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Why Are People Still Chasing The Bitcoin Dream?

Bitcoin became a hot topic in 2009 and even after a decade in the industry it continues to bask in the glory. Following the global recession in 2008, Bitcoin entered the global currency market at a launch price of $1 per coin. It has survived many market crashes and other global economic slow-down. Despite all these, the investments in Bitcoin continue and are widely accepted as a global currency in the

How did Bitcoin gain popularity?

Bitcoin was different. Backed with blockchain technology and a decentralized finance model, it was particularly interested in revolutionizing the currency market. in addition to investment enthusiasts, many technologies and engineering specialists found solace in crypto transactions. The complex mathematical problem involved in validating transactions attracted many. 

The concept of blockchain technology was an additional attraction. This means every transaction undertaken by an investor is broken down into a single chain of transactions and stored in an individual user computer. This data mining process is undertaken across the globe without tracing back to individual identity or personal details. But, there have been huge backlashes also on this mining process. The large volume of power consumption along with supercomputers operating at faster speed has created environmental hazards as well. 

Another attraction that gave way for major investment in Bitcoin is the concept of decentralized finance. This means there is no investment authority, regulatory agency, or third-party banks working to monitor your bank transactions. Every transaction undertaken using Bitcoin is safe, secure, and converts to cash or any other asset at the receiving end. An investor can also trade effortlessly using this cryptocurrency making this investment model the right choice. 

Growth of Bitcoin in the cryptocurrency market

Bitcoin entered the global digital currency market with a price as low as $1. However, today the same coin is priced at $40K per coin. In November 2021, the price of Bitcoin reached an all-time high at $60K per coin. This price fluctuation and immense growth have given Bitcoin the status of being pricey and an investment dream to many individuals. It is also worth noting that despite the pandemic and economic slow-down, Bitcoin prices continued to raise prices in the global currency market. 

Given that Bitcoin is a stable and effective investment option, let us also look at various factors on why people still chase their dream to invest in Bitcoin currency.

Investment becomes your identity

With the recent craze in cryptocurrency, investment in Bitcoin has become a part of your identity. There is an ongoing culture amongst Bitcoin investors. People are interested in creating their investment portfolio on this crypto particularly considering the past growth volume and returns. 

Celebrity and style icons endorsing this investment model

Yes!! In the past five years, there have been growing celebrity endorsements in Bitcoin. Today, it is possible to buy almost anything under the sky using Bitcoin. The price of Bitcoin sky-rocketed when Elon, CEO of Tesla came in support of Bitcoin. With celebrities and other popular organizations in the industry endorsing this investment model, people tend to get more attracted to buying and trading Bitcoin. 

Price volatility keeps you on the nerve

This is another interesting factor. The stocks or any other investment market have made it easy to predict the market performance within a few hours of opening. But the case is not the same with Bitcoin or any other cryptocurrency. The prices keep fluctuating making you understand the market moves and trends very carefully. This is nothing less than an adrenalin rush. An experienced investor better understands this possibility. 

How to buy Bitcoin?

If you are interested in buying Bitcoin or interested in adding to your existing portfolio then you can easily do so using a digital wallet. Make sure that the digital wallet you choose has Bitcoin listed in it. Once your KYC and other necessary checks are completed, you can easily buy Bitcoin of your required quantity. As part of account opening, you can also choose multiple payments options to buy Bitcoin. In addition to this, Bitcoin is also available for purchase using online payment tools like PayPal, or even Cashapp. In case both the above options do not suit you, then you can also choose Bitcoin from Bitcoin ATMs. These type of ATMs is the next big thing in the industry making your investment easier.

Written by Mia

Hey Everyone! This is Mia Shannon from Taxes. I'm 28 years old a professional blogger and writer. I've been blogging and writing for 10 years. Here I talk about various topics such as Fashion, Beauty, Health & Fitness, Lifestyle, and Home Hacks, etc. Read my latest stories.

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