There has been an increasing awareness about cryptocurrencies in recent months, as bitcoin has been rising through the roof. Bitcoin is selling as high as $20,000, and investors are forecasting further rise for the cryptocurrency. These phenomenal rises in the bitcoin market had prompted investors to look at this future investment portfolio, studying when to enter and exit the market.
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The reasons for the sharp rise of bitcoin cannot be clearly stated, but we can consider some reasons for its fast rise, as seen below:
1. The demand for bitcoin
One of the reasons we can attribute to the rise of bitcoin is the demand for cryptocurrency. There have been more investors, especially those with deep pockets, who have become confident of bitcoin as a future investment. In economics, a rise in demand will push the product high as the demand overwhelms the supply. And this is a suitable case with bitcoin at the moment, which is one reason for the rise of the currency. Everywhere, people are talking bitcoin, and everyone wants a piece of bitcoin to have a share of the next upsurge of the coin.
2. The anonymity of the currency
Another reason people have been investing and saving money with bitcoin is because of its anonymity. Nobody can trace your money on bitcoin, and it is a suitable way to keep your money safe without anyone aware of the savings. Bitcoin uses unique blockchain technology to keep your identity safe. The anonymity of the blockchain has been one of its attractive features for a long time.
3. No extra or hidden charges
People are now investing and saving their money with bitcoin because of the overcharges incurred using conventional banks. With bitcoin, you can save your money free of charge and watch your investment grow exponentially rather than the low percentage traditional banks will give you for saving a considerable sum of money. You can sell off the bitcoin and retrieve toy money hassle-free, unlike going through lots of paperwork with other financial institutions.
4. Easily transferable
You can transfer a considerable sum of money without a trace with bitcoin. No paperwork is needed to send money from one account to the other. It is safe, secured, and fast, which is why many people are using it and have spiked up the price. Although it is not an official means of sending money, it is acceptable on most official platforms. But it is now a means of sending and receiving funds in most online shopping platforms, financial companies, and other online e-commerce platforms. This acceptance in various online platforms had further boosted the demand for bitcoin, which affected the sharp rise of price.
5. It is convenient
One bitcoin now goes for about $19,000 to $20,000, so it is easier to transfer a considerable sum of money. Bitcoin will encourage people to go cashless and less money will be spent on making paper money. Those who support green energy and save the environment are encouraged to use this platform. Also, it offers a less bulky way of transferring vast amounts of cash. Substantial money can be transferred faster and securely by taking a considerable amount of money with you. It also reduces the time and cost of moving money through international borders, so it is suitable for international business people.