There are many bitcoin fans over the globe, and they cannot think about the other cryptocurrency for doing multiple functions as they are doing with this gold coin. When we become loyal users of one thing, other things start appearing less usable in the same service because we are used to that item, which is similar to bitcoin cryptocurrency. People who began using bitcoin cryptocurrency for multiple functions got addicted to it because of its massive and quality features. There is no need for marketing because you know the power of reference, and it will automatically work to grow this currency. Apart from this here you can know about Nexo cryptocurrency.
Bitcoin was the beginning of cryptocurrency.
Before 2008, there were a lot of issues regarding the domestic currency because that era was a minor internet era, and people were new to digitalization. People have a lot of complexities sending fast money from one country to another because they have to do a lot of legal formalities. Many people are very frustrated regarding the time and payment system. So the founder of bitcoin wants to change the payment system to resolve this issue so people can quickly pay without any formalities. There would be no control of any third person like the government or other financial institutions. And the change was bitcoin which was the beginning of the cryptocurrency, and after launching bitcoin. Many other cryptocurrencies came into existence to copy the same bitcoin system. According to the Google report, there are not over 40,000 other crypto coins or tokens that cannot beat this gold coin (bitcoin).
Why do people love Bitcoin crypto coins more than other crypto coins?
There are a lot of advantages that this digital currency provides because it gave birth to crypto coins, and other coins are working on the model of bitcoin:-
1. Global acceptance – The first lover of bitcoin are who do daily transactions over the globe because they face a lot of issues regarding filling the legal formalities. It takes too much time and fees to send payment, but the global acceptance feature of bitcoin influenced a lot of users worldwide. Most big companies or businesses use it for sending and receiving payments.
2. Secure system – Since bitcoin is working on the hashing system, many bitcoin nodes (miner’s computers) contribute all the required resources to the blockchain network. Therefore, when bitcoin gets an enormous hash rate or computational power, it becomes impossible for the cracker (hacker) to break the system. Now in this digitalization, many companies are setting up their mining plants, and many new individual miners are joining the system by setting up a new system that increases the hash rate of the bitcoin network.
3. No extra fees – Every service provider charges some amount for providing the services, whether in financial assistance or other services. These service providers have to bear the cost of delivering services and earn a profit because they are not non-profit organizations. Bitcoin does not include any third-party service provider in its system. Instead, the miners contribute and make a reward for checking the trade; hence, the users have to pay nominal or significantly lower fees for a transaction.
4. No tax – Only the bitcoin user with the decentralized software wallet can send and receive bitcoin because he has the ownership and no government. Another person can see your wallet transactions and your identity. While you are using the decentralized software wallet, no one will track you, and no one will charge a single cent for tax, but when you withdraw money into your bank account, you have to pay tax according to tax regulations in your country.
5. Deflation currency – We always see that the value of the domestic currency (dollars) was high a few years ago, but now the purchasing power is falling, and the importance of goods and services is rising. It is only the effect of inflation; buying bitcoin is the opposite of inflation. The circulation of this digital coin is limited, and the users are rising day by day, which means the value cannot go down but rise in the seldom process, unlike inflation.
6. Multiple functions – The significant reason for liking bitcoin is its various functions. For example, you cannot make mine fiat currency, you cannot invest in fiat currency, and you cannot use it globally because there are many limitations. Still, bitcoin has especially come into existence to solve multiple problems. For example, you can be a miner in bitcoin, investing, trade, consult, send and receive, etc.