Everyone familiar with word Bitcoin rather than Cryptocurrency.
For example, if you interested in a crypto world or tech world you know what Cryptocurrencies and Bitcoin are if you ask any non-techie person or friend about cryptocurrencies they should say “I don’t know what cryptocurrencies are” if you ask them about Bitcoin they probably say “Yeah I heard about it”.
Most of the people herd about Bitcoins rather than any cryptocurrencies like Ethereum, Ripple, Monero etc.
Why is that..? why bitcoin is so Important..?
So let’s look out some of the reasons why Bitcoin is important.
First Decentralized cryptocurrency.
Yes… Bitcoin is the first decentralized cryptocurrency, before 2008 there are no other decentralized cryptocurrencies.
Bitcoin is the first mover in decentralized cryptocurrencies and it is one of the big advantages to Bitcoin to dominate the crypto world, because of Bitcoin the word “Cryptocurrency” is becoming popular.
First to Use Blockchain.
Bitcoin is the first currency to use the blockchain.
The blockchain is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.
Bitcoin is using blockchain mainly to eliminating double spending of currency and store all transactions also blockchain is a peer-to-peer network is helping to decentralize currency.
Bitcoin has a first mover advantage to use blockchain in the world, except cryptocurrencies now blockchain had wide usages.
Bitcoin network is fully transparent anyone can see what happens in the network but our fiat currency system not has any such transparent system to see what is happening in the payment system.
Bitcoin is the first digital currency that brings total transparency in payments, blockchain is open ledger to see who made payments who receives it how much amount transferred, by simply visiting this website.
Bitcoin transactions are completely anonymous and this is the beauty of bitcoin.
It’s a challenging task to have a payment system that is totally transparent and at the same time anonymous but bitcoin have these two perfectly.
All bitcoin wallets use private and public keys to ensure wallet ownership with the help of public key you can send bitcoin to any other public key here only our public key are shown publicly to everyone but your private key is helping open your wallet or ensure ownership of wallet.
It is just like e-mail system you can share your e-mail address with everyone but you cannot share your password to everyone.
So for the first time bitcoin enables to you transact anonymously to anyone in the world.
It Enables Secure Transactions.
Bitcoin is a secure network because there is no central authority exist, in traditional currency market banks governments are involved.
Because of decentralization no third party interference in the network this means other than buyer and seller no third-party can involve in transactions.
By eliminating third-party interference network became more secure and fast, and remember bitcoin is the first currency that eliminates third-party interference.
Low Transaction Fee.
If you want to transfer your money to your friend who lives in a different country you can face several procedures and you can pay a higher amount of transactional fee.
With the help of bitcoin, you have to just put bitcoin address of your friend in your wallet and just press send that’s it very simple.
Here also transactions fees exist but it is in very very low amount like 0.02% is average bitcoin transaction fees.
Above points is clears that why bitcoin is important to a payment system, bitcoin makes transactions easy and secure and fast that’s the main aim of bitcoin.
Because of the first cryptocurrency and being popular cryptocurrency bitcoin is also leading cryptocurrency market.
Above image shows bitcoin dominance in the crypto market it is above 55% (everyday percentage may vary).
Behind bitcoin popularity, dark web plays a big role too because bitcoin is used as primary currency in the dark web, you know most of the dark web activities are illegal.
If you ignore technical factors behind bitcoin then it is a very easy payment system exist on earth because all you need is just a device that capable of connecting with internet that’s it… very simple and this simplicity is also one of the importance of bitcoin.