In 2009, a group of anonymous coders released Bitcoin, a new, inventive concept for a digitalised currency that just about anyone can use. At the time, it made a very small ripple with very few people both in the tech world and the non-tech world taking much notice but soon enough, Bitcoin’s popularity started to surge making thousands upon thousands of people multi-millionaires. Twelve years later and people all across the globe are now fighting to get their hands on this popular cryptocurrency as its value continues to skyrocket. Interestingly, in just a decade, it’s considered to be an essential investment option to help diversify the portfolios of many big investors and the perfect way for new and inexperienced investors to start.
How did Bitcoin Become so Successful
After the release of Bitcoin, it took many years for individuals to see the benefit of this cryptocurrency, especially since the financial experts weren’t forecasting a huge success. However, with its ability to provide one of the safest and most secure currencies on the market, it soon became a game-changer and one that has since taken the world by storm. Bitcoin has, however, faced an uphill struggle to success as governments around the world didn’t want to recognise or accept this cryptocurrency as a valid currency due to the fact they couldn’t control its production or amount.
Bitcoin was initially used online by a small number of early adopters to complete payments, seeing the huge benefit in not having cash or bank details exposed online. Since then, more and more companies have been looking into following suit and allowing cryptocurrency as a valid payment option, although this is yet to happen on a big scale.
Bitcoin’s Highs and Lows in the Market
Since it’s introduction to the masses, Bitcoin has had a pretty steady time of it, increasing in value slowly but surely and remaining relatively stable. In 2016, the cryptocurrency’s value started to increase above the $100 mark and it slowly kept going up until it was over $20,000. This is when cryptocurrency and Bitcoin came onto the radar of many people around the world including high profile investors and even some of the most influential governments.
Very soon after this in 2018, Bitcoin saw its first crash in its value which saw a drop of an almost unheard of 80%. This is the time when many traditional investors labelled the cryptocurrency a speculative investment and did not trust its valuation. However very soon after, Bitcoin slowly started to pick up in value again, proving many financial experts wrong along the way. As months passed and many investors started to profit from the valuation once more, the popularity of Bitcoin surged.
As Bitcoins popularity increases, more investors will start to invest in the crypto currency and thus further increase its value. This has also led to some great changes in the cryptocurrency financial market. There are now 5 cryptocurrency trading markets around the world which are legitimising this new digital currency which means investors now have specific platforms where they can trade the cryptocurrencies on. This has not just pushed the value of Bitcoin higher but also other cryptocurrencies, albeit Bitcoin has reached a value of over $60000 in April 2021.
This has also been helped with well-known business figures coming out and openly stating that they have invested and hold Bitcoin cryptocurrency as part of their portfolio such as tech giant Elon Musk and Shark Tank’s Kevin O’Leary.
The Evolution of Bitcoin
With 5 cryptocurrency exchange platforms, it’s even easier to get involved and become a Bitcoin trader. These platforms have been authorised by their government bodies to legitimately allow trading on cryptocurrencies. Recently, one of the best-known platforms went public in New York on the NASDAQ exchange, thus providing the stamp of approval from the US government to trade on cryptocurrencies in a secure and legitimate method.
On top of this, there are also many other trading platforms that allow small and part time investors to get involved in cryptocurrency trading. These platforms allow for small amounts of investments usually starting at $250. These are designed to help both beginners and professional investors by using intelligent algorithms and data from the market to turn the $250 investment to over $1000 in 7 days. It has proven a very steady way for these investors to increase their passive income through this simple and proven method.
Is Investing in Bitcoin Still Worthwhile?
Ultimately, this is dependent on you as an investor, but if you really want to know then you can ask the Bitcoin millionaires and even billionaires that have profited from this cryptocurrency revolution. With many early adopters now cashing in on the risk they took to buy and keep Bitcoin, it’s hard to justify not being involved in trading this crypto. One of the most famous early adopters of this digital currency was rapper 50Cent who accepted this payment type when it was only valued at a few dollars per Bitcoin. He has since said that he owns around 7000 Bitcoins which would make him a multimillionaire many times over by the current valuation.
Bitcoin has also become big news since established investment institutions such as pension funds and mutual funds have now started to buy Bitcoin as part of their investment strategy which gives us hope that Bitcoin will be around for a very long time and that we need to start listening to the advocates of cryptocurrencies. You may not be aware of this but many of the world governments have started work on converting their current paper currencies to digital versions. Arguably, time has shown them the benefit of having a currency that no longer needs to be reprinted or damaged during use.
Cryptocurrencies are here to stay, we must now start to adopt this into our way of life as we will very soon not need to carry our wallets but be reliant on “e-wallets”. Bitcoin has shown us that there are other ways for transactions to take place and at some point everyone will adapt to this. Investing in Bitcoin, the highest valued currency in the market has shown that it’s a great way to get involved in the investment sphere and it has proven to be more stable than other investment types available. The media might portray it as risky but the value has been more consistent than other tradable goods in the market, so the data speaks for itself.