Bitcoin is the best digital currency in the World, it's better than Gold

Let's examine Bitcoin's past and explain why I considered it the best internet currency in the world better than Gold or any other asset.

Found out what key factors make it the best digital currency

The best digital currency known as Bitcoin has become very popular in last few years. It is considered to be the first decentralised currency and since its launch in 2009, its value has increased significantly from just $0.001 to reach over $69,000 last year and its value today is around $22,000, it is very volatile. Bitcoin has caused a lot of debate both in the financial community and the general public.

Why is Bitcoin the best digital currency in the World?

The History of Bitcoin

Using the pseudonym Satoshi Nakamoto, he is unidentified person or possibly a group of individuals that created Bitcoin in 2009. Satoshi wrote the white paper in 2008. The document describes a new form of currency that allows secure and private peer to peer transactions without the need for a centralised authority. Bitcoin in the early years was full of doubt and uncertainty. No one knew it will work or it will not. Internet money really, is this even possible? In the beginning a small number of people who believes in its potential as most people were very sceptical about it. However, now bitcoin is in the mainstream and legal in many countries over the world.

One of the key events in Bitcoin's history was the creation of the Silk Road, an online marketplace where people could buy and sell illegal drugs with Bitcoin. The FBI shut down The Silk Road in 2013, but its existence fuelled Bitcoin and proved its usefulness as a medium of exchange. Since then, the value and popularity of Bitcoin has increased. Today, it is widely used as a form of payment and store of value, and more and more merchants and businesses around the world are accepting it.

This means that Bitcoin can be used to protect against economic insecurity and inflation

Bitcoin has a limited supply, with a total of 21 million bitcoins ever created.

Bitcoin's rise to prominence can be attributed too so many factors, retail investors like myself made it more popular in 2017. We like the idea of of it being decentralised, security, and potential as a store of value. Bitcoin's decentralised nature is one of its most important advantages in my view. Unlike conventional currencies, which are regulated by governments and central banks, Bitcoin is not regulated by a single institution, Bitcoin have no offices, no CEO, no shareholders. Instead, a network of users (miners) collaborating to verify transactions and maintain the integrity of the system keeps the system functioning.

Due to its decentralisation, Bitcoin isn't difficulty to the equal dangers as traditional currencies. It does not longer have the equal regulatory dangers as fiat currencies, so it is not vulnerable to inflation or authority’s manipulation.

Bitcoin is also extremely secure.

Transactions are recorded at the blockchain, a public ledger maintained with the aid of using a community of users called miners. Blockchain is included with the aid of using mining, which entails the usage of electricity to resolve complicated mathematical equations. Due to the cost of electricity the Bitcoin community have invested heavy in renewables, including solar, wind, volcanic and hydro to create electricity for the Bitcoin Miners.

Thanks to just the most amazing but simple security, Bitcoin is a lot much less at risk of scams and hacks than using standard fiat currencies when you use it correctly. The price of Bitcoin today is very volatile at time, it is getting steadier the more people use it. Therefore, it's an appealing alternative for people like me who are seeking out an alternative to fiat currencies lie the Dollar or the Pound. We need something to defend our wealth towards inflation, you can buy Gold or Silver but this is heavy to keep and cost money to store in vaults. Bitcoin is all over the world, you just need your private keys. Easy to move from one place to another. Also, due to the fact Bitcoin is decentralised, it doesn't deliver the dangers like conventional investments.

Bitcoin has a limited supply in the world, with a total of 21 million bitcoins that will ever be created. There have been over 18 millions of Bitcoin created so far. Due to its confined supply, Bitcoin can keep its price over time, making it an appealing choice for the ones searching out an alternative inflation hedge, like Gold or Silver. Bitcoin is widely wide-spread via way of means of increasingly more traders and financial companies across the world. Because of its global acceptance, Bitcoin is being used for many transactions starting from small purchases and large global transfers.

El Salvador become the first county in the world to legalise and use Bitcoin alongside the US Dollar as a fiat currency in September 2021. This have increased the tourism and the number of immigrants moving to El Salvador by 95% in 2022.

Other countries are looking at how El Salvador will do and so far, The Central African Republic additionally legalised Bitcoin in April 2022, and plenty of different nations have legalised the purchase and selling off cryptocurrencies. Bitcoin has been an open road since its birth in 2009.

Bitcoin has been growing in popularity and the value has shot up from nothing to over $22,000 in March 2023 this year. Bitcoin had proven to be a highly secure and decentralised currency. Many consider Bitcoin to be the best internet currency in the world and I have to agree. You can transfer large or small amounts all over the world without any bank or other authorities to approve your transaction. Your transaction needs to be valid and the Bitcoin miners will approve it for a small fee just like your bank will do. Bitcoin is for me and other people a store of value, a means of payment, or a hedge against economic uncertainty, as we can see today we need something to hedge against inflation. Bitcoin's popularity and value is expected to increase as more people become aware of its benefits.