Bitcoin has become one of the most popular means of transferring money over the internet. And at the end of 2020 approaches, we can safely say that there is an increasing number of people and businesses that want to invest in bitcoin. In fact, bitcoin is a cryptocurrency that always remains in the spotlight. Here we explore why bitcoin stayed one of the most popular cryptocurrencies in the world.

Bitcoin Gold Rush

Bitcoin is even more valuable because there's a limited supply of BTC. Satoshi Nakomoto has created 21 BTC, and since bitcoin was invented in 2009, till now, we have mined approximately 18.5 BTC. This means there are only 3 million left, and with this rate, they will be mined before 2140. Hence, it's understandable that even more people want to obtain BTC, and the demand for BTC keeps growing. 

Bitcoin Halving

This leads us to the next point, which is bitcoin halving. This is a major factor that has an impact on the price of bitcoin and is also one of the reasons why there's a greater interest in bitcoin in general, especially since the last halving took place in May 2020. Here we need to explain that the reward the miners get, which is bitcoin tokens, is halved every four years. More specifically, the award is reduced every 210,000 blocks. In fact, today, they get 6.25 BTC for their work, while previously, their reward was 12.5 BTC.

 So, as the reward is reduced even further, there likely will be a number of miners that won't be interested in mining anymore; hence there won't be that many new BTC into circulation as before. Therefore, based on the ratio of supply and demand, and as we know, the demand keeps growing, it is possible that the price will also increase. 

Actually, based on data we have from the previous halving, the price has always gone up months leading up to the halving and also after the halving. And in 2020, the price of Bitcoin after the halving was $9,999.93. Months later, in November, it has reached a high price of roughly $15,000. What's more, it is estimated that it will increase even more by the end of the year. Hence, it's no wonder that there are even more headlines about bitcoin.

Online Trading Platforms

Because people are getting more interested in BTC and learn more about cryptocurrencies, they use that knowledge to invest in BTC. Online trading platforms not only offer you an opportunity to buy BTC but to sell BTC and other cryptocurrencies and exchange them for traditional currencies. A great site you need to visit is bitcoinera.app that uses a state of the art trading system that has an accuracy level of 90%.

The trading system is powered by AI technology, and as this is an automated trading system, it is beginner-friendly, and it requires very little input from you. Just make a deposit of a minimum of $250, and you can start trading.  

What's more, a lot of trading platforms are mobile optimized for mobile devices, and there are dedicated apps you can download. So, today, it is very easy to open an account and trade online.

Blockchain Technology

The blockchain network is purely peer-to-peer; therefore it doesn't need an external party to verify the transactions. The miners approve the blocks of transactions while there's total transparency, and everyone can see in real-time the entries on the network. This technology allows that data to be distributed on thousands of computers worldwide, which means it almost impossible for one party to control it. 

That being said, there are many advantages that this technology has introduced to businesses and also government sectors. So, even though it was created for bitcoin today, it is already used in supply management systems as it allows real-time tracking of data. It is equally beneficial in the finance, retail, and manufacturing industries.

Conclusion

Bitcoin is an innovation, is helpful to many businesses and people. The gold rush associated with the cryptocurrency will make bitcoin even more popular. Moreover, one of the reasons why it's so successful today is because there is also an increased number of businesses that accept BTC payments. As a matter of fact, currently, there are 15,174 businesses globally that accept bitcoin.

So, it's safe to say that cryptocurrencies are becoming a preferred payment option to many consumers. On the other hand, blockchain technology will likely find widespread use in different sectors and governments. All in all, there are many driving factors that has made bitcoin the best known digital currency.