Since its debut in 2008
, Bitcoin’s
value has skyrocketed. This digital currency, invented by Satoshi Nakamato, whose identity is still unknown, inspired the emergence of the next digital currencies, altcoins, with the
blockchain
technology behind it.
The main source of Bitcoin’s value comes from the fact that it is a very useful currency as well as the blockchain technology on which it is built. Bitcoin should be present in a coin; durability, portability, interchangeability, limitation, divisibility and recognizability, all without being connected to any physical structure or central structure.
Why is the Bitcoin Price Rising?
The price of Bitcoin, which contains all the features that a currency should have, is determined by the investors who use it.
Other reasons affecting the price of Bitcoin are listed below;
- The fact that the supply is limited and the demand is high is the biggest factor in reaching these prices.
- The supply of Bitcoin is limited. The number of Bitcoins currently in the world is 18.4 million, and with 21 million in 2150, no more will be produced. It could take more than 120 years to reach the 21 million mark.
- Considering that the supply of Bitcoin is halved every 4 years and the demand is increasing rapidly day by day, it is expected that the price will increase in the coming days.
- Technological development: improvements in security, anonymity, usability, and user experience, as well as new features, can increase the use of Bitcoin and positively impact its price.
- Favorable regulations: If governments support the use of Bitcoin, this will increase its price.
- New business solutions may emerge that increase the demand for Bitcoin.
- Public perception: If more investors join the ecosystem who see Bitcoin as an attractive coin or asset and trust it, this will increase the demand for it and therefore its price.
Why is Bitcoin Valuable?
Bitcoin Supply. Unlike traditional fiat currencies, which can be inflated endlessly, Bitcoin brings with it the digital frontier Bitcoin supply is limited. The number of Bitcoins currently in the world is 18.4 million and will not be produced more when it reaches 21 million in 2150. It could take more than 120 years to reach the 21 million mark.
We have listed the most important reasons why Bitcoin is the most valuable crypto money below;
- Severability; A single Bitcoin can be divided into 100000000 Satoshi. One Satoshi is equal to 0.00000001 BTC, which is currently the smallest unit of Bitcoin. The division at this level is embedded in Bitcoin’s original code. If there is a need, the split level can be changed to 16 or more decimal places, meaning that Bitcoin offers an infinite degree of divisibility.
- Portability; Bitcoins can be transferred through a communication channel such as the internet, satellites, and even radio waves, making it the most transferable currency that has ever existed.
- Interchangeability; Regardless of who owns it and what background it has, every Bitcoin has the same value as its counterpart. Just like one ounce of pure gold is always equal to another ounce of pure gold. Regardless, one Bitcoin remains a symbol of value that can be exchanged for another Bitcoin.
- Durability; Any Bitcoin or Satoshi can be reused countless times without spoiling.
- Recognition; A growing number of users are recognizing and accepting Bitcoin. This makes Bitcoin the most popular crypto par in the crypto money sector. It is used as a means of payment in many places.
- Decentralization; Bitcoin cannot be regulated by an institution. It is not even possible to confiscate your money. In short, with Bitcoin, your money is yours alone.
- Accessibility; You don’t need to have a verified bank account to own or accept Bitcoin. All you need is an internet connection.
