Cryptocurrency is a popular topic at the moment, and you must have heard about it. Some people invested significant money in it, and say it is the future of the Forex market and that soon enough we’ll be all using it. Almost every major trading application, like etoro or trading 212, offers crypto trading. You can even look into an honest trading 212 review for more details about the phenomenon. But, as with every innovation, this is still the developmental stage for cryptocurrency on the market. There is one particular cryptocurrency that has already established itself as a leader of the crypto market and it is Bitcoin. It has the most people behind it both financially and is one of the strongest cryptos ever created. Digital money and a decentralized peer-to-peer payment system feel like the right approach and the future at the same time. Let’s find out why Bitcoin became the leader of the crypto world and understand the way it got there.
Bitcoin is actually nothing more than the first adaptation “cryptocurrency concept” that was first introduced by Wei Dai all the way back in 1998. The idea was to create and use a new form of money that uses cryptography to control its creation and transactions, without the governments and banks controlling. It took over ten years for this idea to sink in, and then in 2009, Satoshi Nakamoto published Bitcoin specification and proof of concept. Satoshi left the Bitcoin project a year later. To this day, there are plenty of mysteries surrounding him, as he chose to remain mostly anonymous. It is a strong backstory for the currency.
The protocol and software for Bitcoin are published openly, and any developer around the globe can review the code and create their own improved version of the Bitcoin software.
Another advantage of Bitcoin over its competitors is its popularity. Sometimes, people even use the term Bitcoin for all cryptocurrencies. That is how strong this brand of the cryptocurrency really is. You can observe a growing number of companies and individuals using Bitcoin. This includes services businesses like restaurants and law firms, as well as online tech shops. There are no limitations here. Bitcoin remains a relatively new and developing concept, but it is growing fast. As of March 2020, the total value of all existing bitcoins exceeded 250 billion US dollars, and millions of dollars worth of Bitcoins exchanged on a daily basis. The popularity, the number of people, and money behind it is what helps stay Bitcoin ahead of the race, and it looks like nothing is going to change that in the near future.
People are in Control
One of the strongest features of Bitcoin is that it is controlled entirely by its users and the crypto market. Nobody owns the Bitcoin network, just like nobody owns the technology behind email. All its users around the world control Bitcoin. That is its strength, there is no one to trust, if you make money, you do it collectively, and if you lose it, you do it together as well. Of course, the developers are making improvements to the software. However, they can’t force a change in the Bitcoin protocol. It is because all users have the power to choose what software and version they use.
In order to stay compatible, users need to use Bitcoin with the same rules. The software can only work correctly with a complete agreement among all users. This is why it’s everybody’s job to keep the consensus alive, and you can’t gain from messing the protocol up.
The Ease of using it
Finally, we are going to talk about the real genius behind Bitcoin, and it is the user-friendly experience it provides. You don’t have to be a financial specialist, and you don’t have to know much about technology, to be able to use it and invest in it properly. From a user perspective, cryptocurrency is nothing more than an app for mobile devices or a computer program that provides you with your own Bitcoin wallet. You can send and receive Bitcoin with it. The concept of a wallet is so simple and genius; it’s unbelievable. You want the most people possible investing and using your software, so making it user-friendly is the key to success.
Bitcoin is with us for over a decade now, and it feels like it is here to stay. The four features mentioned above are the critical elements to this cryptocurrency’s success. People want to be able to trade without any controlling party over them, and that is what Bitcoin represents. Besides, the idea of one currency for the whole world is something that would be attempted anyway. Once Bitcoin is fully developed, who knows, maybe there won’t be any real money on the planet anymore.