With the current fintech explosion in the financial market, the whole place seems to be a hodgepodge of activity from ICO’s to conferences to crackdowns. Countless number of cryptocurrencies are starting to flood the bourses it’s so easy to get lost among them. Bitcoin, however, true to being the world’s #1 cryptocurrency, has steadily kept its place above its competitors and the trust it is getting from industry players and participants can be attributed to these four things.
1. Easy To Trade.
Satoshi Nakamura’s brainchild, Bitcoin, uses a straightforward blockchain-driven distributed ledger protocol. While the robust blockchain can support enormously complex applications, Bitcoin has remained simple and easy to trade giving it some kind of power to attract even crypto users who are not technology savvy.
2. Emergence Of Fintech.
At this time, Bitcoin is synonymous to crypto and it is at the center of the Fintech explosion. Even Wall St. is starting to gravitate to cryptocurrency as a result. Bitcoin dominates the crypto field. One example is Square Cash app has sold $34 million worth of bitcoin in Q1 of 2018 overtaking Paypal’s Venmo in terms of growth.
In Africa, people without bank accounts can now use bitcoin as payment thru “mushrooming” payment platforms and soon to be installed crypto ATM machine.
3. The Most Buoyant Cryptocurrency
Although volatile is, perhaps, a good description of the crypto market, Bitcoin has managed to stay “strong” during significant market events which affected a lot of other cryptocurrencies. Even after it fell to below $9,000 last week, Bitcoin is still in better shape than the other top ten cryptocurrencies.
4. Recognition In Mainstream Financial Market
Some big names in Wall St. have expressed interest in, and started to adopt, cryptocurrency, specifically Bitcoin, into their trading platforms.
– Goldman Sachs, at the start of May, declared they are moving ahead with plans to start Bitcoin trading. This came as a response to their clients who are interested to hold bitcoins as an alternative asset.
– CME, an American “financial” market company operating an options and futures exchange that owns and operates large derivatives and futures exchanges in Chicago, New York City, and exchange facilities in London, opened their Bitcoin Futures operation in mid-December 2017.
– Nasdaq, thru its CEO Adena Friedman “expressed” that the company is open to becoming a crypto exchange. While it is not an immediate undertaking, the second largest stock exchange in the world, is already involved in blockchain, the technology behind Bitcoin.
Although Bitcoin has its own share of bashers in the persons of Buffett and Gates, Bitcoin has gained an impressive acceptance and respectability in the financial world.