Like any other digital innovation, Bitcoin started out as just another thing of the Internet which only a few tech junkies would appreciate. 10 years later, it’s sprouted into the largest cryptocurrency today, breaking into the mainstream, used by thousands of multi-million companies and billions of now-crypto connoisseurs. How did it reach such an exponential growth at such a short span, and why does it continue to stimulate public demand? If you’re just as confused as someone starting to learn Bitcoin, this might help you out. Here are the 4 key drivers of Bitcoin’s staggering demand today.
Peer-to-Peer Money Transactions
What’s better than handling all of your finances yourself without the interference of banks and other third party financial bodies? The height of Bitcoin’s popularity is decentralization, something you spot in any Bitcoin guide online. It uses a system that operates and governs itself, only with the help of topnotch developers all over the world.. Bitcoin transactions are only made possible through encryption keys, powered by the blockchain technology - allowing users to engage in peer to peer money transactions.
All-digital
Bitcoins don’t have a physical form; it’s money you carry with you virtually. It’s purely digital, which appeals to those who prefer to keep their money and handle all their finances in one place, via an online or Bitcoin wallet.
Optimized for E-commerce
At the forefront of this era’s digital revolution is e-commerce, with the tremendous growth of online shopping, trading, and networking. With Bitcoin’s arrival, it grew even bigger. Bitcoin is used for its lightning-fast transactions, cheaper processing fees, and most importantly, its high-powered security. As a result, several merchants engaged in buying and selling are using Bitcoin to elevate the e-commerce landscape.
Investments
Let’s cut to the chase; what truly spiked up the demand for Bitcoin is its ability to earn a high investment value. It’s what’s causing global headlines today; seeing prices go up to 4 and 5 digits per coin. Although still subject to volatility, the amount of people eager to learn Bitcoin and acquire crypto assets is still growing by the day, influenced by its potential as a viable investment.
More than the ones mentioned in this Bitcoin guide, there are other demand drivers attached to Bitcoin more than the hands can count. There’s institutionalization, the creation of futures, smart contracts, and other factors you have yet to learn. But it’s important to note these things which are deeply embedded into the core of Bitcoin, as they continue to push it to even farther lengths.