Why Bitcoin is gaining traction
Bitcoin gained a
record high market capital increase by 1,034% by the end of 2017 with the value
of $128,982,906,067 shared on different website portals. More than 5000 users
have downloaded Blue wallet until the end of 2018 as it is also offering its users
to exchanges crypto in it.
The central growth rate has been seen in all the cryptocurrencies with the
effect of Bitcoin. Watching the growth and value rising, it is in favour
to accept the decentralized system. You can see the increase in the use of Bitcoin
in the market via spending, earning, and gambling. Today we are sharing why
Bitcoin is gaining that Traction.
- Privacy and Security
Reasons
It completely
works on the private and public key system, not like an online portal, app
purchase or swapping Credit cards. It makes very sure that transaction is safe
and only you can access your Bitcoin wallet. Bitcoin not like the old
currencies, which are issued by the government and private banks only as it
does not depend on inflation due to a limit of 21 million generated.
- Speed
As we all know,
it’s operating digitally, and there is no obstacle in the withdrawals or
deposits as compared to the usual ways of banking and all. As all other
currencies value comes under Central banks, Bitcoin can be earned in different
ways.
- How to earn from Bitcoin
and How to use it.
The most known
form of earning from it is Minning. Mining is the form of adding transaction
and maintaining the record of the public ledger known as Blockchain. You can
also earn through the trading of Bitcoin, and you have to open a trading
account and add Bitcoin to it. Buying
bitcoin at low and selling at high Price is called trading, in between
margin is your profit or earning.
You can also use
it as a payment method for many portals and individuals who are accepting it,
like E-commerce websites, Physical stores, Online Auction, Online Gambling,
Buying something, Travel and bars.
- Gaming and
Gift cards
Some of the gift
card service providers like eGifter and Giftoff are accepting approx 15
cryptocurrencies to purchase a gift card from 177 retailers. Significant
Companies are offering games and apps by allowing to Bitcoin as an option
by using a server named Minecraft.
- Global Impact of Bitcoin
Many Countries
are changing to the popularity of Bitcoin, as the Netherlands has the tag of
“world most Bitcoin-friendly city” in the world. Most of the dealer in the
Netherlands are allowing Bitcoin in their shops. Here are some country shops
accepting Bitcoin as payment.
- · Los Angeles with 126 shops
- · New York with 115 shops
- · San Francisco with 105 shops
- · Toronto with 64 shops
- · Melbourne with 60 shops
- · Amsterdam with 48 shops
- · Tokyo with 46 shops
We usually see
the increase in the use of Cryptocurrencies as it is very beneficial. Big
businesses are also using it as a payment option for their suppliers. Bitcoin
user is gaining daily due to its quick transfer service and security reasons.
These are some of the major reason for the Traction of Bitcoin.
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