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As new investors continue to invest and the market cap grows, Bitcoins cost could be stable.Lack of adoption by businesses. The price volatility is a huge reason that many businesses have yet to embrace Bitcoin as a type of payment. Increased consumer adoption and price stability will eventually mitigate this disadvantage.Another disadvantage is that while many individuals have heard of Bitcoin, few understand just what it is or how it functions.
The more we spread the word and grow the Bitcoin community, the better off our bitcoins will be.How to Buy BitcoinAs mentioned above, in the early years of Bitcoin it was difficult to find a reliable place to buy the cryptocurrency. With the increase in demand for Bitcoin, numerous new companies have sprouted to help ease readily purchasing Bitcoin.These days, many Bitcoin exchanges have received enormous investments from venture capitalists.
You can compare exchanges and view our in-depth reviews in our How to Buy Bitcoin Guide. Weve also recorded our best two recommended options below:Coinbase launched in 2012 with the hopes of giving users an easier way to buy Bitcoin. Since its launch, the San Francisco based startup is now the most commonly recommended buying option for newbies.
While they launched more recently than many of their competitors, the New York-based cryptocurrency exchange has rapidly built a great reputation in the crypto community. You can learn more in our Gemini Review and Users Guide.Who invented BitcoinSatoshi Nakamoto is credited with designing Bitcoin. Nakamoto claims for a man living in Japan born on April 5th, 1975 however there are speculations that he is actually an individual programmer or group of programmers with a penchant for computer science and cryptography scattered around the United States or even Europe.Nakamoto is believed to have created the very first blockchain database and has been the first to solve the dual spending problem other electronic currency failed to.
A value of 100 is peak popularity.Google Trends structures the chart to represent a comparative hunt interest to the greatest points in the chart. A value of 100 is the summit popularity for the word Bitcoin and a value of 50 means it was half as hot at that time.
Its amazing the way the hunts relating to Bitcoin have spiked in the past few years.When Bitcoin began circulating in 2009, its early adopters consisted of programmers and a niche bunch of technical people. Its popularity over time indicates that many of the disadvantages of Bitcoin will probably dissipate as Bitcoin becomes more standard.Unsurprisingly, Bitcoins price has grown with increased demand.
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By gaining a large number of adopters and users, Bitcoin has attained a network impact that attracts even more users. Users who'd otherwise be more apprehensive investing in a relatively unknown and unproven digital currency have been reassured by Bitcoins performance over time, its growing community, and also the fact that people they know are adopting cryptos.Bitcoins first mover advantage, popularity, and network impact have cemented it as the most popular cryptocurrency with the greatest market cap.
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Many Bitcoin users are holding onto their bitcoins in hopes of selling them off for an enormous profit one day. With news articles portraying Bitcoin millionaires as lucky children who got in early, you cant blame them. For example, if you had spent your $5 latte money on 2,000 bitcoins one morning in 2010, they'd be worth about $5.4 million now.
While many people have flocked into cryptocurrencies only in search of financial gain, there are a ton of people that are only curious. Some peoples are sticking around and trying to understand what cryptos are about. Even though more users increase Bitcoins network impact, more people forming in-depth understandings of cryptos also strengthen the active Bitcoin community.Final ThoughtsBitcoin remains a relatively young currency but it's achieved substantial user adoption and expansion.
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Understanding Bitcoins potential is an essential first step to seeing the brilliant solutions right here being worked on in the cryptocurrency world.Bitcoin paints a future that is drastically different from the fiat-based world today. This is either exciting or unsettling for the vast majority. Equip yourself with the best potential resources. Become active in communities which further research not only the technical applications of Bitcoin and other cryptos but using their general potential to disrupt virtually every market.