Why Bitcoin is gaining traction

by Richa D. Blogger

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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Created on May 22nd 2020 08:10. Viewed 296 times.

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