Bitcoin was perhaps the greatest investment opportunity of 2013. As we moved forward, other cryptocurrencies started emerging as well. Do they have what it takes to become the new Bitcoin? To answer that question, we examine some of the reasons that have made Bitcoin so successful.
1. Let’s Get Unphysical
There are no additional costs to produce Bitcoin. There are no added costs for storing or transporting Bitcoin either. Because this is a virtual currency, the cost of managing Bitcoin is quite low, both for Bitcoin and for private holders.
2. Faux Pas
At the current state of technology, Bitcoin cannot be counterfeited. In markets around the world, this means Bitcoin is trusted to be authentic. As technology changes, there could be problems, but as of now, Bitcoin is pure.
3. Hello & Goodbye
Without the danger of counterfeiting, the role that the government plays in monetary management becomes mute. That makes Bitcoin a truly global and decentralized currency. As you can conclude from its widespread success, it is also a currency for the people.
4. Rare & Beautiful
With its special mathematical algorithm, Bitcoin is limited. The total number of Bitcoin that will ever be available is only 21 million. On the other hand, The Federal Reserve just keeps printing dollars, diluting the market.
5. A Promise Is A Promise
Guaranteed payments help to boost the credibility of Bitcoin in all markets where it’s accepted. This means that businesses that accept Bitcoin may have an advantage over those that don’t. The concern over the possible collapse of the U.S. economy makes Bitcoin that much stronger.
6. One Direction
With payments marked as irreversible, the flow of Bitcoin is in one direction. This only strengthens Bitcoin as a currency because the creator of Bitcoin is not involved in how you decide to do business.
7. Bubbles, Bubbles, Bubbles
Bitcoin is certainly a bubble-like phenomenon and the public seems to love bubbles. As the momentum of Bitcoin continues to hold its own, even against constant opposition, the public has rallied around it. This is a clear sign that the public is ready for a global cryptocurrency.
8. Magnetic Personalities
More and more businesses are attracted to Bitcoin. Businesses are starting to accept Bitcoin for real goods. That phenomenon may be due to the fact that Bitcoin is cheaper to deal with than physical money. It seems that every day more and more businesses are becoming Bitcoin-friendly.
9. Fee of Death
Banks have a fee for everything. Some even charge you a fee to deposit money. They have fees if you use your money. For businesses, this is a real nightmare. The cost of doing business is driven up by banking fees. Bitcoin has no fee. If you want a Bitcoin, you buy a Bitcoin.
10. Pure Honesty
If you read the Bitcoin FAQ, it is pure and simple. It is honest and straightforward. It is set out to answer your questions in a direct and informative way. It is free of politics. The purity of Bitcoin is extremely attractive and refreshing.
No gimmicks… just the truth. If you have a question, they have an answer, even if it’s an answer you don’t want to hear.
11. Cool is Cool
Bitcoin is just simply cool. It is the hot, go-to trend in currency. People were all excited about gold a while back, but the performance of Bitcoin has really sparked a global interest in cryptocurrencies. In fact, it has led to the development of new and potentially better virtual currencies.
12. The Future Is Unknown
Even Bitcoin is aware that its future is not written clearly in the stars. That bit of honesty is both a strength and an aphrodisiac. The public just loves the fact that Bitcoin is honest.
13. The Gate is Open
Bitcoin is a gateway to what people want online. People clearly love the idea that virtual currencies can lead them to their tangible value of choice. As long as that choice remains, so will Bitcoin.