few things that you should remember before investing in Bitcoin:
- Do extensive research and make your investments based on facts and not market hype.
- Always read the trade charts of Bitcoin to find the right time to invest money.
- Invest what you can easily afford to lose in case the value of Bitcoin falls.
- Bitcoin is a long-term investment and a game of patience. You should avoid making decisions based on short-term changes in Bitcoin value.
- Keep your Bitcoin in a safe wallet and never share its key with anyone.
Price Growth of Bitcoin
Bitcoin is a flagship cryptocurrency due to an exceptional increase in its value. Many government officials and key opinion leaders have come forward in the support of Bitcoin as the best alternative to traditional currency.
Bitcoin was traded at a minimal value for most of the years in the beginning. However, the tide took a sharp turn in 2017 when it was traded at a staggering value of $20,000.
As Bitcoin is a decentralized currency its value falls around $3,800 in 2019.
This presented a massive opportunity for people to buy Bitcoin when it was affordable.
Bitcoin reached an all-time high value of around $68,000 in November 2021.
Yet, the price of Bitcoin keeps on fluctuating. Bitcoin is once again traded at around $31,610 with a total market cap of around $578.49 billion.
Carl on his YouTube channel, The Moon, says, “Looking at Bitcoin in the short period defeats the purpose of what Bitcoin is. Bitcoin is a long-term solution to a broken financial system, and I think in the next five years or in the next 10 years that is the kind of time horizon I have when I look at Bitcoin,”
Is Bitcoin the Future of Money?
Today, everyone wants to hold Bitcoin. You can use Bitcoin for payments, and it is also an asset for investment.
According to different estimations, the global adoption of Bitcoin has skyrocketed since the last year, up over 880%.
This shows that the world is gradually shifting from traditional currency to a digital currency like Bitcoin.
So, you should not waste this excellent opportunity of investing in Bitcoin when it is affordable.