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15 Secrets / Things That Give Bitcoin Enormous Value

Filed under Cryptocurrency

Bitcoin was a pretty much unknown phenomenon two or three years ago but now it seems like everyone has heard of this cryptocurrency. People want to learn more about it and perhaps even start investing in this digital currency. The truth is that Bitcoin owes much of its popularity to the fact that it’s currently worth more than $9 thousand.

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However, a lot of people are still wondering what makes Bitcoin so valuable. What makes this cryptocurrency so strong and why is it more expensive than other cyber currencies? In this article, we will reveal 15 facts that give Bitcoin enormous value.

1. It’s the First Cryptocurrency

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Bitcoin, also known as the first decentralized cryptocurrency, was created nine years ago by pseudonymous developer Satoshi Nakamoto. A sheer fact that it was the first digital coin in history earned it a special status and the chance to distinguish itself from the future projects. Don’t forget that nine years is a long time – compared to other cryptocurrencies, Bitcoin is already a grown up.

2. Venture Capital Helped a Lot

Bitcoin earned the trust of investors in the early stages of development due to its innovative design and strategic planning. Venture capital helped this currency grow stronger at just the right time, so it kept evolving to become the most valuable cryptocurrency of our era.

3. Anonymity is Nice

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Cyber money is operated by online users who remain anonymous in all circumstances. It is almost impossible to stay under cover in the digital age but Bitcoin gives its owners this sort of privilege. People are well aware of this benefit and they are willing to exploit it.

4. No Control

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Bitcoin is not subject to any kind of central authority, a government, or a regulatory agency. It remains decentralized and out of the official control, which adds to its overall popularity and influence. You can’t conduct traditional transactions without checks and controls by the IRS, banks, or any other institution. On the other hand, cryptocurrencies give you the opportunity to make payments or receive money online without a watchdog to control you.

5. No Fees and Taxes

A lack of central authority doesn’t only mean that you avoid surveillance. It also means that you avoid extra costs like commissions or taxes. All these fees require more administrative work and take away your money, which is what people hate the most. Using Bitcoin, you don’t have additional costs at all.

6. There is Something About the Hype

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Bitcoin owes part of its value to the hype created by the mass media and online community. It seems like everyone is talking about this cryptocurrency in the last few years, from IT experts to the waitress in your favorite café. We already have thousands of Google Scholar articles published mentioning Bitcoin. The coin essentially initiated a global PR campaign. With so much publicity, it is no wonder that Bitcoin became such a big deal.

7. Online Community

Speaking of hype, we should add that this cryptocurrency is not only a means of financial operations but also a big online community. The network consists of millions of extremely loyal users, investors, and supporters who strongly believe that Bitcoin is the future of the monetary system.

8. It Doesn’t Have Strong Competitors

To be completely honest, it’s not difficult being the most influential in any field if your competitors are too weak. Namely, Bitcoin holds the dominance over the crypto market. Other digital currencies can’t get anywhere near, which makes Bitcoin look even more solid and important.

9. Access to All

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Bitcoin is not discriminatory in any way. It grants access to all people who surf the Internet and don’t divide them into groups based on age, gender, territory, or any other feature. It doesn’t matter where you work or how much you earn in real life – you are free to give it a try and that’s what users love about Bitcoin.

10. It’s a Digital Gold

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Asking what makes Bitcoin valuable is just like wondering why gold is so expensive. They both have certain characteristics that make them worthwhile but two things stand out here. First of all, there is only a limited amount of gold and Bitcoin available. Secondly, they both have a certain value because we, as a society, decide that they do – and that’s more than enough to make it so important.

11. ICO Currency

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As Bitcoin grew insanely popular, many developers decided to create their own versions of cryptocurrencies. They do it by launching Initial Coin Offering (ICO) to sell first tokens to investors in exchange for real money or, more commonly, Bitcoins. This basically suggests it’s highly unlikely that any new digital currency would emerge without Bitcoin playing its role on the side.

12. Take the Money out

This feature could easily be considered immoral or even illegal but we can’t dispute its practical value. Namely, people who can’t get their real money out of the country can do it using Bitcoins. Since there are no rules or taxes, you just need to buy some Bitcoins, go out of the country, and sell them abroad.

13. The Number is Limited

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The number of Bitcoins is limited to 21 million and there is no fear of making more of these in the future. It eliminates the danger of inflation and makes the investments relatively safe. Of course, Bitcoin experiences occasional ups and downs but it will not lose value due to overproduction.

14. No Identity Theft

When you use credit cards, you are not in charge of the payment, especially during handover transactions. This is when criminals have the chance to steal your money or even a financial identity. With Bitcoin, you don’t have to fear of identity theft because you control and approve each payment by yourself.

15. Knowledge Rules

Earning money is not easy as it requires all sorts of skills and a lot of luck. On the other hand, most people know that knowledge alone is enough to bring them a fortune in Bitcoin business. Traditional business is usually not so fair but cryptocurrencies changed the rules and users really appreciate it.

Conclusion

Bitcoin is a relatively young phenomenon but already extremely popular all around the globe. It reached an incredible price and it doesn’t look like it is going to fade away anytime soon. However, most people are still wondering what makes this cryptocurrency so powerful. In this article, we revealed 15 things that give Bitcoin enormous value. We hope you like explanations but don’t hesitate to write a comment if you have more arguments to share with our readers.

Guest Author: Brandon Stanley
Brandon Stanley is a journalist at Rushmyessay.co.uk. He is interested in writing articles concerning cryptocurrencies and ICOs. Apart from that, Brandon loves traveling and playing the piano.

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