The growth of cryptocurrency in the last decade is evident and now, more than ever before, more people are interested in crypto. However, despite the increased awareness, the number of people using cryptocurrency is still low. According to the Kaspersky Cryptocurrency Report 2019, 81% of the global population has never purchased cryptocurrencies, while only 10% of respondents said they “fully understand how cryptocurrencies work.”
Of the few percent of people who understand and use cryptocurrency, a larger percentage invest in bitcoin. The ING international survey on Cracking the Code on Cryptocurrency shows that 76 percent of millennials will invest $10,000 in Bitcoin, 12 percent in Ether, and 12 percent in Litecoin.
What makes bitcoin the most popular and preferred for most people?
Bitcoin is Common
If you’ve ever heard of cryptocurrency, you must have heard of bitcoin as the first example before any other. Bitcoin is the first-ever created cryptocurrency and it has kept a steady track record all through the years. It is not only the oldest cryptocurrency but also currently has a 40% share in the total cryptocurrency market cap.
Most people know about bitcoin, even if it’s just the name, which makes it easy for them to opt for it. It is also always better to start with the most common currency, especially as a beginner in the crypto market.
Bitcoin Has Gained Authority
In its years of existence, bitcoin has had varying prices and has changed in value and demand due to several factors. It has gained attention from individuals and governments around the world and also paved the way for other cryptocurrencies that were launched after it. This solidifies it in the crypto world and more people are likely to trust its reputation.
In the past eleven years, bitcoin has made tremendous growth and has benefited investors. Early investors can attest to how their money increased in value over the years. This track record makes people talk about it even more and recommend it to others. Virtually everyone who invests in cryptocurrencies has a share in bitcoin and the authority it has gained so far makes them trust it even more.
Bitcoin Has More Than Enough Data and Resources
To make the most of your crypto investments, you need to do your research. You also have to consistently follow recent news and trends to help you decide on the best time to trade. There is more than enough data and resources on the internet about bitcoin, which makes the process easier. There are also competent apps such as Bitcoin Up available to help ease your trade by providing easier and faster means of investing and also providing important data and resources to guide you.
If you are a beginner in crypto, you will need as much help as you can get to make the most of your trade and not lose a significant amount of money in the process. Bitcoin will always be a safer option due to the many benefits it offers.