Being the very first successful cryptocurrency in existence, Bitcoin has earned its rightful place at the top of the crypto world. Its developers instilled it with numerous advantageous qualities, which aided in laying a sturdy foundation for future crypto infrastructure.
This led to the creation of many new cryptocurrencies, all of which were influenced by Bitcoin’s operational principles. Consequently, Bitcoin was momentarily overshadowed by these new currencies.
However, this was short-lived, and in reality, Bitcoin never lost its genuine allure. Alternatively, you can sell your crypto coins on a reputable exchange like this platform to get cash to spend directly.
This is the reason that Bitcoin currently has an active base of more than a million users across the world and around the same number of users are getting adjusted in the bitcoin queue.
In this article, we are going to discuss the facts and figures that explain the popularity of this currency and clear the air over its exciting features. So, let us begin this exciting journey in the world of Bitcoin:
Bitcoin is far from the control of the government
The factor of decentralization comes here in action while discussing the world’s first cryptocurrency. A country has a central agency that acts in its ways to devise rules and regulations to successfully regulate the total inflow and outflow of a physical currency.
Thus, the government has full control over the asset of a particular country. Contrary to this, in the digital world, everything is decentralized that is there is no involvement of these government policies in their regulations.
The generation along with the circulation of a particular cryptocurrency is completely out of the control of a particular government in general.
But, now after the bullish pattern of the digital market during the time of the pandemic, the central governments of different countries are trying their level best for the involvement of the central government to mainstream crypto trading and all, and many countries are successful even!
The regulation of a cryptocurrency depends on its basic fundamental rules generally referred as to a protocol. The protocols of bitcoin are developed by its sole inventor Nakamoto himself and these are rarely changed in between the development stage.
This is beneficial for Bitcoin in total as these made Bitcoin one of the strongest cryptocurrencies in the world. The solid fundamentals and positive approach of these fundamentals help a currency to attain new heights and the same is being done in the case of bitcoin making it exciting.
Monetary form of energy
If we discuss the form of Bitcoin, then it should be noted that this is completely digital. No physical presence of Bitcoin can be felt in any form in this material world. Moreover, bitcoin generation is all due to its mining process that helps in the manufacturing of these currencies.
The mining process has the involvement of heavy rigs and costly types of equipment that is helping in the large-scale scale generation of the same. Thus, the exciting stage of Bitcoin is its generation evenly in the form of energy-based mining.
As discussed, bitcoin is generated due to the process of mining. This mining is done by skilled programmers that are keenly working towards the fulfillment of Bitcoin in the supply and distribution chain.
The mining is not solo but a large number of connected nodes or computers are involved in this process. As a result, it becomes a cloud-based crypto network that supports and back up the entire Bitcoin network.
A single bitcoin has some monetary value and its value is volatile. This volatility helps the coin attain different prices depending on the varying factors of a market. The present value of bitcoin is taken and there is no guarantee of having the same value of bitcoin the next moment. Thus, the price of Bitcoin is itself an exciting feature of the market