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Important Components Of Bitcoin Success

Today, Bitcoin is responsible for the new digital gold rush and the great success of the crypto market.

Posted: 1st July 2021 by Finance Monthly
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Not only has the Bitcoin bull cycle affected the bullish run of other cryptocurrencies, but it has also managed to completely alter the perception of institutional as well as retail investors regarding BTC.  Today there are hundreds of new businesses and investors that support BTC, and by doing so, they have triggered Bitcoin's success. However, other important components prompted the rise of Bitcoin. So, without further ado, let's take a look at some of the most important components of Bitcoin's success.  

Innovative Nature Of The Blockchain Network  

The blockchain network is the foundation that made Bitcoin the first digital currency that operates without any third party. Otherwise, as this is a peer-to-peer-based electronic cash system, it allows the transactions to be processed quickly without any high fees. Moreover, it offers total transparency about the data of the transactions and processes, while the identity of the users stays anonymous. This triggered the success of Bitcoin. It had a good head start and was supported by the early adopters of the cryptocurrency. It also had the first-mover advantage in the market. It is worth noting that the above-mentioned advantages always put Bitcoin in an envious position in the crypto market.  

Digital Scarcity  

Another component that is crucial for Bitcoin's profitability is the digital scarcity of this virtual currency. Because Bitcoin has 21 million Bitcoin tokens in total, the supply is capped without the possibility of creating another Bitcoin token, which puts Bitcoin in a space with rare and valuable assets. This also positioned Bitcoin as a safe-haven asset because there are only about 3 million BTC left to be mined. It is powered by decentralised blockchain technology, it is not influenced by economic factors like monetary policies, recession, financial crisis, and even political instability.  

Availability On Online Trading Platforms   

Because Bitcoin is one of the first cryptocurrencies to ever be created, it is widely accessible on most online trading platforms. For example, Bitcoin Fortress is a recognised automated trading platform that is driven by Artificial Intelligence Technology and it can generate top tradable insights for its members. Plus, the complex trading processes are fully automated, which means you can start trading even as a complete crypto newbie. You only need to deposit a minimum of $250. Another important feature of this trading platform is they don't charge any fees to their users except for a 2% commission on profitable accounts. So if you want to invest in Bitcoin today, you can choose from many online trading platforms as well as automated trading platforms, which are great for any inexperienced investor. Because most platforms are compatible with mobile devices, you can even trade on the go.  

Support From The Business Sector  

It's worth mentioning that businesses have continued to support Bitcoin even when it was considered a volatile investment. Naturally, in the beginning, there weren't many businesses that supported BTC. However, when reliable brands like Overstock accepted BTC payments, this positively impacted the value of Bitcoin. Over the years, the number of famous companies that accept BTC payments would grow significantly. You can even recognise big brands like Microsoft, Etsy, OkCupid, Home Depot, PayPal, and many others that now accept BTC transactions. However, the success of Bitcoin was also supported by brick-and-mortar businesses that decided to accept BTC payments, and along with online businesses, they made Bitcoin an accessible currency and drove the demand for BTC. Today businesses like Tesla have invested over $1 billion in BTC — a move completely unheard of until 2021.   

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