The crypto world keeps rising with each passing day. Studies have shown that there are around 7 million users and each day, thousands more join. The main reason why people are so willing to invest in cryptocurrencies is the fact that they can provide them with a solid profit.
Recent research shows that there may be as many as 2,000 cryptocurrencies on the market today. Out of all of them, only a few are considered extremely profitable. They are Ethereum, Bitcoin, Litecoin, Ripple, and Tether. Out of all of these, Bitcoin takes the number one spot as the most dominant cryptocurrency.
We wanted to take a closer look into Bitcoin and explain what makes it the best digital asset. Without any further ado, let’s dive into the details.
Its Massive Value
First of all, no other cryptocurrency can even compare its value to Bitcoin. The second-most valuable cryptocurrency on the market Is Ethereum, which is valued at around $2,000. Bitcoin’s value is $35,000, which is quite a big difference. And if that is not enough, experts firmly believe that Bitcoin can rise to $100,000 by the end of the year.
Thanks to the fact that Bitcoin is extremely valuable, many people were able to make massive profits over the years. One interesting study showed that there may be as many as 100,000 Bitcoin millionaires in the world today.
Many Trading Sites Tailor Their Services to Bitcoin
Trading sites are the marketplaces where you can buy and sell cryptocurrencies. Reputable platforms such as Bitcoin Power will connect you with thousands of traders from every corner of the planet once you register and verify your profile.
Even though every trading site accepts tons of cryptocurrencies, including the one we just mentioned, thanks to the fact that a majority of crypto users only deal with Bitcoin, trading sites tailor their services specifically to this cryptocurrency. Their AI systems analyze Bitcoin data far more effectively, which increases your chances of making a profit.
Greater Security and Liquidity
Apart from its value, the greatest feature that Bitcoin has and one that is considered as a major advantage over other cryptocurrencies is its security. Bitcoin focuses on user security more than any other cryptocurrency on the market. That is why its network has never been hacked and there is no data concerning Bitcoin scams.
And if that is not enough, Bitcoin is an accepted payment method for thousands of companies from around the world. The list includes global brands such as Expedia, Starbucks, Overstock, Whole Foods, Shopify, and Home Depot.
The wide institutional interest as well as the fact that a majority of crypto users are using Bitcoin means that this cryptocurrency has greater liquidity than any other digital currency. Just a reminder, the better the liquidity of a certain product or service is (in this case, Bitcoin), the faster it can be converted into cash.
Finally, out of all cryptocurrencies on the market, Bitcoin has the highest future potential. First of all, its value is likely to sky-rocket in value in the next few years. Experts believe that it can go as high as $500,000 by 2030 and even reach the $1 million mark in 2037.
As for the government support, it is hard to determine whether Bitcoin will be a global legal tender in the future, but what we can say is, that it is on a good path. Recently, El Salvador became the first country in the world to legalize Bitcoin and accept it as a payment method. Many Salvadorans can now trade with this digital asset without facing any repercussions. But many global powers such as China and Russia still do not recognize it, hence it is illegal in both of these countries.