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Thursday, April 22, 2021
Home News Cryptocurrency 7 Things You Should Know About the Bitcoin Hype

7 Things You Should Know About the Bitcoin Hype

The most popular cryptocurrency is having a moment again. But what’s with the Bitcoin hype right now?

It’s been almost 12 years since Satoshi Nakamoto developed the peer-to-peer electronic cash system that brought us Bitcoin. Millions of people have been buying and selling this decentralized cryptocurrency for years now.

So why this global hype all of a sudden? As NordikCoin points out, there’s a handful of reasons. Let’s take a look.

1. Bitcoin Is Hovering Around the $20,000 Mark Again

Bitcoin hit an all-time high in 2017 when its price reached a peak of $19,783. These days, the cryptocurrency is hovering around the elusive $20,000 mark again.

Its volatility may deter many people from investing in it, but rarely can anyone resist at the moment. Wouldn’t you like to get your hands on a few BTC worth that much money? We know we would.

If there ever was a time to start mining Bitcoin, now would be it. And who says this crypto won’t break another record? Its price may very well go through the roof.

2/ The Coveted Crypto Might Be Heading to Mass Adoption

PayPal has just launched a cryptocurrency service, becoming one of the latest companies to adopt crypto, including Bitcoin. Its US-based users can now buy, hold, or sell digital currencies directly from the platform.

Many other companies are infusing cryptocurrencies into their business as well, which is an excellent endorsement. Even banks are slowly jumping on the bandwagon and joining in on the hype.

All of this means that Bitcoin is becoming more accessible. That’s why a growing number of people are buzzing about it and rushing to get their piece of the pie.

After all, that delicious pie will be gone one day, which leads us to the next point.

3. There’s a Limited Supply of BTC

The Bitcoin supply has a limit of 21 million BTC, as per a predefined protocol.

Until now, over 18.5 million BTC have been mined, leaving less than 2.5 million BTC.

However, thanks to Bitcoin halving, the rest of the BTC that people can mine won’t be in circulation until 2140.

Bitcoin halving is an annual event when the rewards for miners are cut in half. So, every year, miners receive 50% fewer coins than in the previous year for adding new blocks on the blockchain.

But, as NordikCoin explains, because there’s that limit of 21 million, Bitcoin’s value rises as the supply diminishes. Consequently, the demand rises as well.

So, it’s clear why major companies are implementing it and slowly sparking mass adoption. And who knows, maybe the protocol changes to allow for an increase in the supply. Now, wouldn’t that be a delight?

4. You Can Spend Bitcoin on an Array of Products and Services

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Thousands of merchants around the world accept Bitcoin as a valid payment method – more than 15,000.

You can buy virtually anything with Bitcoin, including clothes, accessories, food, electronic devices, home appliances, games, jewellery, event tickets, software, and more.

You can book vacations via travel agencies, donate to charities, buy or rent a car, pay the bills, pay for web services, and so much more.

With so many available options, mass adoption may not be far-fetched at all.

5. Bitcoin Could Be a Hedge Against Deflation

The value of fiat currencies, especially the US dollar, keeps dropping amid the ongoing pandemic. What’s worse is the economic woes keep increasing, as the prices of goods are spiking.

That’s why many organizations are currently investing in Bitcoin. One example is Square.

Square recently bought $50 million in Bitcoin, saying the company believes in the cryptocurrency’s future potential as a global currency.

Many other investors believe Bitcoin could be a hedge against deflation, especially since it can’t be devalued like fiat currencies.

However, although Bitcoin is inflation-resistant, its volatility still remains a big factor to consider. If everyone would suddenly invest in it, its price could spike before dramatically dropping.

6. You Can Buy Bitcoin in Minutes

One of the best parts about Bitcoin is that you can buy it in a matter of minutes.

We highly recommend you check out NordikCoin, an Estonia-based cryptocurrency exchange.

It doesn’t take more than a minute to create your account on the platform and get your own free Bitcoin wallet. You can sign up with various electronic ID solutions and buy Bitcoin with VISA or MasterCard.

Buying it couldn’t be simpler. You just need to enter the desired amount, select your fiat currency, click on the “Buy Bitcoin” button, and check out with your preferred payment method.

7. Bitcoin Exchanges Are Transparent and Secure

The whole purpose of Bitcoin and other cryptocurrencies is to make online financial transactions more transparent and secure.

That’s why BTC runs on a blockchain, which is a publicly-distributed ledger that contains immutable records of every transaction. The ledger is decentralized, which means there are no intermediaries.

More importantly, no one can change the blocks of records, so there’s no room for fraudulent transactions or theft. All the data and digital money that goes through the system is perfectly safe and secure, including your Bitcoin wallet.

The blockchain-based ledger is encrypted, and no one but you has the decryption key that’s necessary for accessing your wallet.

All of these aspects of Bitcoin are what make this currency so attractive.

Have You Joined in on the Bitcoin Hype?

Mining, buying, and selling Bitcoin can provide you with a wealth of benefits. So, what are you waiting for? Jump on the bandwagon and join the exciting ride! You never know – you might turn your whole life around.

If you still haven’t joined the hype, now’s the time. Grab an opportunity to get your hands on BTC and enjoy much greater convenience with your online payments.

Sign up with NordikCoin today and join thousands of happy users in an easy, safe, and cheap place for all your cryptocurrency needs.

The platform features military-grade encryption, top-notch security, and a multi-signature system for preventing unauthorized access. So, get your free Bitcoin wallet today and start trading!

Richard Kasteleinhttps://www.the-blockchain.com
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
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