Posted On 05 Mar 2018
Although Bitcoin has been around for years, it’s only in recent times that it’s started to take the world by storm. The popular technology, which doubles up as a decentralized payment network and a type of cryptocurrency, has exponentially grown in usage, popularity, and price, but why?
Some may say it’s because everyone is jumping on the bandwagon. Others may point towards the increased exposure in the media, but there’s no denying that it’s spreading like wildfire. In fact, the value of Bitcoin is now well into the thousands, which demonstrates exactly how quickly it’s progressing.
Here are some of the biggest reasons behind the staggering rise in popularity.
Comprehensive Security Measures
When it comes to purchasing something online, you desire the peace of mind of knowing you aren’t going to be exploited by a hacker. With conventional forms of payment, such as credit and debit cards, you’re always going to be vulnerable to fraudulent activity due to inputting your details. That’s why more and more people love Bitcoin; it allows you to make transactions securely because of the strong encryption that the technology possesses. Also, since none of your personal financial information is connected to it, your identity can’t be stolen.
More Recognized Globally
Ironically, a key component of the popularity incline is the fact that there is a popularity incline. You see, when something spreads to a wider audience, it is perceived to be more legitimate, and that’s when more people feel comfortable enough to get involved. Plus, a much larger number of stores and businesses accept Bitcoin now, which has also helped.
This one links back to the security factor, as the ability to avoid giving away your identity, reduces the risk of being cyberattacked. As Bitcoin is linked with a public ledger, it means malicious individuals are less likely to tamper with anything. But, the information being public warrants anonymity in most people’s minds; this element has undoubtedly fuelled the rise in popularity.
Quick and Efficient with Transactions
Modern society is extremely hectic, which is why people deeply appreciate something that is fast, simple, and seamless. So, as transactions that are completed using Bitcoin are quick and efficient, people throughout the world have been more enticed to get on board with digital currency.
Fantastic Investment Option
Lastly, so many people are investing in Bitcoin these days, because the value is continuously rising. Even though there is a degree of risk to any investment, that still hasn’t prevented people from selecting the virtual currency as their preferred choice of investment. The more people that invest, the more the platform spreads and becomes common knowledge.