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Why are people going gaga over bitcoin compared to its competitors?

Nov 09, 2017 Posted /  3293 Views

Why are people going gaga over bitcoin compared to its competitors?

Bitcoin’s journey to fame has not been an overnight one. When we talk about any aspect of bitcoin, everything seems cool about it. Some might think that bitcoin is enjoying the pie of being the pioneer of cryptocurrencies. But there were few cryptocurrencies that were introduced before bitcoins as well. Blockchain technology based bitcoin turned the tables of the digital currency market. The blockchain is majorly the driving force behind all the prevalent cryptocurrencies including bitcoin. With the rise in the prices of bitcoin, any naive investor or user of bitcoin might wonder about the reason for Bitcoin's craze. Bitcoin has crossed $7,500 price value, what else can be proof of its success and demand in the market.

What is so special about bitcoin?

While regulators are under pressure to bring the virtual currency under control, it is considered against the law or banned in a swerve of countries while some countries are attentive about whether or not it should be approved. Per se, the Securities and Exchange Commission in the United States contempt the support of a Bitcoin ETF although stating in their statement that it is a currency at a premature phase and its prospect seems vivid. There is an ever-increasing number of countries allowing its utilization as an officially permitted way of payment counting Japan, the Philippines along with Russian authorities who expect to authorize it alongside other cryptocurrencies as a financial tool by 2018.Furthermore, Bitcoin ETFs plus options are by now available in some countries.

To perorate

In view of the fact from the time of its creation, Bitcoin has jumped over a range of obstacles from uncertainty to refusal and at present point of time, it is becoming conventional with it's greater than ever acknowledgment by government alongside with its utilization in business actions. Consequently, it is very clear that bitcoin is not for peril-averse investors or for the lily-livered, concerning great risks with customary daily double-digit percentage differences in the prices. That's why, one should think about the hazards as well as profits connected with this asset taking into consideration its objectives, jeopardy forbearance as well as present circumstances to determine to which amount bitcoin could suit him plus whether or not be integrated into its portfolio.


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Tags: bitcoin Cryptocurrencies virtual currency adoption for Bitcoin

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