Not even before ten years ago people used to know about the utilities of Bitcoin. It was the first cryptocurrency that worked. After the Bitcoin evolution, it was a couple in the USA who tried buying Pizza in exchange of Bitcoin. For being a recent invention Bitcoin was not trusted initially, but gradually it is gaining that and more people are showing interest in investing in it. The technology of blockchain infuses the trust within people because of its cryptographic security. The accessibility and the complete control on your money encouraged people a lot, but the scenario of a second thought comes for the security that has been ensured by blockchain.
Thought the development of Bitcoin has not completed yet, it is the most popular cryptocurrency in the market. In the past 10 years, 200 genuine and fake cryptocurrency have been introduced, but nothing can beat the popularity of Bitcoin.
- Bitcoin introduced the first mover advantage because it is the first one of its kind.
- There were countless attacks for Bitcoin but it survived them all and become more resilient and diversified.
- The social network effect is prominent in it. It is predicted to have an impact on the value of Bitcoin price.
- Bitcoin, for valid reasons have got media attention and spread worldwide through social media. People are now aware of what Bitcoin is and its functionalities.
- It is the first step to show up in the world of digital currency. Before you get altcoin in bulk, you have to exchange it with Bitcoin.
- It is strongest cryptocurrency as it has been through many changes and attacks and yet it holds a strong position in the market.
- People are interested in Bitcoin mining for the incentive and thus more people are getting involved directly into it.