Why Is Bitcoin Used So Often? – 2023 Guide
Research shows that there may be as many as 5 million Bitcoin users, which is around 90% of the total crypto users. There’s no denying the fact that this cryptocurrency is by far the most popular and most used as it has tons of great features.
That is exactly the topic that we wanted to discuss in this article. We’ll be explaining why Bitcoin is used so often, what do people have to gain from it, as well as what 2023 has in store for it. Since Bitcoin is a trending topic globally, it is time for us to join the bandwagon. Let’s dive into the details.
The Potential To Make You A Millionaire
The first and most obvious reason why Bitcoin is used so often is because it has the potential to turn you into a millionaire. Some reports state that there may be at least 100,000 people who have managed to make at least $1 million by trading with it. Its value is around $40,000, which is why so many people, including celebrities like Logic, 50 Cent, Gwyneth Paltrow, Paris Hilton, and Russ have invested in Bitcoin.
Not only that, but thanks to the technological advancements of today, trading has never been easier and more successful. Now, we are not saying that your profit is guaranteed, but it is far more effective than what it used to be. Here’s how.
Trading sites have become the most used marketplace for selling and buying Bitcoins. Up until recently, the number 1 choice was Bitcoin ATMs, but since these platforms proved to be far superior, people started registering there. Not only can they be accessed at any time and place, but some well-established platforms such as BitcoinFortress even use automated systems that are able to predict Bitcoin’s fluctuations with great precision and that is why trading sites are so superior and effective.
The results that automated systems get are shared with registered traders and they now have the means to maximize their revenue.
Pay for Products and Services at Global Brands
If making a profit with it is not enough, Bitcoin is also an accepted payment method at numerous global brands. Some of those that deserve a mention are Starbucks, Expedia, Microsoft, Wikipedia, Overstock, Subway, and Shopify. You must be wondering; why would they accept Bitcoin?
The truth is that Bitcoin is superior compared to regular payment methods. Not only can its users make a profit with it, but when they use it to pay for services/products online, they have instant transactions. That is due to the fact that banks do not process the funds. With Bitcoin mining, users themselves process every transaction, which is why they are far more efficient.
But that is not all. Banks being excluded brings us to yet another advantage, which is fees. The main way through which banks make a profit is added or hidden fees, which are not present with Bitcoin transactions. So, not only can you use Bitcoin to make a profit, but you also save money when using it.
Finally, Bitcoin uses a method called cryptology, which provides its users with a certain level of anonymity and takes their security to the next level. Since online scams are happening quite often these days, being secure is a massive treat, and Bitcoin provides you with just that.
End of 2023 Projections
As of May, even though Bitcoin is currently valued at around $40,000, experts and analysts state that It will continue to rise in value. Research led them to believe that Bitcoin has the potential to reach as much as $100,000 by the end of 2023.
If that happens, it would mark the first time in history that this cryptocurrency reached a six-figure number, which is mesmerizing.
Bonus: How to Buy My First BTC
All the reasons why people use Bitcoin too often will probably change your way of thinking. We do not recommend you invest in Bitcoin immediately after reading this article because that may lead to certain mistakes. If you want to become successful, knowledge and skill improvement should be your focus. In this part of the article, we only want to explain to you how to purchase your first BTC. You will see there is nothing confusing.
Before Everything – Get a Bitcoin Wallet
Of course, there has to be a place where you can store all the BTC, and that place is named Bitcoin Wallet. Every Bitcoin user can choose between three different options – software wallet that you can store to your hard drive, online wallet, and offline valet where you get special keys that allow you to use it. Don’t get confused if you see the phrase “cold storage”; that term refers to the offline wallets that come with additional protection.
Which one is the best? That’s not so easy to say. If you plan to trade daily, then online wallets are the best option. On the other hand, if you plan to be a crypto investor, all three options can be equally good.
Find the Best Bitcoin Exchange
Finding a Bitcoin exchange is not going to be a big problem because there are a bunch of them online. These companies accept regular payments and transfer/exchange your money to Bitcoin. If you decide on buying Bitcoin from an exchange, you need to be ready to pay certain fees for the services they provide. The good news is that these fees are usually affordable, and you should try to find the exchanges that will offer the most affordable solution. Some of the most popular ones among people are Gemini, Binance, and others, but you do not have to decide on the most popular one, and you will probably find a lot of them if you are ready to do an in-depth research.
Register, Go Through Security Checks and Add Payment Method
In most cases, you will have to provide an email address where the exchange will provide you with a confirmation email. After you click on the confirmation link, there are a few more steps you will have to complete. For instance, you may add a phone number, get familiar with anti-money laundering rules, etc. For additional security, the exchanges will offer a so-called two-factor authentication. This will ensure that no one ever gets access to your account without a phone and password.
Additionally, you will need to send an image of any identification document such as driver’s license, password, etc. In rare cases, Bitcoin exchanges look for a selfie, but that probably won’t be necessary.
After you confirm who you are, the next thing is to add a payment method. That can be credit or debit card, or you can simply add a bank account where you will directly transfer your funds. Believe it or not, you have come to an end. All you have to do now is to improve your knowledge and skills and ensure you know what you are doing.