Blockchain technology has significantly changed our lives in recent years. Cryptocurrency transactions save a lot of time and effort. To transfer money abroad, you usually had to pay high fees, not to mention the stress and bureaucracy involved. However, the situation has changed thanks to crypto. Some coins allow reducing the waiting time to a few seconds.
Although most payments occur in Bitcoin, it does not quite fit the above criteria. This article will talk about the first crypto, its actual value, and how to buy it incognito.
What Is Bitcoin?
Nowadays, it is difficult to meet a person who has never heard of Bitcoin. Many new users entered the market in 2021, so let’s briefly discuss the key points.
Created by a developer (or developers) under the pseudonym Satoshi Nakamoto, Bitcoin started a multi-billion dollar crypto industry. While many projects have tried to repeat its success by creating more scalable and advanced coins, Bitcoin still remains on top. However, its primary purpose has been somewhat shifted. People began to consider it as a “store of value” rather than a “currency for payment” and called it “digital gold.” It mainly happened because of its dominance, significant liquidity, and lower volatility overall compared to other coins.
Where to Buy Bitcoin Anonymously?
Many beginners consider Bitcoin an anonymous cryptocurrency, but, in fact, it is not. The Bitcoin registry is public, and transactions on centralized exchanges are tracked. Sure, to create an account on the trading platform, you need to pass verification.
We can’t say the same about decentralized exchanges, one of which is Godex.io. You don’t need to register for full-fledged work there. Just go to the official website and open the Tron to Bitcoin converter. 201 coins are available on Godex, and there are no upper exchange limits. That is why this site is top-rated among users.
Using the “calculator” tool, you can indicate the required currencies and amount and receive coins to your wallet in 5-30 minutes.
Why Is Bitcoin Valuable in the Long Term?
Let’s consider the situation with the emission of the US dollar. Now American government has decided to print a large amount of currency to recover the US economy and, subsequently, the world economy. That’s happened before. Here’s how the amount of dollars in circulation has changed over the past 100 years according to FRED:
- there were $3.7 billion in 1917;
- $5.7 billion in circulation in 1935;
- $55.8 billion in 1970;
- there were 2.07 trillion dollars in circulation by the end of 2020.
These figures show that the printing press is working at full capacity. As for the most significant cryptocurrency projects (Bitcoin, Ethereum, DASH, and others), we can see that they continue to develop. However, the number of coins in circulation does not increase. To some extent, it even decreases. After all, investors put money in cryptocurrencies for the long term and not into circulation. The growing number of wallets for storing coins indicates the project’s development.
Every Bitcoin wallet owner dreams of having at least 1 BTC. It is not possible anymore because the number of wallets has exceeded 73 million, and the number of issued Bitcoins – 18.7 million. And this will continue.
We see an exciting situation. The demand for cryptocurrency is increasing. More wallets are appearing, and the supply of cryptocurrency is decreasing because people store coins.
The American government does not hide its intentions regarding the further printing of dollars and their launch into the economy. As previous experience shows, this money will not go to the real economy (the production of teapots, refrigerators, and so on). They will probably be allocated to speculative financial markets, especially the cryptocurrency one.
When Bitcoin first launched, people could use the power of their processor to mine it. However, as the network grew, users had to switch to more resource-intensive and complex equipment. Bitcoin can only be mined using ASICs (specialized mining equipment). This is a set of specially designed chips manufactured for this purpose.
Bitcoin uses a PoW consensus algorithm, so its network relies on
an extensive community of miners. Several million ASICs operate worldwide to maintain it.
It means that the Bitcoin network is as secure as possible. This is an undeniable advantage over other cryptocurrencies. To hack Bitcoin, one will spend trillions of dollars and resources from almost all countries of the world. Thus, such an attack is practically impossible.
Being the number one digital coin, Bitcoin continues to be the driving force behind the crypto economy. Its impact on the market is undeniable, and the prospects are promising.
Bitcoin is likely to become a store of value and attract more investors to its ecosystem. It will make the coin even more robust in the crypto economy, supporting and stabilizing the value of its supply.